NGN → USD Rates Official Market: Buying: ₦1,450.92 / USD Selling: ₦1451.86 / USD Parallel Market: Buying: ₦1,490 / USD Selling: ₦1,475 / USD Market Drivers: Increased FX liquidity; Dovish US Federal Reserve policy softening the Dollar; Sustained CBN reforms and foreign reserve accumulation. OUTLOOK: Analysts say the Naira’s performance reflects stronger inflows and a softer...
Category: Business and Economy
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African Richest Man Encourages Wealthy Nigerians To Swap Luxuries For Local Factories That Create Jobs For The Teeming Unemployed Youths
Africa’s richest man and Chairman of Dangote Group, Alhaji Aliko Dangote with a fortune between $23.9 billion and $30 billion, called on fellow elites in Nigeria to swap spending on luxuries for local factories that create jobs. “Instead of buying jets and Rolls-Royce, you could use it to establish companies/create jobs in your community. Whenever...
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US Firm Removes Nigeria’s Presidential Jet From Sales On Company’s Website
The Boeing 737-700 Business Jet put up for sale by the Nigerian government has been quietly removed from the website of JetHQ, the international marketing firm handling its listing. The jet, which was previously listed on the company’s website, could no longer be found for sale, and JetHQ later confirmed its withdrawal in an emailed...
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YouTube Says It Will Comply With Australia’s Teen Social Media Ban
Google’s YouTube shared a “disappointing update” to millions of Australian users and content creators on Wednesday, saying it will comply with a world-first teen social media ban by locking out users aged under 16 from their accounts within days. The decision ends a stand-off between the internet giant and the Australian government which initially exempted YouTube from the age restriction,...
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CBN Scraps Cash Deposit Limits, Increases Weekly Withdrawal Threshold
The Central Bank of Nigeria, CBN, has announced major adjustments to its cash-handling regulations, abolishing the ceiling on cash deposits and expanding the weekly withdrawal limit across all platforms to N500,000, a significant rise from the previous N100,000. The apex bank disclosed this in a circular to all banks titled “Revised Cash-Related Policies”, signed by...
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Report Says World’s Biggest Arms Producers Increased Revenue By 5.9% Last Year To Record Level
The world’s biggest weapons-producing companies saw a 5.9% increase in revenue from sales of arms and military services last year as demand was fed by the wars in Ukraine and Gaza as well as countries’ rising military spending, according to a report released Monday. The Stockholm International Peace Research Institute, or SIPRI, said the revenues of the 100 largest...
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From Crisis to Reform: Inside Dr. Kassim’s Bold Overhaul of Nasarawa’s Basic Education System
By Gambo Hamza As Nasarawa State prepares to host the much-awaited Education Summit, designed as a platform for articulating a comprehensive blueprint for the State’s educational development, experts have been reviewing the notable achievements of the State Universal Basic Education Board (SUBEB) under the leadership of its Chairman, Dr. Kassim Mohammed Kassim. Despite the relatively...
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Ogun Shuts Seven Battery Recycling Plants Over Alleged Poisoning
The Ogun State Government has shut seven used lead-acid battery recycling plants and ordered a temporary suspension of lead ingot exportation as part of urgent steps to investigate alleged lead poisoning in Ogijo, Sagamu Local Government Area. The announcement was made by the Commissioner for Environment, Ola Oresanya, during an inspection tour in Ogijo following the circulation of...
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Court Sanction CBN For Delaying Case Of 62 Sacked Workers
The National Industrial Court of Nigeria (NICN) has fined the Central Bank of Nigeria (CBN) for stalling the hearing of lawsuits brought by 62 disengaged staff members. Justice Osatohanmwen Obaseki-Osaghae issued the order after counsel for the former employees, Ola Olanipekun (SAN), complained that the apex bank’s late filing of a fresh application had forced...
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Mexico Plans To Build Latin America’s Most Powerful Supercomputer
Mexico unveiled plans Wednesday to build what it claims will be Latin America’s most powerful supercomputer — a project the government says will help the country capitalize on the rapidly evolving uses of artificial intelligence and exponentially expand the country’s computing capacity. Dubbed “Coatlicue” for the Mexica goddess considered the earth mother, the supercomputer would be seven times...