Author: Binta Agboola

The Lagos Parallel Market (Black Market) players have set the exchange rate for the US Dollar (USD) to the Naira (NGN) at ₦1,520 (buying) and ₦1,530 (selling) as of Monday, July 8th, 2024, according to sources at Bureau De Change (BDC). IMPORTANT NOTE: The Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has directed individuals who want to engage in Forex to approach their respective banks. Here are the current exchange rates: – Dollar to Naira Black Market Rate: – Buying Rate: ₦1,520 – Selling Rate: ₦1,530 – Dollar to Naira CBN Rate: -…

In a bid to address the food inflation crisis and achieve food security, the Federal Government has announced a 150-day duty-free import window for essential food items. Minister of Agriculture and Food Security, Abubakar Kyari, made the announcement during a press briefing in Abuja on Monday. The listed food items, including maize, wheat, husked brown rice, and cowpeas, will enjoy a suspension of duties, tariffs, and taxes when imported through land and sea borders. The government aims to ensure food availability and affordability, with a Recommended Retail Price (RRP) for imported commodities. The Federal Government will also import 250,000MT of…

President Bola Tinubu has been re-elected as Chairman of the ECOWAS Authority of Heads of States and Government for another one-year term. In his acceptance speech, Tinubu pledged to continue serving the region’s interests and building democratic values. To address the ongoing crisis in the region, Tinubu appointed the Presidents of Senegal and Togo, Bassirou Faye and Faure Gnassingbé, as Special Envoys to engage with Mali, Burkina Faso, and Niger Republic, which have withdrawn from the regional bloc. Faye had earlier vowed to reopen talks with the military juntas, and ECOWAS Commission President Dr. Omar Touray expressed optimism about the…

The Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated Institutions (NASU) have directed their branches to hold a mandatory meeting on Monday to sensitize members for a one-day protest on Tuesday. The protest is a precursor to a national protest in Abuja on July 18, which will be followed by a full-blown strike. The decision comes after a meeting with the Federal Government through the Ministry of Education ended in deadlock, failing to address the unions’ grievances over four months of withheld salaries. In a circular to branch chairmen, the General Secretary…

Uruguay has pulled off a stunning upset, defeating Brazil in a penalty shootout (4-2) to advance to the semifinals of the Copa America. The match ended goalless after regular time, with Uruguay finishing with 10 men after Nahitan Nandez’s red card in the 74th minute. Uruguay’s coach, Marcelo Bielsa, praised his team’s calmness and desire, saying, “I’m more seduced by attacking than defending, but I have to appreciate that in a tight game we created one more situation than our opponents, we defended well, and we played 15 minutes with one less player, which at this level is a real…

Elon Musk has filed a motion to dismiss a lawsuit brought by former Twitter shareholders, who allege he failed to disclose his significant ownership stake in the company in a timely manner. The shareholders claim Musk’s delay in revealing his 9.2% stake in Twitter resulted in them missing out on substantial gains and allowed him to purchase additional shares at a lower price. In his filing, Musk argues that it is implausible to suggest he intentionally sought to defraud shareholders, stating that his failure to disclose his stake earlier was a mistake. He claims he had intended to reveal his…

France have secured a spot in the Euro 2024 semi-finals after defeating Portugal 5-4 in a thrilling penalty shootout, following a goalless draw. Theo Hernandez scored the winning penalty, while Joao Felix’s effort hit the post. Cristiano Ronaldo, who had been emotional during Portugal’s last-16 win, consoled his teammate Pepe after the defeat. Despite converting his penalty, the 39-year-old’s final Euros campaign ended in disappointment. The match was a cagey contest, with both sides having chances to win in the second half. France’s Mike Maignan made crucial saves to deny Bruno Fernandes and Vitinha, while Randal Kolo Muani’s shot was…

As France prepares to face Portugal in the Euro 2024 quarter-finals, Kylian Mbappe has acknowledged the significant impact of Paul Pogba’s absence on the team. Pogba, a key midfielder, is currently serving a four-year suspension following a failed doping test in August 2023. Mbappe revealed that Pogba’s absence has forced him to adapt his game, changing his movements on the pitch and affecting his ability to make characteristic runs behind the defense. “Why do I not make runs in behind anymore? It depends on the team,” Mbappe explained. “A striker must always adapt to all situations, to his teammates, to…

President Bola Ahmed Tinubu has expressed disappointment over Nigeria’s low electricity generation, describing it as “shameful” that the country still produces only 4.5GW of electricity despite its vast size. Speaking at the inauguration of the Presidential Economic Coordination Council, Tinubu emphasized the need for collaborative efforts to address the nation’s economic challenges, particularly in the energy sector. The President unveiled the Economic Stabilization Programme, which aims to increase electricity generation to 6GW in six months, boost oil production to 2 million barrels per day by next year, and enhance competitiveness in the energy sector. The programme also focuses on agriculture,…

Samsung Electronics, the world’s largest memory chip, smartphone, and TV manufacturer, expects a remarkable 15-fold increase in profits for the second quarter of 2024 compared to the same period last year. The artificial intelligence (AI) boom has driven up demand for advanced chips, pushing the firm’s forecast to 10.4tn won ($7.54bn), surpassing analysts’ expectations. The announcement sent Samsung shares soaring over 2% in early Seoul trading, building on the company’s impressive 10-fold profit jump in the first quarter. According to Marc Einstein, chief analyst at ITR Corporation, “Skyrocketing demand for AI chips in data centers and smartphones” is driving the…