LAGOS FEBRUARY 18TH (NEWSRANGERS)-Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar. The situation has provoked anger and protests across the country. The latest government statistics released Thursday showed…
LAGOS FEBRUARY 8TH (NEWSRANGERS)-Former national vice chairman (North West) of the ruling All Progressives Congress (APC), Salihu Mohammed Lukman, has asked President Bola Tinubu to ignore the mass protests over high cost of living at his peril. In a statement on Wednesday in Abuja, Lukman, a former Director General of the Progressive Governors Forum (PGF),…
LAGOS DECEMBER 19TH (NEWSRANGERS)-The rate of inflation in Canada unexpectedly remained stuck at 3.1% last month, giving the central bank another reason to keep its policy rate at the highest level in two decades. The consumer price index rose by 3.1% in November from a year ago, matching the increase a month earlier, Statistics Canada…
LAGOS NOVEMBER 26TH (NEWSRANGERS)-Nigeria’s central bank pledged major changes to get a grip on inflation and steady the country’s battered currency, signaling tighter monetary policy ahead. The Central Bank of Nigeria will switch to inflation targeting instead of trying to control money supply in its battle to slow price increases, Governor Olayemi Cardoso said in…
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 OCTOBER 29TH (NEWSRANGERS)-Some workers in the Federal Capital Territory, Abuja, are currently groaning over a cut in their October salaries and allowances amid inflation and general economic hardship in the country. SaharaReporters gathered that the Federal Capital Territory Administration (FCTA) cut down most of their workers’ salaries, claiming its budget and personnel cost vote…
LAGOS SEPTEMBER 20TH (NEWSRANGERS)-Cryptocurrency usage is growing in Nigeria as Africa’s largest economy grapples with a weakening currency and soaring inflation, New York-based blockchain research firm Chainalysis said in a report on Tuesday. Nigeria’s volume of crypto transactions grew 9% year-over-year to $56.7 billion between July 2022 and June 2023. In Uganda, crypto use is…
LAGOS JULY 18TH (NEWSRANGERS)-Fresh increases in cement prices and associated products were implemented recently by distributors across the country, as high inflation impacted the building materials market. Dealers and retailers were jolted by the new regime of prices, as they were allegedly not given any prior notice. They were apprehensive at the weekend, and many…