LAGOS JUNE 28TH (NEWSRANGERS)-The World Bank has stated that Nigeria has one of the highest inflation rates, which pushed an estimated four million people into poverty between January and May 2023. This was disclosed during the launch of the June 2023 edition of the Nigeria Development Update on Tuesday in Abuja. The Washington-based lender also…
LAGOS JUNE 29TH (NEWSRANGERS)-Telecommunication firms have said they are working with their regulator, the Nigerian Communication Commission, to review the prices of their services to reflect prevailing market realities, especially the recent unification of the foreign exchange market. According to the telcos, a price review is needed for their industry to remain sustainable. The president,…
LAGOS JUNE 28TH (NEWSRANGERS)-In a grand ceremony held at the Headquarters of Sector 2 of the Joint Border Patrol Team in Ikeja, Lagos, the representatives of the Congress Of Nigerian Maritime Media Practitioners (CONMMEP) gathered to pay homage to Chief Superintendent Dinya Sabo. Led by CONMMEP’s President, Alh Tunde Umar-Daniah, the event aimed to honor…
LAGOS JUNE 26TH (NEWSRANGERS)-Food giant Nestle’s businesses in Nigeria and other African countries are ramping up sourcing of local raw materials like starch and turmeric, a move that may help reduce foreign exchange exposure that has been a headache for the sector. In the wake of the COVID-19 pandemic and the supply chain problems it…
LAGOS JUNE 26TH (NEWSRANGERS)-The Central Bank of Nigeria and the Nigeria Customs Service have taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating import duty. The NCS on Saturday raised the exchange rate used for the calculation of import duty from…
LAGOS JUNE 23RD (NEWSRANGERS)-Kingsley Moghalu, the former deputy governor of the Central Bank of Nigeria, expressed his opinion during an interview with Arise News, stating that Godwin Emefiele, the suspended CBN governor went beyond acceptable boundaries by running for the presidency while holding the position of CBN governor. Moghalu mentioned that numerous allegations have been…
LAGOS JUNE 23RD (NEWSRANGERS)-A glut of unsold Nigerian oil has built up again with as much as half of output due to be loaded next month still searching for buyers. Traders of the nation’s oil said the surplus has been caused in part by a request for back taxes from shipping companies, which caused a…
LAGOS JUNE 23RD (NEWSRANGERS)-Nigeria President Bola Tinubu has declared that ongoing reforms, starting with removal of fuel subsidy and streamlining of exchange rate, will be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI) into the country. He has, therefore urged foreign investors to take advantage of opportunities in Nigeria. Speaking Thursday…