Business Archives - Page 43 of 46

Oct

29

2022

Naira in another record drop as CBN moves to replace naira notes

Business, EconomyBusiness, Economy, Nigeria

Naira depreciated significantly against the US dollar in both the official and unofficial markets on Friday. This is less than 48 hours after the Central Bank of Nigeria announced the replacement of naira notes. Official market rates published on the websites of FMDQ, where the currency is officially traded, showed the naira closed at N444.75 per dollar on Friday, the lowest rate it has ever traded in the segment. This represents a 0.06 percent devaluation of the previous market value with $61.89 million recorded as foreign exchange turnover within this period. In the unauthorized street market of the Nigerian states,…

Oct

29

2022

By Amos Oge Kalu

MoneyHash to drive digital payment in sub-Saharan Africa

Business, NewsAfrica, America, Business, Economy, Technology

US-based Egyptian fintech company Moneyhash recently expanded its operations into sub-Saharan Africa, in a bid to open up the continent for its payment system, Benjamindada Blog reports. In a conversation with Techcabal, MoneyHash CEO Abdel Razek said that the company wants to enter Sub-Saharan Africa due to the payment opportunities and challenges that exist in the region. In his words: “We stumbled upon it by chance while consulting a company on their payment strategy across the region. We just assumed that someone must have set up a library or something the companies could use as a layer of abstraction.” “The…

Oct

21

2022

By Kalu Odinakachi

FG says Nigeria has lost her most-valued crude oil customers

Business, Economy, Metro, NewsBusiness, Economy, Metro, Next Level, Nigeria

Nigeria has lost its most valued crude oil customers, while some of its gas buyers now compete with the country in the same market, the Federal Government declared on Thursday. It also stated that international oil companies were massively shifting focus to alternative fuels, as the threat posed by the push for renewables was seriously gaining momentum. The government disclosed this through its Nigerian Midstream and Downstream Petroleum Regulatory Authority at the opening ceremony of the Midstream and Downstream Petroleum Industry HSE Managers’ Forum in Abuja. The Chief Executive, of NMDPRA, Farouk Ahmed, who was represented by the agency’s Executive…

Oct

16

2022

By Amos Oge Kalu

Buhari’s regime borrows N31tn, to leave N39.12tn debt for successor

Business, Economy, Opinion, PoliticsBudget, Business, Economy, Mohammadu Buhari, Nigeria, Politics

The National Assembly has approved or at least received budget estimates worth N93.453tn from the President, Major General Muhammadu Buhari (retd), in eight years. Out of the N93.453tn budgeted from 2016 to 2023, a total of N67.4tn has been committed to recurrent expenditure, including the payment of salaries and emoluments of civil servants and legislators. This amounts to 72.1 per cent of the entire budget devoted to recurrent expenditure in the life of the Buhari regime. The administration met a debt of N12.12tn on June 30, 2015, but it increased it to N42.84tn by June 30, 2022, according to statistics obtained…

Oct

11

2022

By Kalu Odinakachi

FG approves construction of Lekki-Epe Airport

Business, Economy, Metro, PoliticsBabajide Sanwo-Olu, Economy, Federal government, Lagos, Metro, Next Level, Nigeria, Politics

The Federal Government has approved the construction of the Lekki International Airport in the Lekki-Epe area of Lagos State. The Lagos State Government said it would begin the construction of a new airport in the Lekki-Epe area of the state in 2023. The Minister of Aviation, Hadi Sirika, presented the approval for the new airport to the Lagos State Governor, Babajide Sanwo-Olu, on behalf of the Federal Government at the Lagos Economic Summit 2022, held at Eko Hotel and Suites, Lagos. The Senior Special Assistant to the Lagos State Governor on New Media, Jubril Gawat, disclosed this in a tweet.…