Category Archives: Business

A Burna Boy and oraimo collaboration is surely one that nobody expected but one that should be well received. Burna Boy announced the partnership on his social media pages, showing his excitement about working with a big brand making strides in Africa. The Nigerian singer and songwriter is a consistent top player in the musicContinue reading “Oraimo Announces Partnership With Burna Boy”

Bureau de change operators in Adamawa State are rejecting foreign currencies from customers due to growing uncertainty in the parallel market. Some of the money changers interviewed at Jimeta Modern Market in Yola said they were apprehensive over the sudden and continued crash of the dollar which destabilized the parallel market. The chairman, bureau deContinue reading “Adamawa BDC Operators Reject Dollars As Naira Rebounds At Parallel Market”

As part of efforts to ensure full compliance with the Naira redesign deadline, the Central Bank of Nigeria (CBN) has directed banks to accept cash deposits beyond cashless policy threshold. Osita Nwanisobi, director, corporate communications department of the CBN disclosed this on Thursday on the occasion of the CBN’s special day at the ongoing 2022 LagosContinue reading “CBN Directs Banks To Accept Deposits Beyond Cashless Policy Limit”

The naira has rebounded by 20.8 per cent to 720/dollar at the parallel market, findings by The PUNCH have shown. The development came two weeks after the local currency came under severe pressure at the black market, following the announcement by the Federal Government to redesign the naira. The naira which fell consistently throughout last weekContinue reading “Traders Lose As Naira Rebounds To 720/Dollar”

Keystone Bank says FG did not order it to close ‘TakeBackNaija’ account Keystone Bank Limited has debunked a statement credited to a political group, “TakeBackNaija Initiative”, which alleged that the Federal Government had ordered the closure of its accounts with the bank for supporting the presidential candidate of the Labour Party, Mr. Peter Obi. InContinue reading “2023 Elections: Keystone Bank’s Statement On TBN Account”

Twitter Inc., after laying off roughly half the company on Friday following Elon Musk’s $44 billion acquisition, is now reaching out to dozens of employees who lost their jobs and asking them to return. Some of those who are being asked to return were laid off by mistake, according to two people familiar with theContinue reading “Twitter Asks Some Sacked Workers To Please Come Back”

SeaHorse 1 Brand, a synthetic motor engine oil product of Seahorse Lubricant Industries Ltd, manufacturers of lubricating oil for internal combustion engines and mechanical systems, has once again bagged a top-notch award for its excellence and quality. The SeaHorse 1 Brand won the Best Synthetic Motor Engine Oil Brand of the Year 2022 at theContinue reading “Seahorse Lubricant Brand Wins Award”

The sharp fall of the naira against the foreign currencies continues this weekend with the British Pound crossing N1000 in the parallel market. There are fears that the dollar which has also been on a steep rise in value against the naira may cross N1000 any moment from now. The current black market rate whichContinue reading “Concerns As One Pound Trades For ₦‎1000 At Parallel Market – Business”

LETTER TO ALL BANKS RE: IMPLEMENTATION OF NAIRA RE-DESIGN POLICY Further to the Emergency Bankers’ Committee meeting held on Friday, October 28, 2022 and as part of arrangements to ensure seamless implementation of the new currency re-design policy, the Central Bank of Nigeria (CBN) has approved the following interim measures: 1. There shall be noContinue reading “CBN Writes Banks On Implementation Of Naira Re-Design Policy – Business”

Foreign currency dealers have complained to the Inspector-General of Police, Usman Baba, about their ordeals in the hands of operatives of the Economic and Financial Crimes Commission following the arrest of some of them. The dealers will also send a copy of their petition to the Senate even as members of the Association of Bureau DeContinue reading “Clampdown: Currency traders petition IGP, to write Senate, CBN”

Scores of Twitter employees, including some involved in the company’s public policy and content-moderation activities, were fired on Friday as Elon Musk reimagines the social network. In heartfelt tweets, many using the hashtags #LoveWhereYouWork and #OneTeam, employees took to the social media platform to let others know that they had been let go. Many ofContinue reading “Elon Musk Fires Twitter Employees Worldwide”

The Federal Government has inaugurated an implementation committee to halt the constant rejection of Nigerian products at the international market. Speaking during the inauguration on Thursday in Abuja, Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said the team was expected to implement the recommendations of the technical committee in record time. It wouldContinue reading “FG inaugurates committee to halt Nigerian exports’ rejection”

Sterling Bank Nigeria Plc said it recorded 41.52 per cent growth in its profit after tax in nine months of 2022, in spite of economic challenges. The Group’s unaudited financial report showed it earned N13.41bn in the nine-month ended September 2022, better than N9.38bn recorded in the corresponding period of 2021. This showed the GroupContinue reading “Sterling Bank grows Q3 profit by 41.52%”

Pandemonium, As EFCC Raids ABUJA Bureau De Change Offices. Officials of the Economic and Financial Crimes Commission raided the offices of black market currency dealers in Wuse Zone 4 and Sheraton Hotel area of ABUJA, arresting an unconfirmed number of suspects. Officials of the Economic and Financial Crimes Commission raided the offices of black marketContinue reading “EFCC Raids Abuja Bureaux De Change Offices”

Adidas had ended its partnership with Ye, also known as Kanye West, with “immediate effect.” In a statement Tuesday, the sportswear maker said it “does not tolerate antisemitism and any other sort of hate speech” and said that his recent comments were “unacceptable, hateful and dangerous.” Adidas said they violated the company’s “values of diversityContinue reading “Adidas Terminates Partnership With Kanye West – Celebrities”