Business & Strategy

Fintech firms in Nigeria have recently issued  stern warnings to their clientele, advising against involvement in cryptocurrency or virtual currency trading through their platforms. They have declared their intention to take strict measures, including the potential blocking of accounts found engaging in such activities. Opay, Moniepoint, PalmPay, and Paga, among others, have communicated this stance […]

The Naira experienced a decline to N1,365 per dollar in the parallel market yesterday, compared to its rate of N1,320 per dollar on Tuesday. Similarly, the Nigerian Foreign Exchange Market (NAFEM) witnessed a depreciation of the Naira, settling at N1,402.67 per dollar. Data obtained from FMDQ revealed that the indicative exchange rate for NAFEM rose […]

Multichoice Nigeria, a leading Pay TV provider, has decided to go ahead with price increases for its DStv and GOtv subscribers, despite a recent court ruling prohibiting such hikes. Although the Federal Competition & Consumer Protection Tribunal (FCCPT) had issued an interim order restraining the company from implementing the tariff increase following an ex-parte motion, […]

Opay, a prominent financial services provider in Nigeria, has reassured its clientele about the safety of their funds amidst the Central Bank of Nigeria’s (CBN) directive to suspend the establishment of new accounts. In a statement released via its official channel, on Tuesday, Opay affirmed its commitment to combatting illegal financial activities in the nation. […]

David Umahi, the Minister of Works, has revealed intentions to establish a comprehensive road network program connecting the six geo-political zones of the country. This initiative aims to enhance transportation security, safety, and sustainability across Nigeria. During an inspection visit to the km 47 axis of the Lagos-Calabar Coastal Highway project at Eleko, Lagos State, […]

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), under the direction of the Federal Government, has initiated the process for the 2024 oil bid rounds, unveiling approximately 12 oil blocks available for investment. Gbenga Komolafe, NUPRC’s Chief Executive, announced this development during the inaugural NEITI House Dialogue hosted by the Nigerian Extractive Industries Transparency Initiative in […]

The Association of Bureaux De Change Operators of Nigeria has announced plans for a unified retail segment within the foreign currency market. According to a statement released on Friday, the association aims to tackle market volatility and bolster regulatory compliance within this specific sector. ABCON President, Aminu Gwadabe, outlined the strategies being implemented, which include […]

Telecommunications operators in Nigeria, including MTN Nigeria and Globacom, are seeking approval from the Nigerian Communications Commission (NCC) to adjust their tariffs. This move follows foreign exchange losses and increased energy costs, which led some operators to report losses last year. The request for tariff adjustment comes shortly after MultiChoice, a South African pay television […]

PetroChina, a Chinese state energy major, has been awaiting unloading a cargo of United States crude at Nigeria’s giant new refinery for nearly a month due to payment issues, as reported by Reuters on Thursday. This delay underscores the challenges faced by the $20 billion plant, funded by Africa’s richest man, Aliko Dangote, in its […]

In the wake of the recent strengthening of the naira against the dollar, the cost of a 50-kilogram bag of rice has seen a significant decline, averaging around N67,000 in Lagos, Abuja, Ogun, and surrounding areas. This marks a notable reduction from the approximately N90,000 price tag observed in February 2024. Reports from communities adjacent […]