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Naira appreciates to N1,000 per dollar at FX black market

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The Nigerian currency, the Naira, strengthened to N1000 per US dollar at the beginning of Monday’s foreign exchange market session, as reported by Mistila Dayyabu, a Bureau De Change operator speaking to DAILY POST. Dayyabu anticipates further appreciation of the Naira below the N1000 per dollar threshold throughout the week.

Dayyabu stated, “The Naira is currently trading between N1000 and 1050 per dollar on Monday. As the week progresses, we expect the Naira to appreciate even further, dropping below N1000 per dollar.”

This development follows shortly after the Naira was recognized as the best-performing currency for April by Goldman Sachs. Last Friday, the Naira experienced a gain of N60 against the dollar post-Eid-el-Fitr holidays.

Over recent months, the Naira has consistently appreciated against the dollar, moving from N1,900 in February to N1000 in the parallel market.

Despite the Naira’s strengthening, Nigerians have expressed concerns that this hasn’t translated into lower prices for goods and services. The latest inflation report from the National Bureau of Statistics revealed a rise in food inflation to 40.01 percent in March 2024.

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Court stops increment in prices of DSTV, GOTV subscription

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On Monday, a Competition and Consumer Protection Tribunal (CCPT) in Abuja issued a temporary order preventing Multichoice Nigeria Limited, the parent company of DStv and GOtv, from raising their tariffs and the prices of their products and services, which were set to commence on May 1.

The three-member tribunal, led by Saratu Shafii, granted the interim injunction after an ex-parte motion presented by Ejiro Awaritoma, the counsel representing Festus Onifade, the applicant.

In its ruling, the tribunal instructed Multichoice to halt its planned price hike scheduled to take effect from May 1 until the hearing and determination of the motion on notice.

Shafii emphasized, “The 1st defendant is hereby restrained from taking any action(s) that may adversely impact the rights of the claimant and other consumers regarding the case until the hearing and determination of the motion on notice.”

The tribunal directed all involved parties to appear before it on May 7 at 10 am for the hearing and determination of the motion on notice.

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The News Agency of Nigeria (NAN) reported that Onifade, in the case labeled: CCPT/OP/2/2024, brought Multichoice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC) before the tribunal.

In the lawsuit filed on April 29, Onifade, who is also a legal practitioner, sought two injunctions:

  1. An interim injunction to prevent the 1st defendant from implementing the impending price increase scheduled for May 1, 2024, until the hearing and determination of the motion on notice.
  2. An injunction to prevent the 1st defendant from taking any actions that might harm the rights of the claimant and other consumers concerning the case, until the hearing and determination of the motion on notice.

The other members of the tribunal include Thomas Okosun and Dr. Umar Duhu.

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JAMB releases 2024 UTME results

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The 2024 Unified Tertiary Matriculation Examination (UTME) results have been released by the Joint Admissions and Matriculation Board (JAMB). According to DAILY POST, the examination was taken by over 1.94 million candidates across 118 towns and over 700 centers nationwide.

During the announcement of the results in Bwari, Abuja, the Registrar of JAMB, Prof Ishaq Oloyede, disclosed that a total of 1,989,668 candidates registered for the exam, marking a 24.7 percent increase compared to 2023. Among the registered candidates, 1,904,189 were present and verified, 2,899 were present but not verified, and 80,810 were absent.

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Finidi George appointed as Super Eagles coach

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Finidi George has been appointed as the new coach of the Super Eagles.

The Nigeria Football Federation (NFF) announced Finidi’s appointment on Monday in a statement on its official website.

The statement reads in part,

The Board of Nigeria Football Federation on Monday approved the recommendation of its Technical and Development Committee to appoint former ace winger Finidi George as Head Coach of the Senior Men National Football Team, Super Eagles.

George, who spent 20 months as assistant to José Santos Peseiro before the Portuguese voluntarily left the post following the accomplishment of Africa Cup of Nations runner-up position at Cote d’Ivoire 2023, took charge of the squad in interim capacity during two friendly matches in Morocco last month.

CREDIT: mcebiscoo

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