LAGOS SEPTEMBER 28TH (NEWSRANGERS)-Senator Adams Oshiomhole says government must intervene to stabilise the country’s currency, the naira, saying market forces cannot do such. Nigeria’s currency exchanges for close to N1,000 for a dollar in the parallel market and a pound going for around N1,200 months after the Central Bank of Nigeria (CBN) floated the naira….
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…
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…
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…
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…
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…
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…
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…
