Category: Business
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Britain to add naira to list of pre-approved currency for trade
Total trade in goods and services (exports plus imports) between the UK and Nigeria rose by 78.2 percent (or £3.3 billion) to £7.5 billion in the four quarters to the end of Q4 2022, from the four quarters to the end of Q4 2021, according to data from UK’s Trade and Investment Factsheet. Britain’s export…
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Marketers link petrol price hike to naira devaluation, others
*Strong dollar decreases economic output in Nigeria, others — IMF The recent increase in the cost of Premium Motor Spirit, commonly known as petrol, has been attributed by marketers to the devaluation of the naira and the current surge in crude oil prices. The Chairman of the Major Oil Marketers Association of Nigeria, Olumide Adeosun,…
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CBN lifts restriction on cash deposits into domiciliary accounts
THE Central Bank of Nigeria, CBN has ordered banks to allow customers to have unfettered access to funds in their domiciliary account. According to the CBN, domiciliary account holders are permitted to utilize cash deposits not exceeding $ 10,000 per day or its equivalent via telegraphic transfer. Director, Corporate Communications, Department, CBN, Dr. Isa Abdulmumin,…
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CBN floats naira at investors’ forex window
The Central Bank of Nigeria has reportedly directed Deposit Money Banks to remove the rate cap on the naira at the Investors and Exporters’ (I&E) Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies. The development came barely two weeks after…
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Meet Iyinoluwa Aboyeji, 32, Nigerian who co-founded firms valued at over $1bn
Nigeria’s Iyinoluwa Aboyeji might not have the personal wealth of Elon Musk or Mark Zuckerberg, but his level of success as an African entrepreneur bears comparison with any Silicon Valley tech titan. While still in his 20s, the Nigerian co-founded two “unicorns”, an industry term for companies that achieve a valuation of more than $1…
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WhatsApp launches payment within app
Following the launch in India and Brazil, WhatsApp is reportedly launching making payments within a chat in Singapore. The tech company is said to have partnered with Stripe, a digital payment company, to roll out the feature in the region. WhatsApp has built this payment feature using Stripe Connect and Stripe Checkout solutions, making in-app…
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Otedola gives account of how Tony Elumelu allegedly betrayed him many times
Billionaire businessman, Femi Otedola, has revealed that his offer to buy Nigerian conglomerate, Transcorp Corporation Plc, for N250bn was rejected. This came to light on Tuesday in a statement he issued to TheCable, weeks after the businessman acquired stakes in Transcorp and sold the shares. He revealed that he had bought the shares of the…
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Dangote announces date for commissioning of multi-billion refineries
Dangote Group has announced the date for the launch of its much-awaited refineries. A letter of invitation circulating on social media indicated that the commissioning would happen on May 22, 2023. The multi-billion-dollar Oil Refinery and Petrochemical Company is expected to bring solutions to Nigeria’s perennial refining issues.
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Updated: Traders turn back firemen as fire razes Alaba market in Lagos
There was panic on Friday after fire gutted some shanties in the popular Alaba International Market in the Ojo Local Government Area of Lagos State. PUNCH Metro gathered that the fire started on Friday morning. It was also learnt that some traders in the market resorted to self-help to put out the fire before the…
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At last, Eko Rice hits market this weekend
After a long tortuous wait, Lagos State government has assured residents that the commercial sale of Eko Rice will commence by the end of this month. The Special Adviser to the Governor on Agriculture and Rice Mill Initiative, Dr. Oluwarotimi Fashola, who disclosed this during an agreement signing with the Lagos Commodities and Future Exchange…