Business Archives - Page 31 of 46

Nov

29

2023

Supreme Court says that until further notice, old and new naira notes will coexist.

Business, Economy, MetroBusiness, CBN, Court, Economy, Metro, Naira, Nigeria

The Federal Government's appeal to extend the life of the N200, N500, and N1000 notes—which were redesigned during President Muhammadu Buhari's most recent administration—has been granted by the Supreme Court. A panel of seven judges on the top court, chaired by Justice John Okoro, ruled on Wednesday morning that the old notes will remain legal money until the infrastructure needed to replace them is in place. As to the ruling of the Supreme Court, the outdated notes are allowed to coexist as legal tender alongside the updated ones. The Federal Government's motion was heard on Wednesday and was made by…

Nov

07

2023

By Amos Oge Kalu

Nigeria struggles with Naira volatility as exchange rates undermine country’s economy, investors’ confidence.

Business, Economy, Metro, PoliticsBusiness, Economy, eNaira, Money, Nigeria

Investor confidence is impacted by the Naira's volatility versus the US dollar, which keeps sending shockwaves of anxiety across Nigeria's economy. The country's currency appreciated against the dollar last week, providing a brief reprieve. On the parallel market, it was trading at N970/$1 as opposed to N1300/$1 the week before. The naira, however, had a poor start to the week, with Monday's exchange rates ranging from N1000 to N1020/$1. This indicates a minor decline from the N970/$1 exchange rate during the previous weekend. In the same vein, the Naira fell 4.24 percent at the official FMDQ market, from N780.03/$1 on…

Nov

03

2023

By Amos Oge Kalu

Conflict amongst palm oil unions in Umuahia leaves two injured

Abia State, Business, MetroAbia State, Business, Economy, Metro

After a fight between two rival market unions at Umuopara Palm Oil Beach Market in Umuahia South Local Government Area (LGA) of Abia State, two people were badly hurt and sent to the Federal Medical Center, FMC Umuahia. Since August 2023, the two competing organizations, the United Palm Oil Dealers Association and the Palm Oil Association of Nigeria, have been engaged in a power struggle about who should be in charge of collecting market revenues and who should be the market's leader. However, on Thursday, a violent altercation between the two competing associations sent three members of the United Palm…

Sep

19

2023

By Amos Oge Kalu

Nationwide blackout resulting from a new failure of the national grid

Business, Economy, MetroBusiness, Economy, Electoral Amendment Bill, Metro

A nationwide blackout is the result of yet another national grid failure. The national grid apparently failed on Tuesday at 11:31 a.m., according to OHAFIA News. Emeka Ezeh, Head of Corporate Communications, Enugu Electricity Distribution Company, EEDC, verified that the business lost supply from the grid around 11:31 a.m. on Tuesday in an exclusive interview with OHAFIATV News. "In fact, we haven't had supplies since around 11.31 a.m. In our network, sua has not been used. That is the predicament we are in, but there has been no actual proof of a systemic breakdown", he said. The president of the…

Sep

15

2023

By Amos Oge Kalu

The headline inflation rate in Nigeria rises to 25.80%

Business, Economy, MetroBusiness, Economy, Metro

Inflation in Nigeria went from 24.08 percent in July to 25.80 percent in August. This information was released by the National Bureau of Statistics on Friday in its most recent Consumer Price Index Report for August 2023. In comparison to July 2023, the headline inflation rate in August 2023 increased by 1.72 percent. The headline inflation rate was 5.27% points higher on an annual basis than the rate, which was 20.52% in August 2022. As a result, the graph showed that, on an annual basis, the headline inflation rate rose in August 2023 compared to the same month the year…