World News Archives — Page 5 of 20

Mar

26

2024

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BDC Gets 10k Dollars From CBN, To Sell At N1,269/$

Business

The Central Bank of Nigeria (CBN) has sold dollars to Bureau De Change operators at the rate of N1,251/$1. According to a statement issued by the apex bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud, $10,000 was made available to each of the BDCs which benefited from this. The BDCs were directed not to sell the dollars at a rate which exceeds 1.5 per cent above the purchase price, meaning that it should not be sold beyond N1,269 per dollar. “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved…

Mar

25

2024

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Senegal: Ruling Party’s Ba Concedes Defeat In Presidential Election, Congratulates 44-Year-Old Diomaye Faye Before Official Declaration

World News

Senegal’s anti-establishment candidate Bassirou Diomaye Faye is set to become president after his main rival on Monday recognised his victory in elections that came barely days after he was freed from prison. The win by the opposition candidate who will be Senegal’s youngest president could trigger a political earthquake with policies that transform the country. Faye, 44, promised left-wing pan-Africanism and to renegotiate gas and oil contracts, with Senegal due to start production on recently discovered oil and gas reserves later this year. The opposition candidate has never held a nationally elected position and has not yet spoken publicly since…

Mar

22

2024

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Foreign Airlines Say CBN Lied About Clearing FX Backlog

Business

Foreign airlines operating in Nigeria have said the Central Bank of Nigeria (CBN) was inaccurate in claiming it had cleared all foreign exchange (FX) obligations. Kingsley Nwokeoma, the Association of Foreign Airlines and Representatives in Nigeria (AFARN) president, told BusinessDay that the bank was yet to clear foreign airlines’ trapped funds. This came 24 hours after Hakama Ali, acting director of CBN’s corporate communications, issued a statement saying the bank made $1.5 billion payments to settle a residual FX backlog balance. On Thursday, Nwokeoma said, “If they say they have cleared the trapped funds, they should show us figures. They…

Mar

21

2024

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After meeting Tinubu, Meta to allow Nigerian Instagram users monetize content in June 2024

Business

Meta, the parent company of Instagram, is set to launch a new feature on its Instagram and Facebook app in June 2024, aimed at empowering Nigerian creators to monetize their content and earn a livelihood through the platform. This announcement was made by Meta’s President of Global Affairs, Nick Clegg, following a meeting with President Tinubu at the presidential villa earlier today. Earlier in his remarks, Clegg expressed gratitude to President Tinubu for facilitating an executive order crucial to the landing of Meta-backed deep-sea cable infrastructure in Nigeria. He said, “It is an extraordinary infrastructure project. When it comes on…

Mar

17

2024

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By Thewhisperer

High cost of living: List of places to buy Lagos discounted food items

Business

Lagos State has unveiled a subsidised food initiative aimed at enhancing access to essential staples for its residents, as announced in a statement released by Gbenga Omotosho, the Commissioner for Information and Strategy, on Saturday. Commencing on Sunday, March 17, 2024, the initiative seeks to introduce a voucher system during its pilot phase to ensure transparency and prevent any potential exploitation. Initially, the programme will be operational at designated markets situated across five administrative divisions of the state. These include 27 locations in Ikeja, six in Lagos Island, nine in Ikorodu, five in Epe, and 10 in Badagry. Here’s a…

Mar

14

2024

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Meet Ruby Onwudiwe, Tinubu’s new nominee to replace Urum Eke as CBN board member

Business

President Bola Tinubu recently submitted a request to the Nigerian Senate, urging the confirmation of Dr. Ruby Onwudiwe as a member of the Central Bank of Nigeria (CBN) board of directors. In a letter directed to Senate President Godswill Akpiabio and presented during Wednesday’s session in Abuja, Tinubu emphasized the significance of Onwudiwe’s appointment in line with the stipulations of the CBN Establishment Act 2007. “I am pleased to nominate Dr Ruby Onwudiwe for confirmation by the senate as a member of the CBN board of directors,” Tinubu remarked. “It is important to note that Onwudiwe is being proposed as…

Mar

05

2024

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BREAKING: Binance to depart Nigerian market, ends services in local currency

Business

Binance will discontinue all services for Nigeria’s fiat currency, the naira, amid an ongoing regulatory conflict in the country. The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today. Withdrawals will become unsupported after March 8 at 6:00 a.m. UTC. Posting on its website on Tuesday, Binance said the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira, according to an announcement. All spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC.…

Feb

16

2024

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N1,444.56/$: What rise in Customs duty mean on food prices in Nigeria

Business

There is no end in sight to food price increase as Nigeria continues to suffer a major rise in import duty which is now N1,444.56/$. This will inadvertently affect imported food and agricultural products, reports The ICIR. In the past few weeks, there has been a series of protests in different parts of the country, triggered largely by the high cost of living and uncontrollable surge in food prices. Nigeria is largely an import-dependent country with much of its agricultural products and raw materials for food and beverages majorly imported. Already, the Association of Master Bakers and Caterers of Nigeria…

Feb

09

2024

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High Cost Of Living: Yobe Residents Go Spiritual, Seek Divine Intervention Over Hardship

Business

The United Marketers Association (UMAPO), Yobe state chapter, on Friday, organised prayers to seek divine intervention over the present economic hardship. Speaking at the prayer ground, Chairman of UMAPO Potiskum chapter, Alhaji Nasiru Mato, said the prayer was to seek God’s forgiveness due to the economic hardship in the country and ask Him the way forward. “The challenges of high cost materials such as food items and other things happened as a result of the fuel subsidy removal. Marketers are facing seriously challenges at this trying moment,” he said. According to Daily Trust, he called on federal, state and local…

Dec

07

2023

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Dangote Refinery Set To Commence Operations As First Crude Shipment Arrives

Business

After a series of delays, the Dangote Refinery, a mammoth $19 billion project in Nigeria, is finally poised to commence fuel production as the first crude shipment arrives at the facility, marking a significant milestone for the country’s oil industry. Quoting industry sources and tanker tracking data, S&P Global, in a report on its website, spglobal.com, said that the OTIS tanker, carrying a 950,000 barrel cargo of Nigeria’s Agbami crude, set sail on December 6 and is currently en route to Lekki, the nearest land port to Dangote’s offshore crude receiving terminal. The tanker is expected to arrive on December…