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Naira gains massively against the US Dollars

The Nigerian Naira saw a notable appreciation against the U.S. dollar at the official foreign exchange market, marking a significant improvement in its value.

According to data from the FMDQ Exchange, Nigeria’s leading securities exchange platform, the Naira gained N42.15 on Thursday, trading at N1,639.50 per dollar.

This development marks a 2.5 percent gain compared to the previous trading day on Wednesday, when the currency had exchanged at N1,681.65 to the dollar.

This improvement reflects a positive shift for the Naira, which has faced persistent challenges in recent times due to fluctuations in the foreign exchange market and pressures from both local and global economic conditions.

The strengthened value against the dollar comes amid government efforts and Central Bank policies aimed at stabilizing the currency and controlling inflation.

A key part of these efforts involves encouraging a transparent and efficient foreign exchange system that aligns with investor needs and promotes confidence in the local currency.

In addition to the appreciation in exchange rate, the daily trading turnover also saw a noticeable increase on Thursday.

The trading volume rose to $244.96 million, a considerable jump from the $196.78 million recorded on Wednesday.

This uptick in trading volume at the FMDQ Exchange signals growing activity and interest within the Investors’ and Exporters’ (I&E) window, where the Naira fluctuated between N1,700.00 and N1,635.00 against the dollar during the trading day.

The I&E window remains a vital part of Nigeria’s foreign exchange market, offering a platform where market-driven exchange rates are determined through supply and demand dynamics.

By providing a more transparent and flexible exchange rate system, the I&E window aims to balance foreign exchange availability with the needs of foreign investors and exporters.

Market analysts see the Naira’s appreciation as a sign that these mechanisms are helping to reduce the gap between the official and parallel market rates, although challenges remain due to high demand for foreign currency in the country.

Nigeria’s foreign exchange market has been under pressure for some time, with the Naira experiencing multiple devaluations as the economy grapples with external debt and limited dollar reserves.

Key economic factors, including fluctuations in global oil prices and foreign investment flows, heavily influence the exchange rate.

The government and Central Bank have implemented various measures to curb volatility, including forex market reforms and a commitment to unify the exchange rate.

Experts suggest that the recent gain might also be tied to increased dollar inflows, possibly from diaspora remittances and foreign direct investments, which support the Naira by increasing foreign exchange supply.

Additionally, the stronger Naira could provide temporary relief to importers and businesses heavily dependent on foreign currency, as well as offer some buffer against inflationary pressures that impact everyday consumers.

However, currency analysts caution that while the Naira’s appreciation is a positive signal, maintaining this momentum will require sustained forex inflows and ongoing policy adjustments to address structural issues within the economy.

They emphasize the importance of continued reforms to foster an environment where the Naira’s value reflects underlying economic fundamentals.

The appreciation of the Naira at the official market offers a glimpse of hope for Nigeria’s economy, which continues to navigate the complexities of global currency dynamics and local economic demands.

It underscores the importance of stability in foreign exchange management and reflects the potential for improvement as Nigeria pursues policies aimed at strengthening its currency, stabilizing prices, and fostering investor confidence.

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NAHCON Inaugurates 32-man committee for 2025 Hajj

NAHCON has inaugurated a 32-man committee for the 2025 Hajj

The National Hajj Commission of Nigeria (NAHCON) has inaugurated a 32-man Screening/Aviation Monitoring Committee for the 2025 Hajj air-carriers and cargo conveyers.

According to a statement signed by the Assistant Director Public Affairs of NAHCON, Fatima Sanda Usara, also inaugurated was a six man secretariat for the committee.

The inauguration was followed by the opening of application forms for the issuance of Hajj licence for airlift of the 2025 pilgrims from Nigeria.

The event took place in Hajj House, the NAHCON headquarter, on Tuesday, November 26, 2024.

Usara said this sets the pace for a series of activities that will culminate in the selection of pilgrims’ air carriers as well as excess luggage freighters for the 2025 Hajj exercise.

The Committee, chaired by NAHCON’s Commissioner of Operations, Inspection and Licensing (OILS), Prince Anofi Olanrewaju Elegushi draws membership from several aviation industry managers as well as stakeholders from the State Pilgrims’ Welfare Boards, representative from the Presidency, Security Agencies and NAHCON staff.

The composition of the committees include five representatives from State Pilgrims’ Welfare Boards, three from the Nigerian Civil Aviation Authority (NCAA) and one member each from the Federal Airports Authority of Nigeria (FAAN), Nigerian Airspace Management Agency (NAMA), Nigerian Meteorological Agency (NIMET), and Nigerian Safety Investigation Bureau (NSIB).

