Author: Akintayo Adams

The naira experienced a sharp decline against the dollar in both official and parallel markets as of Monday, attributed to a reduced FX supply. Officially, it fell from ₦1,600 to ₦1,670.65 per dollar, while on the parallel market, it dropped to ₦1,746 from ₦1,740. This depreciation follows a significant drop in foreign exchange transaction turnover, which decreased from $284.93 million on Friday to $81.17 million on Monday, highlighting challenges in FX availability. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.

U.S. President Joe Biden expressed gratitude to Nigeria and President Bola Tinubu on Tuesday evening for securing the release of Binance executive Tigran Gambaryan. This was disclosed by Foreign Affairs Minister Yusuf Tuggar during a briefing, summarizing the 30-minute phone call between both leaders. “I have been directed by Mr President to brief you with regards to his phone call with US President Joseph Biden at about 4 pm today. “The two leaders exchanged pleasantries and President Biden proceeded to thank President Tinubu for his partnership and for Nigeria’s partnership, and in particular, for the collaboration between the two countries…

Sporting Lisbon have announced that they have been approached by Manchester United for the services of Ruben Amorim – and that the Premier League club are happy to pay his £8.31million release clause. Sporting CP made the announcement in a statement on Tuesday. A statement from the Portuguese club read: ‘1. Manchester United FC expressed interest in hiring coach Rúben Amorim, with the Board of Directors of Sporting SAD referring to the terms and conditions set out in the employment contract in force between the Company and the coach, specifically for the respective termination clause and for the amount of…

Taiwo Awoniyi has supported Nigeria’s Flying Eagles with ₦2.5 million as they prepare for their WAFU B U-20 Championship final against Ghana. His contribution follows Wilfred Ndidi’s ₦2 million donation, part of a growing wave of support for the team after their strong tournament performance. The Flying Eagles, coached by Aliyu Zubairu, earned a place in the 2025 Africa U-20 Cup of Nations by defeating Niger Republic 3-1 in the semifinals. The final match against Ghana’s Black Satellites will be held on Wednesday. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.

Ghana plans to buy petroleum products from Nigeria’s Dangote Refinery to reduce its fuel import costs. Mustapha Abdul-Hamid, chairman of Ghana’s National Petroleum Authority, shared this at the OTL Africa Downstream Oil Conference in Lagos. He explained that this switch could end Ghana’s monthly $400 million fuel imports from Europe, supporting more sustainable regional sourcing. “If the refinery reaches 650,000 barrels per day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria, and I believe that…

The All Progressives Congress (APC) has suspended former Minister of Interior, Ogbeni Rauf Aregbesola, over alleged anti-party activities. This was contained in a resolution submitted to the APC National Secretariat and addressed to National Chairman Dr. Umar Ganduje by the Osun APC. Aregbesola was accused of creating divisions within the party by establishing a splinter faction which fueled internal division. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.

President Bola Ahmed Tinubu has inaugurated Nigeria’s 2025 Armed Forces Remembrance Emblem. He pledged enhanced support for the armed forces’ welfare and honoring those lost in service. Emphasizing security as critical to Nigeria’s economic future, Tinubu vowed ongoing resource allocation to address security challenges. The event also saw donations in support of the military, including ₦500 million from the Federal Government, ₦200 million from the National Assembly, and ₦50 million from top security officials representing the armed forces and police. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.

Hezbollah has appointed Naim Qassem as its new leader. This was contained in a Tuesday announcement which confirmed Qassem’s promotion from deputy leader to replace Hassan Nasrallah as the Lebanon-based group’s secretary-general. In a statement, Hezbollah said Qassem was chosen for his “adherence to the principles and goals of Hezbollah.” The group further expressed, “[ask] God Almighty to guide him in this noble mission in leading Hezbollah and its Islamic resistance.” Following the recent killing of Hezbollah leader Nasrallah in an Israeli airstrike, the group has seen increased targeting of its senior figures. Nasrallah’s death has created a leadership void,…

Bitcoin has surpassed $71,000 for the first time since June, driven by substantial inflows into newly approved exchange-traded funds (ETFs) and speculation about the upcoming U.S. election. As of Tuesday morning in London, it traded at $70,870, while Ethereum rose to $2,566 and Dogecoin increased by over 13% to $0.16. The surge follows a shift in investor sentiment after the U.S. Federal Reserve cut interest rates, prompting renewed interest in riskier assets like cryptocurrencies. Recall, Bitcoin hit a new all-time high of $73,737 in March, just two months after the Bitcoin ETFs were approved. Get instant and latest news updates…

Development Partners International has led a $110 million investment round in Nigerian fintech Moniepoint, joined by investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock. This elevated Moniepoint to unicorn status. Moniepoint, originally TeamApt, pivoted to agency banking before expanding into digital banking, now processing $17 billion monthly. The funds will accelerate its African expansion, beginning with the acquisition of KopoKopo in Kenya. DPI’s Adefolarin Ogunsanya praised Moniepoint’s growth, and CEO Tosin Eniolorunda emphasized the mission to advance financial inclusion across Africa. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.