Business

Trading in the domestic stock market resumed on Monday bullish with a gain of 0.05 per cent on investors’ interest in Eterna and 22 others.

Precisely, the benchmark index rose by 21.88 points or 0.05 per cent to close at 40,243.05 from 40,221.17 achieved on Thursday.

Accordingly, month-to-date and year-to-date returns stood at 0.1 per cent and 0.1 per cent, respectively.

Similarly, the market capitalisation gained ₦15 billion to close at ₦20.970 trillion from ₦20.955 trillion posted on Thursday.

Read Also: Nigeria’s Debt Stock Rises To ₦32.22trn ― NBS

The upturn was impacted by gains recorded in medium and …

Nigeria’s Minister of Communication and Digital Economy, Isa Ali Pantami, has disclosed that the Five Generation (5G) network will be deployed in Nigeria in January 2022, and will aid surveillance against vandalism of public assets when it comes on board.

The minister stated this on Thursday in Maiduguri at a Town Hall Meeting to address vandalism of power and telecommunications infrastructure.

Africa Daily News, New York reports that the event, organised by the Ministry of Information and Culture, was attended by Gov.  Babagana Zulum of Borno and his Deputy, Mr  Usman Kadafur, and other stakeholders.

The Minister of Information …

The Nigerian Naira, on Thursday, plunged further at the parallel market against the dollar exchanging for ₦562 to $1.

It lost ₦6 from ₦562 traded on Wednesday to exchange at ₦568 to the dollar, while the Pound Sterling and the Euro closed at ₦774 and ₦660, respectively.

Trading at the official Investors and Exporters window saw the Naira closing at ₦410 to the dollar as at Wednesday, while the Pound Sterling and the Euro closed at ₦567.67 and ₦485.53, respectively.

Data from the CBN also showed the Naira exchanged at 0.739 Kobo to the CFA.

Read Also: Naira Slumps

South Korea’s antitrust watchdog has fined Google nearly $180 million for abusing its dominance in the mobile operating systems and app markets.

Africa Daily News, New York gathered that this is the latest in a series of regulatory moves against tech giants around the world.

The penalty came weeks after South Korea passed a law banning major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively declaring their lucrative Play Store and App Store monopolies illegal.

And last week a US judge ordered Apple to loosen control over its App Store …

The Chairman of Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has revealed that the West African country lost at least ₦5.4trillion to tax evasion by multinationals from 2011 to 2021.

Speaking on Friday, the anti-corruption chief explained that the figure is apart from the theft of resources in the nation’s oil and gas sector.

Bawa called on leaders across the world to rise to the challenge of corruption in order to enhance global economic development and security.

He presented a paper at the 38th Cambridge International Symposium on Economic Crime, organized by the Center for …

The Nigerian Naira sank to its lowest level in history at the parallel market on Thursday, exchanging at ₦540 per U.S. dollar.

Africa Daily News, New York also gathered that the currency also suffered heavy value loss against the Euro and the British pound.

According to rates published by ngnrates.com which was obtained by Africa Daily News, New York, the British pound exchanged for ₦740 and the Euro at ₦630.

The Naira fared worst against the pound, depreciating by 1.4 percent as against the 0.9 percent fall against the dollar.

Read Also: Forex Crisis: Appetite For Foreign Goods Killing Naira

El Salvador’s historic adoption of bitcoin as legal tender has been ambushed by teething problems, as an angry protest by mistrustful citizens, technological glitches, and a dip in the cryptocurrency begrudged the rollout.

Africa Daily News, New York gathered that more than a thousand people protested against bitcoin in El Salvador’s capital on Wednesday rallying against its adoption as currency there amid a bumpy digital rollout.

According to video footage, protestors started at least one fire and set off fireworks in front of the Supreme Court.

The government deployed armed police in San Salvador to control the crowds.

Read Also:

The Central Bank of Nigeria (CBN) has asserted that cutting down on foreign goods, aggressive investment in agriculture, and complete diversification is what is needed to revamp the nation’s ailing economy and currency.

Director, Corporate Communications Department, CBN, Osita Nwanisobi, made this assertion over the weekend, at one-day interactive session with the organised labour and civil society on the five-year policy thrust of CBN in Enugu.

Nwanisobi said that it was for that reason that the apex bank introduced about 37 intervention programmes, especially for agriculture, to boost the economy, reduce inflation and create more jobs for the youth.

He …

The value of annual dollar remittances by Nigerians working abroad has surged to $34 billion, according to a report, a figure that easily exceeding the previous record-high of $25 billion.

Africa Daily News, New York reports that going by reports that according to news.bitcoin.com, a large portion of the funds however does not seem to be entering domestic forex markets.

The increase, which has been attributed to the Central Bank of Nigeria (CBN)’s ‘naira for dollar’ incentive scheme, once again highlights the growing importance of diaspora remittances to Africa’s most populated country.

An economist with Adedipe Associates Limited, Mr. Biodun …

Nigeria’s Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, has explained why the Federal Government will not end borrowing money from other countries anytime soon.

Speaking during an interview with newsmen in Abuja on Monday, the Minister revealed that the government was borrowing to invest in infrastructure in the country.

According to her the Federal Government’s borrowing is sensible and responsible contrary to public opinions.

‘I have said it several times that the problem we have in Nigeria is that of revenue.

Read Also: CBN: Calls For Sack Of Finance Minister, Zainab Ahmed Thickens

‘We are borrowing …

The Petroleum Product Pricing and Regulatory Agency has explained why it does not have records of the volume of Premium Motor Spirit (PMS), otherwise known as petrol, being consumed daily in Nigeria.

The agency pointed out that the only record available to it was that of the PMS being discharged at the various depots nationwide and the volume trucked out of the depots.

The Director, Finance and Administration of PPPRA, J.T Peters, said these while appearing before the House of Representatives Committee on Finance.

The panel rounded off on Thursday a 10-day interactive session with heads of federal ministries, departments …