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Obasanjo charges Nigerian youths to take over power

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Former President, Olusegun Obasanjo, has charged Nigerian youths to do more in contributing to the growth of the country.

He urged the youths not to allow anybody to tell them they “are too young to lead,” stressing that those frustrating the youth are not better endowed than them.

Obasanjo stated this on Thursday when the National Youths Council of Nigeria, NYCN, visited him at the Olusegun Obasanjo Presidential Library (OOPL), in Abeokuta, Ogun State.

Urging youths to do more, Obasanjo recalled that he started showing his leadership quality in Congo when he was less than 30 while on military mission there.

The former president expressed worry over the growing number of youths who are yet to find themselves in the nation’s leadership positions unlike what was obtained in his time.

He stated that whatever he had achieved for himself or done for the country, were due to his having access to education.

Obasanjo also lamented that 13 million children are currently out of school in Nigeria.

He said: “Whatever I have done, I have done it because I was educated and the love I have for Nigeria. If I didn’t have education, I would not have been able to do what I have done and today, it pains me that more than 13million Nigerian children who should be in school are out of school.

“We don’t need additional teachers; you will only increase what those teachers get maybe by 40 per cent or something, we can even do two streams if we prepare for that and start two years from now and those children would have become product that would be able to make contributions and make their own life better and as well making the life of their families too better.

“I am so much concerned about the youths, the truth is, over 60 per cent of our populations are youths and under 30 years of age.

“Don’t let anybody tell you that you are too young, I started making contribution to the world when I was serving in Congo in 1960, I was only 24 years old. By the time I went to the war front, I was still under 35 years of age, by the time I became the Head of State, I was under 40 years of age.”

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Economy

Naira Depreciates Further, Sells at N1,517/$

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The Naira, on Monday, continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, said that the Naira was sold as high as N1,517 per dollar on Monday morning.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission (EFCC) operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

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Economy

Bloomberg Report Captures Naira As World’s Worst Performing Currency

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Nigeria’s naira has experienced a reversal in its recent gains, emerging as the world’s worst-performing currency over the last month, according to a new Bloomberg report.

The Friday report emphasised that this development places increased pressure on the Central Bank of Nigeria to continue raising interest rates.

The naira has depreciated to 1,466.31 against the dollar, marking its weakest level since March 20.

This decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply.

CBN governor, Yemi Cardoso, had previously hailed the naira as the best-performing currency globally as of April 2024.

The naira faced challenges in March, plummeting to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market.

Cardoso attributed this achievement to a series of foreign exchange market reforms and positive sentiment from leading international investment institutions.

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Economy

Naira Begins Week on a Low, Trades at N1,419/$1 in Official Window

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The Naira began the week on a losing note against the American dollar on Monday, April 29, 2024 at the official window to trade at N1,419/$1.

This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Monday, the Naira lost N19.88 against the dollar compared to the previous exchange rate of N1,399.23/$1 on Friday, April 27, 2024.

The intra-day high and low recorded during the day were N1,451/$1 and N1,060 /$1 respectively, representing a wide spread of N391/$1.

However, the Naira gained against the dollar at the parallel section of the market trading at N1,330/$1 representing a gain of N100 compared to the N1,430/$1 it traded the previous day.

Contrastingly, the Naira gained against the pound. The domestic currency appreciated by N10 against the British Pound to trade at N1,640/£1 as against the previous trading price of N1,650/£1 representing a gain of N10 for the local currency,

The Canadian dollar however closed flat against the naira to trade at N1,000/CA$1 same as the previous trading day rate.

The Euro also slumped against the Naira to trade at N1,430/€1 as against the rate of N1,450/€1 the previous trading rate indicating a gain of N20 for the Nigerian currency.

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