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States Should Control it’s Minerals, Pay FG Royalty – Wike

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Governor of Rivers State, Nyesom Wike, on Monday said dependence on oil was one of the problems of the country.

He said this had become pertinent because the Federal Government which unilaterally controlled the country rich minerals endowment had failed to translate the minerals wealth into overall economic development.

Wike made this assertion when the Minister of State for Mines and Steel Development, Uchechukwu  Ogah, paid him a visit at the Government House, Port Harcourt.

The governor, in a statement by his media aide, Kelvin Ebiri, maintained that in order for the country to benefit from its vast endowment, the Federal Government should concentrate on formulation of policies that would facilitate an improvement in the governance of the mining sector to improve social welfare of the citizens.

“The Federal Government is carrying so much load that it is not supposed to carry. Allow states to develop these minerals and pay royalty to the Federal Government. That is the way it’s supposed to be.”

“It is very important for people to know that part of the problem in this country is that everybody is depending on oil, when we are also supposed to look at other minerals. Minerals play a great role in terms of raising revenue for any country. So, our overemphasis on oil has reduced our impact on other minerals,” Wike stated.

He noted that if the country fully harness the gold deposit in Zamfara as well as other minerals in other states of the federation, the country would make a lot of revenue from these minerals that can accelerate her development.

The Minister of State for Mines and Steel Development, Uchechukwu Ogah, told the governor he was in the state to share with him the vision and policy focus of the Federal Government for the development of the nation’s solid mineral resources.

According to him, his visit is to solicit the support and partnership of the Government of Rivers State in ensuring the orderly and efficient exploitation of huge deposits of silica sand, glass sand and clay in the state.

The Punch

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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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