LAGOS JANUARY 30TH (NEWSRANGERS)-Dangote refinery is preparing to import crude from the US in the forthcoming months, signalling the increasing competitiveness of American barrels in the global market. This is according to reports from Bloomberg. Traders’ familiar with the matter disclosed that Trafigura Group has sold 2 million barrels of WTI Midland to the…
LAGOS JANUARY 29TH (NEWSRANGERS)-President Bola Tinubu has announced a shake-up in the oil sector to ensure transparency amid concerns about declining oil revenue and opaque practices within the NNPC. The President has directed the Central Bank of Nigeria (CBN) to take over responsibility for crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL)….
LAGOS JANUARY 29TH (NEWSRANGERS)-The arrival of Nigeria’s largest ethical bank, The Alternative Bank, has been endorsed by the Emir of Kano, Alhaji Aminu Ado Bayero, as the bank opens its first stand-alone branch in the ancient city. The Emir made the remarks during the launch of the bank, describing it as a transformative force that…
LAGOS JANUARY 26TH (NEWSRANGERS)-The Nigerian Ports Authority (NPA) and the Nigeria Customs Service (NCS) have pledge to work together to deepen trade facilitation and drive exports as part of measures to support the federal governments economic diversification effort. They made the pledge yesterday when the Comptroller General of the NCS, Bashir Adewale Adeniyi led members…
By Ndubuisi Ekwekwe LAGOS JANUARY 25TH (NEWSRANGERS)-One of the worst economic policies in Nigeria since 1999 is the current floating of the Naira. That decision has a score of “F” from me, because despite what any person could tell you, from the IMF to the Central Bank of Nigeria, economics is “science” played by the…
LAGOS JANUARY 25TH (NEWSRANGERS)-Nigeria is bringing foreign-exchange trading back into public view, the latest step in its bid to narrow the gap between the official and unofficial rate of its naira currency. The country’s financial crimes watchdog has given the Association of Bureaux de Change Operators of Nigeria the go-ahead to publicly post the buying…
LAGOS JANUARY 21ST (NEWSRANGERS)-Record inflation, a sliding naira currency and weak financial structure are keeping investors wary of Nigeria, Africa’s largest economy, with some companies even stepping away despite economic reforms under recently-elected President Bola Ahmed Tinubu. Tinubu, who took office last May, has repeatedly called for patience to allow his reforms to take effect…
LAGOS JANUARY 17TH (NEWSRANGERS)-Customs Area Controller (CAC) Tin Can Island Port, Comptroller Dera Nnadi has promised to generate a whooping One Trillion, One Hundred and Thirty billion, seven hundred and sixty eight million, fifty one thousand, eight hundred and eighty one naira (N1,130, 768,051,881.29) allocated to the Command in the year 2024. Nnadi stated that…
