LAGOS JANUARY 25TH (NEWSRANGERS)-Nigeria is bringing foreign-exchange trading back into public view, the latest step in its bid to narrow the gap between the official and unofficial rate of its naira currency. The country’s financial crimes watchdog has given the Association of Bureaux de Change Operators of Nigeria the go-ahead to publicly post the buying…
LAGOS JANUARY 25TH (NEWSRANGERS)-Secretary of State Antony Blinken on Tuesday said the United States is determined to remain a strong security partner for Nigeria, whose military is backed by the U.S., Britain and other allies in a long war against Islamist insurgents. Blinken also discussed challenges to democracy and security in the region during his…
LAGOS JANUARY 21ST (NEWSRANGERS)-The World Bank estimates that improved access to Internet coverage over three years led to a seven per cent reduction in extreme poverty in Nigeria and Tanzania. The bank disclosed this in a new brief titled, “Digital transformation drives development in Africa.” It said Internet access also led to an increase of…
LAGOS JANUARY 21ST (NEWSRANGERS)-Record inflation, a sliding naira currency and weak financial structure are keeping investors wary of Nigeria, Africa’s largest economy, with some companies even stepping away despite economic reforms under recently-elected President Bola Ahmed Tinubu. Tinubu, who took office last May, has repeatedly called for patience to allow his reforms to take effect…
LAGOS JANUARY 21ST (NEWSRANGERS)-Sierra Leone’s ex-president Ernest Bai Koroma left the West African country by plane and flew to Nigeria on Friday, two Reuters reporters said, after a court allowed him to travel abroad on medical grounds despite treason charges. On Jan. 3, 70-year-old Koroma was charged with four offences for his alleged role in…
LAGOS JANUARY 18TH (NEWSRANGERS)-A former Sierra Leonean president has been granted permission to travel abroad on medical grounds despite facing treason charges. The High Court ruling comes amid speculation that Ernest Bai Koroma has agreed to go into exile in Nigeria if charges against him were dropped. He was accused of treason and other offences…
LAGOS JANUARY 17TH (NEWSRANGERS)-The International Monetary Fund (IMF) identifies 10 African countries with manageable debt, shedding light on their economic stability. Nigeria stands out despite domestic concerns. Tanzania (41.8% Debt-to-GDP Ratio) Tanzania takes the lead among Africa’s least indebted nations with a debt-to-GDP ratio of 41.8%. The East African nation’s relatively low ratio indicates a…
LAGOS JANUARY 17TH (NEWSRANGERS)-Nigeria is discussing as much as $1.5 billion of World Bank funding to help ease a severe dollar shortage that has contributed to the naira’s steep decline. “We’re hoping to get $1 billion or $1.5 billion from the World Bank” for budgetary support, Finance Minister Wale Edun said Wednesday in a Bloomberg…
