LAGOS OCTOBER 27TH (NEWSRANGERS)-Nigerian commercial bank Fidelity Bank is restricting consumer fund transfers to neobanks, including Moniepoint, Kuda, OPay, and PalmPay, said multiple sources with direct knowledge of the matter. A week ago, a small number of customers first noticed that these neobanks were no longer listed on the list of approved financial institutions on…
LAGOS OCTOBER 24TH (NEWSRANGERS)-On Monday, the foreign exchange (FX) market resumed trading after the weekend, with naira hitting an all-time low of N1,210 on the parallel market or black market. This represents 3.41 percent weaker than N1,170 closed on Friday on the same market. Last week, the Naira weakened by 11.43 percent week-on-week to a…
LAGOS OCTOBER 24TH (NEWSRANGERS)-Marketers of cooking gas under the aegis of the Nigerian Association of Liquefied Petroleum Gas Marketers exposed the plans by some operators of gas terminals in Nigeria and some sets of cabals running the business, to increase the price of 12kg of gas to N25,000. The marketers also revealed that the high…
LAGOS OCTOBER 24TH (NEWSRANGERS)-The price of major food items has significantly increased across several markets in Lagos State, as Nigeria grapples with the high cost of goods and services. The cost of filling a 12.5kg cylinder of gas increased by 44% in October 2023, selling for an average of N13,750. Also, the price of a…
LAGOS OCTOBER 22ND (NEWSRANGERS)-The naira slid to the brink of 1,000 per dollar in a fresh low in the official market thanks to a combination of central bank tolerance for a weakening currency and insatiable demand for the greenback. The currency was pushed to its latest record a week after the central bank ended curbs…
LAGOS OCTOBER 18TH (NEWSRANGERS)-Stopping to refill the tank or charge up on a long road trip is a constant and inevitable frustration – but these engineering students might have done away with stops for good. Their two-seater vehicle, Stella Terra, has just completed a 620-mile (1,000km) test drive across Morocco and the Sahara desert without…
LAGOS OCTOBER 11TH (NEWSRANGERS)-Findings by the Nigerian Tribune have revealed that some Nigerian port terminals, most especially Roll-On Roll-Off terminals, may be forced into shedding their staff strength due to the drop in volume of import units of vehicles by 60 percent. Checks by the Nigerian Tribune revealed that some Roll-On Roll-off terminals which used…
LAGOS OCTOBER 11TH (NEWSRANGERS)-The Nigeria Customs Service, NCS, and the National Automotive Council, NAC, are currently in talks over a possible downward review of the NAC levy paid by vehicle importers. Under the NAC, a levy of two percent of Cost of Insurance and Freight, CIF, is imposed on new vehicles imported into Nigeria while 15…