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Osinbajo urges Nigerians to be wary of media reports on security challenges

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Vice President Yemi Osinbajo has urged Nigerians in the Diaspora not to rely entirely on social media reports on the security challenges facing the country.

Speaking at a townhall meeting in New York on Sunday evening, Osinbajo said the social media “tends to be hysterical about practically everything”.

The News Agency of Nigeria (NAN) reports that the vice president spoke in response to several questions and comments on the security situation back home.

Many members of the audience had taken turns to express concern about the reported spate of killings and kidnapping back home, and wanted to know what the government is doing to address the situation.

He said, “With respect to general kidnapping which we have seen in parts of the country, again, this is not entirely new.

“In fact, some of the kidnapping stories you read or listen to are simply not true anywhere, some are fuelled by politics.

“There are cases of kidnapping, no question at all about that, but some of the more dramatic stories that you hear are simply not true.

“Every report of kidnapping we receive, we try to verify, and at the end of the day you find out that people just tell all sorts of stories,” he said.

The vice president said the Federal Government was working with the states to check kidnapping where it was actually taking place, using technology to track the perpetrators.

He said the efforts were already yielding results with several arrests made by security agencies in affected areas.

Vice President Yemi Osinbajo speaking at the townhall meeting [NAN]

Osinbajo said the government was capable of addressing the security challenges, assuring Nigerians that the news “will be a lot better very soon”.

Turning to banditry and farmers/herders clashes in the north west and central, the vice president described them as “resource conflicts”.

According to him, banditry especially in Zamfara and Katsina was more of a fight over the control of mining sites by armed groups.

He said the government was taking several measures, including shutting down the mines, to address the problem.

“In the north central, we have the livestock transformation plan to address the farmers/herders conflict.

“Ultimately, it is ranching that will solve the problem because you cannot have people wandering across the the country with their cattle.

“It is not helpful to them, this they know, because ranching is more convenient and profitable.

“So, we are building herd dams in the northern states so that people don’t necessarily come down south in search for water and green pastures for their herds.

“We are also trying to ensure we provide grazing areas before we come to cattle routes,” he added.

Osinbajo said in fairness to herders, the livestock sector had not enjoyed the kind of government’s funding and support accorded farmers over the years.

He stated that there was also need for government’s intervention in livestock, and solicited private sector support and investment in that area.

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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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