Category: Economy
Exchange rate today: N1,748 exchange for 1 dollar
The naira exchanges today October 30, 2024, at N1,748 to one American dollar at the parallel market, popularly called the black market. This was confirmed by the exchange rate obtained from the most recent data provided by Bureau De Change (BDC) operators, who play a key role in the informal foreign exchange market. The black […]
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N1,746 exchanges for 1 dollar.
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, commonly referred to as the black market, peaked at N1,746 for 1 USD as at October 20. This exchange rate is typically obtained from the most recent data provided by Bureau De Change (BDC) operators, who play a key […]
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Pick n Pay to exit Nigeria, sells 51% stake in joint venture
South African grocery retailer, Pick n Pay has disclosed that it will exit Nigeria by selling its 51% share of a joint venture as part of plans to restructure outside of its home market. According to Reuters, the CEO, Pick n Pay, Sean Summers stated this Monday, that the move is part of its plans […]
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Elumelu Foundation backs 20,000 African startups with $5,000 seed fund
Heirs Holdings and the Tony Elumelu Foundation have provided $5,000 in seed capital to young African entrepreneurs to spur economic growth across the continent. The announcement was made during the Future Investment Initiative New Africa Summit in Saudi Arabia, where the Chairman of Heirs Holdings and Founder of TEF, Tony Elumelu, discussed the role of […]
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Firms that left Nigeria from 2020 to 2024 over economic challenges – Full list
In recent years, Nigeria has witnessed an increasing trend of multinational and local companies shutting down or relocating their operations due to economic challenges, currency volatility, and rising operational costs. The latest company to announce its departure from Nigeria is South African grocery retailer Pick n Pay, which confirmed on Monday that it will exit […]
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Be careful with World Bank, IMF advice – Economist warns FG
The Chief Economist at SPM Professionals, Paul Alaje on Friday warned the Federal Government to be careful with advice given by global financial institutions like the World Bank and the International Monetary Fund (IMF). He warned during an interview an Channels Television’s Politics Today, saying that adhering to sweet talk by the institutions could lead […]
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Naira devaluation pushes FG, states debts to N134tn
Nigeria’s total public debt stock surged by N12.6tn in three months to N134.3tn ($91.3bn) by the end of the second quarter of 2024, The PUNCH reports. This is a 10.35 percent increase from the N121.7tn ($91.5bn) recorded in the first quarter of this year. The rise has been attributed primarily to the devaluation of the […]
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Nigeria’s high interest rate will stay for long — World Bank
The World Bank has said that Nigeria, Angola, and Sierra Leone, with double-digit inflation and weakened domestic currencies, will maintain a high interest rate for a long period and may even increase it. The bank said that in its latest Africa’s Pulse report, where it focused on how the inflation outlook varied across countries on […]
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CBN verifying disputed $2.4bn FX claims – Cardoso
The Central Bank of Nigeria has commenced a re-validation exercise to ascertain complaints of manufacturers and importers over foreign exchange claims worth $2.4bn. The CBN Governor, Olayemi Cardoso, disclosed this while speaking to the business community at a special summit dinner organised by the Nigerian Economic Summit Group, on Tuesday night in Abuja. He said […]
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