The Tinubu administration is facing significant challenges. One year into his four-year tenure, notable achievements have been elusive. A year ago, the dollar traded at around ₦500/$, and petrol pump prices hovered around ₦300/liter. Now, the dollar has soared to over ₦1400/$, and petrol prices start at ₦700/liter. Widespread insecurity persists, factories struggle to stay … Read more
In a significant development, Canada has levied a hefty fine of $4.38 million against Binance, one of the world’s largest cryptocurrency exchanges, for alleged money laundering violations. This action comes at a crucial juncture, with ongoing investigations into Binance’s operations in Nigeria. The fine, imposed by Canadian authorities, highlights growing concerns surrounding the regulatory compliance … Read more
In recent times, regulatory shifts by the Central Bank of Nigeria (CBN) have reshaped the cryptocurrency trading scene in Nigeria, impacting how individuals can legally convert their digital assets into Naira. Here’s your go-to guide on navigating these changes and ensuring compliance while selling your cryptocurrencies and other crypto assets in Nigeria. Selling Cryptocurrencies in … Read more
In the first quarter of 2024, Nigeria grappled with the weighty burden of debt service payments, which accounted for a staggering 70% of its total dollar outflow. According to data from the Central Bank of Nigeria (CBN), the country’s foreign debt service payments surged to $1.12 billion during this period, representing a significant escalation from … Read more
Airtel Africa, Nigeria’s second largest telecoms company has reported significant financial setbacks due to currency devaluations in several of its key markets, notably Nigeria, Zambia, Kenya and Malawi, resulting in a staggering $1.7 billion in derivative and foreign exchange losses for the fiscal year ending March 31, 2024. These headwinds also contributed to an $89 … Read more
Togo’s president has signed a new constitution eliminating presidential elections, his office said late Monday, a move that opponents say will allow him to extend his family’s six-decade rule. Civil society groups in the West African nation have called for protests. Under the new constitution, the president will no longer be elected by popular vote; … Read more
Banks in Nigeria will begin charging a 0.5 percent cybersecurity levy on every electronic transfer made by individuals. These charges will commence in two weeks. The Central Bank of Nigeria, the country’s highest banking authority, issued this directive on Monday. The CBN made the announcement in a circular signed by the Director of Payments System … Read more
The Nigerian Electricity Regulatory Commission (NERC) has given the green light for the upgrade of 60 additional feeders for the Eko Electricity Distribution Company (EKEDC), bringing the total number of upgraded feeders to 134. This decision follows a comprehensive review by NERC of the capacity of the existing feeders to ensure that customers classified under … Read more
The Democratic Republic of Congo (DRC) received a positive review from the International Monetary Fund (IMF) on Wednesday in a crucial step toward completing its first-ever IMF loan program. Following the completion of the sixth and final review in the Congolese capital, Kinshasa, IMF staff are set to recommend to the executive board the approval of the … Read more
The World Bank has said Nigeria’s conditional cash transfer scheme aimed at bolstering household consumption and financial inclusion is largely ineffective. Despite significant investment and efforts by the Nigerian government, the program has shown minimal impact on the lives of its beneficiaries. Launched in collaboration with the World Bank in 2016, the cash transfer initiative … Read more