The cryptocurrency market has hit new lows as Bitcoin fell below $20,000 for the first time since 2020. On Saturday morning, the price of a Bitcoin dipped below $20,000, a threshold regarded as a crucial support level for the cryptocurrency. At the time of filing, Bitcoin is trading at $19,249 according to Coinbase. The second … [Read more…]
African Export Import Bank (Afreximbank) has announced the disbursement of a $150 million finance facility to First Bank of Nigeria Limited under its Pandemic Trade Impact Mitigation Facility (PATIMFA). FirstBank, in a statement, explained that the money will be accessible to its customers that are involved in the manufacturing and importation of products and equipment … [Read more…]
Access Bank Plc has entered into an agreement to acquire the entire 83.4 per cent equity stake held by Centum Investment Plc, a Kenyan-based investment company, in Sidian Bank Ltd, for the sum of about N15 billion ($37 million). Access Bank disclosed the acquisition in a statement sent to the Nigerian Exchange Limited, NGX on … [Read more…]
Telecommunications firm, Lets Talk I.T & Telecommunications Company is to launch Nigeria’s first instant messaging application, Lets Talk before the end of the third quarter of 2022. Its Chief Operating Officer, Ms Folashade Ayeni made this known while speaking with newsmen, yesterday. Ayeni said the application was designed by a team of Nigerian software engineers … [Read more…]
The Organisation of Petroleum Exporting Countries (OPEC) has increased Nigeria crude oil quota from 1.772million barrels per day for June 2022 to 1.799million barrels per day in July 2022. According to the world’s oil supply governing body, the raise was by 27,000 barrels, translating to 3.4% increase in the month of July. The cartel disclosed … [Read more…]
It is mixed blessing for the Nigerian economy as prices of crude oil further soared on Tuesday, 24 hours after the leaders of the European Union (EU) countries reached an agreement to ban 90 per cent of Russian energy imports by the end of the year. The 27-nation organisation has spent weeks haggling over a … [Read more…]
After 2 days of gains, Naira depreciates, exchanges at 418.88 to a dollar After appreciating for two days, the Naira on Thursday fell in value against the US dollar by 0. 21 per cent at the Investors and Exporters window. The local currency was exchanged at 418.88 to the dollar, compared to 418 traded on … [Read more…]
The federal government yesterday stated that Sub-Saharan Africa could require as much as $60 billion to access reliable electricity and clean cooking facilities between now and 2030. The Minister of State for Petroleum Resources, Timipre Sylva, who disclosed this, noted that an annual investment of around $35 billion could bring electricity access to 759 million … [Read more…]
Naira continues free fall; now N420 per dollar at I&E window CBN Governor, Godwin Emefiele and Bureau de Change The naira slid further on Thursday to exchange at 420.33 to the dollar at the Investors and Exporters window. This represents a 0.26 depreciation from its value on Thursday where it was traded at N419.25. The … [Read more…]
Federal Government, yesterday, clarified the reason it opted out of the global tax rule, also known as the Global Corporate Minimum Tax Agreement, signed by almost all the Organisation for Economic Co-operation and Development (OECD) members. Making the clarification at the 24th Annual Tax Conference of Chartered Institute of Taxation of Nigeria (CITN) in Abuja, … [Read more…]
The astronomical rise in the cost of cooking gas and kerosene in the country has subjected homes, particularly poor homes, in the South-East zone, to more stress, in addition to the excruciating hardship the general economic condition in Nigeria has already placed on them. The situation has forced many families to resort to alternatives such … [Read more…]
Nigerian Breweries (NB) Plc has invested N56 billion into Ama Breweries, Enugu as part of its expansion plan. In a statement, Chief Executive Officer, Heineken, Mr. Dolf van den Brink, said that the investment in Ama Breweries is a further demonstration of the long-standing history and relationship between Heineken and Nigeria, which dates back to … [Read more…]