Business News

Wednesday, 04 August 2021 06:03

We’ll not convert forex in domiciliary accounts into Naira — CBN

Central Bank of Nigeria has denied suggestions that the bank may consider converting the foreign exchange in domiciliary accounts of customers into naira. The bank said it has no intention of tampering with the foreign exchange deposits in the accounts of customers. Following its decision to stop sales of forex to Bureau De Change operators, there has been speculation that the apex bank may start converting forex in domiciliary accounts to naira in order to check the shortage of availability of the United States dollars. Refuting this Monday, the bank’s acting director in charge of corporate communications, Osita Nwanisobi, said…

Wednesday, 04 August 2021 06:02

Naira recovers further at parallel market

The naira extended its gain against the U.S. dollar at the unofficial market window on Tuesday by rising to 508 per $1. According to abokiFX.com, the currency closed with a N4.00 or 0.80 per cent appreciation from the N512.00 rate it exchanged hands on Monday. Naira opened at N512.00 and saw an intraday low of N510.00 and a high of N509.00 before settling at N508.00 at the close of business on Tuesday. By implication, the domestic unit has gained 3.24 per cent at the unofficial market segment after recording an all-time decline on July 28 when it closed at N525.00…

Wednesday, 04 August 2021 06:01

Nigeria’s Kuda Bank raises $55m as valuation reaches $500m

Nigerian fintech company, Kuda, announced Monday it has closed a $55 million Series B funding co-led by Valar ventures and Target Global at a valuation of $500 million. Founded in 2019 by Babs Ogundeyi and Musty Mustapha, Kuda is a microfinance bank licensed by Central bank of Nigeria. The funding comes on the back of some outstanding early growth for the startup. Kuda raised $25 million in March, led by Valar Ventures, the firm co-founder and backed by Peter Thiel with Target Global and other investors. The bank said the funds raised through its London entity will be used to…

Wednesday, 04 August 2021 05:53

The 7 habits you must practice if you want to be highly effective

Excerpted from Stephen Covey's book, these are some routines that we should pay attention to in order to improve in our life. Years go by and this book is a best-seller around the world, and it is also one of my favorites. In it we can learn everything that is needed to be an effective, productive person who is capable of diagramming the life you want. It is "The 7 Habits of Highly Effective People" by Stephen Covey, published in 1989 and sold out one edition after another. The author, who died in 2012, has been an internationally respected leadership…

Tuesday, 03 August 2021 06:00

Naira gains further at parallel market

Naira gained against the U.S. dollar at the parallel market window on Monday, according to AbokiFX.com, which collates black market rates. According to data published at the black market window (abokiFX.com), the local unit closed at N512.00 per $1 at the market segment on Monday. This implies a N3.00 or 0.60 per cent appreciation from the N515.00 rate it traded in the previous session on Friday last week. By implication, the currency has gained approximately 3.00 per cent at the unofficial market segment after witnessing an all-time devaluation record last Wednesday when it closed at N525 after Central Bank of…

Tuesday, 03 August 2021 05:42

These 5 words will open thousands of doors for you

Every person is a world. Life at work, in business and even in the family is full of complex relationships, where each person has their own agenda, their own history and particular dimensions. As we have seen previously, the projects that go ahead are not always the best; And those people who are right are not the ones who win the discussions, because the most important element in a communication process is not the content or the technique but, above all, the relationship and connection. To be completely clear: your success doesn't just depend on your talents or your ideas;…

Monday, 02 August 2021 05:59

Nigerian stocks lost almost N1trn in value in the first 7 months of 2021. Experts explain why

Profit-taking on price appreciation of stocks recorded last year and foreign investors exit Impacted the Nigerian equities market negatively in the first seven months of 2021 as investors lost N973.2billion. Specifically, market capitalisation, which measures the value of all stocks dropped by N973.2billion in seven months to N20.083trillion from N21.057trillion the stock market opened with in 2021. Consequently, the Nigerian Exchange Limited All-Share Index (ASI) dropped by 4.3 per cent to 38,547.08 basis points as at July 30 from 40,270.72 basis points the market opened with in the year under review. Analysis of the market performance in the first seven…

