Category: Business
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Just In: Dollar crashes against Naira at parallel market
The naira held steady against the dollar at the parallel market on Monday at N509. The naira held steady against the greenback at the parallel market from the 509/$1 at which it closed on Friday. On the Investors and Exporters’ window, it opened at 411.39/$1. It had a high of 412.90/$1 and a low of…
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Twitter ban: Nigerians lose N150.46bn in two months
Nigeria businesses may have lost N150.46bn ($366.88m) since the Federal Government’s ban on Twitter took effect in the country on June 5. This figure was calculated based on the NetBlocks Cost of Shutdown Tool. According to the tool, it costs Nigeria’s economy N102.77m ($250,600) every hour to ban Twitter. It has been 1,464 hours (61…
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How to get damages against bank over failure of ATM to dispense cash – Lawyer educates Nigerians
The Head of Research and Administration of Nwoko & Co Law office, Uyo, in Akwa Ibom State, Mr Ekom Nwoko (Esq), has educated Nigerians on social media on how to seek redress and get damages against commercial banks over the failure of bank Automated Teller Machine (ATM) to dispense cash to their customers when the…
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Banks comply with CBN directive, commence sales of dollars to customers
Commercial Banks in Nigeria have set up dedicated teller points for FX transactions in compliance with CBN’s directive. Starnews Nigeria gathered that some of the banks had commenced selling of dollar at an official rate of N412/$. The local currency had last week plunged to an all-time high of 525 against the dollar at the…
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CBN to refund capital deposits, licensing fees to Bureaux De Change
The Central Bank of Nigeria has said that it will commence an immediate refund of all outstanding minimum capital deposits and licence fees to Bureaux De Change promoters with the pending licence applications. Starnews Nigeria reports that the apex bank said this in a circular released on Thursday. The action is coming after the apex bank Governor, Godwin…
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Cooking gas price rises to N500/kg as Dollar appreciates against Naira
Amid high unemployment and poverty levels in Nigeria The price of Liquefied Petroleum Gas, also known as cooking gas, has skyrocketed to a record high of N500 per kilogramme, forcing some Nigerians to turn to alternatives such as charcoal, kerosene and firewood amid high unemployment and poverty levels in the country. The price of…
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Yuletide: Air Peace To Roll Out Multiple Flight Schedules
Following the frustration expressed by passengers over inadequate flights ahead of the yuletide festivities, Air Peace on Saturday vowed to deploy more flights in the next few days. It assured customers that it has made adequate preparations to effectively service all its routes during the Christmas season, especially South East and South-South destinations. How Insecurity…
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Naira weakens further as dollar sells for 478
The naira extended its decline on Wednesday at the parallel market as the United States dollar was sold for N478. The local currency, which traded at N475 per dollar on Tuesday, has come under pressure in recent days. It plunged to N475 on Monday from N470 at which it closed last Friday. In the Investors’…
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Naira plunges to 475 as dollar demand rises
The naira weakened further on Monday, trading at 475 to the United States dollar in the parallel market amid a rise in demand for the greenback. The local currency, which has come under pressure in recent days, fell to 470 per dollar on Friday from 468 on Thursday. The naira was trading at 462-463 at…
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FG exempts Dangote from border closure -Report
The Nigerian government has allowed Dangote Cement to resume exports across its land borders, Bloomberg reports. This is despite the closure of all land borders by the government for over one year. The move has, however, raised hopes that Nigeria may be opening up trade with neighbors after a year-long blockade. The regime of the…