LAGOS NOVEMBER 29TH (NEWSRANGERS)-Chairman of Innoson Vehicles Manufacturing Company Limited, IVM, Chief Innocent Chukwuma, has cautioned that Federal Government’s plan to reduce the import duties and levies on buses, tractors and other motor vehicles as contained in the recent 2020 Finance Bill, will not only be a disincentive to investments, but will also set Nigeria’s automotive…
LAGOS NOVEMBER 28TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) on Friday devalued the naira by N6 to dollar. The naira devaluation has brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank. In a weekly exchange rate for disbursement…
LAGOS NOVEMBER 26TH (NEWSRANGERS)-Forex turnover dropped by 68.2%, as the Naira’s exchange rate at the NAFEX window depreciated significantly against the dollar to close at N393.25/$1 during intra-day trading on Wednesday, November 25. Also, the naira crashed further against the dollar, closing at N487/$1 at the parallel market on Wednesday, November 25, 2020, as the…
LAGOS NOVEMBER 24TH (NEWSRANGERS)-Nigeria’s former minister of finance and the frontrunner in the WTO DG race, Ngozi Okonjo-Iweala, is set to be named the new Director-General of the World Trade Organisation (WTO) after South Korea reportedly decided to withdraw its Trade Minister, Yoo Myung-hee from the race. According to the Washington Trade Daily, Seoul is…
LAGOS NOVEMBER 23RD (NEWSRANGERS)-A total of N81.41bn was expended on Nigeria’s refineries between January and August this year but the facilities refined no drop of crude oil all through this period, latest data obtained from the Nigerian National Petroleum Corporation showed. Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical…
LAGOS NOVEMBER 23RD (NEWSRANGERS)-The federal government of Nigeria has concluded plans to slash the levy to be paid on imported cars from 35 percent to five percent, according to a new bill to be presented to the national assembly. The bill which will come as a welcome development to Nigerians who have been financially impacted…
LAGOS NOVEMBER 15TH (NEWSRANGERS)-The naira weakened to 470 against the United States dollar in the parallel market on Friday despite the interventions of the Central Bank of Nigeria in the official window. The nation’s currency had traded at N465, N466 and N468 against the greenback on Tuesday, Wednesday and Thursday respectively. But it fell on…
LAGOS NOVEMBER 7TH (NEWSRANGERS)-The World Trade Organization has cancelled a meeting on Nov. 9 to decide on the appointment of Nigeria’s Ngozi Okonjo-Iweala as the body’s next director general after the United States rejected her as a candidate. Trade sources said they thought a factor in the delay was that there had been no indication…