On Thursday, data from the official window and the black channel showed that the gap between the two markets’ rates is now N120.56 kobo.

According to Naira Rates, a parallel market aggregator, the average price of the dollar was N901.9/$1, increasing from N891.4/$1.


The rate the United States currency was offered rose by N10.5 kobo, as the value of the Nigerian banknote depreciated by 1.17 per cent.

However, in the Investors’ and Exporters’ window of the official market, the price of the American greenback dropped slightly by N1.04.

At the end of trading in the Investors’ and Exporters’ window, FMDQ Exchange, an official channel aggregator, disclosed that the USD closed trading at N781.34/$1, below the previous day’s N782.38/$1 rate.

To read more, click the link below
https://www.primebusiness.africa/gap-between-black-market-official-window-dollar-rates-hits-n120-56/

“If not for Wikipedia, google and copy and paste, I would not have graduated.” These were the words of a graduating student of one of the tertiary institutions in Nigeria. This statement makes obvious the fact that a large number of students (especially those in tertiary institutions) have come to depend on the Internet not as a means of obtaining relevant information and learning but as a medium that provides easy access to peoples’ intellectual properties for plagiarism which subsequently fuels the collapse of copyright laws.

Note that Google and Wikipedia do not directly dish out free information, they basically only give suggestions for websites and journals that carry traces of your search and sometimes it is herculean to find the exact topic of your research. However, students find their way around these websites and do not even bother to go over the answers before copying these answers word for word. And slowly, but with steadiness, these technologies have eaten deep into the fabric of the student populace and planted the seed of laziness and nonchalance and not many students are left with the enthusiasm to study and come up with answers to questions no matter how easy or complex those questions might be. One would have thought that the situation could not get any worse.

To read more, click on the link below
https://www.primebusiness.africa/ai-and-nigerian-varsity-students/

The inability of Azman Air’s management to raise foreign exchange for the maintenance of the airline’s aircraft has been cited as the reason the company shut down its operation.
Azman has four Boeing 737 series aircraft pulled out of operation for C-checks in Maintenance, Repair, and Overhaul (MRO) facilities in Nigeria and Turkey.
A comprehensive C-check on a Boeing 737 series reportedly costs about $1.8 million. However, the company couldn’t obtain the necessary funds to finance the maintenance locally and internationally, forcing Azman Air to suspend operations going forward.

“We couldn’t raise the necessary foreign exchange to bring back the aircraft to operations. Don’t forget that the naira had dropped in recent times and it has even continued to drop with this government. Currently, a dollar is over N900. Which market can sustain that?

To read more, click on the link below
https://www.primebusiness.africa/uncertainty-surrounds-azman-airs-future-as-firm-fails-to-raise-funds-for-aircraft/

The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, has listed five reasons the prices of cooking gas will rise from next week.

Oladapo said market forces are influencing the prices at a period gas business has been low in recent times due to consumers’ purchasing power dwindling.

“It is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high,” the gas marketer said.

To read more, click on the link below
https://www.primebusiness.africa/vessel-scarcity-four-other-reasons-gas-prices-will-rise-in-nigeria-from-next-week/

Former Senator representing Anambra Central in the National Assembly, Uche Ekwunife has applauded the cooperation of South East governors so far in fighting insecurity across the region.

Ekwunife, who was recently appointed as the Director General of Southeast Governors Forum stated this when she paid a familiarization visit to the Governor of Abia State, His Excellency Dr Alex Otti at his country home, Nvosi, Isiala Ngwa South.

The visit, which was in line with the Director General’s outlined agenda to ensure the smooth running of her office, had the Senator interact and solicit the support and cooperation of the Governor.

To read more, click on the link below
https://www.primebusiness.africa/ekwunife-hails-collaboration-of-south-east-governors-in-tackling-insecurity/

FBN Holdings said the board of directors will propose a N150 billion capital raise through Rights Issue to shareholders of the company on August 15, 2023.

