Some financial experts have advised the Central Bank of Nigeria (CBN) to leverage technologies and innovations by the BRICS countries to strengthen the naira. The experts gave the advice at the maiden edition of the Annual Banking and Technology Forum, organised by the Centre for Financial Studies of the...
BUSINESS
BUA Foods Plc, an indigenous foods company, has announced the resignation of Mr Isyaku Rabiu, as executive director of the company. The resignation, which was effective August 17, was contained in a regulatory disclosure by the company to the Nigerian Exchange Ltd. (NGX). According to the disclosure, the development...
The Central Bank of Nigeria (CBN) has unveiled the Unstructured Supplementary Service Data (USSD) for its eNaira to enhance financial inclusion in the country. The CBN Governor, GodwinEmefiele said this during the inauguration of the USSD transaction code at a 5-day Northern eNaira fair, Kano 2022. The theme of...
The Nigeria Deposit Insurance Corporation (NDIC), says the effective resolution of banks in distress is critical to depositors’ protection. The NDIC on its official Twitter handle on Thursday said the effective resolution would also ensure the stability of the financial system. NDIC described resolution plan as one put in...
Mrs Lynda Saint-Nwafor, Chief Enterprise Business Officer, MTN Nigeria, on Thursday said the adoption of 5G technology would accelerate operational efficiencies for businesses in the country. Saint-Nwafor, made the assertion at the Nigeria-South Africa Chamber of Commerce (NSACC) August Breakfast meeting in Lagos. The News Agency of Nigeria (NAN)...
Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Ltd. says resolving the security challenge in the Niger Delta will bring back investments to the oil and gas sector. Kyari said the NNPC was working with security agencies and other stakeholders to address the issue of...
By OLA MUDOPE, Lagos – Ethiopian Airlines, a CHAMP customer for 30 years, has extended its partnership agreement with the cargo IT solutions provider for an additional 5 years. Under the agreement, Ethiopian will continue to benefit from its use of the acclaimed Cargospot suite of applications to manage...
By CALLISTUS OFFOR, Abuja – MTN Nigeria Communications Plc (MTN Nigeria) kicked off an open 5G pilot in the lead-up to its highly anticipated commercial launch. The Company, which intends to launch 5G services in Lagos, Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri, is testing the next-generation network infrastructure. Customers...
The Debt Management Office (DMO) says Nigeria needs to earn higher revenue and manage its debt profile more efficiently. The Director-General of DMO, Mrs Patience Oniha made the declaration in Abuja on Wednesday when she spoke with the News Agency of Nigeria (NAN). Mrs. Oniha said: “How much revenue...
By CALLISTUS OFFOR, Abuja – Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, has applauded consistent growth in Information and Communication Technology (ICT) contributions to the nation’s Gross Domestic Product (GDP), which hit 17.92 per cent in the last quarter of 2020, and in the first...
Africa’s richest man, Aliko Dangote, has bounced back from the huge losses that saw over N300 billion wiped off his wealth in 8 hours. On Monday, 22 August 2022, Bloomberg reports that Dangote’s wealth jumped by $34.8 million, which is over N14.9 billion when exchanged at N430 to a...
Italian sports car maker Lamborghini has already pre-sold the entire production run to early 2024, its boss told AFP on Tuesday, with luxury goods seemingly unaffected by global economic uncertainty. The Volkswagen subsidiary is enjoying “high demand” and has an order book covering the next 18 months, CEO Stephan...
The Nigerian Export Promotion Council (NEPC), on Tuesday said that Nigeria exported over 4. 146 million metric tonnes of non-oil products, worth $2.593 billion from January to June 2022. The Executive Director of NEPC, Dr Ezra Yakusak, said this while presenting the first half year 2022 progress report to...
The Naira on Tuesday further depreciated against the dollar at the Investors and Exporters window, exchanging at N430.67. The figure represented a decrease of 0.29 per cent, compared with N429.43 it exchanged for the dollar on Monday. The open indicative rate closed at N429.09 to the dollar on Tuesday....
By CALLISTUS OFFOR, Abuja – A director of the Nigerian Communications Commission (NCC), Ismaila Adedigba, has received the commendation of the Executive Vice Chairman of the Commission, Professor Umar Garba Danbatta, over his recent conferment of the Fellowship of the Nigerian Institute of Management, NIM. Adedigba who is the...
The Federal Airports Authority of Nigeria (FAAN) says it has not increased landing and parking charges for domestic and international airline operators in the nation’s airports. Capt. Rabiu Yadudu, Managing Director, FAAN, made the clarification on Monday in Ikeja while speaking with journalists . The News Agency of Nigeria(NAN)...
The equity market on the Nigerian Exchange Ltd. extended losses to Monday. It shedded N13.06 billion to close the market capitalisation at N26.614 trillion as against N26.628 trillion traded on Friday. The negative performance was majorly driven by selloffs in banking stocks such as United Bank for Africa (UBA),...
.The Naira on Monday depreciated marginally against the dollar at the Investors and Exporters window, exchanging at N429.43. The figure represented a decrease of 0.09 per cent, against N429. 05 at the close of business on Aug. 19. The open indicative rate closed at N429.07 to the dollar on...
The National Bureau of Statistics (NBS), says prices of selected food items increased in July. It made the declaration in its Selected Food Prices Watch Report for July 2022 released in Abuja on Monday. The NBS stated that the average price of 1kg of white beans rose by 23.22...
First Bank of Nigeria Ltd. has announced plans for the fifth edition of its Corporate Responsibility and Sustainability (CRS) Week. The bank’s Group Head, Marketing and Corporate Communications, Mrs Folake Ani-Mumuney, said this in a statement on Sunday in Lagos. The statement said that the event slated for Aug....