LAGOS JUNE 26TH (NEWSRANGERS)-Food giant Nestle’s businesses in Nigeria and other African countries are ramping up sourcing of local raw materials like starch and turmeric, a move that may help reduce foreign exchange exposure that has been a headache for the sector. In the wake of the COVID-19 pandemic and the supply chain problems it…
LAGOS FEBRUARY 4TH (NEWSRANGERS)-Former presidential candidate of the African Democratic Party, ADC and CBN Deputy Governor, Kingsley Moghalu has said the country’s currency, Naira, has become a commodity in the black market. Moghalu also said the current scarcity of the Naira was a way of the currency responding to its smuggling, arbitrage and other forms…
LAGOS OCTOBER 7TH (NEWSRANGERS)-Prices of imported secondhand automobiles, popularly known as Tokunbo vehicles, have gone out of the reach of average income earners. The Guardian learnt that prices of Tokunbo and new cars in the country have tripled due to high clearing fees and processing, high duty, freight rate, security surcharges, insurance on Nigeria-bound cargoes,…
LAGOS SEPTEMBER 18TH (NEWSRANGERS)-The Federal Government has said it will shut down the operations of Aboki FX, a website providing currency exchange information, which the bank described as an illegal and criminal platform. The Governor of the Central Bank of Nigeria, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day…
LAGOS JULY 29TH (NEWSRANGERS)-The naira fell slightly to the dollar at the parallel market few hours after the Central Bank of Nigeria on Tuesday announced the discontinuity of forex supplies to the Bureau de Change Operators in the country. The CBN Governor, Godwin Emefiele, announced the end of forex sales and new licence approval after…
LAGOS SEPTEMBER 14TH (NEWSRANGERS)-The Association of Bureau De Change Operators of Nigeria, ABCON has said that the major challenge facing the country’s foreign exchange market is speculation. Speaking in a exclusive interview, ABCON President, Alhaji Aminu Gwadabe said if not for the greed of few Nigerians who mop and keep the dollars thereby causing scarcity,…
