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NDLEA destroys 3,900 hectares in Ondo meant for cannabis.

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The National Drug Law Enforcement Agency has said it never advocated the growth of cannabis sativa for medicinal purpose or economic gain, adding that it had destroyed 3,900 hectares of cannabis sativa in Ondo State.

The NDLEA Chairman, Col. Muhammad Abdallah (retd), stated this on Monday, noting that he and the Ondo State Governor, Mr Rotimi Akeredolu, did not go to Thailand to learn how to grow cannabis sativa for economic gain, as being reported in some quarters.

The governor was reported on Saturday as saying the state government was planning to take advantage of the commercial value of the plant to create jobs for the youth.

He urged the Federal Government to support cannabis cultivation in large quantities in Ondo, saying the trade would boost the state’s Internally Generated Revenue.

But the NDLEA chairman said in a release on Monday that he never visited Thailand to advocate cannabis cultivation, saying Nigeria’s staunch opposition to legalising cannabis as restated at the Commission on Narcotic Drugs’ round-table talks in March 2019 still stands.

Abdallah said, “My attention has been drawn to the misinformation that the Ondo State Governor and I were in the Republic of Thailand to learn how to grow cannabis sativa for medicinal purpose or economic gain.

“This is far from the truth. At no point did I make any remark in favour of the commercial and medicinal value or monetary gain of cannabis.

“The purpose of the visit to Thailand is to understudy how the country has successfully migrated some of her citizens hitherto engaged in illicit plant cultivation to the cultivation of legitimate economic crops and other lawful businesses.

“The NDLEA under my leadership has been consistent in our opposition to legalisation and decriminalisation of cannabis.

“For example, Operation Thunderstorm undertaken by the Ondo State Command of the NDLEA destroyed 3,900.73 hectares of cannabis sativa planted in forest reserves.”

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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