CBN Halts Forex Sales to BDC Operators Amid Naira’s Decline Against Dollar
The overarching goal of these reforms is to enhance FX liquidity in the medium to long term and to bolster confidence in Nigeria’s FX market.
Category: Finance
Nvidia Surpasses Apple and Microsoft to Become World’s Most Valuable Company
The chipmaker’s meteoric rise saw its stock jump by 3.92 percent, reaching around $136 per share.
2024 WWDC Event: Exploring Apple’s Latest AI for Everyone Innovations
Apple Inc. unveiled its long-anticipated artificial intelligence features at the Worldwide Developers Conference, introducing a new platform called Apple Intelligence. This launch includes a notable partnership with OpenAI, the creators of ChatGPT, as part of Apple’s strategy to offer a personalized and accessible approach to AI technology. The centerpiece of the announcement was Apple Intelligence,…
Euro Falls to One-Month Low Following Macron’s Election Announcement
The euro experienced a decline on Monday following a surprising election announcement by French President Emmanuel Macron. This decision came in the wake of his significant loss to the far-right in the European Union elections. In contrast, the dollar remained stable ahead of the Federal Reserve’s meeting later in the week. In early Asian trading,…
NASA Deploys Mini Satellite to Investigate Polar Climate Change
A small but mighty NASA satellite was launched from New Zealand on Saturday with the groundbreaking mission of enhancing climate change predictions by measuring heat emissions from Earth’s polar regions for the first time. “This new data, which we’ve never had access to before, will significantly improve our climate modeling capabilities, particularly concerning the polar…
CBN Withdraws 0.5% Cybersecurity Levy
The Central Bank of Nigeria (CBN) has retracted its directive for banks and payment service providers to collect and remit the proposed 0.5% cybersecurity levy outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024. This decision was communicated through a revised circular dated May 17, which the CBN released on Monday, 20th May,…
Microsoft Launches ‘Copilot Plus’ PC Featuring Integrated AI Tools
The Chief Executive Officers of Microsoft, Satya Nadella, on Monday introduced a groundbreaking category of personal computers, which includes advanced generative AI tools seamlessly integrated into Windows, the company’s flagship operating system. This innovation signifies a major step forward in personal computing, blending the capabilities of AI directly with everyday use. Nadella revealed this development…
Elon Musk Launches Starlink Satellite Internet Service in Bali, Indonesia
Businessman and investor, Elon Reeve Musk on Sunday launched his Starlink satellite internet service in Bali, Indonesia, as part of the country’s efforts to expand internet access to its remote areas. Indonesia, an archipelago with over 17,000 islands, has millions of residents without reliable internet connectivity. Marking his first visit to the Southeast Asian nation,…
Nigeria will Stop Petrol Imports in June, Says Dangote
Aliko Dangote, Africa’s richest man and Chairman of the Dangote Group, following the operational plans of the refinery has announced that Nigeria will no longer need to import gasoline starting next month. This was made known by the Chairman of the Refinery while speaking at the Africa CEO Forum Annual Summit in Kigali on Friday….
CBN Places Restrictions on Opay, Moniepoint, and Others for Onboarding New Customer Over Cryptocurrency
The Central Bank of Nigeria has issued directives preventing several microfinance institutions, including Moniepoint, Opay, and Kuda, from initiating the process of opening new accounts and welcoming fresh clientele. This decision stems from allegations suggesting that these institutions have been implicated in activities involving the channeling of cryptocurrency transactions and exerting undue influence on the…
