Business
The rhythm of Nigeria's business world
In response to reports of cash shortages in some major cities across Nigeria, the Central Bank of Nigeria (CBN) has taken a resolute stance to ensure that old and redesigned naira notes continue to be recognized as legal tender nationwide. The CBN reaffirms that every banknote it has issued...
Sanofi-Aventis Nigeria, a prominent multinational pharmaceutical corporation, has announced its intention to cease direct operations in Nigeria starting in February 2024. This development follows GlaxoSmithKline (GSK)'s decision to exit the Nigerian market earlier this year after 51 years of...
In a surprising development for the African fintech giant Flutterwave, its Chief Financial Officer (CFO), Oneal Bhambani, has resigned, leaving the company in a state of uncertainty regarding its plans for an initial public offering (IPO). Bhambani, who joined Flutterwave just 18 months ago...
In a bold move to keep its cocoa industry running smoothly, Ghana is seeking to borrow $400 million from cocoa traders after encountering difficulties in securing its traditional annual loan from international banks. This development comes amid ongoing efforts to restructure the country's debt...
Flexible office-space provider WeWork, which was once valued at a staggering $47 billion and attracted investments from industry giants like SoftBank, BlackRock, and Goldman Sachs, has filed for Chapter 11 bankruptcy protection. In an astonishing twist of fortune, WeWork listed over $18.6...
The Nigerian Naira faced a steep fall on Monday, hitting an average of 1,030 Naira against the US Dollar in the parallel market. This marked a significant loss, with an 8.42% decline compared to the N950 exchange rate at the close of the previous week. This alarming devaluation follows a recent...
In a dynamic turn of events, the value of the Nigerian Naira witnessed significant fluctuations over the weekend. On the black market, the Naira surged, trading at N901 per dollar, a marked improvement from N1,050 the previous week. The cause of this surge was the optimistic outlook stemming...
Nigeria
Cooking Gas Scarcity Hits Multiple Nigerian States, Triggering Soaring Prices and Public Concerns
In a growing crisis, Nigeria is experiencing a dire scarcity of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, with Lagos and several other states severely impacted. This predicament has left households and small businesses struggling to afford this essential energy source. The...
Nigeria
Nigerian Billionaire Rivalry: Aliko Dangote and Abdul Samad Rabiu Clash Over Business Domination
Two Nigerian billionaires, Aliko Dangote and Abdul Samad Rabiu, have reignited their long-standing feud over control of key industries. Dangote, Africa's richest person, owns Dangote Industries Limited, while Rabiu is the founder of BUA Group. Their rivalry spans decades and revolves around...
In a remarkable turn of events, the Nigerian naira continued its impressive rebound against the US dollar on Friday, surging to an exchange rate of ₦950/$ in the parallel market. This marks a substantial gain of ₦170 or a 15.18% appreciation of the local currency compared to the ₦1,120/$ it...
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