NEWS UPDATE

 

1. Naira Hits All-Time Low at Black Market;

The Nigerian naira has made a significant recovery, hitting an all-time low at the black market with an exchange rate of ₦1047 to $1. This development has sparked widespread rejoice among Nigerians, as the naira has appreciated from ₦1240/$1 to ₦1047/$1 in both the black market and the Central Bank of Nigeria (CBN) exchange rate. However, the impact of this appreciation has not been fully felt in the market, as the price of essential commodities like rice remains high. A bag of rice still costs between ₦87,000 to ₦100,000 in most parts of the country, with some sellers refusing to reduce their prices despite the naira's appreciation.

2. Bobrisky Arrested and Sentenced for Naira Misuse;

Famous transgender Nigerian idol, Bobrisky, has been arrested by the Economic and Financial Crimes Commission (EFCC) for the misuse of the naira. Bobrisky was found guilty by the court and sentenced to 6 months in prison without the option of fine payment. Similarly, Cubana Chief Priest was charged ₦10 million by the Fulani court for the same charge of naira abuse. These developments highlight the government's efforts to curb naira misuse and maintain the currency's value.

3. President Tinubu Commends Dangote Group;

President Bola Tinubu has commended the Dangote Group for its enterprising feat in reducing the gantry price of diesel. Dangote Oil and Gas Limited recently reviewed the gantry price of Automotive Gas Oil (AGO), also known as diesel, downwards from ₦1,650 to ₦1,000 per litre for a minimum of one million litres. The company also offered a discount of ₦30 per litre for an offtake of five million litres and above. This price review represents a 60 percent drop, which is expected to impact the prices of sundry goods and services positively. President Tinubu's commendation highlights the government's appreciation for private sector efforts in stabilizing the economy.

In conclusion, these developments demonstrate the resilience of the Nigerian economy and the efforts of both the government and private sector in stabilizing the currency and prices. While there is still much work to be done, the progress made so far is a testament to the country's potential for growth and development. As the naira continues to appreciate and prices stabilize, Nigerians can expect a better standard of living and a more prosperous future.