Business
The rhythm of Nigeria's business world
Nigeria
Electricity Relief: Band A Customers Welcome Ikeja DisCo's Move to Lower Tariff to N206.80/kwh, Seek Further Reductions
Ikeja DisCo announces a significant tariff reduction for Band A electricity consumers to N206.80/kwh, effective May 6, 2024. NERC approved the adjustment from the earlier N225/kwh. This move impacts energy affordability and subsidy reduction, aligning with the government's economic realignment...
Petrol scarcity continues into the third week in Nigeria. Marketers are hopeful as NNPC increases supply. Queues ease in Abuja, but Lagos still faces shortages. Independent marketers expect improvement soon, urging patience.
As Nigeria struggles with prolonged petrol scarcity, which has now...
![Today's Naira Rate [05-05-2024]: Naira Plummets, Exchange Rate Hits N1420 Against Dollar in 24-Hour Crisis](/data/attachments/203/203634-147ab142f8cf48479284e57b3d23fc38.jpg)
Nigeria
Today's Naira Rate [05-05-2024]: Naira Plummets, Exchange Rate Hits N1420 Against Dollar in 24-Hour Crisis
In a swift currency crisis, Nigeria's Naira nosedives, plummeted by N130 against the US Dollar, reaching an alarming exchange rate of N1420 within 24 hours. Economic concerns surge as high demand drives the depreciation despite Central Bank interventions.
The Naira faced a significant...
DStv and GOtv users along Nigeria's coastal regions anticipate service disruptions due to upgrades along the coastal highway. As infrastructure improvements aim to boost connectivity, subscribers prepare for outages, underscoring the impact on satellite TV services in the area.
In a significant...
In response to Air Peace CEO's claims of slot delays at Gatwick Airport for London to Lagos flights, Gatwick officials refute allegations, citing pending slot allocations. The CEO accused the airport of unfair practices, prompting clarification on the slot coordination process for the crucial...
![Today's Naira Rate [04-05-2024]:Naira Holds Steady at 1,380 Against Dollar Amid Currency Market Turmoil](/data/attachments/203/203601-8457c57119a478bc5717b11aa4a694ef.jpg)
Nigeria
Today's Naira Rate [04-05-2024]:Naira Holds Steady at 1,380 Against Dollar Amid Currency Market Turmoil
Amidst mounting demand and scarcity, the naira holds firm at N1380/$1 in Nigeria's parallel market. Traders report high demand driven by individuals and importers, maintaining a flat rate amidst fluctuating currency values. Concerns rise over the impact of dollar shortages on the country's...
Nigeria
Businesses Brace for Impact as Nigerian Customs Raises Import Duty Exchange Rate to N1,441/$
Nigerian Customs recently upped the import duty exchange rate to N1,441/$1, marking a significant hike from the previous rate. This shift has sent shockwaves through businesses, prompting concerns about increased costs and potential economic repercussions.
The Nigerian Customs Service has...
Nigeria
Shell Nigeria Gas and Oyo State Government Forge Partnership for Gas Infrastructure Development
Shell partners with Oyo State to construct gas pipelines, bolstering industrial development. The agreement entails a 20-year plan for Shell Nigeria Gas to build and operate a distribution network spanning Oyo State, enhancing energy supply and fostering regional socio-economic progress.
Shell...
In compliance with a directive from the Federal Inland Revenue Service (FIRS), Deposit Money Banks (DMBs) have been instructed to initiate the deduction of a 0.375 percent stamp duty charge on all mortgage-backed loans and bonds.
This directive, communicated to customers through electronic...
![Today's Naira Rate [02-05-2024]: Economic Concerns Heighten as Naira Weakens Further Against Dollar at ₦1402/$1](/data/attachments/203/203550-8457c57119a478bc5717b11aa4a694ef.jpg)
Nigeria
Today's Naira Rate [02-05-2024]: Economic Concerns Heighten as Naira Weakens Further Against Dollar at ₦1402/$1
As of today, the exchange rates for the Nigerian Naira (NGN) are as follows:
💵 1 USD ⇛ ₦1,402
💷 1 GBP ⇛ ₦1,660
💶 1 EUR ⇛ ₦1,445
💶 1 CAD ⇛ ₦970
The performance of the Naira in the foreign exchange market remains a point of concern for many Nigerians. With fluctuations in the exchange rates...
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