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Senate President Lawan announces principal officers [See full list]

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The Senator representing Kebbi South Senatorial district, Abdullahi Yahaya has emerged as the 9th Senate Leader, thereby putting to rest insinuations that Senator Abdullahi Adamu representing Nasarawa North might clinch the position.

In a letter addressed to the Senate President, Ahmad Ibrahim Lawan which was read during plenary after a two-week recess on Tuesday, APC national chairman, Adams Oshiomhole’s said the choice of selection of the rest of principal officers was as a result of extensive consultation with the leadership of the ruling All Progressives Congress.

“I wish to bring to your notice, list of principal officers of the 9th Senate which were agreed by consensus,” he said.

“After extensive consultation by the leadership of the party, I wish to bring to your notice list of the rest of principal officers.”

There are:

1. Senate leader, Senator Abdullahi Yahaya
2. Deputy Senate leader, Senator Boroffice Robert Ajayi
3. Chief Whip, Senator Orji Uzor Kalu
4. Deputy Chief Whip, Senator Abdullahi Sabi

In the same vein, the opposition Peoples Democratic Party (PDP), in a letter written by its national chairman, Mr. Uche Secondus picked Senator Enyinnaya Abaribe as Minority leader of the Senate.

Others are:

Deputy Senate Minority leader, Senator Emmanuel Bwacha
Senate Minority Whip, Senator Philip Aduda and Deputy Senate Minority Whip, Senator Sahabi Yau.

The Majority Leader and his Minority counterpart consequently addressed the Senate plenary, while they expressed their readiness to work for the success of the 9th Senate.

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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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