The naira has weakened to new low of N700/$1 at the parallel market as dollar demand pressure from retail end users persists.
The naira closed last week at N630/$1 and has stayed within the N620/$1 band for weeks before the current low.
Findings showed that although many black market dealers are asking for between N700 and N710/$1, actual transactions have stayed within N700/$1 band.
But Abudul…
The federal, state and local governments shared N802.407bn as federation allocation for the month of June, 2022. This represents 18 per cent increase from N681bn shared in May.
The sharing decision was reached at Federation Account Allocation Committee (FAAC)’s meeting…
The Premium Breadmakers Association of Nigeria says it has suspended its four-day warning strike which began on Thursday.
The PBAN President, Emmanuel Onuorah, said his members had resolved to increase prices of bread in order to cushion the impact of the harsh operating…
Since the official declaration of economic recession in early 2016, Nigeria has experienced a proliferation of the world’s oldest scam, the Ponzi scheme.
In the wake of the economic crunch of 2016, the Central Bank of Nigeria and the International Monetary Fund had stated that Nigeria’s economy had slipped into recession. The effect was evident through the country’s significant decline in…
Famous Baker and cake designer, who runs the popular YouTube Channel ‘How to cake it’ Yolande Gampp from Toronto, Canada, top Nigerian bakers in Diaspora and bakers in Nigeria will facilitate sessions at Bakers’ seminar in Lagos slated for September 5-7 at the Eko…
Ahead of the rollout of the fifth generation (5G) technology by MTN Nigeria and Mafab Communications, Ericsson has completed its acquisition of Vonage Holdings Corp supporting its strategy to leverage technology leadership to grow its mobile network business and expand into…
The Managing Director, Oriental Energy Resources, one of the leading indigenous oil and gas companies, Mustafa Indimi, has expressed the commitment of the company to contribute to the attainment of the United Nations (UN) Sustainable Development Goals (SDGs).
According to him, the core focus of the company’s investment in social interventions includes developments in community health, education…
The International Monetary Fund (IMF) has retained projected economic growth of 3.4 per cent for Nigeria in 2022.
The Washington-based institution disclosed this on Tuesday in its World Economic Outlook (WEO) for July 2022 entitled, “Gloomy and More Uncertain”.
At its…
Ecobank Nigeria has extended its innovative remittance services to its business account holders. This implies that Business Account holders can receive funds sent through Ecobank Rapidtransfer or any of its Remittance franchise partners through the Business to Business…
The Federal Government has drawn down the Excess Crude Account (ECA) to $376,655.09 from $35.377 million in May, this year.
This means that in one month the government withdrew $35,000,344.91from the ECA.
The ECA is supposed to be a savings buffer meant to steady the government’s revenue and serve as a bailout for the economy in dire times.
The information about the ECA’s draw-down is…