Wednesday, July 17, 2019
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    We don’t need help in setting up national carrier, Air Peace replies Ethiopian Airlines

We don’t need help in setting up national carrier, Air Peace replies Ethiopian Airlines

Allen Onyema, the chairman of Air Peace, says Nigeria does not need the assistance of any foreign airline to establish a new national carrier.Onyema made this statement while speaking at the 23rd annual conference of the League of Airports and Aviation Correspondents (LAAC) on Wednesday in Ikeja.He said the recent claim by Ethiopian Airlines that it was in talks with [...]

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    Picketing: MTN tells staff to stay away from headquarters

Picketing: MTN tells staff to stay away from headquarters

The management of MTN Nigeria has directed staffs to stay away from its headquarters in Lagos on Wednesday.This, it said, was to protect workers from planned picketing by the National Association of Nigerian Students (NANS) and some other youth-based groups.Sources at the telecommunications company told TheCable on Wednesday morning that the company received a letter from the organisations of the [...]

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    US to establish West African Trade Hub in Nigeria

US to establish West African Trade Hub in Nigeria

Representatives of the US government say plans are underway to establish the West African Trade Hub (WATH) in Lagos and Abuja, Nigeria.This is in a bid to support the bilateral trade between Nigeria and the United States.Grace Adeyemo, director of the Nigeria-American Chamber of Commerce (NACC), said this at a conference for Prosper Africa, an initiative of the US government [...]

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    Private sector says Nigeria has lost N6 trillion to Apapa gridlock

Private sector says Nigeria has lost N6 trillion to Apapa gridlock

Members of the private sector under the aegis of the Nigeria Employers’ Consultative Association (NECA) says N6 trillion revenue has been lost to the Apapa gridlock.Speaking at its recently held 62nd annual general meeting, Mauricio Alarcon, NECA's second vice president, said there is an urgent need for policy reform so that businesses can operate optimally.Alarcon said the operational hiccups still [...]

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    Lagarde resigns as IMF managing director

Lagarde resigns as IMF managing director

Christine Lagarde has resigned as the managing director of International Monetary Fund (IMF).In a statement released on Tuesday, Lagarde said her resignation will be effective from September 12.The 63-year-old was appointed to lead the Bretton Wood institution in 2011.She got re-elected for a second term in 2016."I have met with the Executive Board and submitted my resignation from the Fund [...]

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    NLC to NERC: Nigerians can’t afford increase in electricity tariff

NLC to NERC: Nigerians can’t afford increase in electricity tariff

The Nigeria Labour Congress (NLC) says consumers cannot afford to pay high electricity bills if there is a further increase in energy tariff.Ayuba Wabba, NLC president, made this statement on Monday while speaking at the public consultation on capping of estimated billing by the Nigerian Electricity Regulatory Commission (NERC) in Abuja.Describing the proposed increase in tariff as exploitative billing, he [...]

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    Major indices positive as inflation drops to 11-month low

Major indices positive as inflation drops to 11-month low

The major indices used to measure the consumer price index increased slower in June than in May, a recent report released by the National Bureau of Statistics (NBS) has shown.The inflation, which was released on Monday, showed that the inflation rate dropped to 11.22%.This is the lowest point reached since July 2018 when it was put at 11.14%.According to the [...]

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    Nigerians spent N3bn in cinemas between January and June

Nigerians spent N3bn in cinemas between January and June

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    NLC to Ecobank: You must pay complete severance benefits

NLC to Ecobank: You must pay complete severance benefits

The Nigeria Labour Congress (NLC) says the management of Ecobank must pay its laid-off workers their complete severance package, including the agreement reached before they were employed.The labour union made this known at a meeting with the bank's management.The bank had laid off an estimated 1,200 contract staff, who had claimed that they got pittance as severance pay after working [...]

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    9mobile wins porting war but loses 356,826 subscribers in one month

9mobile wins porting war but loses 356,826 subscribers in one month

In the last 12 months, 9mobile has welcomed the most subscribers who were existing on other networks.However, the number of subscribers on the network have been reducing.The telco, formerly known as Etisalat, rebranded to become 9mobile in November after Teleology outbid Airtel, Globacom, Smile and Helios.Porting championThe Nigerian Communications Commission (NCC) introduced porting in April 2013; allowing subscribers to move [...]

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Exchange Rates

July 12, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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