Economy

Obasanjo charges Nigerian youths to take over power

Published

5 years ago

June 28, 2019

Eric

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.”

Economy

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

Published

1 month ago

March 22, 2024

Eric

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.

Economy

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

Published

1 month ago

March 13, 2024

Eric

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.

Economy

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

Published

2 months ago

March 5, 2024

Eric

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