Economy

Buhari govt working towards Nigeria’s break up – Afenifere replies Osinbajo

Published

5 years ago

August 1, 2019

Eric

The Yoruba socio-cultural organisation, Afenifere has accused the President Muhammadu Buhari-led Federal Government of “doing all kinds of things that can divide the country”.

Afenifere said this in response to Vice President Yemi Osinbajo’s call on those seeking the dissolution of Nigeria to look at the case of Sudan which broke up yet the problems still lingered.

In a statement signed and issued yesterday by its spokesperson, Yinka Odumakin, Afenifere said the federal government’s action can “make the breakup inevitable”.

According to Odumakin: “The president said yesterday that Abiola would have solved ethnic and religious problems in Nigeria, why are they not solving it. Why are they doing all kinds of things that can divide the country?.

“So if a break-up is not the solution but all the actions they are taking make the break-up inevitable. The Fulani people are doing so many things in the country, they are not doing anything against them. You are doing many things that can break up the country and yet you are saying break-up is not the solution.

“What kind of sermon are they preaching? If they are declaring Shites group as terrorists, what act of terrorism have they done, whereas those who are perpetrating terror in Nigeria you are giving them money.

“The Afenifere has never set out to ask for the break up of Nigeria, as a matter of fact, we don’t like it. It is those who are pursuing the policy of not making Nigerians good neighbors to themselves, those who regard some Nigerians as masters and some as slaves, those who discriminate and pursuing policy of discrimination, those who don’t provide employment for the millions of able-bodied Nigerians, even though, there are opportunities to do so, that could break up the country

“Some Nigerians who have the opportunity to utilise the resource to develop Nigeria and fail to do so. It is these people directly or indirectly, who are breaking this country up.”

Economy

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

Published

4 weeks 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