Latest Business News 23 May – 30 May 2021: Top 5 B…

Latest Business News 23 May – 30 May 2021: Top 5 B…

Welcome to the AllNews roundup of the 5 Latest Business News that made the round during the week.

CBN Devalues Naira, Adopts NAFEX Rate

The Central Bank of Nigeria devalued the naira by 7.6 percent against the dollar while it migrated toward a single exchange rate for the system.

Nigeria’s apex bank has now replaced the fixed rate of N379/dollar, which has been used for official transactions with the NAFEX/I&E exchange rate of N410.25/dollar. Since the Central Bank last adjusted the exchange rate in August 2020, it has retained the exchange rate of N379/dollar on its website homepage which in the past, represented the official exchange rate. The exchange rate displayed on the website has historically been referenced as the official exchange rate of the country. Read more here.

Ikeja Hotel Tops Gainers As Investors Gain N111 bn

Transactions on the Nigerian Exchange ended on the positive for the first time in two weeks on Friday as the markets gained N111 billion.

The All-share index, which tracks the general market movement climbed 212.41 points, or 0.56% to end the week at 38256.95 basis points.  Read more here.

Bitcoin Drops As U.S. Stocks Rally Ahead Of Biden’s Budget Announcement

Bitcoin slumped on Friday to its lowest level of the week despite hopes of more inflation-boosting U.S. stimulus to come.

The largest cryptocurrency dropped as low as $35,184 as of 12:53 pm WAT before slightly retracing above $36,000 according to data from Coindesk. Read more here.

LCCI Tasks NEXIM Bank On Exporters’ Easy Access To Funding

Lagos Chamber of Commerce and Industry (LCCI) says exporters’ easy access to funding from Nigerian Export-Import Bank (NEXIM) would accelerate the country’s economic growth from the impacts of the COVID-19 pandemic.

Mrs. Toki Mabogunje, President, LCCI made the assertion at a webinar on funding opportunities for exporters with NEXIM bank on Thursday. Read more here.

Made-In-Nigeria Helicopters Coming Soon — NASENI

The Federal Government claims it is getting set to launch Made-in-Nigeria helicopters, as the project is in the assessment stage by the Aviation authorities.

The National Agency for Science and Engineering Infrastructure (NASENI) made this disclosure via its Twitter handle on Wednesday. Read more here.

That’s the roundup of the top Business News trending this week. More Business News Updates are available on AllNews website.

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