The Naira Depreciates Against the US Dollar and Pounds | 5 Things That Should Matter Today

Naira
  • AEDC threatens to cut off power supply to the Presidential villa and others over ₦923 million debt
  • The naira depreciates against the US dollar, and pounds
  • ASUU speaks up on FG’s payment of 2 months’ withheld salaries
  • Ibadan residents lament and protest against economic hardship
  • Nigerian Breweries set new prices for beers amidst inflation in the country

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

AEDC threatens to cut off power supply to the Presidential villa and others over ₦923 million debt

The Abuja Electric Distribution Company (AEDC) announced its intentions to disconnect the power supply that serves the presidential villa, ministries, departments, and agencies in Abuja over a ₦47.1 billion unpaid debt.

The electric company stated that the Presidential Villa owed ₦923 million for electricity charges.

The AEDC gave the ministry a ten-day ultimatum to provide the funds and pay their debts before the electricity company disconnected the power supply.

The naira depreciates against the US dollar, and pounds

Naira and Dollar

The Nigerian currency has recorded a staggering new fall in the valuation of currencies in the foreign exchange market as it once again shocks Nigerians at how further it can depreciate.

The naira resumed its freefall on February 20, trading at ₦1,700/$ and ₦2,100/£ on the black market. This is a new all-time-low record for the Nigerian currency on foreign exchange.

ASUU speaks up on FG’s payment of 2 months’ withheld salaries

The Academic Staff Union of Universities (ASUU) spoke up on the payment of 2 months withheld salaries by the federal government.

According to the National President of ASUU, Prof Emmanuel Osodeke, although the government announced that it had begun paying the salaries of ASUU members, the reality was different from the supposed tale.

The federal government had allegedly paid only two out of seven and half months of withheld salaries, and not everyone has received these payments.

Ibadan residents lament and protest against economic hardship

Residents of Oyo state took up their placards to protest against the financial hardship, inflation and insecurity in the country, as most citizens are now unable to feed themselves.

With the rise of the US dollar against the Naira, Nigeria, which mainly depends on imported goods, cannot subsidise the reported products as merchants have hiked prices on them, making it nearly impossible for people to afford them.

On the placards, the Ibadan protesters wrote, “End food hike and inflation”, “insecurity is not our birthright”, and more.

Nigerian Breweries set new prices for beers amidst inflation in the country

Nigerian Breweries Plc have released an open letter announcing the change in the price of their alcoholic beverages due to the hike in inflation in Nigeria.

The NB Plc, including 33 Extra, Heineken, Gulder and more, stated that due to the cost of production, the retail goods would also be sold at a higher price than before.

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