The CBN clears the air on the redenomination of Naira notes; Naira depreciates to ₦1,185 at the black market | 5 Things That Should Matter Today

CBN
  • Lagos State government signs off on $1.35 billion for construction of 4th Mainland Bridge
  • Rivers State saga continues as PDP Governors meet to discuss Fubara’s impeachment, Tinubu joins in
  • The CBN clears the air on the redenomination of Naira notes
  • Naira depreciates to ₦1,185 at the black market
  • President Tinubu chides son for attending FEC meeting uninvited

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

Lagos State government signs off on $1.35 billion for construction of 4th Mainland Bridge

Governor Babajide Sanwo-Olu

The Lagos State government has signed a collaboration with the African Export-Import Bank (Afreximbank) and Access Bank for an investment worth $1.35 billion to be used for long-term infrastructures within the state.

Signed by Governor Babajide Sanwo-Olu, the governor listed the critical projects which will be built with the funds, such as the Fourth Mainland Bridge, Omu Creek and the second phase of the LRMT Blue Line from Okokomaiko to Mile 2.

“Our vision for Lagos is becoming a reality with the Lekki-Epe International Airport and the Lagos Food Systems and Logistics Hub in Epe. These projects will further boost our economy and serve generations to come. The future of Lagos is brighter than ever.’’ he said.

Rivers State saga continues as PDP Governors meet to discuss Fubara’s impeachment, Tinubu joins in

Rivers State Governor

According to reports, the Peoples Democratic Party (PDP) governors have met at the Oyo state governor’s Lodge in Abuja concerning the scheme to impeach Siminalayi Fubara, the governor of Rivers State.

The war between Nyesom Wike, the minister of FCT and Siminalayi Fubara has spread through the Nigerian political state actors as President Bola Tinubu has decided to resolve the issue between the two political figures.

Since the beginning of the conflict with both parties, Rivers State has been in turmoil as youths stormed the streets upon hearing the news of the impeachment of Fubara.

The CBN clears the air on the redenomination of Naira notes

CBN

The Central Bank of Nigeria (CBN) has debunked the flying rumours about its redenomination of the Nigerian currency.

On October 31, Isa AbdulMumin, the CBN, released a statement by the Director, Corporate Communications, saying there was no plan to redenominate the naira.

“For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira. While the Bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.” the statement read.

Naira depreciates to ₦1,185 at the black market

Naira and Dollar

The Naira has yet again dipped against the US Dollar at the parallel (black) market.

The Nigerian currency (₦) fell 3.04% in comparison with the 1,150 that it sold on Monday.

Presently, the Bureau De Change operators are buying Naira at ₦1,150 and selling at ₦1,185, while in the official market, the Naira has appreciated to ₦815.32/$.

President Tinubu chides son for attending FEC meeting uninvited

Tinubu

Before the Federal Executive Council (FEC) meeting, the president discovered that uninvited guests were present in the meeting room, including his son, Seyi Tinubu.

The Nigerian president was furious about the lax security concerning access to the council chamber of the State House, and he warned against it.

“Last week, I noticed the undue access of people sneaking in and out of this council, including… I saw a photograph of my son, Seyi, sitting behind… That is not acceptable,” he said.

The president further went ahead to list only those who were permitted to be in attendance at the weekly FEC meeting.

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