The Nigerian currency faced a renewed volatility, depreciating in the Nigerians Forein Exchange Market (NFEM) due to the shortage US dollars in the FX market.
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Economy Latest News
Stable fuel prices to drive inflation rate drop to 27.1% by December 2025
A report by the NESG-Stanbic IBTC Business Confidence Monitor has predicted a significant drop in Nigeria's headline inflation rate to 27.1% by the end of 2025.
FG spent 47% of 2024 budget expenditure on debt servicing in 9 months
Analysis is showing that the federal government spent almost half its 2024 budgets on debt servicing. Also, money spent on debts is 147% more than the revenue.
Ubisoft: the 'Assassin's Creed' maker targeted by suitors
From its founding in 1986, French video game maker Ubisoft has grown into a giant of the sector with operations in 20 countries and an uber popular franchise, "Assassin's Creed". The Guillemot brothers opened a company re-selling imported video games in 1986, but quickly pivoted to developing their own games under the name Ubisoft.
Naira remains steady in official market, gains in parallel window as Nigeria’s FX reserves rise
The naira traded flat in the official electronic foreign exchange market (EFEMS) on Thursday, January 9, 2024, and appreciated in the parallel market by N10.
Pakistan flight departs for Paris after EU ban lifted
Pakistan's state-owned airline, plagued by a history of deadly crashes and a pilot licence scandal, resumed flights to Europe on Friday after a four-year ban was lifted by EU regulators. In November, the European Union Aviation Safety Agency announced it had lifted the ban, however it remains barred from flying in the UK and the United States.
Asian markets drift lower as US jobs data looms
Equities fell again in Asia on Friday as traders prepared for the release of US jobs data that could play a key role in the Federal Reserve's decision-making on interest rate, with several officials indicating the cutting has finished for now.
At CES, AI-powered garbage trucks reduce battery fire risk
From laptops to EVs, lithium-ion batteries have fueled phenomenal growth in the 21st century, but businesses struggle with a significant downside: increased fire risk. The owner of a New Jersey recycling plant that caught fire early Thursday pointed to the batteries as a likely cause.
US Supreme Court to hear TikTok ban case
The US Supreme Court is to hear TikTok's appeal on Friday of a law that would force its Chinese owner to sell the wildly popular online video-sharing platform or shut it down. In a filing with the Supreme Court, TikTok said "Congress has enacted a massive and unprecedented speech restriction" that would "shutter one of America's most popular speech platforms."
US Fed's December rate cut was 'final' step to recalibrate policy: official
The US Federal Reserve should proceed cautiously before supporting any future rate cuts, a senior bank official said Thursday, adding that she saw December's rate cut as a final step for now. "I supported the December policy action because, in my view, it represented the Committee's final step in the policy recalibration phase," she said, according to prepared remarks.
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