The company intends to sell some of its shares to existing shareholders to raise the capital to fund its operation, however, the fundraising is subject to approval from FBN Holdings investors.

In a statement released on Wednesday, FBN Holdings said shareholders will consider, and if found fit, pass the resolution, “That there shall be a capital raise of up to N150,000,000.000.00 (One Hundred and Fifty Billion Naira).

“The capital raise transaction shall be by way of a Rights issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities,” the firm said.

Other resolutions expected to be considered and tabled for shareholders’ vote are;

for more information, click on the link below
https://www.primebusiness.africa/investors-to-buy-n150-billion-worth-of-fbn-holdings-stake/

In the Investors’ and Exporters’ window of the official market, the naira to dollar rate settled at N782.38/$1 at the end of trading on Wednesday.

The naira depreciated in value by 3.28 percent at the same time the price of the dollar increased by N24.87 kobo from the preceding day’s N757.51/$1.

Note that investors and exporters had also traded both currencies at a high rate of N800/$1, as well as a low rate of N730/$1 during trading in the official market.

Also, the foreign exchange traders recorded $60.26 million, as supply increased from the previous day’s $45.98 million, according to FMDQ Exchange report.
This is an increase of $14.28 million or 31.05 percent in the value of forex transacted during trading in the Investors’ and Exporters’ window.

To read more, click on the link below
https://www.primebusiness.africa/dollar-rate-hits-n782-in-official-window-n891-in-black-markets/

World Bank has halted loan discussion and disbursement to Uganda’s government due to the East African country’s Anti-Homosexuality Act 2023.

In May, Uganda’s President Yoweri Museveni signed a bill criminalizing homosexuality or same-sex conduct in the country.


Anti-Homosexuality Act 2023 signed by Museveni also threatens the death penalty for persons convicted of homosexuality. Since the bill became law, there have been mixed reactions towards the decision.

In a statement released on Tuesday, the World Bank said it is concerned that the law will prevent persons involved in same-sex relationship will not benefit from projects financed by the global financial institution.

To read more, click on the link below
https://www.primebusiness.africa/world-bank-stops-loan-disbursement-to-uganda-over-anti-homosexuality-law/

The naira devaluation affected the operating profit of Seplat Energy in the first half (H1) of 2023, Prime Business Africa gathered.

Seplat’s operating profit depreciated by 51.7 per cent or $126.90 million due to the naira devaluation and low oil prices, according to the firm’s H1 2023 financial statements.

The oil and gas company generated $118.4 million operating profit in the first six months of this year, failing to surpass the $245.3 million reported during the same period in 2022.

Recall that on 14 June 2023, the Central Bank of Nigeria (CBN) devalued the naira and merged the multiple forex segments in the official market to the Investors’ and Exporters’ (I&E) window.

To read more, click on the link below
https://www.primebusiness.africa/seplat-operating-profit-falls-by-51-7-records-33-8m-net-loss/

MTN Nigeria’s network was attacked by Pro-Nigerien hackers, Anonymous Sudan, on Wednesday. This was revealed by the hackers and an official in the network provider.

Anonymous Sudan said it attacked the network of MTN Nigeria as a response to President Bola Tinubu’s proposed invasion of the Republic of Niger.

Although the hacktivist group’s attempt was unsuccessful, Anonymous Sudan, through its Telegram account, accused Nigeria of participating in the alleged French-driven invasion of Niger.

The hacker group also stated that Nigeria is planning on cutting power to Niger to sanction the country after a military coup displaced a democratically elected president.

To read more, click on the below
https://www.primebusiness.africa/mtn-nigeria-experiences-glitches-as-pro-niger-hackers-attack-firms-network/

As the first eviction show looms this weekend, Showmax conducted a poll to gauge the voting inclinations of die-hard BBNaija fans. Over 1,500 enthusiasts participated, and the results were nothing short of intriguing. Expectedly, Mercy Eke, a previous winner, leads the pack with an impressive 29.3 percent, closely followed by Cee-C and Alex with 27 percent and 20.7 percent, respectively.

