LAGOS OCTOBER 11TH (NEWSRANGERS)-The naira fell further on Tuesday as it exchanged for the dollar at the parallel market between 1,005/$ and 1,025/$. Owners of small-scale enterprises, Nigeria Employers’ Consultative Association, and manufacturers, who spoke to The PUNCH, expressed concern about the falling value of the naira, warning that it would lead to the shutting…
LAGOS SEPTEMBER 28TH (NEWSRANGERS)-Senator Adams Oshiomhole says government must intervene to stabilise the country’s currency, the naira, saying market forces cannot do such. Nigeria’s currency exchanges for close to N1,000 for a dollar in the parallel market and a pound going for around N1,200 months after the Central Bank of Nigeria (CBN) floated the naira….
LAGOS SEPTEMBER 25TH (NEWSRANGERS)-Nigeria’s external debt has surged by N13.38 tn ($17.38 billion) in the second quarter of 2023 due to a significant devaluation of the naira and changes in foreign exchange policies, according to data from the Debt Management Office (DMO). The country’s external debt rose to N33.25 tn ($43.16bn) in Q2 2023 from…
LAGOS SEPTEMBER 14TH (NEWSRANGERS)-A viral message suggests that the Central Bank of Nigeria (CBN), under the directive of President Bola Ahmed Tinubu, plans to re-denominate the Naira by removing two zeroes or shifting two decimal points, accompanied by a transition period during which both old and new Naira would coexist. How true is this claim?…
LAGOS SEPTEMBER 2ND (NEWSRANGERS)-The Department of State Services (DSS) has arrested Kingsley Obiora, deputy governor of the Central Bank of Nigeria (CBN) in charge of economic policy. According to reports, his arrest followed allegations of financial mismanagement under Godwin Emefiele, suspended CBN governor. Reports said Obiora was being targeted as a principal witness against Emefiele,…
LAGOS AUGUST 18TH (NEWSRANGERS)-A Nigerian court in the capital Abuja adjourned a hearing on Thursday for suspended central bank governor Godwin Emefiele, who is facing a 20-count fraud charge, due to the absence of a second defendant on the case, a government lawyer said. The matter was adjourned to Aug 23 after a co-defendant on…
LAGOS AUGUST 15TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has concluded plans to stem the continuous slide of the naira against the dollar. Top of these plans is to flood the market with dollars, it was learnt yesterday. A CBN board member, who spoke to our correspondent under anonymity, said: “At this point, the bank…
LAGOS AUGUST 15TH (NEWSRANGERS)-Nigerian prosecutors filed a 20-count indictment against suspended and detained central bank governor Godwin Emefiele on Tuesday, one of them accusing him of “conferring unlawful advantages”, a government lawyer said. President Bola Tinubu, who is embarking on the boldest reforms in Africa’s biggest economy in more than a decade, has launched a…