• Naira falls to ₦1700/$ in the black market
• New petrol price raises inflation to 32.70%
• FG announces cash transfer to 20 million Nigerians
• World Bank lists Naira among list of worst-performing currencies
• TCN begins investigation as ministers deny national grid collapse

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

Naira falls to ₦1700/$ in the black market

The Nigerian currency continues its downward trend as it records a new low at ₦1,700/$ in the parallel market.

The report from the Bureau De Change operators claims that there was a 0.29% decline in the FX, allowing the naira to drop from its previous spot of ₦1,695/$ to ₦1,700 despite the increase in crude oil prices ($80/barrel).

While the naira is exchanged for ₦1,700/$ in the black market, the official market price remains at ₦1,641/$.

New petrol price raises inflation to 32.70%

The new and high price of petrol announced by the Nigerian National Petroleum Company Limited (NNPCL) has affected the inflation rate in the country, raising it to 32.70%.

According to the National Bureau of Statistics (NBS) report, the September 2024 inflation rate rose to 32.70% compared to its August measurement, which was at 32.15%.

The year-on-year inflation report shows that as of September 2023, the inflation rate was at 26.72%.

FG announces cash transfer to 20 million Nigerians

Through the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the federal government has announced that 20 million Nigerians would be beneficiaries of the increase in the country’s revenue.

The Minister stated that these Nigerians would witness a significant change in their life as their standards of living would be turned around.

“The social investment programme is spearheaded by direct transfers to reach 60% of the poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government,” he said.

World Bank lists Naira among list of worst-performing currencies

The World Bank has released its list of the world’s worst-performing currencies, of which Nigeria’s Naira is mentioned.

According to the report, the naira is one of the worst-performing currencies in Sub-Saharan Africa in 2024.

By the end of August 2024, the naira had descended into a significant decline, falling by 43% year-to-date, becoming one of the region’s least powerful currencies. The causes of Naira’s downfall can be traced to several factors, including foreign exchange.

TCN begins investigation as ministers deny national grid collapse

The Transmission Company of Nigeria (TCN) has stated its interest in investigating the reason behind the multiple power grid collapse across the nation on October 14 and 15, 2024.

 The TCN made its statement in response to the Minister of Power Adebayo Adelabu’s comment on the power outage across the nation, claiming that there was nothing wrong with the grid, but it only experienced a trip-off.

The Transmission Company of Nigeria revealed that the national grid had a partial disturbance on Monday, and efforts to repair the error continued on Tuesday. Still, there was a slight setback in the recovery process.