Surprisingly, Ilebaye pulled in a considerable number of votes, securing the fourth spot with 6.2 percent, slightly ahead of Adekunle, who garnered 5.2 percent.

In a surprising twist, some housemates who performed exceptionally well in their respective seasons failed to make a significant impact in the poll. Angel secured only 3.5 percent, while Pere and Soma trailed with 1.7 percent each. Uriel managed to gather only 1.1 percent, with Cross at 0.9 percent, and Ike and Doyin at 0.6 percent each.

To read more, click on the link below
https://www.primebusiness.africa/bbnaija-all-stars-poll-results-unveils-mercy-eke-as-fan-favourite-surprising-underdogs/

Former governor of Kano State, Dr Abdullahi Ganduje has been elected as the substantive national chairman of the All Progressives Congress (APC).

Ganduje’s emergence was confirmed during the APC National Executive Committee (NEC) meeting held at the Congress Hall of Transcorp Hilton in Abuja on Thursday.

The meeting which was chaired by President Bola Ahmed Tinubu, was also attended by Vice President Kashim Shettima, members of the Progressive Governors’ Forum, and members of the party in the National Assembly, among others.

To read more, click the link below
https://www.primebusiness.africa/ganduje-emerges-apc-chairman/

The American Association of University Women (AAUW) is proud to extend a warm invitation to aspiring female scholars from around the world.

The organization is offering a prestigious scholarship program to support international female students in pursuing full-time graduate or postdoctoral studies in the United States.

Established in 1888, the AAUW has been at the forefront of funding women’s graduate education, aiming to create a brighter, more equal future for all.

Over the years, the organization has awarded thousands of scholarships to remarkable women worldwide, enabling them to become influential leaders in diverse fields, including business, government, academia, community activism, and the arts or sciences.

To read more, click the link below
https://www.primebusiness.africa/aauw-invites-international-students-to-apply-for-50000-scholarships-in-us-universities/

The dollar rate in the official market depreciated by N47.44 kobo to N741.64/$1 on Wednesday, from the previous day’s N789.08/$1 rate.

According to FMDQ Exchange, the dollar also went on sale for N700/$1, the lowest rate for the day, and N804/$1, the highest rate.


With the naira appreciating by 6.01 percent in the official market, foreign exchange traders increase the value of their transactions by $66.79 million.

Over $134.12 million in foreign exchange was transacted by authorized dealers and their clients in the investors’ and exporters’ window.

Recall that the day before, foreign exchange traders had transacted $67.33 million worth of forex, indicating an increase of 99.19 percent.

To read more, click the link below
https://www.primebusiness.africa/dollar-rate-falls-to-n741-1-trades-above-n800-in-black-market/

Organised Labour has commenced its protest nationwide as planned against harsh economic conditions caused by the removal of subsidy on petrol by the new government of President Bola Tinubu.

The protest has begun as workers, in their numbers, carrying placards gathered to protest on the streets in the Federal Capital Territory Abuja, Lagos, Ogun, Kano, and other parts of the country.

To read more, click on the link below
https://www.primebusiness.africa/photos-nlc-begins-nationwide-protest-against-harsh-govt-policies/

In the investors’ and exporters’ window on Tuesday, the authorised dealers closed foreign exchange trading with N789.08/$1 rate.

The authorised dealers increased the price of the dollar from N756.94/$1 rate offered on Monday, indicating the naira depreciated in value by N32.14 kobo.

In a foreign exchange data released by FMDQ Exchange on Tuesday, it was learnt that the value of the dollar fluctuated between N804/$1 and N700/$1.
Also, the data showed that foreign exchange traders transacted $67.33 million worth of forex, reflecting supply inched higher by $120,000.

During trading in the official market the previous day, authorised dealers and their clients had transacted $67.21 million in foreign exchange.

