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Latest News In Nigeria Today, August 12, 2023

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Investors King has put together latest news in Nigeria today, August 12, 2023 to ensure you stay atop trending news and happenings in the business world.

Opay and Kuda Shine Bright: Recognized Among the World’s Top 200 Fintech Companies

Nigeria’s leading fintech companies, Opay and Kuda have been listed among the world’s top 200 fintech companies, a prestigious list jointly curated by CNBC and independent research firm Statista.

The recognition comes as the fintech industry continues to redefine financial landscapes, leveraging technology and innovation to shape the future of financial services in Nigeria and the world at large. Read more latest news in Nigeria today here.

Nigerian Naira Slides Further Amid Dollar Shortage and Black Market Resurgence

The Nigerian naira continues to weaken on the black market as the local currency traded near N1000 per Dollar on Thursday just two months after President Bola Ahmed Tinubu floated the currency to improve capital importation.

The Naira declined to N955 against the United States Dollar from about N800 it traded last week. Read more latest news in Nigeria today here.

Kenya’s Monetary Policy Reforms: Goldman Sachs Sees Positive Impact on Foreign Investment

Goldman Sachs Group Inc. has hailed the recent changes to the monetary policy framework by the Central Bank of Kenya as a “credit-positive” move that is expected to stimulate foreign investment and enhance exchange-rate flexibility.

The investment bank anticipates that these reforms will contribute to the strengthening of Kenya’s external balances in the long term, while concurrently fortifying the nation’s immediate external buffer. Read more  latest news in Nigeria today here.

Amazon Takes a Stand: US Employees Grapple with Return-to-Office Push

Amazon.com Inc. is taking a firm stance on its return-to-office guidelines for US employees. The tech giant is joining the ranks of companies aiming to curtail the extent of remote work and bring employees back to physical office spaces.

Reports have surfaced that Amazon employees in the US received an email this week, outlining the company’s expectation of their presence in the office for at least three days each week. Read more latest news in Nigeria today here.

Nigeria’s Crude Oil Output Slumps Amid Global Price Surge

Nigeria’s crude oil output declined by 12.56% in the month of July to 1.29 million barrels per day (bpd) from 1.48 million bpd in June.

The data released by the Nigerian Upstream Petroleum Regulatory Commission reveals a year-on-year reduction of 1.52 percent from 1.31 million bpd. Read more latest news in Nigeria today here.

X (Formerly Twitter) Announces Enhanced Ad Revenue Sharing for Content Creators

X, formerly known as Twitter, has unveiled significant updates to its advertising revenue-sharing program, benefiting content creators by lowering eligibility thresholds and offering greater incentives.

Within a three-month span, the platform has reduced the required impressions for ad revenue sharing from 15 million to 5 million, allowing more individuals to participate in the program. Read more latest news in Nigeria today here.

CBN Releases Long-Awaited Audited Accounts: Posts Robust Profit and Discloses Liabilities

For the first time since 2015, the Central Bank of Nigeria (CBN) has unveiled its eagerly anticipated audited accounts, revealing a profit of N103.8 billion in 2022, the highest recorded since 2017.

Published on the CBN website, the audited results span the past six years, illustrating the apex bank’s financial performance: N124.4 billion in 2016; N107.3 billion in 2017; N43.7 billion in 2018; N34.6 billion in 2019; N30.8 billion in 2020, and N75.1 billion in 2021. Read more latest news in Nigeria today here.

CBN Loans Exceed Statutory Limit by N22.9 Trillion: FRC to Review Compliance

The Central Bank of Nigeria (CBN) extended a staggering N23.18 trillion loan to the Federal Government in the year ended December 31, 2022, under its ‘Ways and Means’ policy as revealed in the apex bank’s recent financial report.

This loan, however, surpassed the statutory limit by an alarming N22.9 trillion. Read more latest news in Nigeria today here.

Cooking Gas Prices Skyrocket as Nigerian Consumers Feel the Pinch

Hours after reports that the price of liquefied natural gas, also known as cooking gas, will increase in the coming days, the retail price of the commodity has risen to N800 per kilogram, findings have shown.

Stakeholders in the entire value chain have confirmed the increment, citing rising international prices, high tax rates, vessel costs, forex scarcity, and naira devaluation. Read more latest news in Nigeria today here.

Oil Prices Remain Resilient as Demand Optimism Takes Center Stage

Oil prices hovered near recent highs on Friday following demand predictions from both the OPEC and the International Energy Agency (IEA).

Brent crude oil, against which Nigerian oil is priced, dipped by 12 cents or 0.1% to settle at $86.28 per barrel, while U.S. West Texas Intermediate (WTI) crude shed 7 cents or 0.1% to close at $82.75 a barrel. Read more latest news in Nigeria today here.

IPMAN Sounds Alarm: Pump Price of PMS Could Hit N750 Amidst Economic Pressures

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the pump price of Premium Motor Spirit (PMS), popularly known as petrol, could rise to as high as N750 per litre by May 2024.

Chinedu Ukadike, the association’s national spokesperson, disclosed in Abuja while speaking with the press. Read more latest news in Nigeria today here.

Dollar to Naira Black Market Today August 11th, 2023

As of August 11th, 2023, the dollar to naira exchange rate is 1 USD to 955 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦945.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates. Read more latest news in Nigeria today here.

