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…
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…
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…
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…