Author: Akintayo Adams

Over the weekend, the Naira appreciated by ₦125, a 9.8 per cent increase, to reach ₦1,275/$1 from the previous ₦1400/$ at the close of trade on Friday. Last Monday, the Central Bank of Nigeria sold $15.83m to 1,583 BDC operators to enhance liquidity in the parallel market. The naira resumed its declining trend against the US dollar at the official foreign exchange market, ending at N1,339/$ on Friday, according to statistics from the FMDQ securities exchange. In comparison to the N1,309/$ quoted on Thursday, this is a 2.24 percent depreciation, indicating a complete week of devaluation in the official market.…

A pro-democracy group, The Democratic Front (TDF) has berated the Peoples Democratic Party (PDP) for placing itself in a position to give solutions to President Bola Ahmed Tinubu. The group claimed PDP failed woefully when in power and landed the country in its present unfortunate economic state. In a statement jointly signed by its chairman, Danjuma Mohammed and secretary, Wale Adedayo, they reacted to the communique issued by PDP at the end of its recent National Executive Committee meeting. “Rather than bury their heads in shame because of the roles the former ruling party played in bringing the country to…

The Federal Competition and Consumer Protection Commission (FCCPC), through Dr. Adamu Abdullahi, its acting Executive Vice Chairman, said the sealed Abuja Chinese supermarket discriminated against Nigerians by pricing all its products in Chinese yen instead of the Nigerian naira. This was revealed in a recent interview with Channels TV. “The discovery was significant when our officials visited the supermarket. All the products were labelled in yen, the only currency accepted. This is against Nigerian law. You cannot sell products in foreign currency; everything sold in Nigeria should be in Nigerian currency. “We also confirmed that they only allowed Chinese people…

According to President Bola Tinubu, his administration is spending money on technology that is specifically designed to guarantee accountability and transparency in government, as well as to speed up public sector performance and service delivery to the Nigerian people. The President revealed this in a meeting with Microsoft founder and philanthropist, Bill Gates, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, on Sunday. In a statement by Presidential spokesman, Ajuri Ngelale, Tinubu opined that technology is a weapon that is guaranteed to be successful against corruption and financial recklessness in public service. “Technology is…

President Bola Ahmed Tinubu on Sunday said Nigeria’s tech environment is ready for foreign investments. “We have an infrastructure deficit and you can take advantage of that and invest early and deeply in an environment that is absorptive and ready for it. “It is modeled after a willing-buyer and willing-seller arrangement. Easy capital in and easy capital out.” Tinubu was speaking with the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development. He…

In order to facilitate more container shipping services in Nigerian ports, President Bola Tinubu has obtained a $600 million investment from A.P. Moller-Maersk, a Danish shipping and logistics company. A.P. Moller-Maersk Chairman Mr. Robert Maersk Uggla announced the company’s decision on Sunday in Riyadh, Saudi Arabia, during a meeting with President Tinubu on the fringes of the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development. In a statement by his spokesman, Ajuri Ngelale, the President noted that this investment will complement his administration’s ongoing $1 billion investment in seaport reconstruction across the eastern and western…

Following Monaco’s 3-2 loss against Lyon, who were in second place, Paris St-Germain won their third straight Ligue 1 championship. With just three games left, PSG is unbeatable, leading by 12 points. PSG has won 10 Ligue 1 titles in the last 11 years, making this their 12th overall. The team led by Luis Enrique will now focus on taking home the team’s first Champions League trophy. Next month, they play Borussia Dortmund in the semifinals. Join our WhatsApp community via https://rb.gy/7jahti for instant and latest news updates.

Alaba Excel Abbey, a campaign organizer for Ondo state’s current governor, Lucky Aiyedatiwa, has been killed. The incident reportedly occured at his residence in Supare Akoko, Akoko South West Local Government Area. According to information, the deceased served as the All Progressives Congress (APC) returning officer in Ward 10 during the recently held governing party primary. Mr. Samuel Abbey, the deceased’s younger brother, acknowledged the tragic event and disclosed that the politician had been shot in front of his home. As for the horrific murder of Mr. Abbey, the Lucky Aiyedatiwa Campaign Organization Foot-Soldiers (LACO-SF) has denounced it. The group…

Sequel to the tanker explosion, and the ensuing damages in Rivers State, President Bola Tinubu has directed federal agencies to continue providing support to the state government in addressing the aftermath of the tragedy. President Tinubu’s message was contained in a statement issued on Sunday by his Special Adviser on Media and Publicity, Ajuri Ngelale. “President Bola Tinubu extends his heartfelt condolences to the families of the victims of the fire incident caused by an articulated vehicle conveying petroleum product at the Eleme section of the East-West Road in Port Harcourt, Rivers State. “Commiserating with the government and people of…

The Central Bank of Nigeria (CBN) and the federal government have been cautioned by senator Ned Nwoko, who represents Delta North, not to take any actions that could “artificially” force the value of the naira to increase relative to other currencies. He told the CBN to “concentrate on tackling the main issues responsible for the naira depreciation”, adding that “there is no short-cut to success”. Nwoko spoke on Saturday in Abuja. He emphasized that Nigeria must increase naira demand, saying that the value of a sovereign nation’s currency is the basis of international cooperation and respect. As a country that…