The Nigerian Communications Commission (NCC) has said it would sanction Elon Musk’s internet company, Starlink, for increasing its subscription price in Nigeria without approval from the regulator. This followed a report published on Sunday by Nairametrics in which stakeholders had accused the telecom regulator of double standard for allowing the price increment while disallowing local
The Central Bank of Nigeria (CBN) announced it sold $543.5 million to authorized dealer banks between September 6 and September 30. According to a statement from Omolara Duke, Director of the Financial Markets Department at the CBN, the sales occurred over 11 dealing days through a two-way quote at the Nigeria Foreign Exchange Market (NFEM).
Bureau De Change (BDC) operators in Nigeria have attributed the recent depreciation of the Naira in the parallel market to scarcity of forex in the sector as major sources become drastically reduced. The Chairman of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe told Nairametrics that sources of forex to that
The Central Bank of Nigeria (CBN) has announced the approval of the sale of an additional $20,000 to each eligible Bureau de Change operator (BDC) in the country. This is according to a circular released on September 25, 2024, signed by Dr. W.J. Kanya, the Acting Director of the CBN’s Trade & Exchange Department. According
On Wednesday, the U.S. Federal Reserve implemented a 0.5% cut to its interest rates, marking the start of what many analysts anticipate will be a sustained phase of monetary easing. This more aggressive reduction in borrowing costs follows rising concerns about the state of the U.S. job market. In its latest statement, the Federal Open
On Friday, August 23rd, the US Federal Reserve Chair, Jay Powell delivered a much awaited speech at the Jackson Hole symposium hinting at a possible interest rate cut in the coming months. According to Jay Powell, “The time has come for policy to adjust,” stating that “The direction of travel is clear, and the timing