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Naira depreciates against dollar for second time

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On Wednesday, Nigeria’s currency, the naira, experienced a depreciation against the US dollar in the foreign exchange market. Official data from FMDQ revealed that the country’s currency declined to N840.53 against the dollar at the close of business on Wednesday, compared to N830.97 the previous day. This indicates a N9.56 depreciation compared to the exchange rate at the close of business on Tuesday. This marks the second instance of the country’s currency depreciating on the official FX market since last week.

Similarly, at the Parallel Market, the naira was exchanged at N1,150/$1 on Wednesday, up from N1,130/$1 on Tuesday. Concurrently, the country’s forex turnover increased by 61.86%, reaching $198.21 million.

The context for this comes amid the Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, failing to hold a Monetary Policy Committee meeting for the second time in two months. It’s noteworthy that the naira has experienced fluctuations in the FX market since the introduction of reforms by the CBN in June of the current year.

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Police arrest Portable over G-Wagon debt

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The Lagos State Police Command has arrested popular musician Habeeb Okikiola, popularly known as Portable.

DAILY POST learnt that the controversial singer was nabbed on Tuesday following his alleged refusal to pay the debt he incurred when he purchased G-Wagon from a car dealer in the state.

According to reports, Portable had paid only N13 million after purchasing the vehicle, which was worth N27 million. He was said to have refused to pay the N14 million balance.

The car dealer reportedly took the matter to the police, leading to the arrest of the singer.

When contacted by DAILY POST, the Lagos State Police Public Relations Officer, Benjamin Hundeyin, confirmed the arrest.

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He simply said: “The report is true. He was arrested today.”

CREDIT: DAILY POST

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Electricity Tariff Hike: Labour Shuts Down NERC, DisCos In States

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The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) took action yesterday by shutting down offices of electricity distribution companies (DisCos) and the Nigerian Electricity Regulatory Commission (NERC) nationwide.

This protest was sparked by the recent increase in electricity tariffs by NERC and the DisCos, with the unions demanding a complete reversal of the hike and the reclamation of public electricity assets.

During the protest at NERC headquarters in Abuja, workers displayed placards bearing messages such as “We are not a generator Republic” and “Let the poor breathe. Give us affordable and constant light,” indicating their frustration with the current state of the power sector.

NLC president, Comrade Joe Ajaero, criticized the privatization efforts as a failure and called for a reversal of the tariff increases. He emphasized the disproportionate impact on wage earners who cannot adjust their income to offset rising utility costs, unlike business owners.

Ajaero also highlighted the adverse effects on small and medium-sized enterprises, crucial to Nigeria’s informal economy, exacerbating the unemployment crisis.

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The labour center reiterated its rejection of the recent tariff hike and urged the government to honor previous agreements, including a halt to further increases until specific conditions are met.

In response, NERC chairman, Sanusi Garba, acknowledged the peaceful nature of the protest and assured consideration of concerns regarding tariff affordability and energy source diversification.

Meanwhile, the NLC and TUC picketed the headquarters of Jos Electricity Distribution Company (JED) in Plateau State, the offices of NERC and Enugu Electricity Distribution Company (EEDC) in Ebonyi State, and the headquarters of Benin Electricity Distribution Company (BEDC) in Ondo State.

Similar protests occurred in Bayelsa, Adamawa, Osun, Kebbi, and Ekiti States, demonstrating widespread discontent with the electricity tariff hike across the country.

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Katsina Gov swears in new Head of Service, retains former Reform Adviser

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Governor Dikko Umaru Radda of Katsina State has sworn in Alhaji Falalu Bawale as the state’s new Head of Service.

The Katsina Governor also swore in the immediate past Head of Service, Usman Isiyaku, as Special Adviser on Public Service Reforms and member of the State Executive Council.

Addressing the audience at the swearing-in ceremony after administering the oath of office and oath of allegiance to the appointees at the Katsina Government House Chamber, Governor Radda stated that both the new Head of Service and the Special Adviser were appointed on merit.

He called on all the permanent secretaries to join hands with the new head of service to enable them deliver for the progress of the state.

According to the Katsina Governor, the major challenge facing the incumbent administration was the issue of time, as the state government had a lot to cover.

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Turning to the Special Adviser, Governor Radda described him as a committed and trustworthy personality, which prompted the state administration to retain him to enjoy more from his vast experience.

CREDIT: DAILY POST

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