Former President Muhammadu Buhari has maintained that he did his best in the eight years that he governed Nigeria.

Buhari made the disclosure in an interview with the Nigeria Television Authority (NTA).

Daily Trust reports that this is his first interview since leaving office on May 29, 2023.

He said Nigerians are a difficult bunch to manage because “they think they should be” in charge “not you”.

“God gave me the opportunity to serve my country, but I did my best. But whether my best was good enough, I leave for people to judge.

“Nigerians are extremely difficult. People know their rights. They think they should be there, not you.

“So, they monitor virtually every step. And you have to struggle day and night to ensure that you are competent enough,” he said.

Questioned on the integrity of many of the people surrounding him during administration, the former president stated that “it is their problem “, querying what the persons who criticized him fiercely had done at their individual levels to fight corruption.

Buhari said he allowed people to do their jobs when he assigned tasks, stressing that if he was given the same chance he would not do anything differently under Nigeria’s current system.

The former president stated that he endorsed the controversial naira redesign policy in the twilight of his administration to protect his own integrity and to show Nigerians there was no shortcut to success.

“Whether Nigerians believe it or not, we are an underdeveloped country. And in that sort of situation, there’s materialism and sometimes ruthlessly they didn’t care how they made the money.

“I still feel that the only way I could deprive these people was just to make sure that my integrity became unquestionable… I think as a developing country we still have a long way to go.

“The motivation (for the policy) was to try and make Nigerians believe that there is no shortcut to successful leadership,” he said.

REPORTS of suicide are featuring with dreadful frequency across the country, adding to the prevailing general misery. Many Nigerians were heartbroken when the Edo State Police Command confirmed the death by suicide of Toluige Olokoobi, who became a social media sensation via a video where her son whom she was reprimanding, asked her repeatedly to ‘calm down.’ But there are many more reported cases of self-murder and attempts nationwide. This trend presents another challenge for the government, social organisations, and families.

Olokoobi reportedly took her own life in the presence of her one-year-old child, leaving behind three kids. Neighbours said she had recently been battling depression.

A Nigerian Army captain, Alphonsus Bazza, also reportedly hanged himself in Uyo, Akwa Ibom State, leaving behind a wife and a child. In Abuja, 29-year-old Terver Orfega committed suicide by swallowing a lethal chemical early this month, reportedly after a business failure and inability to repay a loan.

Last month, the Bauchi State Police Command reported that Betwom Bitrus, 17, of Bombar, Bogoro Local Government Area, hanged himself after telling his family he was heading for a stream to take a bath.




Two cases gained media traction in July: a 72-year-old resident of Ede, Osun State, Kareem Aderemi, shot himself with a twin-barrelled gun; and in Anambra State, a young pastor, Prosper Igboke, allegedly jumped to his death from a multi-storey building in Nnewi, ostensibly after a failed romance. Security personnel said Aderemi had been struggling with partial blindness, and depression.

A video post went viral in August showing passers-by physically restraining a Lagos socialite, Fareeda Abdulkabir, from jumping off the Third Mainland Bridge into the lagoon, while, amid tears, she poured out her marital frustration.

In 2022, 79 persons died by suicide in Nigeria, according to The PUNCH. Lagos ranked highest with 12 cases; followed by Oyo 10; Kano, four; while Anambra, Edo, Delta, Ogun, and Rivers recorded three each. Experts say some cases are never reported.


Frustration in the land, say experts, is affecting people’s mental health. With joblessness, poverty, hunger, insecurity, and uncaring governance prevalent, many Nigerians slip easily into depression, and some contemplate suicide.

It’s wrong labelling all Nigerians corrupt – ICPC chair
Suicide, says the World Health Organisation, is the fourth leading cause of death among 15-29-year-olds globally. Over 703,000 persons commit suicide worldwide each year, with the most common means being ingestion of pesticides, hanging, and firearms. The frequency of suicides by its ingestion once prompted the Nigerian government to briefly curtail the sale of the Sniper pesticide brand.

Social workers also say the breakdown of traditional family values, drug abuse, cultism, mental ill-health, and bullying, can lead to depression and eventually, suicide.

Undiagnosed mental health is also potent, says the Association of Psychiatrists in Nigeria, which disclosed that over 60 million Nigerians live with various degrees of mental ill-health. It further lamented that there were only about 200 mental health experts available in the country.

Experts say suicidal feelings can affect anyone of any age, gender, or background, and at any time. Feelings of hopelessness, worthlessness, and frustration can graduate to depression. Parents, families, friends, and communities are therefore advised to pay attention to all persons around them.

But the WHO insists that suicides are preventable, and recommends limiting access to their means – pesticides, firearms, and poisons; identify and monitor persons exhibiting suicidal behaviour, and interact with the media for responsible reporting.

CSOs want the government to decriminalise attempted suicide; the suicidal need care, not punishment.

Government and all levels, communities, families, and faith-based organisations should collaborate to bring down suicide levels.

A group known as Concerned Muslims Forum has called on President Bola Ahmed Tinubu to ensure inclusiveness in his political appointments to ensure no group is marginalized.

