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Naira strengthens to ₦1,346.90/$ amid surge in FX activity

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PCNGI, unions partner for discounted hybrid CNG bus routes

The Presidential Compressed Natural Gas Initiative in collaboration with key transport unions, has launched a partnership to introduce hybrid high-capacity CNG buses in Abuja. This initiative, facilitated by the Federal Ministry of Transport, involves unions like NARTO, RTEAN, and NURTW. The goal is to provide affordable, environmentally friendly transportation with discounted fares on selected routes. […]

TikTok removes more Universal Music songs as conflict worsens
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TikTok introduces new restrictions on photo filters for teens

TikTok has announced plans to restrict access to certain beauty filters for users under 18, following concerns raised in a commissioned study about their impact on teenage self-esteem. The update, shared at the company’s European Safety Forum, includes upcoming limits on “appearance effects” designed to protect young users from potential negative influences on their self-image. […]

GTBank to charge customers ₦6 for SMS alert from May 1
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GTBank apologises for week-long service disruption

Guaranty Trust Bank has issued a public apology to its customers following a seven-week disruption in services caused by its migration to a new core banking system. The transition, which began in October, left customers unable to access their funds and prompted widespread complaints of erroneous debit and credit alerts. “Your patience and support during […]

MTN winds down BEE scheme, pay out modest returns to investors
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MTN Nigeria leads 5G speed after $120m investment

MTN Nigeria has emerged as the leader in internet speeds across West and Central Africa, with the latest Ookla Speedtest Intelligence data revealing that the telecom giant now boasts the fastest download and upload speeds in the region. This achievement follows an investment of over $120 million into its 5G network infrastructure. In the second […]

Apple considers portless design for iPhone 17 Air
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iPhone, other foreign smartphone sales drop in China

Sales of foreign-branded smartphones, including Apple’s iPhone, plummeted by 44.25% year-on-year in October, according to new data from the China Academy of Information and Communications Technology released on Wednesday. The research revealed that foreign smartphone sales in China dropped to 6.22 million units last month, down from 11.149 million units in October 2023. As the […]

SoftBank to buy $1.5bn OpenAI shares
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SoftBank to buy $1.5bn OpenAI shares

OpenAI, the company behind ChatGPT, is offering its employees the opportunity to sell approximately $1.5 billion worth of shares in a new tender offer to Japan’s SoftBank Group, according to two sources familiar with the matter. SoftBank’s CEO, Masayoshi Son, has been eager to increase his stake in the AI startup following his investment in […]

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WhatsApp faces backlash over new ‘typing’ feature

WhatsApp users have expressed frustration over a subtle but significant change to the app’s typing indicator. The Meta-owned messaging platform has replaced the traditional “typing…” message with a speech bubble animation, showing three dots bouncing as the other person types, Daily Mail reported. While the update may seem minor, it has sparked widespread complaints among […]

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ICYMI: CBN sets Banks’ minimum trade on FX platform at $100,000

The Central Bank of Nigeria has introduced new guidelines for interbank foreign exchange trading, effective from November 25, 2024. These guidelines stipulate that trades on the Electronic Foreign Exchange Matching System must have a minimum value of $100,000. The CBN’s Director of the Financial Markets Department, Dr. Omolara Duke, highlighted on Tuesday that this measure […]

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Labour warns airlines against obstructing workers’ union rights

The Joint Aviation Trade Unions’ Forum in Nigeria has issued a warning to airline operators refusing to allow their workers to unionize. The unions cautioned that this stance could lead to significant conflict, though they have held back out of respect for the Minister of Aviation and Aerospace Development, Festus Keyamo, who has been informed […]

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BVN crucial to tackling financial crimes – Expert

The Chief Executive Officer of the Nigeria Financial Intelligence Unit, Hafsat Bakari, emphasized the crucial role of the Bank Verification Number in Nigeria’s efforts to combat financial crimes. Speaking at the High-Level Roundtable on Public-Private Partnerships (PPPs) to Combat Financial Crimes in Abuja, Bakari described the BVN as transformative for Nigeria’s anti-money laundering and counter-terrorism […]

Samsung blames US AI chip sanctions for profit slump, shares dip
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Samsung changes executives amid struggles in AI chip market

Samsung Electronics has announced new leadership for its memory and foundry chip units in a bid to strengthen its position in the rapidly expanding AI chip market, where it is striving to catch up with competitors such as SK Hynix and Taiwan’s TSMC. The reshuffle, announced on Wednesday, saw Jun Young-hyun appointed as co-CEO and […]

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GDP growth report at odds with economic reality – NECA, CUPP

The Nigeria Employers’ Consultative Association and the Conference of United Political Parties have stated that despite the 3.42% GDP growth figure released by the National Bureau of Statistics, unemployment and the reality in many households remain in stark contrast. NECA, the umbrella body for employers and the voice of business in Nigeria, in a statement […]

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