Similarly, one member each was drawn from Nigerian Customs’ Service (NCS) and Independent Corrupt Practices Commission (ICPC). Others are NAHCON Board members representing each geo-political zone of the country, NAHCON Heads of Aviation, Procurement, Legal, Internal Audit, Special Duties as well as Board Member representing the Aviation industry.

Usara said 11 airlines, including two from Saudi Arabia sent applications indicating interest in the airlift of pilgrims for this year’s Hajj.

“From Saudi Arabia under the airlift bilateral agreement are FlyNas and Flyadeal. Nine applications are from Nigerian airline companies; they are Air Peace, GYRO Air Limited, Max Air Ltd, Nahco Aviance, Tarco Aviation, Umra Airline Limited standing for Ethiopian Airlines, UMZA Aviation Services Limited, Value Jet and Trebet Aviation Ltd,” she said.

“Meanwhile, five cargo companies applied for excess luggage transportation. They are Aglow Aviation Support Services Limited, Cargo Zeal Technologies, Qualla Investment, Kiswah Logistics Services Limited, and Sokodeke Global Travels and Cargo.”

One of the Terms of Reference for the Airlines Screening Committee is: Screen the prospective carriers that applied for license for the airlift of pilgrims and those for Excess Luggage in respect of the 2025 Hajj.

Secondly, they are to decline the screening of any applicant whose status or documents are at variance with the conditions of application as stated in the adverts, and application form.

“Determine the suitability and capability of the applicants in line with the extant Nigerian Civil Aviation regulations and ICAO standards and recommended practices,” Usara said.

“Establish criteria, score or grade for suitability and for the recommendation of an applicant, recommend minimum standards of operation in accordance with industry best practices by the pre-qualified companies.

“Recommend appropriate pilgrim airfare and excess luggage rate for the specified departure zones make any other recommendations necessary for the efficient conduct of the 2025 Hajj airlift.

“To allocate passengers to the carriers based on their assessed capabilities in line with paragraph Ill above and submit a comprehensive report at the completion of the exercise for consideration of the EXCO of the Commission.”

Usara in the statement also spelt out the Terms of Reference for the Aviation Monitoring Committee (AMC).

“To constitute a subcommittee to review and evaluate all documents to be submitted by applicant Airlines in respect of 2025 Hajj,” she said.

“To serve as member of the 2025 Air Carriers/Cargo Screening Committee, to inspect and assess the readiness of the airports being considered for the 2025 Hajj Operation.

“Make specific and general observations/recommendations arising from above. Monitor all inbound and out bound flights at all departure centres to check compliance with the airlift agreement and industry standards.

“Monitor the quality of in-flight services in accordance with industry standards. Monitor compliance with (32/8kg) luggage policy of the commission by carriers and pilgrims.

“To recommend appropriate actions/penalties against defaulters (carriers or SPWBs as the case maybe). Liaise with the Central Security Committee and Task Force on abscondment of pilgrims in order to provide support where needed.

“To undertake any action deemed necessary for the success of airlift operations and also make appropriate recommendation (s) incidental to the entire assignment.”

Present at the event was Senator Abubakar Sani Bello, Chairman Senate Committee on Foreign Affairs who was represented by Senior Legislative Aid, Alhaji Rabi’u Adamu Pan-Uku. Also present were Chairman House Committee on Muslim Pilgrimage, Hon. Jaafaru Muhammad (Shettiman Borgu), representatives of airlines and all other committee members.

In his opening remarks, the NAHCON Chairman, Professor Abdullahi Saleh Usman described the inauguration as an important activity that demands commitment due to the magnitude of work involved and its significance to successful operations.

Usman also urged the members to work within the terms of reference towards providing excellent services to pilgrims.

In his submission, the NAHCON Commissioner OILS, Prince Elegushi, called on members to re ready to work day and night in order to conclude their assignment within the timeframe allotted.

Elegushi reminded them of the crucial place aviation occupies in the operation of Hajj. In addition, he assured all stakeholders that the screening will be conducted in a very transparent manner while seeking their support to reach the goal of the screening and monitoring successfully.

The commissioner described last year’s Hajj airlift as successful, having concluded both the outbound and inbound flights earlier than slated. Prince Onofi gave assurances of replicating the feat and even better.

Senator Abubakar Sani Bello apologised for being unavoidably absent due to another national assignment.

Bello’s representative bore witness to the transparent process deployed on the task and promised to report same to his principal.

Meanwhile, Hon. Jafaru called on the airlines that would emerge successful to discharge their responsibilities with the fear of God.

Other speakers at the occasion include representative of the aviation industry and the NAHCON Commissioner Planning, Research, Statistics, Information and Library Services, (PRSILS) Prof. Abubakar Yagawal.

