LAGOS SEPTEMBER 21ST (NEWSRANGERS)-The exchange rate between the naira and the dollar plunged to a record low N983/$1 at the black market based on quotes received by Nairametrics on Wednesday as currency traders said there no dollar to sell This represents a 2.93% drop when compared with the N955/$1 that it traded the previous day…
LAGOS JUNE 14TH (NEWSRANGERS)-Nigeria’s central bank allowed the naira to slump to a record low as officials look set to phase out currency controls that have distorted Africa’s biggest economy for years. The naira slid 29% to 664 per dollar at the close in Lagos, according to FMDQ, a local exchange operator. The Central Bank…
LAGOS JUNE 7TH (NEWSRANGERS)-Nigeria’s central bank allowed the naira to drop about 2% on the official market to a record low on Wednesday, but the currency’s rate remained above where it trades at central bank auctions and on the black market. Nigeria is trying to find a way to unify its multiple exchange rate system,…
LAGOS SEPTEMBER 12TH (NEWSRANGERS)-Crude oil exports out of Nigeria plunged to below 1 million barrels per day (bpd), their lowest level on record, last month, oil export analytics firm Petro-Logistics said on Monday. Over the past three years, Nigeria’s crude oil exports have essentially halved, according to Petro-Logistics. Persistent under investment in the Nigerian oil…