LAGOS JUNE 9TH (NEWSRANGERS)-Days after the Central Bank of Nigeria denied Daily Trust’s report that devaluation may be in the cards, it auctioned dollars, Wednesday, at N645 apiece – a rate that was almost 30% weaker than on the tightly controlled official market. According to Bloomberg, the naira sank to a record low yesterday, as…
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 JUNE 3RD (NEWSRANGERS)-Importers have condemned the Central Bank of Nigeria (CBN)’s over its denial that the Naira has been devalued. In an interview with BusinessDay, an importer, who craved anonymity, asked the CBN to be truthful. In its report titled, “Business leaders insist they get dollars at N630 despite CBN denial“, BusinessDay quoted manufacturers…
LAGOS MAY 24TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has raised the interest rate from 18 percent to 18.5 percent. The apex bank governor, Godwin Emefiele, announced the decision on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja. The development is the third consecutive time the apex bank will be raising…