To read more, click on the link below :
https://www.primebusiness.africa/official-black-markets-forex-dealers-increase-dollar-rate/

Chairman of Air Peace Airline, Allen Onyema, has honored Nigerian sports heroes of the 1976 Olympic Games in Montreal, Canada and the Golden Eagles of the 1980 African Cup of Nations for their sacrifices to the country.

In a ceremony held during the weekend at Eko Hotel, Lagos, Onyema decorated them as Air Peace Sports Diplomacy Ambassadors with free domestic tickets for life and one free international ticket yearly as well as N1.5 million each in cash rewards

The award ceremony was preceded by the unveiling of the Sports Diplomacy Wall of Fame with the names of the athletes boldly inscribed in gold at the Nigerian Institute of International Affairs Wall of Fame, also donated by Air Peace airline.
This gesture comes 47 years after Nigeria boycotted the 1976 Montreal Olympic Games in protest against the Apartheid regime in South Africa.

To read more, click on the link below
https://www.primebusiness.africa/air-peaces-allen-onyema-honours-heroes-of-1976-montreal-olympics-1980-golden-eagles/

The Federal Competition and Consumer Protection Commission (FCCPC) has deleted the list of Digital Money Lenders (DML) approved to offer quick loan services in Nigeria.

In a statement on its website, FCCPC said the list is being reviewed “The list is undergoing a clean-up and will be made available as soon as possible,” the commission said.

FCCPC took down the list after an investigation into the operations of the loan apps in Nigeria, which showed that some lending services are still breaching the regulation that forbids them from harassing their customers.

The commission revealed after the probe that Getloan and Camelloan duplicated their apps, operating a Google Playstore app and Android Package Kits (APK) file formats.

To read more, click on the link below
https://www.primebusiness.africa/fccpc-takes-down-approved-loan-apps-list-after-probe-discovers-foul-play/

Ngerian bourse recorded N391.19 billion loss on Monday after the stock market capitalisation fell to N35.01 trillion following selloffs in Dangote Sugar, Livestock, and others.

Prime Business Africa gathered that the market capitalisation depreciated by 1.10 per cent, as it dropped from Friday’s N35.63 trillion.

Likewise, the All-Share Index dipped by 718.87 basis points to 64,337.52 ASI, from 65,056.39 ASI.

To read more, click on the link below
https://www.primebusiness.africa/stock-market-investors-lose-n391-19bn-to-selloffs-in-dangote-sugar-others/

The Nigerian Senate has just cleared the immediate past governor of Rivers State, Nyesom Wike, to become a minister.
Wike had arrived at the National Assembly complex with his wife on Monday. Breaking: Senate Begins Screening Of Ministerial Nominees
The name of the former Rivers governor and chieftain of the Peoples Democratic Party was part of the first set of ministerial nominees Tinubu forwarded to the Senate.

To read more, click on the link below
https://www.primebusiness.africa/breaking-wike-cleared-to-be-minister/

On Sunday, 30 July 2023, President Bola Tinubu appointed Jim Obazee as the special investigator to probe the Central Bank of Nigeria (CBN).

Prior to his appointment, Obazee has been involved in high-profile financial cases and infamous policies that rocked the financial sector and religious centres in Nigeria.

Obazee’s rise and fall
Before diving into the controversial world of Obazee, note that he has a reputable educational background and is also a member of international financial bodies.

Obazee has a BSc. in Accounting and MSc. Accounting from the University of Benin and the University of Lagos, respectively, and also a fellow of the Institute of Chartered Accountants of Nigeria.

To read more, click the link below
https://www.primebusiness.africa/tinubus-cbn-special-investigator-the-rise-fall-and-rise-of-jim-obazee/

Ireland has become an increasingly popular destination for international students seeking a high-quality education. Recognizing the potential and talent of Nigerian students, many Irish schools have introduced scholarships and financial aid programs to support their pursuit of knowledge.

