The Naira Records New Depths in the Official Market and Trades at ₦1,348/$ | 5 Things That Should Matter Today

Naira
  • Tinubu signs approval of $700 million roads to improve business at Lekki port
  • NAF makes demands for unpaid debt before assisting INEC any further
  • The naira records new depths in the official market and trades at ₦1,348/$
  • Dangote refinery imports crude oil from the US
  • EFCC arraigns impeached Ogun State speaker and two others

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

Tinubu signs approval of $700 million roads to improve business at Lekki port

President Bola Tinubu recently approved the construction of seven roads worth $700 million to enhance business activities and logistic benefits at the Lekki Deep Sea Port.

The Chairman of Lekki Port, Abiodun Dabiri, revealed this news during the berthing of the largest container carrier to sail on Nigerian waters.

The $700 million road construction is among the plans of Tinubu’s administration to support the efforts of investors and optimise the prosperous “Blue Economy” within the country’s maritime domain.

NAF makes demands for unpaid debt before assisting INEC any further

NAF

The Chief of the Air Staff, Air Marshal Hassan Abubakar, has requested that the Independent National Electoral Commission (INEC) repay its debt owed to the NAF before it could consider assisting in airlifting materials required for the upcoming by-elections.

INEC is scheduled to conduct by-elections on February 3, and in hopes of receiving assistance from the NAF, the INEC Chairman, Prof Mahmood Yakubu, took a trip to Abuja to see Abubakar who made his requests clear and instantaneous.

“I would like to seize this opportunity to remind the Chairman that some outstanding bills are yet to be cleared by INEC. The settlement of those bills will enable us to serve you better,” Abubakar said.

The naira records new depths in the official market and trades at ₦1,348/$

Naira

The Nigerian currency has taken a turn for the worse as it trades for ₦1,348/$ in the official market, its lowest record yet.

The devaluation represents a 51.21% drop from the ₦891.90/$ rate, last recorded on January 26.

The naira first peaked at ₦1,000/$ last year on December 8. It was thought to be the lowest the Nigerian currency would go against the US dollar till yesterday’s report, according to the FMDQ Securities Exchange.

Unfortunately, the naira is trading at ₦1,450/$ at the parallel market, making the economy tight and unsafe for Nigerians.

Dangote refinery imports crude oil from the US

Dangote refinery

The Dangote PMS refinery is set to import crude oil from America in the next few months as the refinery moves to begin pumping refined products.

Dangote Refinery expects to receive two million barrels of crude oil from Trafigura Group in February 2024, as Bloomberg reports dignify the competitiveness of American barrels in the international market.

The Dangote Petroleum Refinery and Petrochemical Project is a 650,000 barrels per day (bpd) crude oil facility in Dangote Industries Free Zone, Ibeju-Lekki, Lagos.

EFCC arraigns impeached Ogun State speaker and two others

EFCC

The Economic Financial Crimes Commission (EFCC) has arraigned the impeached speaker of the Ogun House of Assembly, Olakunle Oluomo, before the Federal High Court in Abeokuta.

The EFCC accused Oluomo and his cohorts of moving ₦2.5 billion belonging to the Assembly. The misappropriation of public funds by these three has led them to court, where the presiding judge has adjourned the case to March 1.

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