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    NCC: Telcos have the right to reassign inactive SIMs

NCC: Telcos have the right to reassign inactive SIMs

The Nigerian Communications Commission (NCC) says telecommunications companies have the right to reassign SIM cards once they're inactive for a maximum of 180 days.TheCable had earlier reported that Anthony Okolie, a Delta-based trader, was arrested by the Department of State Services (DSS) for using a SIM previously owned by Hanan Buhari, the president's daughter.The businessman had thereafter sued Hannan and the [...]

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    Oxfam: World’s 22 wealthiest men richer than all women in Africa

Oxfam: World’s 22 wealthiest men richer than all women in Africa

The wealth of the 22 richest men in the world is greater than that of all African women combined, a new report by Oxfam International has shown.The report, titled: 'Time to Care' was released on Monday ahead of the World Economic Forum (WEF) holding in Davos, Switzerland.According to the United Nations, there are 325 million women aged 20 and above [...]

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    CBN to maintain status quo on rates as inflation quickens

CBN to maintain status quo on rates as inflation quickens

The latest inflation figures from Nigeria will most likely deter the Central Bank of Nigeria (CBN) from cutting interest rates anytime.Consumer prices in Nigeria accelerated for the fourth straight month in December last year, hitting its highest level since April 2018 at 11.98% as food prices continued to climb amid the on-going border closure.With inflationary pressures making an unwelcome return [...]

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    NCC: 123m Nigerians now have internet access

NCC: 123m Nigerians now have internet access

The Nigerian Communications Commission (NCC) says the number of Nigerians with access to the internet has increased to 123.5 million in October.This is in comparison to the 114.3 million internet subscribers recorded in January 2019; indicating an increase of 9.2 million within nine months.Data released by the commission also showed that active mobile voice subscribers increased from 174,012,136 to 180,386,316 [...]

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    Massive shake-up in FIRS, many directors redeployed

Massive shake-up in FIRS, many directors redeployed

Muhammad Nami, executive chairman of the Federal Inland Revenue Service (FIRS), has approved the redeployment of top directors in the agency.TheCable gathered that at least 50 directors, deputy directors, assistant directors and over 100 other staff of the agency were affected in the major shake-up.The transfers, it was gathered, was a means of shaping the agency along the lines Mani [...]

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    Carl Cruz appointed MD of Unilever

Carl Cruz appointed MD of Unilever

The board of Unilever Nigeria Plc has appointed Carl Cruz as its new managing director.Soromidayo George, director, corporate affairs and sustainable business, Unilever, Ghana and Nigeria, announced the development in a statement.Cruz is expected to assume management and leadership of the company effective February 1.He is taking over from Adesola Sobande-Peters  who was appointed interim director following the resignation of Yaw [...]

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    NSE shakes off inflation data, closes with N114bn profit

NSE shakes off inflation data, closes with N114bn profit

The Nigerian Stock Exchange closed in the green despite the report by the National Bureau of Statistics (NBS) that showed that inflation hit its highest point in 19 months.Market capitalisation on the bourse grew by N114 billion to close at N15.256 trillion.The NBS report showed that headline inflation rate firmed up in December by 0.13% to 11.98% from 11.85% in [...]

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    TCN: We can’t avoid system collapses

TCN: We can’t avoid system collapses

The Transmission Company of Nigeria (TCN) says the frequent collapses of the national grid cannot be totally avoided.The grid had collapsed twice within two hours on Thursday, causing blackout across the country.In a statement on Friday, Ndid Mbah, TCN's spokesperson, said the development was as a result of the grid being operated without a spinning reserve.A spinning reserve is [...]

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    Pantami, Fayemi meet over increased RoW charges

Pantami, Fayemi meet over increased RoW charges

Kayode Fayemi, the governor of Ekiti state, and Isa Pantami, minister of communications and digital economy, held a meeting on Thursday to discuss how to address the recent hike in increased right of way (RoW) charges.Fayemi is the chairman of the Nigeria Governors Forum.TheCable had previously reported that 14 states increased their RoW charges; contrary to the uniform charge of [...]

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    Inflation hits 11.98% — highest in 19 months

Inflation hits 11.98% — highest in 19 months

The consumer price index, which measures inflation, stood at 11.98% in December 2019.This is 0.13 percentage points higher than the 11.85% recorded in November.This is the highest point the index has reached in 19 months."On month-on-month basis, the headline index increased by 0.85 percent in December 2019, this is 0.17 percentage points lower than the rate recorded in November 2019 [...]

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Exchange Rates

January 20, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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