In this article, we will explore 15 exceptional schools in Ireland that offer scholarships specifically for Nigerian students.
Trinity College Dublin: Trinity offers a range of scholarships for Nigerian students, covering various fields of study, from science to arts and humanities.

University College Dublin (UCD): UCD provides a range of merit-based scholarships to Nigerian students across different disciplines.

National University of Ireland, Galway (NUIG): Nigerian students aspiring to study at NUIG can apply for scholarships based on academic excellence and leadership skills.

Dublin City University (DCU): DCU offers scholarships to Nigerian students demonstrating outstanding academic achievements and community engagement.

To read more, click on the link below :
https://www.primebusiness.africa/15-schools-offering-scholarships-to-nigerian-students-in-ireland/

On Thursday, traders in the Investors’ and Exporters’ window recorded an increase of N28.52 kobo in the cost of the United States Dollar (USD).

Although the authorised dealers demanded between N869/$1 and N730/$1, the American Greenback closed trading at N768.60/$1.
This showed the naira’s value in the official market slumped by 3.85 per cent, considering both currencies traded at a rate of N740.08/$1 on Wednesday.

As the price of the USD increased, the value of foreign exchange traded by investors and exporters dropped in the official market.

The decline in the worth of foreign exchange transactions was put at $64.62 million or 42.15 per cent by FMDQ Exchange, the official rate aggregator.

To read more, click the link below
https://www.primebusiness.africa/authorised-dealers-increase-dollar-rate-in-ie-window-black-markets-usd-now-n859/

If you want to see the world, there are travel agencies in Port Harcourt that can make that possible for you without requesting an arm and a leg.

From Seychelles to South Africa, Dubai, France, England, the United States or Canada, name it, the travel agencies in Port Harcourt say they are up to it – just as those in Lagos and Abuja.
Note that there are several types of travel agencies in the aviation sector, such as; Wholesale travel agencies, Offline travel agencies, Niche Travel agencies, Leisure Travel agencies, Online travel agencies and Business Travel agencies.

Wherever your desire lies, these travel agencies’ services cut across foreign education applications, work visas, business, as well as pleasure.

Travel agencies in Port Harcourt
VIP Express Tourism Limited Port Harcourt
With 15 years in the game, VIP Express Tourism Limited is one of the travel agencies helping Port Harcourt residents to process their international travel.

VIP Express Tourism says their travel and accommodation services are centred around your desire, which means they exist to fulfil your needs.

Situated at Plot 10, Woji Road, GRA Phase 2, Port Harcourt, VIP Express Tourism help you process your visa and accommodation to your preferred destination.

Wakanow Travel Agencies
Wakanow is already a household name in the travel agency market, so the brand speaks for itself. Its influence cuts across Nigeria.

Its successful rates in processing travel for Nigerians have led to Wakanow having interactive Call centres and physical travel centres numbering 32 across the country.

To read more, click on the link below
https://www.primebusiness.africa/top-10-travel-agencies-in-port-harcourt/

As Nigeria’s President Bola Tinubu nominates ministers for his cabinet, there is a need to appoint competent persons to join him moving the nation forward, says Dr Marcel Mbamalu, publisher and Editor-in-chief of Prime Business Africa, an independent multimedia organisation.

Dr Mbamalu made the submission while appearing as a guest analyst on Channels Television newspaper review on Thursday morning.

President Tinubu is said to send a list of 43 ministerial nominees to the Senate today for screening.

According to the constitutional provision which mandates incoming presidents and governors to submit their nominees, within 60 days of taking the oath of office, today, 27 July, will be the last day as Tinubu took the oath of office on 29 May 2023.

To read more, click on the link below
https://www.primebusiness.africa/ministerial-appointment-we-dont-want-square-pegs-in-round-holes-dr-mbamalu/

The naira to dollar rate could hit N1000 before the end of 2023, Beni Lar, a member of the House of Representatives, disclosed on Wednesday.

