The exchange rate for the dollar to naira at the black market, also known as the parallel market (Aboki fx), is as follows for today, August 15, 2024: In the Lagos Parallel Market, a dollar is bought for N1595 and sold for N1600, according to sources at Bureau De Change (BDC). It is important to […]
Category archives: Business
Dangote Group Stocks Face Decline Amid Forex Crisis and Merger Rejection
The stock prices of the Dangote Group, including Dangote Sugar Refinery and NASCON Allied Industries, have recently fallen due to foreign exchange losses and the Securities and Exchange Commission’s decision to reject a proposed merger. The ongoing inflation and volatility in the forex market have compounded these challenges, with the depreciation of the naira increasing […]
SEC Grants Extension for Access Holdings’ ₦351bn Rights Issue Amid Nationwide Protests
The Securities and Exchange Commission (SEC) has approved an extension of Access Holdings Plc’s ongoing ₦351 billion rights issue to August 23, 2024. Originally scheduled to close earlier, the extension was granted in response to the widespread hunger protests across Nigeria, which have disrupted business operations and limited shareholder participation. Access Holdings had offered 17.772 […]
Federal Government Acquires 70 Locally Manufactured CNG Buses to Boost Transportation
The Federal Government has procured 70 hybrid Jet Mover buses from Nigerian automobile manufacturer Jet Motor Company as part of its efforts to enhance the nation’s transportation sector. These buses, which operate on both compressed natural gas (CNG) and premium motor spirit, are expected to provide more affordable and comfortable transportation options for Nigerians. The […]
FG Secures Over ₦4.2 Trillion in Foreign MoUs Under Tinubu’s Leadership
The Nigerian government, under President Bola Tinubu, has successfully negotiated 26 Memoranda of Understanding (MoUs) with international countries and agencies, totaling over ₦4.2 trillion in commitments. These agreements encompass a wide range of sectors including infrastructure, education, trade, investment, tourism, security, IT, culture, energy, gas, and sports. According to a report from the Ministry of […]
Dangote Refutes Claims of Setting Petrol Price at ₦600/Litre
Dangote Limited has officially denied setting the price of petrol from its Lagos-based refinery at ₦600 per litre, following statements from the Independent Petroleum Marketers Association of Nigeria (IPMAN). In a statement released on Tuesday night by the Group Chief Branding and Communications Officer, Anthony Chiejina, the company clarified that no official price has been […]
Union Bank Achieves PCIDSS 4.0 Certification
Union Bank, a prominent and reliable financial institution in Nigeria, has achieved a significant milestone by securing the Payment Card Industry Data Security Standard (PCIDSS) version 4.0 certification. This upgrade from the previous PCIDSS version 3.2 underscores the bank’s commitment to adhering to the highest standards of data security and fraud prevention. About the Certification […]
Dollar to Naira Exchange Rate: August 12, 2024
The black market exchange rate for the U.S. dollar to the Nigerian naira today, August 12, 2024, is as follows: These rates are for transactions at the Lagos Parallel Market (commonly known as the black market) and are provided by sources at Bureau De Change (BDC) operators. The Central Bank of Nigeria (CBN) official rates […]
NASENI Announces 50% Discount for CNG Conversion
The National Agency for Science and Engineering Infrastructure (NASENI) has unveiled a new initiative offering a 50% discount on Compressed Natural Gas (CNG) vehicle conversions. This move aims to promote the adoption of CNG technology as an alternative to traditional fossil fuels, in line with efforts to enhance environmental sustainability and reduce fuel costs. The […]
Zenith Bank’s Hybrid Capital Raise: A Strategic Move to Meet Recapitalization Requirements
Zenith Bank Plc has announced plans to raise N290 billion through a combination of a Rights Issue and a Public Offer, a move aimed at meeting the revised minimum capital requirements set by the Central Bank of Nigeria (CBN). This capital raise is poised to benefit both existing and new shareholders by offering them opportunities […]