• Naira crashed to its lowest in the official market at ₦996.75/$
• Festus Keyamo warns NLC against disrupting flight business amid protest in Abuja
• Zamfara state whistleblow on the Minister who spent ₦1 billion on an abandoned hotel
• Court intercedes in sales of Shoprite in Nigeria
• Traders in Northern states lament the implication of border closure with Niger

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

Naira crashed to its lowest in the official market at ₦996.75/$

On Thursday, November 9, the Nigerian currency (N) hit its lowest price in history at the official (Nigerian Autonomous Foreign Exchange Market), trading at ₦996.75/$.

This development shocks Nigerians as the naira is underperforming despite the Central Bank of Nigeria’s plans to establish the naira against the US Dollar.

The depreciation of the naira against the dollar represents a 19.14% drop in value compared to the ₦836.61, which it traded on November 8, whereas the naira trades at ₦1,120/$ in the black market.

After the news of the apex bank clearing its backlog last week, the naira has met turbulent seas as it was rated one of the least-performing African currencies by the World Bank.

Festus Keyamo warns NLC against disrupting flight business amid protest in Abuja

The Minister of Aviation and Aerospace, Festus Keyamo, warned Nigerian Labour Country protesters in Abuja, claiming that they were disrupting the activities in the country.

This was in reaction to the NLC members shutting down the gates of Nnamdi Azikiwe International Airport on Thursday, 9.

Festus Keyamo pleaded with the labour union members to end their protests as they affected the economy and the people (citizens and foreigners).

“This is my appeal to them: do not destroy yourselves on the platform of politics. They should not target aviation, and please do not bring politics to aviation. What they are doing is politics, not the labour movement. It is not a fight for the workers. It’s politics.” he said.

Zamfara state whistleblow on the Minister who spent ₦1 billion on an abandoned hotel

The Zamfara state government has whistle-blown on Bello Matawalle, the previous governor of the state and currently the State Minister for Defence.

In addition to accusing Bello Matawalle of the alleged crimes, the state government released documents revealing the illicit squandering of ₦1 billion approved for constructing an abandoned hotel service in the state’s capital, Gusau.

According to the statement released by Sulaiman Bala, the Special Assistant on Media and Publicity to Zamfara governor, Bello Matawalle approved the payment of over ₦1 billion to a construction firm. To date, the project remains incomplete.

“It is worrisome to note that the contractor was overpaid the sum of ₦667,713,161.64 million by Bello Matawalle and subsequently abandoned the project. The work done on-site, as presented in pictures, has been valued at ₦344,088,384.15, representing 29.94% of the total progress.” the statement reads in part.

Court intercedes in sales of Shoprite in Nigeria

A High Court in Abuja has intervened in the legal battle between Novare Investment (PTY), a South African management firm and its Nigerian partners.

The court, led by presiding judge Peter Kekemeke, passed its judgement, stating that all parties were to halt the sale of Shoprite till the motion is decided on February 13, 2024.

In 2020, the company made public its decision to sell to then-interested partner Tayo Amusan, the owner of Persianas Nigeria Limited, a property development company.

Traders in Northern states lament the implication of border closure with Niger

Traders living in Borno, Katsina, Sokoto, and Zamfara have all collectively lamented about the border closure with Niger as they claim it has affected their livelihood negatively

The border closure occurred in August as a reaction to the military usurpation of civilian rule.

Traders from these states have complained about how their businesses have become paralysed due to the security placed on the Niger/Nigeria border.