Misery of Nigerian importers have continued to worsen as the Central Bank of Nigeria (CBN), on Wednesday, readjusted the Customs exchange rate from N1444.56/$1 to N1,481.482/$1. According to information gathered, the exchange rate was reviewed upward by N36.922 that is, 2.56 per cent against the last increment, in the early hours of Wednesday, 14th February, 2024. Also, the adjustment will be the 5th in 12 days and 9th since the beginning of the administration of President Bola Tinubu in May 2023. Marítime experts have, however, argued that with the upward review, Nigerians will pay more to clear their goods at…
Author: Editor-in-chief
The National Chairman of All Progressives Congress, Dr Abdullahi Ganduje, has charged Nigerians to look beyond the criticisms that have trailed the reforms of President Bola Tinubu, saying they were orchestrated to distract the people. He spoke against the backdrop of growing public outcry over the rising cost of living in the country occasioned by the removal of subsidy and floating of the naira by the Tinubu government. Ganduje made the appeal when he received a delegation of North Central leaders led by former Senate President, Senator Ameh Ebute, a former legislator from Benue State, Senator Jack Tilley-Gyado, and Plateau…
The naira yesterday depreciated to N1,565 per dollar in the parallel market from N1,510 per dollar on Tuesday. Similarly, the naira yesterday depreciated to N1,503.38 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,503.38 per dollar from N1,499.07 per dollar on Tuesday, indicating N4.31 depreciation for the naira. As a result, the gap between the official and parallel market exchange rates widened to N61.65 per dollar yesterday from N10.93 per dollar on Tuesday
The Sultan of Sokoto, Muhammad Sa’ad Abubakar-led Northern Traditional Council, has warned that rising poverty, hunger and insecurity in the country will force people to revolt against President Bola Tinubu’s government very soon. It is getting to a level that traditional leaders could no longer pacify the people from revolting against government and political leaders that are supposed to find solutions to their lingering socio-economic plight,” Mr Sa’ad said. We have reached that level, people are very agitated, people are hungry, they are angry, but they still believe there are people who can talk to them, they believe in some…
The Federal Government has declared that Nigeria can no longer continue to subsidize electricity as the country must begin to move towards a cost-effective tariff model. This is as it stated that the country is currently indebted to the tune of N1.3 trillion to generating companies (GenCos), while the gas companies are being owed $1.3 billion. This was disclosed by the Minister of Power, Adebayo Adelabu, while addressing a press conference on Wednesday, February 14, 2024, in Abuja, where he revealed that the country’s power debt has continued to skyrocket. While speaking at the press conference which also had the…
Governor Seyi Makinde of Oyo state just acquired a Private Jet and that will make him the first ever occupier of Agodi Government House to join the League of private Jet owners in Nigeria. Recall that the sage, Jeremiah Oyeniyi Obafemi Awolowo, the Cicero of Esa Oke, John Ajibola Ige, Otun Olubadan, High Chief Rashidi Adewolu Ladoja, the Great Lam Adesina, Baba Kolapo Isola and Abiola Ajimobi have had the opportunity to occupy the office of Governor of Oyo state as democratically elected Governors before Makinde. Just like Makinde, late former Governor Ajimobi had two terms of four years. I…
The letter, which was obtained by SaharaReporters, dated 5th of January, 2024, and signed by State Secretary of APC, Ibrahim Zakari asked the Nigerian Police Force to arrest the sixteen individuals and charge them to court according to terms provided by the party. Aleaked memo from the All Progressives Congress (APC) in Kano State has shown how the party got across to the Nigeria Police Force, and attempted to use the security agency to arrest and silence 16 notable persons in the state for allegedly inciting people against their party via social media posts, The letter, which was obtained by…
Bayo Onanuga, a media aide to President Bola Tinubu, says South Africa’s national minimum wage is higher than Nigeria’s, underlining the so-called giant of Africa’s abject poverty. Nigeria is a very, very poor country,” Mr Onanuga said in an interview with ARISE TV on Monday night. The presidential spokesman stressed that Nigeria is a poor nation with exaggerated wealth. I will tell (you) why I say we are a poor country. I think we have a wrong impression of the wealth of our country. It is exaggerated,” Mr Onanuga said. Mr Onanuga added, “Start from minimum wage: when you compare…
The Central Bank of Nigeria (CBN) has raised the exchange rate for computing Customs duties at the nation’s seaports again, making it the fourth increase in 10 days. Information obtained from the official trade portal of the Nigeria Customs Service shows that the exchange rate was reviewed upward yesterday, February 12, from 1,417.635/$ to N1,444.56/$. This is as the Sea Empowerment Research Centre (SERC) called on the minister of finance and coordinating minister of the economy, Wale Edun, to direct the CBN to stop the incessant increment of exchange rate for customs duty assessment. The latest increase represents a 1.9…
Amidst the excruciating suffering faced by Nigerians, the International Monetary Fund (IMF) has called on the Federal Government to phase out completely fuel and electricity subsidies because they do not reach those who need the government’s support. The IMF, however, acknowledged that “Temporary and targeted support to the most vulnerable in the form of social transfers is needed, given the ongoing cost-of-living crisis.” The Fund stated that the government’s policy intentions are well placed to address risks of a downside scenario where difficult trade-offs may arise between urgent humanitarian needs and debt service, including to the Fund, and in such…