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NASS Passes 2024 Budget by Excess of N1trn



The two arms of the National Assembly on Saturday passed the 2024 appropriation bill, increasing its size from N27.5 trillion proposed by President Bola Tinubu to N28.7 trillion.

The budget size was increased by N1.2 trillion.

The bill was passed for the third reading at the senate after Solomon Olamilekan, chairman of the senate committee on appropriation, presented a report for consideration.

The budget has  N1.7 trillion as statutory transfers, N8.7 trillion as recurrent expenditure, and N9.9 trillion as capital expenditure.

The appropriation bill was passed for a third reading by the lower legislative chamber after Abubakar Bichi, chairman of the committee on appropriations, presented a report.

While presenting his report, Bichi said a one-day town hall meeting where citizens made contributions to the money bill was held.

The lawmaker said the National Assembly joint committee on appropriations worked closely with the executive on the budget.

In October, before Tinubu presented the proposal to the joint session of the national assembly, Bichi pledged the committee’s commitment to pass the budget before the end of the year.

“The committee will ensure the sustenance of the long-established and cherished precedent of ensuring compliance with the Financial Year Act through budget passage on or before 31 December of each financial year,” he had said.

“This development will no doubt make the budget implementation from January to December operational and achievable.”

When the president presented the money bill to the national assembly on November 29, he urged the legislators to ensure prompt passage of the budget to enable it passed before the new year.

Tinubu is expected to sign the budget on Sunday, before the new year.

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Naira Depreciates Further, Sells at N1,517/$




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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Bloomberg Report Captures Naira As World’s Worst Performing Currency




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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Naira Begins Week on a Low, Trades at N1,419/$1 in Official Window




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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