The dollar at the parallel exchange market on Tueday plummeted to between N805 to N790. This comes after the meeting between the acting CBN governor, Folashodun Shonubi and President Bola Ahmed Tinubu on the exchange rate of naira. According to Daily Trust, the dollar started a steady decline from N925 to N930 that it was exchanged in the morning till around 4:00 pm when news about a possible Central Bank of Nigeria (CBN) intervention filtered through to the Bureau De Change (BDC) operators. Recall that the CBN announced plans to take critical decisions to reverse the slide of the naira…
Author: Victor Fola
President Bola Tinubu on Tuesday assured Nigerians that there will be no increase in the pump price of Premium Motor Spirit (PMS), or petrol, anywhere in the country. The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, noted that the market has been deregulated and will remain so. He emphasised that government will address the inefficiencies within the midstream and downstream petroleum subsectors to maintain prices where they are without having to resort to a reversal of the administration’s policy in the petroleum industry. This comes less than 24 hours after the Nigerian National Petroleum Company (NNPC)…
The House of Representatives Ad-hoc Committee on Students Loan Fund and Access to Higher Education has announced its intention to amplify student loans from an initial 1% to an impactful 3% of the annual federal revenue. This significant development follows the enactment of the Access to Higher Education Act, 2023, in June, a legislation aimed at providing financial support to Nigerian students pursuing higher education. The legislation, spearheaded by President Bola Ahmed Tinubu, entails channeling 1% of the federal government’s revenue from oil and other minerals, alongside 1% of taxes, levies, and duties acquired by the Federal Inland Revenue Service…
United States secretary of state, Anthony Blinken has lauded President Bola Tinubu’s leadership of the Economic Community of West African States (ECOWAS) over the Niger Republic crisis. It was gathered that Blinken spoke with the president via phone on Monday to commend him for his decisive leadership in the crisis. “The Secretary commended President Tinubu’s leadership of the Economic Community of West African States (ECOWAS) Second Extraordinary Summit on the situation in the Republic of Niger,” the statement reads. “He noted the importance of maintaining pressure on the National Council for the Safeguard of the Homeland (CNSP) to restore constitutional…
A recent survey conducted by a Lagos-based public perception consulting and strategic communication firm, in collaboration with Analysts Data Services and Resources (ADSR), has revealed that 62% of Nigerians have a positive outlook on Nigeria’s progress under the administration of President Bola Ahmed Tinubu. The survey, which included a total of 1,714 participants representing all six geopolitical zones of the country, sought to gauge public opinion regarding the first 60 days of President Tinubu’s administration. According to the report by The Cable, the findings showed that 38% of respondents expressed doubts about the country’s forward trajectory under the current administration,…
Lecturers of Osun State Polytechnic, Iree have disregarded the school management’s order to resume duty in light of the suspension of the Rector and subsequent appointment of an acting Rector by the state government. The Academic Staff Union of the school, following the suspension of Dr Tajudeen Odetayo and the appointment of Mr Kehinde Alabi, the acting Rector, halted academic activities, branding the suspension as a witch-hunt and Alabi’s appointment as a violation of the institution’s laws. The strike has disrupted the ongoing examinations for part-time students, and academic activities for regular students remain on hold. In a memo issued…
The Osun State Government led by Governor Ademola Adeleke has come under fire in the state after it denied the Osogbo/Olorunda/Irepodun/Orolu Federal Constituency Committee of the All Progressives Congress (APC) the use of Freedom Park for an event to celebrate Senator Ajibola Basiru’s emergence as the National Secretary of APC. The decision has since sparked massive outrage in the state with the people displeased that a facility meant for the public is being withheld because of political affiliation. The committee claimed that despite payment being accepted by the management of Freedom Park, the state government has intervened to prevent the…
In a swift reaction to media reports of a fresh plan to increase the price of Premium Motor Spirit popularly called petrol, the Retail arm of the Nigeria National Petroleum Company Limited has slammed such report as fake. In a statement on Monday, it said that they do not have any intention to increase pump prices as widely speculated. It urged its customers to disregard the speculations being made in some quarters. It said, “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.…
Deeply concerned about the rising exchange rate of the naira to the dollar, President Bola Tinubu has met with the acting governor of the central bank, Folashodun Sonubi. It was gathered that they discussed what “could be done to stabilize” the Nigerian currency and how to “improve the liquidity in the market.” Briefing journalists after the meeting at the State House Abuja, blamed speculators for the current exchange rate, saying the president is “very concerned” about the situation. “We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply but…
President Bola Tinubu has given his seal of approval to measures aimed at stabilizing and enhancing liquidity in the market, including the parallel market. Speaking to reporters at the Presidential Villa, Abuja, after meeting with President Tinubu, the Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, revealed that the activities witnessed in the parallel market were motivated by speculative demands. Mr. Shonubi expressed the President’s worries about the impact on the average person, as local economic activities are still influenced by parallel market exchange rates. The Acting Governor issued a stern warning to those involved in…