The Naira fell against the dollar at the Investors and Exporters window, trading at N463.67, a 0.7% decline from the N463.33 to the dollar sold on Wednesday.
Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo on Friday launched the multi-billion dollar Kano River Irrigation Project (KRIS) in the Bunkure Council Area in Kano State, which will benefit at least one million lives.
Currency Outside Banks (CoB) increased by 66% based on Month-on-Month, N1.4 trillion in March, up from N843 billion in February 2023. This reflects the impact of the implementation of the Supreme Court order that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.
Works Minister, Babatunde Fashola said more than 700km of roads across 11 states in the country will be completed. Fashola made the
The money borrowed from the federal government in the first quarter has exceeded N3.17 trillion in total, according to records. Data obtained by The Nation Economic Intelligence showed that the government had raised N3.17 trillion in the past three months by issuing regular bonds, retail savings bonds, and treasury bills at the domestic capital market.
On 25 February, Nigerians will cast their vote for their choice of president. Federal elections will hold while state elections will be held on 11 March. The United Nations(UN) office in Nigeria has outlined a number of concerns in the build-up to Nigeria’s general elections.
All Progressives Congress (APC) Presidential Candidate, Sen. Bola Tinubu has appealed to Nigerians not to take the law into their hands through destructive protests because of the current naira notes scarcity.
President Muhammdu Buhari has approved the continued use of the old N200 naira notes as legal tender till April 10. The President made this known on Thursday morning during an address to Nigerians. He said
The current naira crisis happening in Nigeria is predicted to cause problems on a national level. Mr-Bismarck-Rewane, the Chief Executive Officer, of Financial Derivatives Company Limited, has projected that Nigeria would suffer a total GDP loss of $18 million. This is as well as a total man-hour loss of 120 hours (five days) per month. He estimates that this will be due to the disruption in economic activities. The implementation of the Central Bank of Nigeria’s currency swap of old currency notes of N1,000, N500 and N200 for newly printed Naira notes is a likely trigger.
The Ogun state Governor has emphatically said that the state will begin the distribution of palliatives to citizens to ease the suffering caused by the scarcity of the Naira and fuel. The governor, Dapo Abiodun, said this on Friday, stating that his administration would have to intercede in the suffering of the people.