LAGOS NOVEMBER 25TH (NEWSRANGERS)-Ghana’s government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice-President Mahamudu Bawumia said on Facebook on Thursday. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and…
LAGOS NOVEMBER 16TH (NEWSRANGERS)-The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira. Bawa stated this in an interview with Deutsche Welle (DW) Hausa service, saying President Muhammadu Buhari did well to approve the redesigning. He said, “The law…
LAGOS NOVEMBER 15TH (NEWSRANGERS)-Nigerians have complained that despite the naira’s gains in the past week, the costs of goods and services remain high. Recall that the naira miraculously recovered to N680/$ after reaching an all-time low of N900/$. Black market traders attributed the sudden improvement to eased demand and increased inflows of FX in…
LAGOS NOVEMBER 1ST (NEWSRANGERS)-Operatives of the Economic and Financial Crimes Commission raided the offices of black market currency dealers in Abuja on Tuesday in a bid to halt the rapid fall of the naira. Naira plunged rapidly between Monday and Tuesday to more than 840 in Abuja a week after the the Central Bank of…