LAGOS JUNE 16TH (NEWSRANGERS)-Sitting on top of a yellow jerry can of fuel, Jeannine waits for customers on a sidewalk in Benin’s economic capital Cotonou, but business is slow. The motorbikes and cars she normally supplies are no longer stopping to stock up on her cheap gasoline, which is smuggled in from neighbouring Nigeria. Since…
LAGOS JUNE 15TH (NEWSRANGERS)-Abdulsamad Rabiu, the chairman of BUA Group, has suffered a substantial loss to his fortune in the wake of the Naira’s devaluation. It had reported that the Central Bank of Nigeria announced that the naira exchange rate to the dollar will now be determined by market forces. The apex bank went further…
LAGOS JUNE 14TH (NEWSRANGERS)-Nigeria’s central bank allowed the naira to slump to a record low as officials look set to phase out currency controls that have distorted Africa’s biggest economy for years. The naira slid 29% to 664 per dollar at the close in Lagos, according to FMDQ, a local exchange operator. The Central Bank…
LAGOS JUNE 14TH (NEWSRANGERS)- The Nigerian Content Development and Monitoring Board, NCDMB, has accepted to lead discussion at the 2023 National Conference on Building Local Content Synergy between the Insurance Industry and Oil and Gas Sector. Executive Secretary of the Board, Simbi Kesiye Wabote, who has confirmed NCDMB’s participation has also accepted to be the…
LAGOS JUNE 14TH (NEWSRANGERS)-Key players in the country’s downstream sub-sector of the oil and gas industry are seeking access to foreign exchange at a rate that will be friendly to their bottom-line. They also expressed concerns over what they described as haphazard implementation of the Petroleum Industry Act (PIA), especially, with regard to the withdrawal…
LAGOS JUNE 14TH (NEWSRANGERS)-Netflix co-Founder and Chairman Reed Hastings this month joined African Leadership University students for a series of talks, a unique opportunity for them to gain personalised advice on realising their entrepreneurial aspirations. They were able to quiz Hastings on his experiences turning the idea for Netflix into an almost $200 billion global…
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…