CBN Governor Blames the Fall of the Naira on Migrating Nigerian Students | 5 Things That Should Matter Today

CBN
  • CBN Governor blames the fall of the Naira on migrating Nigerian students
  • South Africa retorts as Nigeria issues warnings to citizens ahead of AFCON match
  • Naira appreciates to ₦1,419 in the official market
  • Fear of fuel scarcity causes commotion in Lagos and Abuja
  • Niger State residents pour out into the streets in protest against the cost of living

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

CBN Governor blames the fall of the Naira on migrating Nigerian students

Yemi Cardoso

The governor of the Central Bank of Nigeria, Yemi Cardoso, revealed the data from several sources to understand the reason for the constant naira depreciation against the US dollar.

According to the CBN governor, there has been a full-force of Nigerians who are migrating for education or healthcare. He claimed that the exchange rate has surged due to a decline in the supply of US dollars.

“In the 1980s and 1990s, the need for US dollars for their living expenses was minimal. However, recent data show a significant change,” he said.

South Africa retorts as Nigeria issues warnings to citizens ahead of AFCON match

South Africa

The Department of International Relations and Cooperation (DIRCO) of South Africa expressed their thoughts on the advisory published by the Nigerian High Commission in Pretoria.

The DIRCO called the advisory “unfortunate” as it creates alarm and unnecessary tension between South African citizens and Nigerians living in or visiting South Africa”.

The South African government claimed no history of such hostility connected to football between the citizens supporting both teams (Bafana Bafana and Super Eagles); therefore, it does not agree with the apprehension expressed by the High Commission.

Naira appreciates to ₦1,419 in the official market

Naira

The foreign exchange market recently received a huge supply of US dollars, simultaneously making the naira rise against the US dollar in the official market, according to the FMDQ Securities Exchange.

The Nigerian FX market experienced a large turnout of $844 million on February 3, increasing the value of the naira against the US dollar to ₦1,419/$ as opposed to its previous rate of ₦1,435/$.

However, despite the naira appreciation in the official market, the black market has refused to rise as it trades for ₦1,455/$ significantly.

Fear of fuel scarcity causes commotion in Lagos and Abuja

Fuel

Motorists in Lagos and Abuja have begun stockpiling fuel storage as long queues emanated from fuel stations, particularly the nationwide NNPC filling stations.

The reason behind the long queues at NNPC filling stations is that the government-owned fuel station sells its petroleum at a cheaper rate (₦550/litre) than any other privately owned fuel station (₦620).

The Independent Petroleum Marketers Association of Nigeria (IPMAN) identified the reason for the possible scarcity of fuel to be a loading issue, as most oil marketers have faced difficulties in loading the trucks and supplying oil to fuel stations.

Niger State residents pour out into the streets in protest against the cost of living

Niger State protest

The residents of Minna, Niger State, have all shut down the roads in a fit of rage with the government as they lament and protest the rising cost of living and their inability to adjust to it.

Earlier, the National Association of Nigerian Students (NANS) and the governor of Kano State requested that the president of Nigeria, Bola Tinubu, readjust the cost of living in the country as it was unlikely that many citizens would be able to meet it.

The Niger State protest began early in the morning, with the state’s youths demanding a reduction of the cost of living before other elderly citizens joined them in the state, raising their voices till the government provided them with a solution.

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