Category: BUSINESS
BREAKING: Binance Discontinues Operation in Nigeria
Amid an ongoing regulatory conflict in Nigeria, Binance has announced the discontinuation of all services involving the country’s fiat currency, the naira. Starting March 8 at 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT. However, NGN deposits will no longer be supported after 14:00 UTC today, and withdrawals will cease after March…
Again, Naira Hits N1,825 to Dollar Despite EFCC Rescue Attempt
Tuesday saw the naira plummet further, reaching N1,825 against the dollar, despite the Economic Financial Crimes Commission’s (EFCC) efforts to disrupt the activities of suspected manipulators and speculators. It was reported on Monday about the EFCC’s raid on the prominent Abuja Zone 4 market, where they fired shots at Bureau De Change operators in an…
It’s Now Difficult for Many Nigerians to Afford Beer—NB CEO
During the investor call held on Monday to discuss Nigerian Breweries (NB) Plc’s 2023 results, Hans Essaadi, the Chief Executive Officer, remarked that the economic conditions in Nigeria have worsened to the point where citizens are unable to purchase beer. “It has been unprecedented year for our business in Nigeria. We saw a significant decline…
Naira Depreciates in Parallel Market, Gains Strength in Official Window
The Nigerian naira gained strength at the official forex window on Monday, following reassurances from Olayemi Cardoso, the Governor of the Central Bank of Nigeria, about the institution’s efforts to address currency volatility. According to data from the FMDQ, the local currency appreciated by 1.09 percent, closing at 1,419.86 naira per dollar at the official…
Seyi Tinubu Wants to Hijack My Legally Acquired Land—Lagos Real Estate Mogul Cries Out
Abu Abel Egbarin, a prominent figure in Lagos real estate, has sounded the alarm regarding an alleged bid by Seyi Tinubu to forcefully seize his legally acquired land. In a widely circulated video on various platforms, Egbarin asserted that the Lagos State Government had instructed carpenters to enclose the disputed property and hand over the…
Markets Demolition: Start Relocating to South-East—Ohanaeze Urges Igbos in Lagos
A leader of the Ohanaeze Ndigbo, the foremost Igbo socio-cultural group, Okechukwu Isiguzoro, emphasized the necessity for Igbo people to begin gradually withdrawing and relocating their businesses to the South-East. Isiguzoro’s statement came in response to a widely circulated online video showing distressed Igbo traders at the Trinity spare parts market in Apapa, Lagos, on…
NGX’s Growth: Nigerians Experience Increased Poverty Under Tinubu’s Administration – Ndubuisi Ekekwe
According to Prof. Ndubuisi Ekekwe, a tech entrepreneur and innovator based in the United States, the Nigerian Stock Exchange has experienced significant growth over the past eight months under Bola Ahmed Tinubu. However, he points out the irony that, despite this impressive stock market performance, a larger number of Nigerians find themselves in a state…