The event ended with a vote of thanks by Commissioner, Policy Personnel Management and Finance (PPMF), Alhaji Aliu AbdulRazaq. The committee is expected to submit its report by December 2, 2024.

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EFCC Detains Former Kogi Governor Yahaya Bello Over Alleged N80.2 Billion Money Laundering

The Economic and Financial Crimes Commission (EFCC) has officially detained Yahaya Bello, the former governor of Kogi State.

This development follows his appearance at the EFCC headquarters in Abuja on Tuesday.Dele Oyewale, the EFCC’s Head of Media and Publicity, confirmed the arrest during a briefing with journalists.

According to Oyewale, Bello was detained by the Commission’s chief security officer upon his arrival at the EFCC office. “It is true that we have him in our custody.

The operatives of the Commission arrested him,” Oyewale stated.Bello’s visit to the EFCC office was reportedly in response to allegations of financial impropriety leveled against him, specifically involving the misappropriation of funds.

He arrived at the Commission’s headquarters in the company of his legal team. However, conspicuously absent from his entourage was his successor and current governor of Kogi State, Usman Ododo, who had accompanied Bello during a prior visit to the EFCC office a few weeks ago.

The former governor has been under investigation by the EFCC for some time. On April 18, 2024, the anti-graft agency declared Bello wanted in connection with an alleged N80.2 billion money laundering case.

The EFCC accused him of financial misconduct during his tenure as governor, a charge that has drawn significant public attention.

Bello’s arrest marks a critical moment in the ongoing investigation, as he had previously avoided detention despite repeated calls for him to answer for the allegations.

Tuesday’s detention suggests a more decisive step by the EFCC to hold the former governor accountable for the accusations against him.

The absence of Governor Usman Ododo in this latest development has also raised eyebrows. Ododo, who succeeded Bello as governor of Kogi State, had previously been seen accompanying the former governor during visits to the EFCC.

This time, however, Bello faced the anti-corruption agency alone, flanked only by his lawyers.

The EFCC’s investigation into Bello centers on allegations of large-scale financial mismanagement and corruption, with the N80.2 billion case being one of the most high-profile charges.

The Commission’s decision to arrest Bello highlights its commitment to addressing corruption in the country.

As of now, the EFCC has not disclosed further details about the progress of the investigation or the next steps in the legal process.

However, Bello’s detention is expected to spark further scrutiny and debate about governance and accountability in Nigeria.

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Tinubu, wife to visit France on Macron’s invitation

President Bola Tinubu and his wife, Oluremi Tinubu are set to visit France on President Emmanuel Macron's invitation

President Bola Tinubu and his wife, Oluremi Tinubu are set to visit France on the invitation of President Emmanuel Macron.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga disclosed this in a statement he shared on his official X account on Tuesday.

“President Bola Tinubu will depart Abuja on Wednesday to begin a state visit to France in honour of an invitation from President Emmanuel Macron,” Onanuga wrote.

He said the Nigerian leader’s three-day visit will focus on strengthening political, economic, cultural relations and establishing more opportunities for partnership.

Onanuga said the partnership will particularly be in the areas of agriculture, security, education, health, youth engagement, employment, innovation and energy transition, saying that they promise significant benefits for Nigeria.

“President Tinubu and his wife, Sen. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings,” Onanuga said.

“During the visit, President Tinubu and President Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.  

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication. 

They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.   

“Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative.”

According to Onanuga, the president and his wife will be hosted at a state dinner by the French leader before their departure. 

The presidential aide added that some top government officials will accompany Tinubu on the trip. 

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AMGA ABUJA 2024:• FIBA Africa Zone 3 President retired Colonel Samuel Ahmedu, elated with AMGA’s recognition

The President of FIBA Africa Zone 3, Retired Colonel Samuel Ahmedu, is elated with the honour and recognition accorded him by the Africa Military Games (AMGA), and the Local Organizing Committee of the Games in Abuja.

Retired Colonel Samuel Ahmedu who is also a member of the Nigeria Basketball Federation (NBBF), was invited as one of the Special Guest at the Games and he was asked to do medal presentation at the event over the weekend.Ahmedu, a seasoned sports administrator, said,

“It was indeed a great honour and privilege for me as a retired military personnel and product of the legendary Nigerian Armed Forces sporting system to be part of this prestigious event.

”The retired Nigeria Army Officer, had some pleasant and thoughtful words for the Chief of Defence Staff, General Christopher Gwabin Musa (OFR), and members of the Organizing Committee, who deemed him worthy of such an honour.

