The Nigerian currency, the naira, is surging against the US dollar, propelled by a combination of forex inflows and the CBN's interventions in the FX market.
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FG orders immediate release of ₦250bn loan to farmers, targets food security
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Finally, Dangote free fuel distribution begins, new petrol prices emerge
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Do you need a tax ID to open a bank account in Nigeria? Here’s the truth
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US imports from Nigeria crash by 41% as Trump's tariff escalates trade tensions
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Naira rally narrows FX gap to just N10 as CBN targets $1bn monthly remittances
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Big Tech's AI spending rattles markets
E-commerce giant Amazon reported strong earnings Thursday but, like its big tech peers Microsoft and Google, saw its stock price fall on concerns over high AI investment costs. However, Amazon's shares dropped more than 5 percent in after-hours trading, mirroring reactions to Microsoft and Google's results - strong profits overshadowed by concerns about AI spending.
Amazon profits double, but cautious outlook disappoints
E-commerce giant Amazon reported Thursday its fourth-quarter net income nearly doubled to $20 billion, driven by strong holiday sales, but its outlook for the coming quarter came in less than hoped for by analysts.
OpenAI says to host some customers' data in Europe
ChatGPT developer OpenAI said Thursday that it would allow some European customers to store and process data from conversations with its chatbots within the European Union, rather than on its infrastructure in the United States or elsewhere.
'Intolerable' US claim sparks new row over Panama Canal
Panama on Thursday rejected the United States' claim of securing free passage for its government vessels through the Panama Canal, while bowing to US pressure to quit a key Chinese project.
L'Oreal bullish after net profits rise
French cosmetics giant L'Oreal said Thursday its profits rose last year despite the declining Chinese market and it made bullish statements about its hopes for 2025. Given that Chinese demand had failed to rebound last year as hoped Hieronimus said the group had nonetheless performed well, enjoying good years in Europe and the United States.
Trump trade envoy pick says universal tariffs should be 'considered'
US President Donald Trump's trade envoy nominee Jamieson Greer told his confirmation hearing Thursday that universal tariffs should be "studied and considered" as a potential way to reverse offshoring and deficits. Greer told lawmakers Thursday that the United States should be a "country of producers," as he faced questions by lawmakers on trade.
Volvo Cars anticipates bumpy 2025 as demand slows
Sweden's Volvo Cars, owned by China's Geely Group, said Thursday that annual profits rose in 2024 despite a final quarter slowdown but that the outlook for this year is tougher. Volvo Cars shares slumped back around 11 percent mid-afternoon on the Stockholm Stock Exchange, with investors disappointed over year-end profitability and concerned about the 2025 outlook.
Erring businesses to face sanctions as CAC sets up committee to enforce penalties
Businesses that default the provisions of the Company and Allied Matters Act (CAMA) will now have to answer to the CAC's Administrative Proceedings Committee.
Shein, Temu face cost of adapting to new US customs rules
US tariffs on Chinese imports and the closing of a customs loophole will wreak disruption on the business models of e-commerce giants Shein and Temu, with consumers potentially bearing the brunt of the cost, analysts say.
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