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)-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,…
LAGOS JUNE 3RD (NEWSRANGERS)-Importers have condemned the Central Bank of Nigeria (CBN)’s over its denial that the Naira has been devalued. In an interview with BusinessDay, an importer, who craved anonymity, asked the CBN to be truthful. In its report titled, “Business leaders insist they get dollars at N630 despite CBN denial“, BusinessDay quoted manufacturers…
LAGOS MAY 24TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has raised the interest rate from 18 percent to 18.5 percent. The apex bank governor, Godwin Emefiele, announced the decision on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja. The development is the third consecutive time the apex bank will be raising…
LAGOS MAY 19TH (NEWSRANGERS)-A senior officer of the Nigerian Army recently received more than one-quarter of a billion naira from the Central Bank of Nigeria (CBN). DAILY POST exclusively obtained a copy of the two-page letter written to the Army authority and the screenshot of the N270,000,000 credit alert enclosed as evidence. Colonel MS (surname…
LAGOS MARCH 13TH (NEWSRANGERS)-The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Monday quashed rumours that the Naira redesign policy of the apex bank was a plot to scuttle the presidential ambition of Bola Tinubu or frustrate the president-elect’s political interests. POLITICS NIGERIA reports that a popular Nigerian newspaper had reported today…
LAGOS MARCH 5TH (NEWSRANGERS)-Indication at the weekend was that there is yet no respite in sight for the ordinary Nigerians and operators of Small and Medium Enterprises (SMEs) whom their daily livelihood has been rubbished and standard of living lowered because of the extreme cash squeeze in the Nigerian economy caused by the Central Bank…
LAGOS FEBRUARY 25TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has been urged to track all money transferred 48hrs to election day through the commercial banks. A Non-Governmental Organisation (NGO), Speak Out Africa Initiative, gave the advice on Thursday in Abuja. Kenneth Eze, the executive director of the NGO, said this would help in possible identification…