Nigeria Removes Forex Ban on 43 Items
Nigeria Removes Forex Ban on 43 Items The Central Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of it’s commitment to boost liquidity in the foreign exchange market. Disclosing this in a statement, Director Corporate
Microsoft Challenges US Tax Authority’s $28.9 Billion Back Tax Demand
Microsoft Challenges US Tax Authority’s $28.9 Billion Back Tax Demand Microsoft has announced its intention to challenge a request from the US tax authority for an additional $28.9 billion (£23.5 billion) in back taxes for the period spanning 2004 to 2013, Excel Magazine
Dollar Exchanges for N1005 in Parallel Market
Dollar Exchanges for N1005 in Parallel Market The naira yesterday depreciated to N1005 per dollar in the parallel market from N995 per dollar on Tuesday. Similarly, the naira depreciated in the Investors and Exporters, I&E, window yesterday to N775.31 per dollar. Data from
US Accuses Amazon of Illegal Monopoly
US Accuses Amazon of Illegal Monopoly US regulators have sued Amazon, alleging that the internet giant is illegally maintaining monopoly power. The Federal Trade Commission (FTC) said Amazon uses “a set of interlocking anticompetitive and unfair strategies” to push up prices and stifle
African Countries to Pay Another $56bn on Debt Raised from Capital Markets
African Countries to Pay Another $56bn on Debt Raised from Capital Markets With the rising interest rates occurring in the world, African countries may be forced to pay an additional $56 billion in repayment costs on new debt raised between 2017 and 2021.
BRICS Bank Moves to Issue 30% of Loans in Local Currencies
BRICS Bank Moves to Issue 30% of Loans in Local Currencies The New Development Bank (NDB), otherwise known as the BRICS Development Bank, has announced plans to begin lending in South African and Brazilian currencies in order to defy reliance on the US
Nigeria’s Net Foreign Reserves Fell to $3.7bn in 2022, Says JP Morgan
Nigeria’s Net Foreign Reserves Fell to $3.7bn in 2022, Says JP Morgan JP Morgan, an American multinational financial services firm, has estimated that Nigeria’s net foreign exchange (FX) reserves fell to $3.7 billion as of the end 2022. This is contained in the
Tinubu Receives Petition Against Dangote Over Siphoned $3.4bn
Tinubu Receives Petition Against Dangote Over Siphoned $3.4bn President Bola Ahmed Tinubu has received a Petition against Billionaire Businessman, Alhaji Aliko Dangote over $3.4 Billion allegedly siphoned through the Central Bank of Nigeria. The petition, filed by Ahmed Fahan, a Social Justice Advocate,
Top 5 Notable Africans Leading International Organizations
In an interconnected world where influence knows no boundaries, a quintet of remarkable Africans has ascended to the forefront, steering some of the most influential and transformative organizations across the globe. Their journeys have been etched with unwavering excellence, propelling them to the
Concerns as Naira Falls to N950/$1 at Parallel Market
Concerns as Naira Falls to N950/$1 at Parallel Market By Boniface Ihiasota, USA Nigeria’s currency has continued its downward trend against the US Dollar, extending over two months following the Central Bank of Nigeria’s decision to float the Naira. This decision has amplified
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