In a slight upward movement, the Nigerian naira gained ground against the United States dollar on Tuesday, climbing to N1,499 from its previous all-time low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market. This positive shift marks a 2.3% increase or N35, as reported by FMDQ Exchange, a platform renowned for publishing official foreign exchange trading data in the country. The naira has been under pressure due to several economic factors, including the removal of fuel subsidies and the consolidation of the exchange rate market initiated by President Bola Tinubu. From May 2023 to February 2024, the local…
Author: Editor Francis
In a decisive move reflecting growing concerns over the state of the nation, the Board of Trustees (BoT) of the Peoples Democratic Party (PDP) convened its 76th meeting on Tuesday, February 13, 2024. In a comprehensive assessment, the BoT addressed pressing issues affecting Nigeria and the Party, resulting in a resolute communique. The communiqué outlined a series of profound concerns regarding the economic and security challenges gripping the nation. The BoT expressed deep distress over the pervasive economic hardship, soaring costs of essential commodities, and alarming food scarcity, attributing these issues to what it described as “ill-implemented policies” of the…
A complex digital solution for your business is definitely one that consists of an innovative and scalable technology that can develop with your firm and adapt to the needs you have. It also encompasses a range of products and technologies that can interact with each other or individually, allowing you to select the best merge to meet your business goals. It includes digitalizing legacy processes revisiting customer experience and reducing costs. These alternatives are often entrusted by occupation owners to achieve short term objectives and deliver rapid repayment to the organization. They are an essential component of information technology, which…
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In a significant development at the Federal Capital Territory High Court in Maitama, Abuja, the former Secretary of the Government of the Federation (SGF), Boss Mustapha, appeared as a witness in the ongoing fraud trial involving the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Mustapha, serving as the fourth prosecution witness, made startling revelations on Tuesday, alleging that $6.2 million had been released from the Central Bank in February 2023 under false pretences. He claimed that this sizable sum was obtained through the use of a forged document, a matter that has become central to the…
The Association of Master Bakers and Caterers of Nigeria has issued a stern ultimatum to the Federal government, threatening to suspend its nationwide services from February 27 if the government fails to honor its 2020 agreement with the association. This agreement includes the implementation of financial support palliatives promised to bakers as part of post-COVID-19 support programs for Small and Medium Enterprises (SMEs). The association is demanding immediate action on various fronts, including the promised financial support for bakers who have suffered significant losses, suspension of all taxation on the bakery industry at federal, state, and local government levels, and…
The Nigerian Senate convened a crucial meeting today with top officials from security agencies and the economic team to address the nation’s escalating security concerns. At approximately 11:35 am, the Senate took the unprecedented step of suspending its rules to grant access to non-lawmakers for participation in the plenary session. Senate President GodsWill Akpabio, who presided over the session, had summoned key security personnel two weeks ago for a meeting scheduled for last Tuesday. However, the Chief of Defence Staff and the National Security Adviser were notably absent, prompting the Senate to postpone the meeting. Akpabio emphasised the importance of…
The trial of former Central Bank of Nigeria Governor, Godwin Emefiele, resumed on Monday at the Federal Capital Territory High Court in Maitama, with testimony from Onyeka Ogbu, a deputy director at the apex bank, implicating Emefiele. The Economic and Financial Crimes Commission (EFCC), is prosecuting Emefiele on amended 20 counts including forgery, criminal conspiracy, conferring undue advantage, and breach of trust. Emefiele stands accused of impersonating the Secretary to the Government of the Federation (SGF) to unlawfully obtain $6.2 million. The EFCC alleges that on February 8, 2023, Emefiele, in collaboration with Odoh Ocheme (currently evading authorities), obtained the…
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The Academic Staff Union of Universities (ASUU) has raised alarm over the Federal Government’s persistence in using the Integrated Personnel Payroll Information System (IPPIS) to disburse lecturers’ salaries. In an interview, ASUU National President, Prof. Emmanuel Osodeke, lamented the government’s failure to fulfill its promise of removing tertiary institutions from the IPPIS platform, noting that salaries for February were still paid through IPPIS. Despite the FG’s announcement in December 2023 exempting tertiary institutions, including universities, polytechnics, and colleges of education, from IPPIS, Osodeke highlighted the continued utilisation of the system, which was initially introduced in 2006 to streamline payroll for…
The National Agency for Food and Drug Administration and Control (NAFDAC) reiterated its commitment to enforcing the ban on the importation, manufacture, distribution, sale, and use of alcoholic beverages in sachets, PET, and glass bottles of 200ml and below. Prof. Mojisola Adeyeye, the Director-General of NAFDAC, emphasised that the ban was implemented for the well-being of Nigerians and to safeguard lives. Despite protests from distillers and labour unions, who argued that the ban would jeopardise the jobs of approximately 500,000 workers, NAFDAC remains resolute. Christiana Obiazikwor, the Head of Public Relations Office at NAFDAC, clarified that the ban specifically targets…
On Monday, the Nigerian naira plummeted to an unprecedented low of N1,534 against the US dollar on the official Nigerian Autonomous Foreign Exchange Market. This marks a significant decrease of 3.93 percent, representing a loss of N58 compared to the previous week’s closing rate of N1,476.13/$, as reported by FMDQ Exchange, the platform responsible for publishing official foreign exchange trading rates in the country. This recent official rate stands as the lowest recorded since the Central Bank of Nigeria adopted a floating exchange rate regime in June 2023. Conversely, at the parallel market, the naira was traded within the range…