The Central Bank of Nigeria (CBN) has issued a directive requiring all participants in the foreign exchange (FX) market to submit a compliance report on adherence to the Nigeria FX Code by January 31, 2025. This initiative is part of the apex bank’s ongoing efforts to promote ethical practices, enhance governance, and ensure transparency in…
Global tech giants Nvidia Corp and ASML Holding NV, both leaders in the AI revolution, experienced a significant dip in their stock prices following the rise of Chinese startup DeepSeek. The buzz around DeepSeek’s latest AI model, which claims to rival industry benchmarks like ChatGPT while running on less advanced chips, has caught the tech…
In a remarkable display of forgiveness and respect for traditional authority, Aare Afe Babalola, the founder and chancellor of Afe Babalola University, Ado-Ekiti (ABUAD), has withdrawn all criminal charges against human rights lawyer Dele Farotimi. The decision came after the intervention of the Ooni of Ife, Oba Adeyeye Ogunwusi, alongside other prominent traditional rulers in…
In an ambitious move to bolster Nigeria’s aviation industry, the Federal Government has unveiled plans to establish an aircraft manufacturing facility in the country. This transformative project is a collaborative effort between XeJet and indigenous banks, with the goal of positioning Nigeria as a leading regional hub for aviation services. The announcement was made by…
The Central Bank of Nigeria (CBN) has taken a significant step toward enhancing transparency and ethical practices in the country’s foreign exchange market. The apex bank recently announced the approval of the Nigerian Foreign Exchange (FX) Code, a comprehensive guideline designed to promote ethical conduct among authorized dealers in the FX market. According to a…
Late Saturday, TikTok users across the United States were met with a somber message as the app disconnected access, just hours before a national ban was set to take effect. The move follows a U.S. Supreme Court ruling that upheld a law banning the popular video-sharing platform unless its Chinese parent company, ByteDance, reached a…
In a recent interview with NBC, U.S. President-elect Donald Trump hinted at a possible 90-day extension for TikTok to avoid an impending ban in the United States. The announcement, expected to be finalized after he takes office on Monday, could provide temporary relief to the popular social media platform. “The 90-day extension is something that…
In a bold move to reinforce its cash circulation policies, the Central Bank of Nigeria (CBN) has imposed fines of ₦150 million on several Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes via automated teller machines (ATMs) during the busy yuletide season. The penalties reflect the CBN’s commitment to maintaining…
The European Commission has given conditional approval for Synopsys, a leader in chip design software, to acquire Ansys, a software powerhouse known for its applications in diverse industries. The $35 billion cash-and-stock deal, initially announced in January last year, has now cleared regulatory hurdles, albeit with specific concessions aimed at addressing competition concerns. Ansys is…
The two of the world’s largest pictures agencies in stock photography, Getty Images and Shutterstock, have announced plans to merge, a move set to reshape the visual content industry. The merger, revealed on Tuesday, will combine the vast image libraries and resources of the two companies into a single entity, which will be called Getty…
