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Nigerian naira hits record black market low

Nigerian naira hits record black market low

Nigeria’s naira hit a record low of 1,300 per dollar on the black market on Thursday, online platform abokiFX showed, driven by thin trading volumes on the parallel market and dollar shortages on the official market. The naira has been in free fall on the unofficial market, where it trades freely, after currency restrictions were […]

Naira depreciates to N1,175/$ in parallel market

Naira depreciates to N1,175/$ in parallel market

The naira yesterday depreciated to N1,175 per dollar in the parallel market from N1,100 per dollar on Wednesday. However, the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N782.68 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N782.68 per dollar from N790.68 per dollar on […]

Tinubu secures $1.5bn zero-interest World Bank loan

Tinubu secures $1.5bn zero-interest World Bank loan

The second Federal Executive Council (FEC) meeting took up the issues of the economy as the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun announced that President Bola Tinubu’s administration has secured $1.5bn zero-interest World Bank loan. The Minister of Finance, Mr Wale Edun, disclosed this to State House Correspondents after […]

Ferrari to accept crypto as payment for its cars in the US

Ferrari to accept crypto as payment for its cars in the US

Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters. The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders […]

Forex crisis: CBN raises dollar supply, lifts ban on cement, 42 items

Forex crisis: CBN raises dollar supply, lifts ban on cement, 42 items

The Central Bank of Nigeria has said it is raising dollar supply in the foreign exchange market, just as it also lifted the ban on 43 items that were previously not qualified for forex at the official market. The decision came after the naira tumbled to 1,050/$ at the parallel market on Thursday, following pressure […]

Three Nigerians, other Africans among PMI’s 50 standout professional global leaders

Three Nigerians, other Africans among PMI’s 50 standout professional global leaders

Three Nigerians are among the six Africans honoured by Project Management Institute (PMI), the leading professional organisation for project management and the authority for a growing global community of millions of project professionals with a place on the prestigious Future50 list. The list features 50 outstanding Rising Leaders transforming the world and represents a new cohort […]

Oil rebounds from 3-week low, settles up despite stronger dollar

Oil rebounds from 3-week low, settles up despite stronger dollar

 Oil prices recovered to settle slightly higher on Tuesday after sinking to three-week lows, pressured by a stronger U.S. dollar and darkening global economic signals but supported by tightening crude supply. Brent crude oil futures settled 21 cents higher at $90.92 a barrel, after falling to a session low of $89.50, the lowest since Sept. […]

Kenya inflation rises to 6.8% year over year in September

Kenya inflation rises to 6.8% year over year in September

Kenya’s inflation (KECPI=ECI) rose marginally in September after all sectors recorded a general increase in prices, the statistics office said on Friday. Inflation was 6.8% year on year in September from 6.7% a month earlier, while on a monthly basis inflation was 1% from -0.1% a month earlier, the Kenya National Bureau of Statistics said in a […]

Nigeria’s central bank Governor Cardoso pledges to clear $7 billion forex backlog

Nigeria’s central bank Governor Cardoso pledges to clear $7 billion forex backlog

Nigeria’s new central bank Governor Olayemi Cardoso said on Tuesday his top priority was to clear the bank’s backlog of unsettled foreign exchange obligations to local lenders, which he estimated could be as high as $7 billion. The Senate unanimously approved Cardoso’s nomination as central bank governor after he appeared before lawmakers to answer questions. […]

Vitalik Buterin, the man behind ethereum, talks crypto and the U.S. crackdown

Vitalik Buterin, the man behind ethereum, talks crypto and the U.S. crackdown

The Russia-born coder, who built ethereum in his late teens doesn’t stay long in any one city anymore. Meanwhile, the list of places he won’t go keeps growing. “There’s definitely a bunch of countries that I would have very gladly visited three years ago, that I’m much, much more apprehensive about visiting today,” Buterin told […]