Lar said the naira has been performing badly despite President Bola Tinubu’s campaign promise of bringing down the dollar rate to N200/$1.

The lawmaker revealed that since the floating of the naira by the single exchange rate, the importation of vehicles and other commodities has dropped.

She made this known during the plenary session on Wednesday, where she told other members that when the dollar rate was N0.80Kobo in July 1980, Nigeria wasn’t import dependent, however, the country is import dependent now that the naira is trading to the dollar above N800.

To read more, click on the link below
https://www.primebusiness.africa/dollar-rate-may-hit-n1000-reps-member-says-tackles-tinubu/

United States-based Nigerian inventor, Cyprian Emeka Uzoh, has dissociated himself from a widely circulated social media hype crediting him with the invention of a certain dancing robot.

“I did not invent any dancing robot. This is Pure Fake news,” he said in a terse Whatsapp message to Prime Business Africa correspondent on Tuesday.

To read more, click on the link below
https://www.primebusiness.africa/us-based-nigerian-serial-inventor-disclaims-dancing-robot-hits-350-us-patents-700-globally/

Nigerians may be in for a long rugged ride on the Naira exchange rate conundrum if the opinion of economic analyst, Muda Yusuf, is anything go by. While agreeing that the volatility in the foreign exchange market is naturally unsettling, Yusuf, the CEO of the Lagos-based Centre for the Promotion of Private Enterprise (CPPE), told Prime Business Africa that the subsisting pressure on the naira (despite efforts to unify rates) is not unexpected given the long period of distortions in the foreign exchange market.

Click on the link below
https://www.primebusiness.africa/why-naira-still-under-pressure/

The suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, will not be leaving the custody of the Department of State Services (DSS) anytime soon, as he was rearrested on the court premises.

Emefiele was arraigned by the DSS on Tuesday and was granted bail at N20 million by Justice Nicholas Oweibo of the Federal High Court in Lagos.


The Federal Government’s counsel had spoken against the bail during the hearing of the two-count charge on illegal possession of firearm and ammunition.

However, Justice Oweibo ruled in his favour, approving his bail application and ordering the prison officials to take him into custody.

To read more, click on the link below
https://www.primebusiness.africa/dss-rearrests-emefiele-after-tussle-with-prison-officials/

Mr. Cyprian Emeka Uzoh, the United States-based Nigerian from Anambra State and father-in-law of the celebrated Apple tech inventor Dr. Jeofery Kibuule, is listed among the world’s prominent inventors in the US.
Prime Business Africa reports that Mr. Uzoh is ‘gazetted’ in the US’ records of “Prolific Inventors” with 328 patents to his credit.
An inventor needs just three (issued) patents to be so recognized, and Uzoh’s 328 (issued) patents clearly dwarf the records.
His daughter, Nneka Uzoh, was the cynosure of all eyes as she tied the nuptial cord with Apple App inventor Dr Jeofery Kibuule in San Francisco city of California on Saturday.

In her own rights, Nneka, a data set analyst and youngest Board Member of the African American Shakespearian Group (AASG), is said to have also recorded some feats in tech and social entrepreneurship. She reportedly saved some American black kids from prison term after they burgled her home and were convicted by a US judge. “I do not want to send the same kids I help out with their homework to prison,” her father Emeka Uzoh quoted his daughter as having told the judge, leading to the kids’ eventual freedom.

To read more, click on the link below
https://www.primebusiness.africa/cyprian-emeka-uzoh-nigerian-serial-inventor-with-328-us-patents/

The naira to dollar rate traded as high as N855/$1 on Monday, and as low as N650/$1 in the Investors’ and Exporters’ window of the official market.

However, at the close of trading, the United States currency drew the curtain at N792.04/$1, above the N777.82/$1 rate reported on Friday.

To read more, click on the link below
https://www.primebusiness.africa/naira-to-dollar-rate-hits-n792-1-black-market-price-up-n23/