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Naira Depreciates By 0.5%, Against Dollar

The Naira on Wednesday depreciated at the official market, trading at N1,687.52 against the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira lost N8.59. This represents a 0.51 per cent loss when compared to the previous trading date on Tuesday when it exchanged at N1,678.93 to a dollar….

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Yuan Weakens To 7.1935 Against Dollar

The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 24 pips to 7.1935 against the dollar on Wednesday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate…

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Australia Scraps Multi-billion Dollar Military Satellite System

The Australian government announced on Monday that Australia has scrapped a satellite communications system being developed for the military. Lockheed Martin Australia was awarded the tender to build a defiance owned and operated Geostationary Earth Orbit (GEO) satellite communications system in 2023. When the tender was awarded, the government said that it was a “multi-billion…

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