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Speculative FX demands cause of weak naira - CBN

NIMC releases revised price list for NIN services

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FAAN diverts two Kano-bound aircraft to Lagos over runway light outage

FAAN unveils modern domestic cargo facility in Lagos 

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Amazon plans stand-alone app for payments in India

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9mobile loses over 300,000 subscribers as roaming deal with MTN faces delays

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Economy

Price of rice crashes by over 20% in major markets

The price of rice has fallen by 20-30% within two months on major markets, amid rising food price inflation in Nigeria. This will be a relief to Nigerian households that spent N88,000 on a 50 kg bag of rice as recently as February. The report noted that analysts surveyed some markets in Lagos and found […]

News

Transcorp eyes diversification to boost revenue

The Managing Director\Chief Executive Officer, Transcorp Hotels Plc, Dupe Olusola, said that the company intends to diversify its services to increase its revenue growth in 2024 and beyond. This follows Transcorp Hotel’s recent divestment of its 100% interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company. This was […]

Banking

Recapitalisation will boost banks lending to economy — CIBN

The Chartered Institute of Bankers of Nigeria has announced its support for the ongoing banking recapitalization exercise noting that it will empower banks to lend more to the key sectors of the economy. This was disclosed by the CIBN, President, Dr. Ken Opara during his speech at the annual lecture of the institute in Lagos, […]

Aviation

Dana: NCAA shuts Lagos airport runway, NSIB retrieves flight recorder

The Nigerian Civil Aviation Authority has closed the 18L runway following the runway skidding at Murtala Muhammed Airport, Lagos, on Tuesday by Dana Airlines. The NCAA also announced that the Nigerian Safety and Investigation Bureau has recovered the flight recorder of the Dana airplane, according to The Punch. The Dana airplane with registration number 5N […]

FG recovers N57bn from N5.2trn debt owed by MDAs
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FG recovers N57bn from N5.2trn debt owed by MDAs

The Federal Ministry of Finance has made significant strides in the recovery of outstanding debts owed by various ministries, departments, and agencies to the Federal Government. Aisha Omar, the Director of Special Projects at the Federal Ministry of Finance, disclosed during a one-day workshop in Enugu that over N57 billion has been recovered from the […]

POS transactions reduce by N226bn as currency circulation increases
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POS transactions reduce by N226bn as currency circulation increases

The first quarter of 2024 witnessed a notable decline in Point-of-Sale transaction values in Nigeria, reflecting a decrease of N225.73 billion compared to the same period in the previous year. This decline, amounting to a 7.94% reduction in POS usage within the country, coincided with a surge in currency circulation outside of banks. The juxtaposition […]

Do these seven things if your phone is hacked
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Do these seven things if your phone is hacked

In today’s digital age, where smartphones have become indispensable, falling victim to phone hacking can have devastating consequences. From blocked access to apps and accounts to financial theft and psychological distress, the impact can be profound. Understanding hacking and knowing how to respond if it happens to you is crucial in safeguarding your digital life. […]

Coca-Cola partners Microsoft for cloud computing
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Coca-Cola partners Microsoft for cloud computing

Microsoft on Tuesday, revealed that Coca-Cola has entered into a $1.1 billion five-year agreement to leverage its cloud computing and artificial intelligence services. The collaboration will involve joint experimentation with Azure OpenAI, a service powered by technology from Microsoft-backed startup OpenAI, enabling customers to develop chatbots and other AI solutions within Microsoft’s Azure cloud platform. […]

EFCC arrests Buhari ex-minister over alleged N8bn Nigeria Air fraud
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EFCC arrests Buhari ex-minister over alleged N8bn Nigeria Air fraud

The Economic and Financial Crimes Commission has arrested the former Minister of Aviation, Hadi Sirika, over an ongoing N8,069,176,864.00 money laundering probe. The Punch reports that the Sirika arrived at the Federal Capital Territory Command of the EFCC at about 1:00 pm on Tuesday Sirika is currently with EFCC investigators to answer questions on alleged […]

Gay dating app Grindr faces lawsuit for allegedly sharing users' HIV status
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Gay dating app Grindr faces lawsuit for allegedly sharing users’ HIV status

A London-based law firm announced on Monday that it is initiating a mass data protection lawsuit against the gay dating app Grindr, alleging that hundreds of users had their private information, including HIV status, shared with third parties without consent. Austen Hays, the law firm filing the lawsuit at London’s High Court, indicated that thousands […]

News

CBN sells dollars to BDCs at N1,021/$ as naira falls

The Central Bank of Nigeria has issued a circular to all Bureau De Change operators, detailing a new initiative to directly sell US dollars to BDCs at a reduced rate of N1,021 per dollar. This initiative underscores the proactive strategy of the Central Bank to manage currency volatility and to ensure the availability of essential […]

News

NNPCL, partner unlock 12,000bpd production at Awoba Field

The Nigerian National Petroleum Company Limited has partnered with Newcross Exploration and Production Limited to restart production from the Awoba field which aims to optimise production from the nation’s hydrocarbon assets to boost revenues. This was contained in a statement issued by the Chief Corporate Communications Officer, Olufemi Soneye via the firm’s official X handle […]

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