The Director, Federal Highways, Southwest. Federal Ministry of Works, Mr Funsho Adebiyi has disclosed during a tour of the Apapa/Oshodi road project that the Federal Government will on Saturday December 7 from 12am, shut sections of the Apapa-Tin Can road for maintenance. He said sections from Mile 2 to Tin Can would be closed to… Read More »
In its December 2019 edition of her monthly press release, The Chartered Institute of Bankers of Nigeria (CIBN) disclosed that the use of bitcoin by Nigerians has continued to be on the rise. The report stated that in 2018, 41 per cent of new bitcoin users, came from Nigeria, Ghana and South Africa. This upward… Read More »
South Africa Airways last made a profit back in 2011 and has ever since 1994 been racking up unsustainable levels of debt topping 57 billion rand ($3.9billion). It used to be recognized as Africa’s leading airline by World Travel Awards every year from 1994 to 2015 when Ethiopian Airlines began dominating the awards. The airline… Read More »
During a phone-in radio program in Kano,, the Minister of Power, Mr Sale Mamman hinted that with the anticipated improvement in power supply to the country, increase in electricity tariffs was inevitable, considering the cost of energy generation in the country. The Federal Ministry of Power in a statement announced the introduction of a new… Read More »
The 2020 budget of Nigeria was on Thursday, December 2019 passed by the Senate. The budget which was presented by President Muhammadu Buhari is N264 billion lower than the N10.594 trillion passed by the Senate. The approval of the budget by the Senate followed the adoption of the report of Senate Committee on Appropriation at… Read More »
The coming into effect of Nigeria’s proposed new tax law is intended to reduce its budget deficit and consolidate the economy making it more stable. The new tax law will get rid of double taxation which over time has impacted negatively on businesses in the country. This move according to financial analysts, will increase investors’… Read More »
Nigerian (Naira) Currency Exchange Rate For | Dollar | Pounds | Euro & Other. DATE Countries & Currency Qnty Curr. Flags BUY SELL 29.11.2019 United States Dollar $1 USD ₦358 ₦360 29.11.2019 UK Pounds Sterling £1 GBP ₦462 ₦467 29.11.2019 European Euro €1 EUR ₦390 ₦395 29.11.2019 Canadian Dollar $1 CDA ₦279 ₦285 29.11.2019 Australian… Read More »
Stakeholders have called on the Federal Government to fix infrastructure in the country, to enable Nigeria attract and maintain foreign investment. According to them, the government needs to improve on road construction and rehabilitation, while also improving electricity to ensure businesses optimised their potential while getting a return on investments. Speaking at the Economic Summit… Read More »
Currency-in-circulation on month-on-month basis fell by 0.7 per cent to N2.00 trillion at the end of September 2019, in contrast to the growth of 0.8 per cent at the end of the preceding month. The Central Bank of Nigeria (CBN) revealed this in its economic report for October 2019. The development, relative to the preceding… Read More »
Obasanjo Speaks On Border Closure, Says Benin Will Always Have Problem With Nigeria If It Allows Dumping Of Goods Former President, Chief Olusegun Obasanjo, has urged Nigeria’s west coast neighbour, Benin Republic, to change its ways for a harmonious bilateral relationship between the two countries. Obasanjo made the remark during a news briefing on Tuesday… Read More »
Egypt will auction $1.56 billion in one-year dollar-denominated treasury bills on Nov. 18, the central bank said on Wednesday. The offer will be settled on Nov. 19, and the T-bills will mature on Nov. 17 2020, the bank said. Source – REUTERS
Airline starts talks with unions about 944 possible job cuts, SAA’s cumulative loss over the past 13 years is $1.9 billion South African Airways, the beleaguered state-owned airline that’s reliant on government financial support to continue operating, has started a restructuring process that could see its workforce cut by almost a fifth. As required by… Read More »
The U.S. dollar fell against the Japanese yen and the Swiss franc, traditional safe-haven investments, after media reports that trade talks between the U.S. and China had “hit a snag” over farm purchases. The negotiations stalled as China expressed it did not want a deal that looked one-sided in the favor of the United States,… Read More »
Google said on Wednesday it will offer personal checking accounts next year through its Google Pay app in partnership with Citigroup Inc (C.N) and a small credit union at Stanford University. The project, named Cache, comes as rivals Facebook Inc (FB.O) and Apple Inc (AAPL.O) are expanding their own efforts in consumer finance, a broad… Read More »
In its latest Regional Economic Outlook report, the IMF suggests that real GDP across the continent will moderate to 1.4%, down from 2.3% in 2018, before rebounding to 1.8% in 2020. The same forces driving weakness in manufacturing and trade for advanced Europe are likely to continue, the Washington-based organization predicted. Advanced European projections have… Read More »
The demand for Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market moderated on Wednesday, November 6, 2019, causing the Naira to appreciate at the close of transactions. The local currency had come under a heavy pressure on Tuesday as a result of the astronomical rise in demand for the… Read More »
Government’s personnel-related costs exceed annual revenue, Nigeria’s outstanding debt has doubled in the past four years Tope Ajao earns 18,000 naira ($50) a month cleaning floors at Nigeria’s Ministry of Agriculture. She’ll soon start benefiting from a government decision to almost double the minimum wage — even though it’s not clear her country can afford… Read More »
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said though the country cannot afford to have its borders shut in perpetuity, reopening them at this time may roll back the economic gains so far achieved since the closure in August. Speaking recently, at the maiden convocation lecture of the Edo… Read More »
South African rand traded flat on Wednesday, hovering near a four-session peak, as cautious investors awaited clues on the economy ahead of key manufacturing data. “The statistics agency will publish manufacturing data on Thursday, the first set of key indicators since last week’s dismal budget speech where the finance minister slashed the 2019 economic growth… Read More »
The Dangote Group has pledged to change Nigeria’s narrative as a rice importing nation, to major exporter of the staple food. The group said that its 150,000 hectares rice farmlands in Jigawa, Kano, Kebbi, Nasarawa, Niger, Sokoto, and Zamfara States as well as 10 rice mills it was establishing in different parts of the country… Read More »