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Naira Ends Losing Streak Against U.S Dollar

Naira Ends Losing Streak Against U.S Dollar

Naira Ends Losing Streak Against U.S Dollar

After consecutive devaluation, the Naira posted a gain against the US dollar at both the official and unofficial market windows of the forex market on Tuesday.

According to abokiFX, Naira closed at N526.00 per $1 at the black market on a N1.00 or 0.20 percent appreciation from the N527.00 it exchanged hands on Monday.

But the local currency closed flat against the Pound Sterling at the black market at N715/£1 and appreciated by N4 against the Euro to N612/€1 from N616/€1.

Similarly, data posted on the FMDQ Security Exchange window where forex is officially traded showed that the naira closed at N411.08 per $1 at the official market on Tuesday.

This translates to a N0.55 or 0.13 percent rise from the N411.63 rate recorded in the previous session on Monday

A low turnover, which resulted in ease in pressure, was one of the reasons for the gains posted by the local currency yesterday at the market segment

The Forex turnover recorded at the market segment was pegged at $72.50 million against the $81.81 million achieved at the preceding session, indicating a $9.31 million or 11.4 per cent decrease in the market turnover.

 

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Osun LP Guber Candidate, Lasun Rejoins PDP

Yusuf Lasun, a former deputy speaker of the house of representatives, has rejoined the Peoples Democratic Party (PDP).

The governor of Osun, Ademola Adeleke made the announcement on Wednesday at the PDP presidential rally in Osogbo, the Osun capital.

“The former deputy speaker has joined the PDP family. He used to be in PDP, but today, he has decided to come and join the PDP family,” the governor said.

Lasun, who was present at the rally, hailed supporters after a terse remark.

Lasun had contested the 2022 governorship election in Osun on the platform of the Labour Party (LP).

Adeleke came first in the election; Gboyega Oyetola of the APC placed second; Kehinde Atanda of the Action Democratic Party (ADP) came third; while Lasun came a distant fourth.

He was a member of the All Progressives Congress (APC) until February when he resigned from the party after losing the party’s governorship ticket.

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I Can’t Contest For President Again; It Will Diminish Me- Jonathan

Goodluck Jonathan, Nigeria’s former president, has said he will never contest for the Presidency of the country again.

The Ex-president said it would amount to diminishing himself if he should decide to begin to lobby people and campaign for election again.

Jonathan said this in an interview published in a book, ‘My Time As Chaplain In Aso Rock,” presented to the public on Tuesday.

The book written by Nathaniel Bivan contains the accounts of the Chaplain of the Aso Rock Villa Chapel during the Jonathan administration, Obioma Onwuzurumba.

“If you wake up tomorrow and see that I am President again, that means there may have been circumstances beyond my control. But not to go and pick one form and go and start lobbying people and running for campaigns; I can’t do that again. If I do that, I will diminish myself,” the former President said.

Jonathan said he enjoyed the drama that characterised the rumour earlier in the year that he had purchased a nomination form of the All Progressives Congress to enable him to contest for the party’s presidential ticket.

Ahead of the June 2022 APC presidential primary, a group, Nomadic Pastoralists and Almajirai Community, led by Ibrahim Abdullahi, purchased the N100m nomination and expression of interest forms in Jonathan’s name.

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NMDPRA Assures Nigerians Of Steady Fuel Supply

The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the queues at filling stations will soon disappear as marketers commence massive loading of petroleum products.

Mr Ahmed Farouk, Chief Executive of NMDPRA, gave the assurance during a stock monitoring exercise within depots in Lagos on Wednesday.

The NMDPRA boss led staff of the Authority to NIPCO, Total, Aiteo, OVH, Conoil, 11 Plc and HOGL depots in Apapa for on the spot assessment.

Farouk said the stock taking exercise was to ensure availability and effective distribution of petroleum products across the nation to reduce queues at filling stations.

“The essence of this exercise is to ensure that the entire states are wet with petroleum products to avoid scarcity and panic buying by commuters during this period.

“As an Authority, we are doing everything within our powers to make sure that there are enough petroleum products in the system to help alleviate the sufferings of commuters.

“With the issue of scarcity across the nation, l found it necessary that NMDPRA come and ensure that there is even distribution of petroleum products across the nation, especially petrol.

“I am comfortable with the the load-out of petrol across the depots.

“The current distribution of petrol across the nation will address the issue of tightness in the market,” he said.

The NMDPRA boss said all depots in Apapa had products and were loading massively to Lagos, Abuja, Port Harcourt and other states.

He said three vessels were also discharging petrol at Apapa jetty to MOMAN, DAPPMAN and other depots.

Farouk urged Nigerians not to panic and avoid panic buying, while assuring of availability of sufficient products at filling stations across the country.

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