Economy

US Consulate, FSD Train 121 Emerging Entrepreneurs in Port Harcourt

Published

6 years ago

April 11, 2018

Editor

The United States Consulate General Lagos, Nigeria in collaboration with Field of Skills and Dreams VTE Academy has concluded the second edition of the Conference for Emerging Entrepreneurs which was held in Port Harcourt, Rivers State.

One hundred and twenty one (121) budding Nigerian entrepreneurs participated in the two-day workshop. The up-and-coming entrepreneurs, selected from across Nigeria, learned how to transform their ideas into practical business plans, manage business risks, navigate difficult moments, seek capital, and develop partnerships to help their businesses grow.

United States Consul General F. John Bray declared the workshop open and was joined by Rivers State Deputy Governor, Dr. Ipalibo Harry Banigo, and the Vice-Chancellor of the University of Port Harcourt, Professor Ndowa Lale.

In his welcoming remarks, Consul General F. John Bray explained that one of U.S. Mission Nigeria’s primary goals is to support Nigeria’s economic development. According to him, the U.S. Department of State supports entrepreneurs all over the world through training and mentoring, while also working with governments to create enabling environments and entrepreneurial cultures.

“There is growing evidence that entrepreneurs the world over are the drivers of job growth. The United States government is firmly convinced that in addition to creating jobs and expanding economic opportunities, entrepreneurship contributes to political stability and a vibrant civil society,” Consul General Bray added.

Leading business leaders including Sahara Group Co-Founder Tonye Cole, Emzor Pharmaceutical CEO Stella Okoli, Andela Co-Founder Iyin Aboyeji, award-winning designer Zizi Cardow and senior executives of prominent commercial banks mentored and trained the participating young entrepreneurs.

The Conference was organized with a view to equipping the entrepreneurs with the requisite skills and entrepreneurial know-how to enhance their success in the business world. The first edition was held in Lagos in March 2017.

Economy

Naira Makes More Recovery, Sells at N1,453/$1

Published

4 weeks ago

March 22, 2024

Eric

The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

Economy

Naira Gains Against Dollar, Trades at N1,603/$1

Published

1 month ago

March 13, 2024

Eric

The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

Published

1 month ago

March 5, 2024

Eric

By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters