LAGOS NOVEMBER 14TH (NEWSRANGERS)-Bureau de change operators in Adamawa State are rejecting foreign currencies from customers due to growing uncertainty in the parallel market. Some of the money changers interviewed at Jimeta Modern Market in Yola said they were apprehensive over the sudden and continued crash of the dollar which destabilized the parallel market. The…
LAGOS OCTOBER 18TH (NEWSRANGERS)-Nigeria’s inflation rate hit a fresh 17-year high in September, stoked by a slide in the value of the naira that raised the cost of imported goods like gas and liquid fuel. Annual inflation accelerated to 20.8%, compared with 20.5% in August, according to data released by the National Bureau of Statistics…
LAGOS JULY 28TH (NEWSRANGERS)-The Senate, on Wednesday, resolved to summon the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira. It also mandated the Senate Committee on Banking, Insurance and Other Financial…
LAGOS JULY 7TH (NEWSRANGERS)-Nigeria’s currency fell to the lowest on record after traders adjusted prices to reflect the rate Central Bank of Nigeria sold the currency amid a lack of dollar supply in the authorized foreign-exchange market. The naira retreated 1.6% to 426.26 a dollar as of 3.30 p.m. local time on the investors and…
LAGOS DECEMBER 29TH (NEWSRANGERS)-Popular Nigerian humour merchant, Basketmouth, has called for the return of cowries as a legal tender. Reacting to the current exchange rate, the comic act put together a photo collage consisting of all the Nigerian currency from N5 to N1000 notes and noted the total sum is less than $5. He wrote:…
LAGOS SEPTEMBER 3RD (NEWSRANGERS)-The naira yestaerday traded at all time low of N530 to dollar at the parallel market. The naira also dropped among other major currencies as it exchanged at N620/Euro, N720/ British Pounds Sterling. Also, the Central Bank of Nigeria (CBN) yesterday lifted Post No Debit (PND) order it placed on 33 Bureaux…
LAGOS AUGUST 20TH (NEWSRANGERS)-The naira fell further against the dollar at the parallel market on Wednesday after staying steady at 515/$ in recent days. The local currency fell to 517 against the US currency at the parallel market on Wednesday. At the Investors and Exporters’ window, the naira weakened by 0.06 per cent to close…
LAGOS AUGUST 18TH (NEWSRANGERS)-The Central Bank of Nigeria has warned that abusers of naira notes will be prosecuted by the financial regulator in collaboration with other regulatory bodies such as the Nigeria Police Force, Federal Inland Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit. The warning, according to the…