LAGOS JUNE 14TH (NEWSRANGERS)-The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele. According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437…
LAGOS JUNE 9TH (NEWSRANGERS)-The Customs Service has announced its intention to place a ban on the sale of second-hand clothes popularly called Okrika in Nigeria. During a recent interview, a Customs Service spokesperson said that the sale of Okrika clothing is injurious to the country. He said: “Okrika clothes are injurious to the health of…
LAGOS JUNE 9TH (NEWSRANGERS)-Nigeria’s downstream oil regulator has alleged ExxonMobil Corp was involved in the illegal lifting of petroleum products from an offshore terminal, according to a letter of complaint to the petroleum ministry seen by Reuters. Exxon denied the accusation, saying in an emailed response that its “operations are carried out in full compliance…
LAGOS JUNE 9TH (NEWSRANGERS)-The extortion menace that is currently impacting on haulage businesses on the Nigeria’s Apapa port corridor has now become institutionalised as truck owners and drivers now include money for extortion as part of their operational cost. They also said that the extortionists have become so brazen are ready to kill, maim and…
LAGOS JUNE 9TH (NEWSRANGERS)-Days after the Central Bank of Nigeria denied Daily Trust’s report that devaluation may be in the cards, it auctioned dollars, Wednesday, at N645 apiece – a rate that was almost 30% weaker than on the tightly controlled official market. According to Bloomberg, the naira sank to a record low yesterday, as…
LAGOS JUNE 7TH (NEWSRANGERS)-A video making the rounds online captures the moment agents of a popular online loan firm arrested a client who allegedly failed to repay a loan. They had apparently tracked him to an eatery where he was having a nice meal, and they went along with well-built security men as well as…
LAGOS JUNE 7TH (NEWSRANGERS)-Roads leading to Apapa Port City, Nigeria’s premier port complex and international gateway to the nation’s economy have totally been taking over by touts popularly known as ‘Area Boys’. The presence of these miscreants along the port access roads especially the Tin-Can Island Port road have caused more harms to importers of…
LAGOS JUNE 7TH (NEWSRANGERS)-Nigeria’s central bank allowed the naira to drop about 2% on the official market to a record low on Wednesday, but the currency’s rate remained above where it trades at central bank auctions and on the black market. Nigeria is trying to find a way to unify its multiple exchange rate system,…