Business

Nigeria to Partner with Google on AI and digital innovation

Published

2 years ago

February 12, 2025

849 Views

President Bola Tinubu is currently in talks with Google to strengthen the country’s role in artificial intelligence (AI) and digital innovation.

Announcing the discussions on X after meeting Google and Alphabet CEO Sundar Pichai in Paris, Tinubu said the partnership would expand cloud infrastructure, upskill workers, foster AI research, boost cloud adoption, and position Nigeria as a global tech hub.

The President cited Nigeria’s AI progress, including work with Awarri Technologies and the National Centre for AI and Robotics (NCAIR) to develop AI tools and a Large Language Model (LLM) for Nigerian languages.

Tinubu said the talks with google aligns with his Renewed Hope Agenda, with the Communications Ministry and NITDA providing oversight and overseeing implementation.

Tinubu, who is currently in Paris on a private visit, will also attend the AU Summit in Addis Ababa before returning to Nigeria.

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Business

Commercial Banks Borrowing From CBN Drops By 89% in August

The CBN has two short term lending windows for banks: the Standing Lending Facility (SLF) and Repo lending.

Published

2 hours ago

September 1, 2026

OCHEFA

12 Views

Commercial banks borrowing from the Central Bank of Nigeria’s (CBN) declined by 89 percent to N126 billion in August 2026 from N1.19 trillion in July 2026.

This means higher liquidity in the banking system.

The CBN has two short term lending windows for banks: the Standing Lending Facility (SLF) and Repo lending.

The apex bank lends money to banks through the SLF at interest rate of 500 bases points (bps) above the Monetary Policy Rate (MPR).

It also lends money to banks through Repurchase (Repo) arrangement, which involves the purchase of banks’ securities with the agreement to sell back at a specific date and usually for a higher price.

Source: Vanguard

Business

Naira Exchange Rates Tuesday September 1

Today, the Naira Black Market exchange rate for 1 US Dollar is 1398 Naira, British Pound is1890 Naira
While EURO is 1595 Naira.

Published

4 hours ago

September 1, 2026

OCHEFA

9 Views

BLACK MARKET EXCHANGE RATES

Today, the Naira Black Market exchange rate for 1 US Dollar is 1398 Naira.

Great British Pound (GBP) is 1890 Naira.

Euro (EUR) is 1595 Naira.

Canadian Dollar (CAD) is 1020 Naira.

Chinese Yuan is 190 Naira.

Ghanaian Cedi is 95 Naira.

South African Rand (ZAR) is 75 Naira.

UAE Dirham is 350 Naira.

CFA Franc (XOF) is 2300 Naira.

CFA Franc (XAF) is 2150 Naira.

Australian Dollar (AUD) is 800 Naira.

CBN EXCHANGE RATES

DOLLAR (USD) ₦1332.94

POUND (GBP) ₦1805.60

EURO (EUR) ₦1545.81

SWISS FRANC (CHF) ₦1647.84

CFA FRANC (XOF) ₦2.37

WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1833.11

CHINESE YUAN (CNY) ₦198.36

SAUDI RIYAL (SAR) ₦355.01

SOUTH AFRICAN RAND (ZAR) ₦82.50

Business

Nigeria’s GDP grew 4.43% in Q2 2026, says NBS

The bureau announced this in its latest GDP report for Q2 2026 , emphasising that the latest growth rate is higher than the 4.23 percent recorded in Q2 2025. That represents a 0.2 percentage-point increase year-on-year.

Published

17 hours ago

August 31, 2026

OCHEFA

21 Views

• President Bola Tinubu

The National Bureau of Statistics (NBS) said on Monday Nigeria’s economy grew by 4.43 percent in real terms in the second quarter of 2026.

The NBS GDP report tracks the performance of Nigeria’s economy across sectors. It is a key indicator for policymakers, businesses, and investors monitoring the country’s economic direction.