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 AUGUST 14TH (NEWSRANGERS)-Nigeria’s black market for kidneys is booming due to hypertension and renal failure, which affect 20 million Nigerians, with one in five needing urgent transplants. Since humans only need one kidney for survival, they can donate the other to a sick person. In recent years, there has been an increase in the…
LAGOS AUGUST 10TH (NEWSRANGERS)-The Nigerian naira extended its slump in black-market trading as the nation’s dollar shortage deepened two months after the central bank moved to a more flexible exchange rate to encourage inflows. The currency of Africa’s biggest crude oil producer weakened to 923 naira per dollar, compared with 917 naira the day before,…
LAGOS AUGUST 8TH (NEWSRANGERS)-The Nigerian currency, the naira exchanged at the black foreign market for as low as N900 to a dollar on Monday, August 7, 2023. According to street traders who spoke to Legit.ng, Nigerians looking to buy dollars should be ready to pay as high as N902 as of 3 pm on Monday…
LAGOS JULY 28TH (NEWSRANGERS)-On the road linking Niger’s capital Niamey with the south of the country, illegal fuel warehouses have closed and intrepid black-market touts waving petrol canisters at passing cars have become an endangered species. The reason? Neighbouring Nigeria has scrapped its subsidies for petrol — a move that tripled domestic prices and ended…
LAGOS FEBRUARY 4TH (NEWSRANGERS)-Former presidential candidate of the African Democratic Party, ADC and CBN Deputy Governor, Kingsley Moghalu has said the country’s currency, Naira, has become a commodity in the black market. Moghalu also said the current scarcity of the Naira was a way of the currency responding to its smuggling, arbitrage and other forms…
LAGOS FEBRUARY 22ND (NEWSRANGERS)-It’s been about two weeks since Nigeria’s Apex bank prohibited regulated financial institutions from dealing with Cryptos or face the wrath. At the fear of Nigeria’s Central Bank, financial institutions immediately began to close crypto-related firms. In the wake of such a ban, the demand for Bitcoin by Nigerians had exponentially grown…
LAGOS DECEMBER 6TH (NEWSRANGERS)-Forex turnover rose sharply by 173.3%, as the Naira’s exchange rate at the NAFEX window remained stable against the dollar to close at N395/$1 during intra-day trading on Thursday, December 3. Also, the Naira appreciated significantly against the dollar, closing at N470/$1 at the parallel market on Thursday, December 3, 2020, as the…