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

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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.”

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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.

The Punch

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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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