Category: Business

JUST IN: CBN bans sale of forex to BDCs, suspends issuance of licence to money changers

JUST IN: CBN bans sale of forex to BDCs, suspends issuance of licence to money changers

The announcement comes as the bank intensifies efforts to mitigate further decline of the country’s economy and the national currency. The Central Bank of Nigeria on Tuesday blocked future foreign exchange transactions with bureau de change operatives. The bank will also suspend the issuance of new licences to money changers across the country with immediate […]

With a single tweet, Elon Musk’s new crypto hits $1.7bn market cap

With a single tweet, Elon Musk’s new crypto hits $1.7bn market cap

Baby Doge Coin is a cryptocurrency based on another cryptocurrency that was created as a joke by members of the Dogecoin community in 2013. Cryptocurrency coin, Baby Doge, has hit a market cap of $1.7bn after Tesla CEO, Elon Musk, threw his support behind it. The tweet from Mr Musk caused the price of the […]

FLASH: UK bans Binance

FLASH: UK bans Binance

Binance has garnered global scrutiny over the past couple of months. The United Kingdom’s financial regulatory body, the Financial Conduct Authority (FCA) has said that Binance, one of the world’s largest cryptocurrency trading platforms, can no longer carry out any regulated operations in the country, sending out warnings to consumers. In a notice dated June […]

Naira slides to N500/$ at parallel market

Naira slides to N500/$ at parallel market

With this, the spread between the black market and official market rates currently is pegged at N86.00, as of the close of business on Tuesday. The naira has depreciated further to N500 against the U.S. dollar at the parallel market on Tuesday. According to abokiFX (abokifx.com), a website that collates parallel market rates in Lagos, […]

Illegal oil deals: FG to expose officials behind $69bn loot in US banks

Illegal oil deals: FG to expose officials behind $69bn loot in US banks

The Federal Government says it has begun gathering evidence on government officials linked to the alleged looting of $69bn (N28.3tn) stashed in various bank accounts in Texas, the United States. The loot reportedly accrued from illegal oil deals involving some officials of the government-owned Nigerian National Petroleum Corporation and the Central Bank of Nigeria during […]

FG Grants Dangote Cement ₦22.32bn Tax Credit

FG Grants Dangote Cement ₦22.32bn Tax Credit

The Federal Inland Revenue Service (FIRS) has issued Dangote Cement Plc, tax credit certificates valued at ₦22.321billion. The tax credit certificates are for construction of Apapa-Oworonshoki-Ojota road in Lagos and Lokoja-Obajana-Kabba road straddling Kogi and Kwata states. While Julius Berger is handling the construction of the two federal roads, Dangote Cement Plc is providing the […]

Tesla Driverless Car Crashes Into Tree & Bursts Into Flames In Texas, Killing 2 (PHOTOS)

Tesla Driverless Car Crashes Into Tree & Bursts Into Flames In Texas, Killing 2 (PHOTOS)

Two men have died after a Tesla vehicle, which was believed to be operating without anyone in the driver’s seat, crashed into a tree on Saturday night north of Houston, authorities said. Key points: •After the fire was extinguished, authorities located two occupants in the vehicle, with one in the front passenger seat and the […]

FG To Auction ₦150 Billion Bonds In April

FG To Auction ₦150 Billion Bonds In April

The Debt Management Office on Wednesday disclosed that the Federal Government would offer N150bn bonds for subscription in April. A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50bn each. They are 10-year reopening bond to be offered at the rate of 16.2884 per cent […]

MTN to meet banks on Tuesday, customers reconnected to USSD

MTN to meet banks on Tuesday, customers reconnected to USSD

MTN customers have been reconnected to banking channels after commercial banks had blocked them from using their channels, including the Unstructured Supplementary Service Data and banking apps on Friday. The channels were blocked as a result of MTN reducing the banks’ commission on USSD airtime to 2.5 per cent. However, following the intervention by the […]