Category archives for: Business

Cement Price May Hit N9,000 Over FG Plan To Introduce Construction Of  Concrete Roads

CEMENT

LAGOS SEPTEMBER 25TH (NEWSRANGERS)-The Cement Producers Association of Nigeria has warned that the ongoing plan of the federal government to introduce concrete roads will raise the price of cement to N9, 000 per bag from the current price of N5, 000. It also called on the current administration to permanently address the perennial cement price […]

Nigeria’s External Debt Surges By $17.38bn In Second Quarter Of 2023

DEBT

LAGOS SEPTEMBER 25TH (NEWSRANGERS)-Nigeria’s external debt has surged by N13.38 tn ($17.38 billion) in the second quarter of 2023 due to a significant devaluation of the naira and changes in foreign exchange policies, according to data from the Debt Management Office (DMO). The country’s external debt rose to N33.25 tn ($43.16bn) in Q2 2023 from […]

Nigeria Finance Minister Gives Reason For  Naira’s Slide

NAIRA 4

LAGOS SEPTEMBER 22ND  (NEWSRANGERS)-Nigeria’s finance minister Adebayo Olawale Edun said up to $6.8 billion of overdue forward payments in the foreign exchange market need to be addressed before the naira stabilizes. The currency of Africa’s largest economy extended a months-long slide and hurtled toward the 1000-per-dollar mark in street trading on Thursday, as the central […]

MTN Former Top Executive’s Unrelenting Quest For Justice Six-Years After

MTN 2

LAGOS SEPTEMBER 22ND (NEWSRANGERS)-Telecommunications giant MTN is currently embroiled in a protracted legal battle with a former top executive Mr. Ahmad Farroukh over the non-payment of his severance package. The burgeoning legal battle with MTN, which still lingers more than six-years after he had exited the company is seen as a typical case that highlights […]

Subsidy Returns  As FG Pays N169.4bn In August To Retain Fuel Pump Price At N620 Per Litre

fuel-pump-located_6dbb13d08e711e0

LAGOS SEPTEMBER 21ST (NEWSRANGERS)-Despite the numerous assurances by President Bola Ahmed Tinubu that the subsidy is gone, Daily Trust’s finding shows that the federal government paid N169.4 billion as subsidy in August to keep the pump price at N620 per litre. There have been several reports suggesting that the current price stagnation despite the worsening […]

Naira Crashes To Record Low Of N983/$1 As Forex Traders Say There Is No Dollar To Sell

NAIRA AND DOLLAR

LAGOS SEPTEMBER 21ST (NEWSRANGERS)-The exchange rate between the naira and the dollar plunged to a record low N983/$1 at the black market based on quotes received by Nairametrics on Wednesday as currency traders said there no dollar to sell This represents a 2.93% drop when compared with the N955/$1 that it traded the previous day […]

Tinubu Considers Appointment Of Prof Sule As Next NIMASA DG

NIMASA-SULE

LAGOS SEPTEMBER 20TH (NEWSRANGERS)-President Bola Tinubu is considering the appointment of Professor Abiodun Sule for the coveted position of Director-General at the Nigerian Maritime Administration and Safety Agency (NIMASA), according Presidency sources. Professor Sule boasts an impressive academic record, holding two PhDs in Maritime Technology Management and Fisheries & Aquaculture. He also earned a Master’s […]

Seme Border Customs Command Exceeds 2023 Revenue Target In Less Than Nine  Months

SEME CUSTOMS

LAGOS SEPTEMBER 20TH (NEWSRANGERS)-The outgoing Area controller of Seme Border Customs Command, Comptroller Dera Nnadi has disclosed on Monday 18th September that the Command under his watch exceeded the revenue target for the 2023 with over N122 million in less than 9months into the year. Nnadi who had officially taken over as the area controller […]

Crypto Usage Grows Further In Nigeria As Country Grapples Weakening Currency, Soaring Inflation

CRYPTOCURRENCY

LAGOS SEPTEMBER 20TH (NEWSRANGERS)-Cryptocurrency usage is growing in Nigeria as Africa’s largest economy grapples with a weakening currency and soaring inflation, New York-based blockchain research firm Chainalysis said in a report on Tuesday. Nigeria’s volume of crypto transactions grew 9% year-over-year to $56.7 billion between July 2022 and June 2023. In Uganda, crypto use is […]

Customs Slash Checkpoints From Seme To Mile 2 From Sixty To Three For Easy Business

CUSTOMS CG

  LAGOS SEPTEMBER 15TH (NEWSRANGERS)-The Nigeria Customs Service has said it has reduced the number of checkpoints in the corridor along the Seme border to Mile 2 from sixty to three, for ease of business. The Acting Comptroller-General, Bashir Adeniyi, revealed this during his opening remark at the National Trade Facilitation Committee, NTFC, stakeholders retreat […]

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