Wednesday, March 19, 2025
Foreign exchange losses overshadowed strong underlying performances by Nigerian telecommunication companies listed on the stock exchange in the first quarter of 2024. MTN Nigeria and Airtel Africa recorded a combined loss of N511.27 billion, mainly due to a near 30 percent devaluation of the naira this year. Airtel Africa’s Q1 loss after […]
Nigerians have continued to ignore the eNaira, which has now been used for only N29.3 billion worth of transactions since its October 2021 launch. Unveiled by former president Muhammadu Buhari as a tool to promote financial inclusion and reduce reliance on cash, the digital equivalent of the naira has recorded slow adoption. For context, […]
Senate on Thursday, May 9, approved the death penalty for those convicted on the charge of drug trafficking in the country. The punishment prescribed in the extant NDLEA Act is a maximum sentence of life imprisonment. The resolution of the Senate followed its consideration of a report of the Committees […]
Osimhen received a huge amount of money after scoring against his Super Eagles teammate Maduka Okoye on Monday night. Super Eagles star Victor Osimhen will receive €125k (₦186m) after scoring against his countryman Maduka Okoye in Napoli’s 1-1 draw against Udinese on Monday night. Osimhen grabbed the headlines for Napoli […]
The Presidency yesterday said the cybersecurity levy was introduced to tackle cybercrimes and terrorism. It said the nation lost over N273billion (approximately $762million) to cybercrime alone in 2022. It also claimed that the same levy is in place in Ghana and Rwanda. Opposition to the policy grew yesterday, with the […]
The Speaker of the House of Representatives, Abbas Tajudeen, yesterday stepped down a motion calling for the suspension of the cybersecurity levy, which has sparked widespread dissatisfaction. Daily Trust reports that since the Central Bank of Nigeria (CBN) directed all banks in the country to begin the deduction of 0.5% […]
The Central Bank of Nigeria (CBN) on Monday directed banks to start the process of deducting cybersecurity levy to be administered by the office of the National Security Adviser (NSA). According to a circular sent to commercial banks, mobile money operators, payment service providers, and others, the deduction of the […]
Contrary to several local reports, Microsoft has not shut down its African Development Center (ADC) in Nigeria. According to a Microsoft spokesperson, the Lagos facility is still operational. During a call with Techpoint Africa, the spokesperson clarified that while the engineering team at the African Development Center in Lagos has been […]
The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program. Vanguard also learnt that despite the sustained nationwide […]
Foreign suppliers are no longer rejecting letters of credit from Nigerian businesses, in a boost for manufacturers who had struggled to import critical inputs and ran the risk of shutting down. The improved dollar supply in Africa’s most populous nation is behind the acceptance of the letters of credit that had been rejected following […]