A statement issued by spokesperson of the group, Bappa Ardo Misau, said the Forum is regretting its support for the Muslim-Muslim joint ticket of Tinubu-Shettima in view of the pattern of appointments by the administration.

“It’s a pity we have not witnessed justice and balanced treatment in the 2023 Muslim-Muslim ticket. We worked very hard to deliver the Muslim-Muslim Ticket, but painfully, felt disappointed on the turn of events against Muslims for the compensations and rewards with political appointments.

“The Muslims who suffered for the Tinubu-Shettima Muslim-Muslim Ticket are neglected in the sharing of political appointments and Mr. President became inaccessible to us. We as concerned Muslims wish to register our dismay and outright displeasure over this uncharitable marginalization and maltreatment against Muslims,” the statement said.

FreeStuffsNG:
Capital importation to manufacturing sector rises 88.2% to $861m


•Analyst expresses surprise, worries over sustainability




https://www.vanguardngr.com/2023/11/capital-importation-to-manufacturing-sector-rises-88-2-to-861m/amp/

The Federal Government on Thursday, said 48 million Nigerians still practise open defecation, and many people still use the bush and water bodies as their regular means for excreta disposal.

Speaking during the joint press briefing organised by the Ministry of Environment and the Ministry of Water Resources and Sanitation, in commemoration of World Toilet Day in Abuja, the Minister of Environment, Balarabe Abbas noted that many institutions do not have sanitary facilities and where they exist they are either not functioning or misused.

Abbas stressed that most urban areas do not have sewerage systems and safe collection of sewage, hence disposal becomes a huge challenge.

The PUNCH reports that WTD is commemorated on November 19 to raise awareness of the billions of people living without access to safely managed sanitation.

This year’s theme – ‘Accelerating Change’ underscores the need for every sector and every Nigerian to play a role in tackling the sanitation crisis.

“This year’s WTD commemoration presents an opportunity to bring to our consciousness that with just seven years left, the world has to work, on average, five times faster to meet the sanitation target of SDG six on time. This therefore should stimulate and spur the government and the citizenry to action to improve and change the narratives.

“Toilets are a foundation stone of public health and they play an important role in protecting the environment. They effectively and hygienically remove human waste away from the home, reducing the exposure our loved ones have to human waste and diseases.

“Unfortunately, toilets and the sanitation systems that support them are underfunded, poorly managed or neglected in many parts of the world including Nigeria with devastating consequences for health, economics and the environment particularly in the poorest and most marginalized communities.

“Right now, about 4.2 billion people in the world live without safe toilets and about 48 million Nigerians still practice open defecation, as many people still use the bush and water bodies as their regular means for excreta disposal. Many institutions, public and private, do not have sanitary facilities and where they exist they are either not functioning or misused.

“Most urban areas do not have sewerage systems and safe collection of sewage. Therefore, disposal becomes a huge challenge as many of the water bodies including rivers and streams become a repository for sewage and wastewater.”

The Minister said the sanitation crisis poses a threat to the environment and the health of citizens, particularly women, girls and other vulnerable groups.

According to him, one of the major consequences of poor excreta and sewage disposal is the high rate of diarrhoea disease which is the second cause of high morbidity and mortality rates among children under the age of five.

“The persistent re-occurrence of annual incidences of cholera outbreaks in some of our states are also manifestations of inadequate toilet facilities. Yet this could also be prevented through safe excreta disposal by every individual,” he added.

He, however, said the government is committed to addressing the sanitation challenges in the country and ensuring proper management of excreta.

Corroborating, the Minister of Water Resources and Sanitation, Joseph Utsev over 40 percent of wastewater is discharged into the environment without treatment.

Utsev said some of the untreated wastewater is being used in irrigation farming and the produce consumed with the attendant risks.

Utsev said, “In Nigeria, over 100 million persons lack access to basic sanitation while an estimated 48 million practice open defecation which puts the country among the countries with the highest number of people involved in this practice.

“The government recognises that access to adequate Water, Sanitation and Hygiene services is a critical factor for the socio-economic development of any nation with implications for human capital outcomes such as early childhood survival, health and educational attainment.

“In addition, the practice of open defecation due to the dearth of sanitation facilities is directly correlated with sanitation-related diseases, poor educational outcomes and loss of productivity. This is besides such as other consequences such as the concomitant lack of dignity, inconvenience and violence experienced by women and girls when practicing open defecation.”

He said the government has initiated interventions through the WASH programmes and projects to accelerate progress towards national targets within the context of the global commitment.

“Appreciable progress is being made towards the attainment of the Open Defecation Free status in communities and Local Government Areas across the country. In this regard, it is noteworthy that 105 Local Government Areas and over 40,000 communities have achieved the ODF status.

“Despite this encouraging development, we need to do much more in order to attain the 2025 target date of ending open defecation in Nigeria,” he stated.

The Nigeria Customs Service has said that it lost N1.3tn in 2023 due to waivers and concessions that President Muhammadu Buhari’s administration granted to investors.

It also noted that it was not privy to details of the Customs $3.2bn modernisation project.

The Comptroller General of the NCS, Adewale Adeniyi, made the disclosure at the National Assembly on Wednesday.

