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.
Author: Editor-in-chief
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.…
ON January 11, 2012, Bola Ahmed Tinubu published a sober, thoughtful, deeply insightful, and penetratingly foresightful article titled “Removal of Oil Subsidy: President Jonathan Breaks Social Contract With the People” that uncannily prefigured the untoward consequences of petrol subsidy removal that Nigerians are currently grappling with. The article has trended on social media in the last couple of weeks, but I had never taken the trouble to read it until multiple people who I regard highly sent it to me in what seemed like a coordinated torrent of forwards. But after reading the 4,000-plus-word article and finding out that it…
Makinde And The Leopard’s Spots. The Leopard will never change its spots. The Leopard is an animal, one of the big cats. It is a ferocious, yet very beautiful animal with black skin dotted with white spots. The Leopard carries its white spots from infant till old age. The Leopard spots never changes, neither does it fade. Usually, when a man is known with a particular attitude, he is often referred to as a Leopard which never changes its spots any time he exhibit the attitude he’s fond of. Like the Leopard which will never change its spots, Governor Seyi…
The value of the Naira continued its free fall on Thursday as it depreciated to N1,610 to a United States Dollar (USD) at the parallel market whilst it appreciated at the Nigeria Autonomous Foreing Exchange (NAFEX) window. At the close of business on Thursday, the value of the Naira which had dipped to N1,515.28 to the Dollar at the NAFEX window, had appreciated to N1,498.25. The value of the local currency had dipped on Wednesday despite a $117.87million inflow into the market. At the parallel market, the value of the Naira continued to dip with transactions consummated between N1,610 and…
President Bola Tinubu has approved the appointment of his son-in-law, Oyetunde Oladimeji Ojo, as the new Managing Director/CEO of Federal Housing Authority (FHA). Ojo, who was a member of the House of Representatives, is married to President Tinubu’s eldest daughter, Mrs. Folashade Tinubu-Ojo. Special Adviser to the President on Media and Publicity Ajuri Ngelale, on Thursday, announced the appointment of Ojo and other executive management teams of parastatals under the Federal Ministry of Housing and Urban Development. According to the statement, Mr. Shehu Usman Osidi was appointed Managing Director /CEO of the Federal Mortgage Bank of Nigeria (FMBN). Three Executive…
The Oyo state House of Assembly secretly approved the request of Governor Makinde to further borrow the sum of 150b Naira. The process of the said approval was shrouded in complete mystery. Interestingly, Governor Makinde purchased a private Jet not long after the mystery approval of the 150b Naira loan. What reasonable inference will descerninh minds draw from the scenario above? The issue of Governor Makinde buying a private Jet when the people of Oyo state are suffering from hunger and deprivation is one story. If it is certain that the Governor made the purchase from his personal purse, there…
At a recent public event where he represented his principal, Chief of Staff to the president, Femi Gbajabiamila, used the opportunity to retrieve the hackneyed topic of social media regulations. While he noted the bid failed while he was the Speaker of the House of Representatives, he did not indicate that any new development had since emerged since Nigerians spiritedly resisted the Bill, which had given him a better perspective. So why bring up the topic again? He must have lacked useful things to say. In sensationally describing social media as a “social menace,” Gbajabiamila gave himself away as the…