Dollar Scarcity Drives Naira Further Down At Black Market
Naira weakened significantly against the U.S. dollar at the black market on Monday, as it touched an all-time low of 527.…
Day: August 30, 2021
Nigeria: CBN States Transfer Limits As E-Naira Begins Oct 1
The Central Bank of Nigeria has announced the formal engagement of the global Fintech Company, Bitt Inc., as the Technical…
CBN Selects Bitt Inc Digital Currency As Technical Partner For Digital Currency Project
The Central Bank of Nigeria (CBN) has engaged Bitt Inc., a global Fintech company, as the Technical Partner for its…
Foreign Portfolio Investments Drop On Forex Crisis
Foreign portfolio investments (FPIs) in Nigeria have dropped to their lowest level in more than eight years as foreign exchange…
Banks To Promote Adoption Of ENaira As CBN Mulls October 1 Pilot
Nigerian deposit money banks (DMBs) are set to market and promote the adoption of eNaira as a digital version of…
Slumping Asian Currencies Face More Risk From Slowdown In China
Hong Kong’s shopping districts are dotted with money changers advertising their remittance services and conversion rates. There are 1,891 licensed money operators in the city, Hong Kong customs data show.
Tim Cook Receives Over 5 Million Shares Of Apple Stock Worth $750 Million
Apple CEO Tim Cook received more than 5 million shares of Apple stock this week, selling most of the stock for…
Africa Lacks Production Capacity To Meet Local Demand For Oil Palm
The Secretary, National Action Committee on Africa Continental Free Trade Agreement (AfCFTA), Mr. Francis Anatogu has stated that Africa lacks…
Emirates Extends Suspension Of Flights From Nigeria Till September 5
Emirates Airlines has extended the suspension of flights from Lagos State and Abuja airports to Dubai till September 5, 2021.…
Dangote’s $2bn Petrochemical Plant To Produce 77 Grades Of Polypropylene
Dangote’s $2 billion Petrochemical Plant located in Ibeju-Lekki, Lagos State, is designed to produce 77 different high-performance grades of polypropylene…
Search Fund Buys Majority Stake In Electronic Security Firm
Africa Search Capital (ASC) (www.AfricaSearchCapital.com) today announced the acquisition of a majority stake in Falcon Security Hub (Falcon). The transaction, which…
Gridworks And New GX Back SPS’s Frowth Plans
Sustainable Power Solutions (SPS) is strengthening for expansion in Africa. The clean energy solutions provider is opening its capital to…
Chinese A.I. firm SenseTime Files For Hong Kong IPO Despite Tech Crackdown And U.S. Blacklist
One of China’s top artificial intelligence firms SenseTime has filed for an initial public offering in Hong Kong. The AI…
China’s Regulatory Crackdown Has Wiped Billions Off Tech Stocks — Here Are The Risks Ahead
Chinese authorities have introduced a slew of legislation in the past few months, largely aimed at the tech sector —…
European Markets Trade Higher, Reflecting Buoyant Global Sentiment
European stocks were trading slightly higher on Monday, reflecting broadly positive trade in global markets overnight. The pan-European Stoxx 600…
Australian Miner Fortescue’s Shares Soar After Reporting Record Profit
Shares of Australian miner Fortescue soared over 6% on Monday, as the mining giant reported full-year profits that hit another record…
Startup In Nigeria Secures $26.5m Financing to Boost Female Students’ Inclusiveness
Decagon, the tech startup which combines lending, training, and job placement to help exceptional people launch careers as software engineers…
Nigeria: ICT Sector Contributes N5.5tn To GDP In Six Months
The Information, Communication and Technology sector contributed N5.5tn to real Gross Domestic Product in the first half of 2021. This…
Google Restores Crowwe App On Playstore After Major Improvement
Nigeria’s social media network Crowwe is back on the Play Store and App store for both android and IOS mobile phone…
Nigeria: TikTok Bans Viral Milk Crate Challenge Over Safety Concerns
TikTok has banned the popular “milk crate challenge” from its platform due to concerns that users participating in the trend…
Nigeria: Flashy GDP Data And The Broken Window Fallacy
Nigeria, like any other economy, maybe climbing out of the deep hole. Nothing understates this better than the recent recovery…
6 Years After Selling Stakes In Dangote Flour Mills, Tiger Brands Agrees To Divest From UAC Foods
Tiger Brands, a South African food company, has reached an agreement with UAC of Nigeria Plc (UACN) to sell its…
Atedo Peterside Doubts Nigeria’s NNPC N287bn Profit, Challenges Corporation
Founder of IBTC Stanbic Bank, Atedo Peterside, has challenged the Nigerian National Petroleum Corporation to clarify allegations that it dipped…
Nigeria: NGX Creates Hybrid Market, Access To Capital Via Bonds
It is believed that the short term funding profile of the money market makes it unsuitable for project infrastructure investment…
Nigeria: Forex Transactions At Investors, Exporters’ Window Rise 59.37%
Foreign exchange transactions at the Investors’ & Exporters window increased by 59.37 per cent last week, according to FMDQ Securities…
Nigeria: Exchange To Create Standardised Derivatives Market
There is no gainsaying that the capital market is a critical pillar to long term fund mobilisation needed for capital formation…
TikTok Owner ByteDance Takes First Step Into Virtual Reality With Latest Acquisition
TikTok owner ByteDance has made its first foray into virtual reality (VR) through the acquisition of a start-up called Pico.…
Nigeria: Exchange, NGCL To Create Standardised Derivatives Market
Ahead of the planned launch of Exchange Traded Derivatives (ETDs) in the Nigerian capital market, the Nigerian Exchange Limited (NGX)…
EU To Discuss Reimposing Covid-Related Travel Curbs On U.S.
The European Union will discuss on Thursday whether to reintroduce travel restrictions on visitors from the U.S. as new coronavirus…
Stock Market Rebounds As Capitalisation Rises By N15 Billion
As price gains outweighed losses, transactions on the equities sector of the Nigerian Exchange Limited (NGX) closed in an upbeat…