LAGOS FEBRUARY 22ND (NEWSRANGERS)-Nigeria’s economic situation continues to worsen as its legal tender, naira tumbled at the parallel market in spite of the clampdown the federal government ordered on foreign exchange market speculators. On Tuesday, the naira slid further with one dollar exchanging for 1,900 in Abuja and Kano, and N1,800 in Lagos; while the…
LAGOS FEBRUARY 16TH (NEWSRANGERS)-The Naira has suffered another setback as trans-border businessmen and women who hitherto used to transact their businesses in Naira and other currencies have stopped accepting the currency as payment for business transactions. The traders claim that using the Naira to transact their businesses has become counterproductive following its continued depreciation, adding…
By Chukwudi Iwuchukwu LAGOS DECEMBER 11TH (NEWSRANGERS)-At the last count, five multinationals have closed shop and left Nigeria this year alone. They include Unilever, GSK, P&G, Sanofi, and Equinor. Unilever Nigeria exited its home care and skin cleansing categories in Nigeria. Equinox, a Norwegian oil and gas company, sold its oil and gas assets, including…
LAGOS NOVEMBER 19TH (NEWSRANGERS)-The naira gained massively against the dollar on Friday as it closed at N791/dollar at the official market. This has brought some sanity to the market, which has fluctuated for several months now. According to data from the Nigerian Autonomous Foreign Exchange Market, where forex is officially traded, the domestic currency appreciated…
LAGOS NOVEMBER 15TH (NEWSRANGERS)-The Nigerian currency, the naira, gained against the US Dollar on Wednesday despite the country’s soaring inflation rate. According to data from FMDQ, the naira firmed against the Dollar to N818/$1 on Wednesday compared to N850.22/$1 exchanged on Tuesday. The figure represents a N31.23 gain compared to the exchange rate on the…
LAGOS NOVEMBER 11TH (NEWSRANGERS)-Nigeria’s currency, the Naira, slumped further against the US Dollar in the foreign exchange markets on Thursday. Data from the official FMDQ market indicated that the Naira closed on Wednesday at 996.75 Naira per US Dollar, reflecting a decrease of 122.01 Naira from the previous day when it traded at 874.71 Naira…
LAGOS SEPTEMBER 3RD (NEWSRANGERS)-The General Overseer of Redeemed Christian Church of God, Pastor Enoch Adeboye, has predicted the possibility of Naira bouncing back and this time greater than the United States dollar. Our correspondent reports that based on findings in the black market buying rate of the dollar is about N915, and sells at N918….
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…