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British Airways Owner IAG Prepares for Summer Surge Amid High Travel Demand

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As the world gradually emerges from the grip of the pandemic, the travel industry is witnessing a resurgence in demand with British Airways owner IAG SA gearing up for a busy summer season.

Despite lingering challenges, the airline conglomerate remains optimistic about the outlook, citing strong demand for travel within Europe and across the Atlantic.

In a recent stock exchange filing, IAG disclosed an adjusted operating profit of €68 million ($73.3 million) for the three months ending March.

According to Chief Executive Officer Luis Gallego, the group’s core markets, including the North Atlantic, South Atlantic, and intra-Europe routes, have shown robust performance, positioning them well for the upcoming peak travel period.

With vaccination rates increasing and travel restrictions easing in many parts of the world, consumers are eager to resume travel plans, fueling the surge in demand.

However, the road ahead is not without its challenges. While travel within Europe and across the Atlantic remains strong, other regions present a more complex operating environment.

The ongoing conflict in the Middle East has dampened demand for certain destinations, while airspace restrictions resulting from geopolitical tensions, such as the Russian invasion of Ukraine, have disrupted flight routes to East Asia.

Despite these hurdles, IAG remains resilient, banking on the strength of its core markets and the performance of its brands to weather the storm.

The company’s strategic positioning and proactive measures to adapt to changing circumstances have positioned it to capitalize on the rebound in travel demand.

As the summer season approaches, IAG is focused on ensuring operational readiness to meet the surge in passenger numbers.

With travelers eager to reconnect with loved ones, explore new destinations, and embark on long-awaited vacations, the airline group stands ready to facilitate safe and seamless travel experiences.

As vaccination campaigns progress and travel sentiment rebounds, IAG’s proactive approach and strategic investments position it as a key player in the aviation industry’s recovery journey. With optimism on the horizon, the company remains committed to delivering exceptional service and fostering a seamless travel experience for passengers worldwide.

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Israeli Troops Take Control of Rafah Border Crossing Amidst Ceasefire Talks

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Israeli troops took control of the Rafah border-crossing area in Gaza on Tuesday morning, with Hamas saying all aid flows from Egypt had stopped.

The army has halted “the movement of people and aid completely,” the Hamas-run crossing authority said in a statement. Soldiers replaced Palestinian flags with Israeli ones.

It’s the first time Israel’s army has moved into the area since the war with Hamas began in October.

Israeli Military Tells About 100,000 People to Leave Eastern Rafah

Palestinians sheltering in Rafah were told Monday to move to an “expanded humanitarian area”.

The border is the main entry point for aid into Gaza, and the Palestinian territory’s only crossing aside from those with Israel. The US has been urging Israel for weeks to allow more food and other supplies into Gaza, parts of which the United Nations says are on the verge of famine.

The movement of troops came a day after Israel told residents in parts of eastern Rafah to leave immediately ahead of a possible attack on the city.

Most Arab and many European states have said Israel should not attack Rafah, fearing it would cause mass casualties. Prime Minister Benjamin Netanyahu says Rafah is the last bastion of Hamas, with about 5,000 to 8,000 of its fighters and senior leaders lodged in the city, as well as many Israeli hostages.

Cease-fire talks between the two sides continue to drag. Hamas said on Monday night it had accepted a proposal from mediators Egypt and Qatar. Israel rejected it, saying it contained demands the Jewish state cannot accept.

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Israel Calls for Evacuation of Rafah Amid Threat of Assault

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Israel called on civilians to evacuate parts of Rafah on Monday in what appeared to be preparation for a long-threatened assault on Hamas holdouts in the southern Gaza Strip city where more than a million war-displaced Palestinians have been sheltering.

Instructed by Arabic text messages, telephone calls, and flyers to move to what the Israeli military called an “expanded humanitarian zone” 20 km (7 miles) away, some Palestinian families lumbered out under chilly spring rain, witnesses said.

Israel’s military said it had begun encouraging residents of Rafah to evacuate in a “limited scope” operation. It gave no specific reasons, nor did it say if any offensive action might follow.

Seven months into its war against Hamas, Israel has been threatening to launch incursions in Rafah, which it says harbours thousands of Hamas fighters and potentially dozens of hostages. Victory is impossible without taking Rafah, it says.

The prospect of a high-casualty operation worries Western powers and neighbouring Egypt, which is trying to mediate a new round of truce talks between Israel and Hamas under which the Palestinian Islamist group might free some hostages.

The Rafah plan has opened an unusually public rift between Israel and Washington. Speaking to his U.S counterpart, Israeli Defence Minister Yoav Gallant linked Monday’s operation to the deadlock in indirect diplomacy, which he blamed on Hamas.

“During their discussion, Gallant discussed the efforts undertaken to achieve the release of hostages and indicated that at this stage, Hamas refuses the frameworks at hand,” the Israeli Defence Ministry said in a statement.

“Gallant emphasized that military action is required, including in the area of Rafah, at the lack of an alternative,” it added On Monday, the Israeli military called on Palestinians in eastern parts of Rafah to move to a nearby “humanitarian area”, saying it would “encourage … the gradual movement of civilians in the specified areas”.

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