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Economy

Govs, Lawmakers, Ministers Others to Be Present As National Pilot Launches Book on Economy and Restructuring

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By Eric Elezuo

One of Nigeria’s frontline newspapers, National Pilot, is set to launch the first ever book on the economy and restructuring; a topic that has dominated the media space and national discourse in recent times.

The book has been titled Roundtable Discussion On Economy And Restructuring In Nigeria.

Announcing the book launch expected to take place in Lagos on April 14, 2021, at the Sheraton Hotel, Ikeja, the Managing Director/Editor in Chief of the outfit, Billy Adedamola, said that top Nigerian leaders of thought, policy makers and major stakeholders will gather to answer questions on “What is the way out of the perennial economic crisis that is stifling the nation’s growth and development? And how do we resolve the issue of restructuring that is fuelling ethnic tension and threatening national breakup?”

Noting that this is the first time a book on restructuring is being presented in Nigeria since the debate gained national limelight, as well as coming in the absence of such formal intervention in the past, the MD said that the book treats exhaustively, the twin issues of economy and restructuring and offer a way forward.

Among prominent personalities from the private and public sectors expected to be present at the historic event and proffer solutions to the Nigerian project are the immediate past President of the Senate, Dr. Bukola Saraki, his successor, Ahmed Lawan and a former Senate President, David Mark, who will chair the occasion.

Also invited are the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, Kaduna State Governor, Mallam Nasir El-Rufai, who will be the Guest Speaker. The Chairman, Nigeria Governors’ Forum, Dr. Kayode Fayemi will lead other governors including Prince Dapo Abiodun of Ogun State, Yahaya Bello of Kogi, Nyesom Wike of Rivers, Ifeanyi Ugwuanyi of Enugu, Seyi Makinde of Oyo State to the grand event.

The Governor of Lagos State, Babajide  Sanwo-Olu will function as the chief host.

Other invitees, according to Mr Adedamola, are Ministers of Works and Housing, and Transportation, Babatunde Fashola and Rotimi Amaechi respectively.

Some former governors including Gbenga Daniel, Ibikunle Amosun of Ogun State and Abdulfatah Ahmed of Kwara State are also are expected to attend.

The traditional institution will also be ably represented as the Ooni of Ife, Oba Adeyeye Ogunwusi and Emir of Ilorin, Alhaji Ibrahim Sulu Gambari will attend as royal fathers of the day in addition to Aare Ona Kakanfo of Yorubaland, Iba Gani Adams, and Chief Olabode George.

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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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