The naira Tuesday slid further at the parallel market in spite of the clampdown the federal government ordered on foreign exchange market speculators. Bureau De Change (BDC) hubs were raided in Abuja, Lagos and Kano and some operators were arrested. Despite the raids, however, the naira plunged further with a dollar exchanging for 1,900 in Abuja and Kano, and N1,800 in Lagos; while the British Pound was exchanged for N2,250. However, at the official market, the naira recorded a marginal gain closing at N1,551.24 as against the earlier N1,574.62, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM). Daily Trust…
Author: Editor-in-chief
It is only the second month in 2024 and Nigeria’s creaking grid has collapsed three times, emblematic of the deep-rooted challenges denying a country of 200 million people stable power. The instability of the national grid is a function of having few plants – nine plants out of 22 – account for 80 percent of the energy fed into it, as electricity generation companies (GenCos) insist on receiving payment for power generated, according to findings by BusinessDay. The GenCos, responsible for generating electricity, said they are owed billions of naira in outstanding payment by the Nigeria Bulk Electricity Trading Plc,…
In President Bola Ahmed Tinubu’s Nigeria, hunger is ravaging the citizens. Poverty is wrecking havocs. The sick are dying in drives due to the unprecedented hike in the prices of drugs. I will not say that the president has not been directly or indirectly responsible for the problems in the Land. My biggest problem however, is that both president Tinubu and his handlers thought Nigerians should understand and bear with the Government despite the harsh economic realities just because they should! The art of persuasion and explanations are talents. Not everyone who can speak phonetics or some beautiful English possess…
During his campaign for the highest office in the land, Tinubu emphasised that he built Lagos to a model for good governance, infrastructure renewal and innovation and asked that he should be given the chance to replicate such in Nigeria. However, policies introduced by the president have not addressed the needs of Nigerians, but plunged the country into further hardship in some instances. This, some of Tinubu’s allies have blamed on the past. Recently, Senator Gbenga Daniel, a chieftain of the ruling All Progressives Congress (APC), said Tinubu inherited a dead economy. But in a series of posts via X,…
In a petition titled *“REQUEST TO WITHDRAW MOGAJI APPOINTMENT ON HAZEEM GBOLARUNMI”,* and signed by Alhaji Lukman Durosomo Olugbesan, Tunbosun Durosomo Olugbesan, Chief Taofeek Olugbesan, Akibu Durosomo Olugbesan, Labisi Olumide Olugbesan, Sunkanmi Labisi Olugbesan and Monsura Olugbesan accused the former deputy governor, Hazeem Gbolarunmi of engaging in actions capable of damaging the reputation, unity and peaceful coexistence among members of Olugbesan family. “Your Imperial Majesty sir, we are writing this letter to inform you of the collective decision of Olugbesan Family of Oke-Agbeni to withdraw the Mogaji appointment earlier given to Hazeem Gbolarunmi.” The letter reads: “For your information sir,…
Former Vice President Atiku Abubakar’s Special Assistant on Public Communication, Phrank Shaibu, has said that the refusal of the All Progressives Congress (APC)-led Federal Government to react to recent reports on the return of petrol subsidy showed that public funds have begun going into private pockets. Shaibu said this in a statement Monday in Abuja while reacting to reports by the international Monetar Fund (IMF) that the Nigerian government had begun paying petrol subsidy again. Media reports stated that monthly subsidy payment is nearly N1 trillion, which exceeds the amount that was being paid monthly by the former President Muhammadu…
Naira continued its freefall on Monday, dipping to N1,700 against the dollar and N2,100 to a pound sterling as Nigeria’s economy continues to hurt under President Bola Tinubu’s watch This comes as the naira hits an all-time low against the dollar and pound sterling in Nigeria’s history, despite efforts by the Central Bank of Nigeria to salvage the free fall of the naira. Though the naira had been on a downward trend against the dollar before Mr Tinubu assumed office last May, the naira’s freefall accelerated following the floating of the currency.
The Nigerian Electricity Regulatory Commission (NERC) is considering increasing the price of prepaid meters once again. This consideration comes in response to the escalating production costs faced by meter manufacturers, according to sources familiar with the matter who spoke to Nairametrics. Nairametrics also gathered that the regulator may even go further than price increase and just allow market forces to determine the cost of meters. Currently, meter prices are determined by the regulator. Consideration for price increase These sources, who requested anonymity, revealed that manufacturers have ceased issuing invoices to Distribution Companies (Discos), in anticipation of an upward price revision…
Bola Tinubu, Nigeria’s self-regarding president, says he deserves an entry in the Guiness Book of World Records for his economic reforms. Speaking at the 10th German-Nigerian Business Forum in November last year, Tinubu said: “To me, if you didn’t mention me in the Guiness Book of Records, I would find a way to insert myself because I did it (the economic reforms) without expectations.” But whether he said that in jest or in earnest, the truth is that he goofed spectacularly, displaying a hubristic detachment from reality. Think about it. When, as president, your policies inflict untold suffering and misery…
The Naira experienced a decline against the US Dollar in the official market, closing the week at N1,537.96/$1, amidst persistent demand pressures that continued to undermine the currency’s value. This decrease coincided with a significant downturn in forex turnover, which plummeted by 74% to $84.10 million. Both official and black-market exchange rates witnessed a devaluation of the Nigerian Naira against the dollar, further compounded by a substantial surge in inflation as reported by the National Bureau of Statistics (NBS) for January 2024. The inflation rate surged to 29.90%, marking a significant increase from the 28.92% recorded in the previous month.…