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Nigeria remains World Bank's third-largest debtor with $18.2bn IDA loans
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Naira crashes to N1,561 at official exchange rate window

The naira depreciated significantly at the Nigerian Autonomous Foreign Exchange Market window, closing at N1,561.98/$1 on Wednesday, July 10, 2024. The naira fell 2% from the previous day’s rate of N1,532.58/$1, According to FMDQ data. This is the lowest since March 18, 2024, when it was N1,597.25/$1, as the naira approaches N1,600 less than three […]

Russia blocks Telegram in two regions over security concerns
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Hamster Kombat onboarded 239m people in three months  – Telegram CEO

Telegram CEO, Pavel Durov, offered insights and projections for Hamster Kombat, a popular Web 3 play-to-earn game that has dominated the industry since its introduction. The CEO emphasized the project’s impressive growth and potential for introducing millions of people to blockchain technology. He mentioned that Hamster Kombat, a tap-to-earn game offered on Telegram in which […]

News Oil and Gas

Nigeria’s crude oil production jumps to 1.27m barrels daily – OPEC

Nigeria’s average daily crude oil production in June increased modestly to 1.276 million barrels. This marks a mere 25 thousand barrels per day increase over the 1.251 million barrels per day recorded in May, according to OPEC’s monthly oil market primary data report for June 2024. According to secondary sources, Nigeria’s daily average crude oil […]

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Streaming platform Vimeo launches new AI content labels 

Vimeo has followed TikTok, YouTube, and Meta in introducing measures for creators to disclose AI-generated content. In an announcement on Wednesday, the video hosting service updated its terms of service and community guidelines to mandate that creators indicate when realistic content is produced using AI tools. These changes aim to prevent viewers from mistaking AI-generated […]

Samsung reports profit amid AI-driven chip demand
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Samsung launches new devices with Galaxy AI, Google Gemini

Samsung unveiled its latest iterations of foldable phones at the Unpacked 2024 event on Wednesday introducing the Galaxy Z Fold 6 and Galaxy Z Flip 6. Samsung has focused on making them thinner and lighter compared to their predecessors. The Fold 6 notably upgrades its front display aspect ratio, a long-awaited improvement. However, these enhancements […]

Banking News

Keystone bags best retail bank award

Keystone Bank Limited was recognized as the retail bank of the year at the recently held 2024 Africa Industrial and Development Conference and Awards. According to the statement, the bank received the top honor during the Nigeria Middle East Investors Expo and Awards ceremony held at the Transcorp Hilton in Abuja over the weekend. The […]

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MeCure proposes 0.15 kobo dividend per share to shareholders

MeCure Industries Plc, a Nigerian pharmaceutical company has proposed a final dividend of 0.15 kobo per share payable to shareholders whose names appear in the Register of Members as of the close of business on May 17, 2024. This disclosure was made at the company’s Annual General Meeting held in Lagos last week, according to […]

Agribusiness News

Food importation will jeopardise progress made in local production – AFAN

The National President of the All Farmers Association of Nigeria, Arc. Kabir Ibrahim has said that duty-free imports of food commodities will erode local production advances in maize, rice, and wheat. This was disclosed by Ibrahim on Tuesday, stating that the situation with food security today requires some form of trade liberalisation and imports but […]

Business News

Nigeria’s firm Sundry Markets among Africa’s fastest-growing for 2024

Nigerian retail firm, Sundry Markets Limited, has been named one of Africa’s top 50 fastest-growing companies in 2024 by the Financial Times. This feat highlights the company’s success amidst the economic challenges that many African economies face. Sundry Markets Limited, the company that owns Market square is a Nigerian grocery retail chain, according to The […]

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Top ten Nigerian stockbrokers earn N19.2bn in H1 2024

The top ten stock broking businesses in Nigeria’s stock market earned a stunning N19.209 billion in the first half of 2024, as increased volume and value of transactions on the NGX raised brokerage revenue. This is a considerable increase over the same period in 2023 when the top ten brokers received N10.789 billion in commissions. […]

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