Business

Business: Naira Exchanges N460 To Dollar On Parallel Market

Business: Naira Exchanges N460 To Dollar On Parallel Market

Business September 15, 2020 at 1:28 pm 0 comments

The naira on Monday fell by 1.09 percent to N460 on the parallel market. The naira decline followed President Muhammadu‘s directive to the Central Bank of Nigeria (CBN) to stop dollar sales for food and fertilizer imports.
On the official market supported

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BREAKING: Nigeria’s Inflation Hits 13.22%, Posts Biggest Monthly Increase

BREAKING: Nigeria’s Inflation Hits 13.22%, Posts Biggest Monthly Increase

Business September 15, 2020 at 11:16 am 0 comments

The nation’s inflation rate has recorded its biggest increase so far this year, rising to 13.22 percent in August, the National Bureau of Statistics said on Tuesday.
The 13.22 percent inflation rate is the highest since April 2018, the NBS data showed.
The NBS, in its latest consumer price index

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Nigeria’s Border Closure Not Good For Regional Trade

Nigeria’s Border Closure Not Good For Regional Trade

Business September 9, 2020 at 11:54 am 0 comments

The Nigerian Economic Summit Group (NESG), has charged the Nigerian Government to speed up plans of reopening closed land borders.
The group in a statement titled “Matters of Urgency” said “expedite actions” should be taken on the “closed borders given its negative impact on trade and employment.”
Nigerian Government said

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AFDB debars 4 Nigerian companies over fraud

AFDB debars 4 Nigerian companies over fraud

Business August 20, 2020 at 7:29 pm 0 comments

African Development Bank (AFDB) group on Thursday announced it has debarred four Nigerian firms over fraudulent and collusive practices.
The bank made its decision to debar them for 24 months in a statement.
The firms are Sangtech International Services Limited, Sangar & Associates (Nigeria) Limited, Mashad Integrated and Investment Co.

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Shoprite exits Nigeria after 15 years

Shoprite exits Nigeria after 15 years

Business, News August 3, 2020 at 9:28 am 0 comments

Africa’s biggest grocery retailer, Shoprite, is exiting the continent’s most populated country, Nigeria, after 15 years.
The Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52

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LASG Inaugurates Indigenous Face Mask Manufacturing Factory

LASG Inaugurates Indigenous Face Mask Manufacturing Factory

Business, Health July 30, 2020 at 7:42 pm 0 comments

Lagos State Governor, Babajide Sanwo-Olu, on Thursday inaugurated the first indigenous face mask manufacturing factory, O-Care Medical Face Mask Factory in Lagos.
The factory which is situated at Amuwo Odofin area is primed to produce 240,000 face masks daily.
The governor said that the manufacturing of the face masks attested

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