• Naira depreciates in the black market and falls to ₦1,135/$
• CBN stands firm against the rejection of old naira notes
• Labour Party’s VP candidate, Yusuf Datti Baba-Ahmed, demands the resignation of Tinubu and Kashim
• Pres. Tinubu calls for subsidy as he halts the increase in electricity tariff
• Nigeria reveals plans to have direct flights to Algeria

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

Naira depreciates in the black market and falls to ₦1,135/$

The Nigerian currency has again dived in the parallel market as it depreciates against the US dollar.

On Wednesday 8, the Naira depreciated to ₦1,135/$ compared to the ₦1,120 it was once sold in the market.

With a ₦15 increase, Nigerians are still hopeful that the dollar rate can be reduced as it affects the economy and aggravates the inflation rate.

CBN stands firm against the rejection of old naira notes

On November 8, the Central Bank of Nigeria (CBN) published a press release on its social media platform, denouncing the rumours of rejecting old naira notes, a law set during the former Governor of CBN’s administration.

According to the press release, the CBN stated that all old naira notes remained legal tender within the country, and no one should refuse to accept these notes.

“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender. In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment.” the statement reads in part.

Labour Party’s VP candidate, Yusuf Datti Baba-Ahmed, demands the resignation of Tinubu and Kashim

Labour Party’s (LP) Peter Obi’s Vice President candidate, Yusuf Datti Baba-Ahmed, has demanded the immediate resignation of President Bola Tinubu and his Vice President, Kashim Shettima.

In an interview with Arise Television, Baba-Ahmed recalled that the presidential election held in February 2023 was a fluke and consisted of so many irregularities unaccounted for by the courts.

According to him, the electoral success of the Tinubu/Shettima administration was a fraud and unconstitutional.

“Can Tinubu and Shettima just resign and let the Senate President conduct another election? They were fraudulently sworn in, and we will not work with an illegitimate government,” he said.

Pres. Tinubu calls for subsidy as he halts the increase in electricity tariff

President Bola Ahmed Tinubu stopped the hike in electricity tariffs as he demanded a subsidy implementation nationwide.

On Wednesday 8, the Minister of Power, Adebayo Adelabu, announced that per the president’s request, a subsidy is being paid to reduce the hike in electricity tariffs.

“The power sector is an industry that is very sensitive to any leader; you cannot jump overnight and implement the cost-reflective tariff. I can tell you that till today, the government still subsidises power. The tariff should have been raised months back, but Mr President said until we can achieve regular and incremental power supply, we can’t touch the tariff.” he revealed.

Nigeria reveals plans to have direct flights to Algeria

Shortly after Nigerian airline Air Peace announced its achievement of securing a licence to fly directly to London, Nigeria has revealed its plans to also fly directly to North African country Algeria.

The governments of Nigeria and Algeria are set to sign a Memorandum of Understanding (MoU) as they both agree on permitting airlines to fly between Lagos, Abuja, Oran and Algerian.

According to the Minister of Aviation and Aerospace, Festus Keyamo, who revealed this achievement on November 8, the agreement is not expected to take force immediately but until after a few months.