Author: Akintayo Adams

The Bank of Canada announced a further 25 basis point reduction in its key interest rate, bringing the policy rate down to 3.0%. This marks the sixth consecutive rate cut since June 2024. The decision was influenced by boosting household spending and supporting economic growth amid ongoing trade uncertainties with the United States. Bank of Canada Governor Tiff Macklem noted that while inflation is currently around the 2% target, the potential impact of new tariffs could pose significant challenges to the Canadian economy. The central bank emphasized that monetary policy alone cannot offset the economic consequences of a prolonged trade…

Simon Rolfes, the Managing Director of Bayer Leverkusen, has confirmed that Nigerian striker Victor Boniface will not be joining Saudi club Al Nassr. Despite reports of an imminent move, Al Nassr opted to sign Aston Villa’s Jhon Duran instead. Rolfes expressed delight that Boniface will remain at the club. He stated, “There have been talks, but we are happy that he will be training with us today. I assume that he will stay. He feels comfortable here, his attitude towards the club is unchanged.” Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.

Recent data released by the Nigeria Inter-Bank Settlement System (NIBSS) revealed that Nigeria’s electronic payment transactions reached a historic high of N1.07 quadrillion in 2024. This figure translates to approximately $702.6 billion based on the closing exchange rate of N1,535 per dollar on December 31, 2024. The data showed a 79.6% increase over the N600 trillion recorded in 2023. The value of transactions recorded on the NIBSS Instant Payment (NIP) platform saw a steady rise throughout the year, with the highest value recorded in December at N115.1 trillion, likely due to increased spending during the festive period. Additionally, the volume…

The Nigeria Labour Congress (NLC) has announced a nationwide protest set for Tuesday, February 4, 2025, in response to the recent approval of a 50% increase in telecommunications tariffs by the Nigerian Communications Commission (NCC). The decision was reached after the NLC’s National Administrative Council (NAC) emergency meeting. The NLC condemned the tariff hike as “insensitive and unjustifiable,” arguing that it places an additional financial burden on Nigerian workers and the general public, who are already struggling with rising inflation, high food prices, electricity tariff increases, and the lingering effects of petrol subsidy removal. The union warned that Nigerian workers,…

United States President Donald Trump announced on Wednesday that he would sign an executive order for the Pentagon to prepare Guantanamo Bay to detain 30,000 ‘criminal illegal aliens.’ Trump stated that the facility would be used to detain the worst criminal illegal aliens threatening the American people. According to him, putting them there will ensure they do not come back because some of them are ‘so bad.’ “Today I am also signing an executive order to instruct the Departments of Defense and Homeland Security to begin preparing the 30,000-person migrant facility at Guantanamo Bay,” Trump said at the White House.…

A plane carrying 21 passengers and crew members crashed in South Sudan’s Unity State on Wednesday, resulting in the deaths of 18 people. Before the tragedy occurred, the aircraft had departed from an oilfield in the northern state. The United Nations’ Radio Miraya reported the incident, but further details remain unclear. Government officials, including Information Minister Michael Makuei, have yet to comment on the crash. South Sudan has a history of aviation disasters, with several deadly crashes recorded in recent years. The cause of this latest crash remains unknown, and authorities are expected to launch an investigation. Get instant and…

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to commercial banks and Bureau De Change (BDC) operators regarding compliance with the newly introduced Foreign Exchange (FX) Code. Speaking at the launch of the FX Code in Abuja, Cardoso emphasized that any violation of the Code will attract prompt and severe penalties. The FX Code aims to ensure transparency and curb unethical practices in Nigeria’s financial sector Cardoso stated that deliberate FX market distortions will no longer be tolerated and that the Code represents a firm commitment to fairness, trust, and market-driven principles. Get…

The Economic Community of West African States (ECOWAS) has officially recognized the withdrawal of Burkina Faso, Mali, and Niger Republic from the regional bloc. The exit, which became effective on Wednesday, January 29, 2025, follows a year-long process initiated by the three countries. Despite their departure, ECOWAS has decided to keep its doors open, requesting member states to continue recognizing the national passports and identity cards bearing the ECOWAS logo of citizens from these countries. Additionally, ECOWAS has asked its members to treat goods and services from these countries according to the ECOWAS Trade Liberalization Scheme (ETLS) and investment policy,…

American rapper Dajua Blanding, known as Dank DeMoss, is suing a ride-hailing company for weight discrimination after a driver refused her service, citing her size. Blanding, who weighs 489 pounds, said she was humiliated by the incident, which she filmed and posted on TikTok. Her lawyers argue that the driver violated Michigan’s anti-discrimination laws, which include weight as a protected characteristic. In response, the ride-hailing company stated that it does not condone any form of discrimination and that its community guidelines and terms of service explicitly prohibit harassment or discrimination. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online…

Nigeria has secured a $1.1 billion loan from the African Development Bank (AfDB) to provide electricity for 5 million people by the end of 2026. President Bola Tinubu announced this during the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania. The funding aims to bridge Nigeria’s energy access gap and advance the country’s electrification efforts. Additionally, Nigeria has obtained a separate $200 million facility from the AfDB for the Nigerian Electrification Project, which is expected to provide electricity to 500,000 people by the end of 2025. President Tinubu emphasized his commitment to making energy access a top priority…