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My best not good enough yet – President Buhari admits

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President Muhammadu Buhari has admitted that the performance of his administration in the power sector was “not good enough.”

He said that this called for more efforts by Electricity Distribution Companies to provide the needed resources and technical expertise.

Buhari assured that his government would play its own part by improving the transmission of electricity.

The Nigerian leader stated in Abuja on Wednesday when the Oba of Benin, Omo N’Oba N’ Edo Ewuare II, led members of the Edo State Council of Traditional Rulers and chiefs on a visit to the President at the Presidential Villa.

The Benin monarch, who sought Buhari’s intervention on the poor power supply situation in Edo State, had described it as a “pathetic situation.”

The President, however, appealed to Nigerians for calm, while urging them to be patient with the Discos to deliver on their mandate.

A statement by the President’s Special Adviser on Media and Publicity, Femi Adesina, quoted him as saying that though his administration had put in its best to improve power in the past years, especially improvement in gas supplies, the performance was not good enough.

“We are building infrastructure. We are doing our best, but, obviously, our best is not good enough yet”, the Presidency quoted Buhari as saying.

Buhari praised the monarchs for their combined efforts in tackling trafficking in persons and rehabilitating the victims, who were repatriated back home.

“I am pleased that you have taken up the fight against human trafficking and I know the effect of your intervention will be felt beyond our borders,” the President told his visitors.

Buhari spoke on the Benin-Abuja Road project and his administration’s efforts to develop the agricultural sector, “promising that more will be done to diversify and strengthen the Nigerian economy.”

Oba Ewuare II, while congratulating Buhari for winning a second term, prayed God to guide him in picking a formidable cabinet.

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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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