LAGOS AUGUST 12TH (NEWSRANGERS)-Nigeria’s central bank has reported a $7.5 billion loan from U.S. banks JP Morgan and Goldman Sachs in financial statements published for the first time since 2015, sending the country’s international bonds tumbling on Friday. Nigeria’s government has had to seek overdrafts from the central bank to plug a widening deficit amid…
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 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…