LAGOS APRIL 1ST (NEWSRANGERS)-The Nigerian currency depreciated to its weakest level since February 2017 in the unofficial black market after the country’s central bank cut supply to dealers. The local unit traded at 415 naira per dollar according to abokiFX.com, which collates rates from street-traders in Lagos. In the official spot market, naira traded 386.51…
LAGOS MARCH 27TH (NEWSRANGERS)-Guideline for the disbursement of the N50 billion special intervention fund by the Central Bank of Nigeria (CBN) has been released. The fund is meant to serve as a stimulus package for households and small businesses to cushion the effect of the COVID-19 pandemic. Governor of the CBN, Mr Godwin Emefiele, had…
LAGOS MARCH 27TH (NEWSRANGERS)-Nigeria has appealed to private companies to make voluntary contributions toward the 120 billion naira ($330 million) that the government says it needs to fight the coronavirus epidemic. “So far, the federal government has made giant strides in the fight but it is clear that the private sector needs to step in…
LAGOS MARCH 21ST (NEWSRANGERS)-Nigeria has technically devalued the naira at the Investors and Exporters (I&E) trading window from N366.70 to N380.20. A source at the Central Bank of Nigeria, who asked to remain anonymous confirmed the development Friday to THEWILL. The move is expected to sustain foreign portfolio investors’ interest in Nigeria’s financial instruments. Nigeria…