Naira Depreciates to ₦890.54/$ in the Official Market | 5 Things That Should Matter Today

Naira and Dollar
  • Naira depreciates to ₦890.54/$ in the official market
  • Afrexim Bank and UBA disburse a $2.25 billion loan to NNPC
  • Lagos State Commissioner of Police reveals that officers are not permitted to search phones
  • Foreign airlines threaten strike within the Nigerian market despite $61 million release
  • FG to change funding methods of DisCos

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

Naira depreciates to ₦890.54/$ in the official market

Naira

The Nigerian naira has depreciated to ₦890.54/$ in the official market, losing about ₦15.74 from its earlier valued rate on January 12.

According to NAFEM, the naira was once valued at ₦874.94, but since losing ₦15.74, the naira depreciated to ₦890.54 against the US dollar in the official market. At the same time, it also declined in the black market by falling to ₦1,260/$.

The federal government had earlier projected the dollar rate to be around ₦750 per US Dollar, but the National Assembly had increased it to ₦800/$.

Afrexim Bank and UBA disburse a $2.25 billion loan to NNPC

Afrexim bank

Afrexim Bank recently disclosed that it has sent out its first tranche of the stipulated $3.3 billion loan to the Nigerian National Petroleum Company Limited (NNPCL).

The Afrexim Bank shared that the amount disbursed was around $2.25 billion, with the remainder of the loan being $1.05 billion, which will be paid later.

The loan attracts a 6% per annum interest rate for the agreed 5-year rate at which the loan is expected to be serviced.

Lagos State Commissioner of Police reveals that officers are not permitted to search phones

NPF

The Lagos State Commissioner of Police, Fayoade Adegoke, has voiced that no police officer is allowed to seize and go through the phones of any Nigerian.

The Lagos CP expressed himself by saying that the police officers had a department readily tasked with such responsibilities; therefore, not every officer is given such right, and if any Nigerian is suspected of illegal actions, then the officers are authorised to take them into the station.

“No policeman has the right to beat citizens. You, the people, are the government’s employers; your taxes support us. Thus, we have to treat you with the appropriate decency.”

Foreign airlines threaten strike within the Nigerian market despite $61 million release

airline

Foreign airlines have raised their voice and aired their displeasure over the trapped funds within Nigerian Banks by the CBN.

Although the Central Bank of Nigeria recently released $61 million in trapped funds, the Association of Foreign Airlines and Representatives (AFARN) in Nigeria has issued a threat.

They complained that the $61 million was but a drop of water in the $800 million that foreign airlines are being owed.

FG to change funding methods of DisCos

Electricity

The federal government has expressed its unhappiness with the subpar performance of the electricity distribution companies and seeks to change the funding method of all 11 firms.

The government noticed that despite spending on DisCos for over 12 years, electricity has remained the same.

“Since 2012, not a single dividend has been paid,” an official in the finance ministry claimed.

“You cannot double your growth rate of Gross Domestic Product(GDP ) and increase your base to $1 trillion without power. It is not just going to happen. The question is how do we get to where we want to get to and the mandate that the President has given us if we don’t address something as fundamental as this?”

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