Monday, 02 August 2021 05:58

Nigerians spent N1.77tn on national calls, SMS in 2020. Here’s what each network got

Nigerians spent about N1.77tn on national calls and short messages in 2020. This is according to the analysis of data released by Nigerian Communications Commission recently released in document titled ‘2020 subscriber/network data report’. NCC put total outgoing local and national traffic at 150,825,830,687.40 minutes. The average tariff charged by the mobile networks as sighted on the NCC website on Sunday is N11.5. This puts the total cost of outgoing calls on the mobile networks during the period at N1.73tn. According to the NCC, the total number of national SMS sent was 8,223,933,975.02. NCC had pegged the cost of SMS…

Monday, 02 August 2021 05:40

Winning includes putting people first in your business. This is how to do it

Don't make the classic mistake of thinking that treating people like humans is bad for your bottom line. Winning includes putting people first in your business. This is how you do it It may not sound like breaking news, but it bears repeating that treating staff members like humans is great for business. What might actually be shocking to readers is that company owners still far too often overlook that fact, usually for the sake of a bottom line. Of course, every decision has a financial impact, but fixating on revenue over employee wellbeing is a dependably short-sighted approach…a classic…

Saturday, 31 July 2021 05:58

Naira gains after CBN’s forex ban for BDC

The naira gained against the U.S. dollar at both the unofficial and official market segments on Friday, data from both market sessions showed. According to data recorded on abokiFX.com, a website that collates parallel rates in Lagos, the local unit closed at N515.00 per $1 at the black market window on Friday. This represents a N5.00 or 1.00 per cent appreciation from the N520.00 rate it traded in the previous session on Thursday, after witnessing an all-time devaluation record on Wednesday as Central Bank of Nigeria (CBN) stopped forex sales to Bureau De Change operators. The naira, which opened at…

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Friday, 30 July 2021 05:52

What Olympians can teach the rest of us about performing under pressure, according to a sports scientist

The counterintuitive lesson everyday people can steal from Olympic athletes. Whatever you think about the many scandals and controversies swirling around this year's Olympics, one fact remains indisputable: the athletes are awesome. The weather is broiling where I live so I've been spending hours hiding in the AC watching their incredible feats of physical performance, from jaw-dropping gymnastics tricks to hours-long uphill cycling races in heat would keep me confined to the couch. These people are superhuman, I think again and again. But while there is a zero percent chance I could ever approach their athletic abilities, according to one…

Thursday, 29 July 2021 06:01

Naira hits record low at parallel market after CBN clampdown on Bureau de Change

Nigeria’s currency fell 3.3% to hit a record low of 522 naira against the dollar on the black market on Wednesday, after the central bank banned sales of foreign currency to exchange bureaux, traders said. The currency was quoted at 505 naira on the unofficial market before Tuesday’s announcement. The central bank has said the bureaux have become conduits for graft and illicit flows of money. Central bank governor Godwin Emefiele said the bank would channel more foreign exchange to commercial banks for consumers who had legitimate needs, and that it would no longer process or issue new licences for…

Thursday, 29 July 2021 06:00

Foreign investment into Nigeria fell 54 percent in Q2, 2021 - NBS

The total value of capital importation into Nigeria declined to $875.6 million in the second quarter of 2021 from $1.9 billion in the first quarter of 2021, National Bureau of Statistics has said. The figure represents a decrease of 54.06 per cent compared to the first quarter, and 32.38 per cent decrease compared to the second quarter of 2020. NBS disclosed this in its “Nigerian capital importation Q1 and Q2 2021”, released on Wednesday. NBS said the largest amount of capital importation was received through portfolio investment, which accounted for 62.97 per cent ($551.37 million) of total capital importation. This…

Thursday, 29 July 2021 05:55

Cross River launches own airline

Cross River State Government has launched its airline, Cally Air, as part of efforts to boost economic activities in the state and across the country. Governor Ben Ayade on Monday welcomed the maiden flight of the airline into Margaret Ekpo International Airport in Calabar, the state capital. Addressing journalists after the reception, he explained that it was a dream the government had in 2017, occasioned by the high influx of traffic into Calabar and the monopoly of some airlines dominating the Calabar route. “Cally Air belongs to Cross River State. No loan, no facilities were obtained and it is one…

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