“Thank you so very much for putting up a massive Games like this and also for honouring me alongside another board member of the NBBF, Professor Florence Adeyanju, and thank you for a lovely organization of the Games,” the FIBA Africa Executive Member stated.

“On Saturday 23rd November, 2024, I had the privilege of uhpresenting Gold Medals to the Cameroonian Armed Forces Women’s Team that won the Female Basketball event at the on going Africa Armed Forces Games, in Abuja, Nigeria, along with Professor Florence Adeyanju, a colleague on the NBBF Board.

”48 countries are participating in 19 sports at the Africa Military Games in Abuja which ends this weekend.

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Atiku is an active player in democracy; Tinubu extols former VP at 78

President Bola Tinubu has recalled the moments shared with former Vice President Atiku Abubakar as founding members of the All Progressives Congress (APC), saying they were united in the mission to build a better future for Nigerians.

While acknowledging their engagement as political opponents in the 2023 presidential election, he said Atiku, who was the PDP presidential candidate in the election, has been an active player in Nigeria’s democratic process since the return to civilian rule in 1999.

Tinubu also recognised Atiku’s commitment to public service and philanthropy and prayed that Almighty Allah would continue to grant him health and happiness in the years ahead.

This was contained in his congratulations message to Atiku on his 78th birthday, signed by his Special Adviser on Information and Strategy, Bayo Onanuga.

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Food prices rose in October—NBS

The National Bureau of Statistics (NBS) says prices of beans, eggs, bread, rice, and other food items witnessed significant price increases in October 2024.

The NBS said this in its Selected Food Prices Watch report for October 2024 released in Abuja on Tuesday.

The report said that the average price of 1kg of brown beans increased by 254.23  per cent from N790.01 recorded in October 2023 to N2,798.50  in October 2024.

“On a month-on-month basis, 1kg of brown beans increased by 2.19  per cent in October  from the N2,738.59 recorded in September 2024.”

It said that the average price of medium-sized Agric eggs (12 pieces) increased by 140.21 per cent on a year-on-year basis from  N1,112.22 in October 2023 to N2,671.60 in October 2024.

“On a month-on-month basis, the eggs  increased by 7.42 per cent from the N2, 487.04 recorded  in September 2024.”

The report said that the average price of sliced bread increased by 103.76  per cent on a year-on-year basis from N760.82 in October 2023 to N1,550.24 in October  2024.

“On a month-on-month basis, the price increased by 1.44 per cent from the N1,528.19  recorded in September  2024.”

In addition, the average price of 1kg of local rice rose by 137.32  per cent on a year-on-year basis from N819.42 recorded  in October 2023 to N1,944.64 in October 2024.

“On a month-on-month basis, it increased by 1.56 per cent from N1,194.77 recorded in September  2024.”

Also, the report said that the average price of 1kg of boneless beef increased by 98.73   per cent on a year-on-year basis from N2,948.03 in October 2023 to N5,858.58 in October  2024.

“ On a month-on-month basis, the price increased by 3.99 per cent from the N5,633.60 recorded  in September 2024.”

On state profile analysis, the report showed that in oc  2024, the highest average price of 1kg of brown beans was recorded in Bauchi at N3,750.00,  while the lowest was recorded in Yobe at N1,749.52.

It said that Niger recorded the highest average price of medium size Agric eggs (12 pieces) at N3, 450.00, while the lowest was in Adamawa at N2,050.00.

The NBS said that the highest average price of sliced bread was recorded in Rivers at N1,867.14, while the lowest price was recorded in Yobe at N960.07.

According to the report, Kogi recorded the highest average price of 1kg local rice (sold loose) at N2,693.41, while the lowest was reported in Benue at N1,267. 25.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-South at N3,274.39, followed by the North-Central at N2,990.02.

“The lowest price was recorded in the North-East at N2,294.29.”

The North-Central and South-East recorded the highest average price of medium size agric eggs(12 pieces) at N2,915.58 and N2,879.24, respectively, while the lowest price was in the South-West at N2,472.94.

The report said that the South-South recorded the highest average price of sliced bread at N1,829.25, followed by the South-East at N1,665.56, while the North-East recorded the lowest price at N1,360.85.

The NBS said also that the South-East and the South-West recorded the highest average price of 1kg of local rice(sold loose)  at  N2,146.08 and N2,011.05, respectively.

“The North-West recorded the lowest price of 1kg of local rice (sold loose) at N1,763.62.”

The News Agency of Nigeria(NAN) reports that in July, the federal government in a bid to address the incessant increase in food prices and ensure food security granted a 150-day duty-free import window for food commodities.

The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange and transportation costs to address the soaring food prices and ensure  food security.

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