Adeniyi was represented by the Deputy Comptroller General, Mba Musa, at a public hearing organised by the Senate Joint Committees scrutinising the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy.

During the hearing, the senators inquired from the Customs CG about the details of the agreement signed by the federal government on the modernisation of Nigeria Customs.

The Federal Executive Council had in April 2023 approved the Nigeria Customs Service modernisation project, also known as e-customs, despite a court order restraining the Federal Government from going on with the initiative.

Buhari’s administration specifically approved the implementation of the Customs modernisation project to a concessionaire.

The concessionaire was granted to Bergman Securities Consultant and Suppliers Limited as the project sponsor, Africa Finance Corporation UFC as the lead financier, and Huawei Technologies was named as the lead technical service provider.

However, stakeholders knocked the project, saying it’s to mortgage the future of the service and also inimical to national security.

Speaking on the modernisation project before the Senate joint panel, Mba told the lawmakers that the Nigeria Customs Service was not privy to details of modernisation agreement.

He said, “We are not privy to details of modernisation agreement of the Nigeria Customs Modernisation Project.”

He also declared that the Nigeria Customs Service lost of N1.3tn in 2023 due to waivers and concessions the President Muhammadu Buhari’s administration granted to investors.
He explained that “NCS would have generated more revenue to the nation’s Consolidated Revenue Fund in 2023 if not for the waivers and concessions arrangements.”

Not comfortable with the arrangement, Musa, the Chairman of the Joint Committee, said the Senate would commence investigation into granting of waivers and concesioning in the country.

Senator Musa said, “By now we shouldn’t be talking about concession for cement manufacturers, we should not even be talking about sugar importation.

“We should not deny ourselves revenues that we should generate to make our economy vibrant. By now, we should be consolidating on waivers given to boost revenues.”

“We would review the waivers and make our recommendations. By now, you (NCS) should be meeting up on your projected target if there are no waivers,” Musa added.

Nigeria’s auto industry has continued to struggle due to low demand and the influx of used cars, despite a $1bn investment, JUSTICE OKAMGBA writes

Despite investing about $1bn under ex-President Goodluck Jonathan to revamp the industry, the Nigerian automobile industry continues to underperform despite having the largest market in Africa.

The penchant for new foreign vehicles and imported used cars has caused local carmakers to continue battling with local patronage. The high cost of production in the country has made locally manufactured or assembled cars out of the reach of many mid-low income earners. They have to opt for foreign-used ones, which are more affordable. High-income earners, on the other hand, prefer to go for imported cars.

Recently, there was an outcry from Nigerians when the 469 members of the National Assembly spent N58bn on imported sport utility vehicles.


According to industry data, the overall demand for vehicles in Nigeria is about 400,000 units, the demand for new made-in-Nigeria vehicles is only about 2.5 per cent of this figure, and about 75 per cent of this is attributable to the imported used cars market.

The National Bureau of Statistics Foreign Trade in Goods report shows that import bills on used vehicles increased quarter-on-quarter by 956 per cent to N733.9bn in the second quarter of 2023 from N69.49bn in the first quarter.

In 2014, the National Automotive Design and Development Council, the industry regulator, issued licenses to over 40 firms to set up vehicle assembly plants with a view to making Nigeria an automotive hub.


Under the 2014 National Automotive Industry Development Plan, former President Jonathan introduced vehicle import tariffs of 70 per cent to discourage import, and digital solutions to check smuggling.

Vehicle smuggling is one of the most smuggled gods in the country, which has made it difficult to track the exact figures for imported vehicles.

However, that automobile initiative has been updated to a 10-year NAIDP, which spans from 2023 to 2033. One of the major objectives of the plan is to boost local vehicle production to 200,000 units within the period.

Achieving a production target of 200,000 units by 2033 will require significant investment, estimated in the range of $6.3bn-$15.8bn across the industry value chain, the Federal Government stated in the plan.

As of March 2023, the total number of licensed automobile manufacturers/assemblers in Nigeria was 37, according to a note by the Director for Policy and Planning, NADDC, Musa Sani. The note titled “Updated List of the Accredited Locally Manufactured Brand in Nigeria” was obtained by The PUNCH. The document also specified the installed capacity, product, and brand name of the auto companies.

PAN Nigeria Limited, Milkano International, and VON Automobile Nigeria are the top three companies with installed capacities of 25,000, 46,000, and 39,000, respectively.

The industry regulator stated in the 10-year NAIDP that various auto assemblers in Nigeria had so far invested over $1bn in the industry.


Revenue generated

The country’s automotive manufacturing industry raked in $400m in 2022 (N302bn), according to MarketResearch.

The NAIDP 2023 report stated that the country’s automotive sector is the 3rd largest in Africa. However, going by its 2021 output of 10,400 units, the local industry accounted for less than one per cent of the total production in Africa.

The report noted, “In comparison, Nigeria’s domestic demand has maintained a historical growth rate of about 2.3 per cent over the last 10 years and is estimated to grow to about 503,000 units by 2032.

The exact number of auto manufacturers operating in the country at full capacity remains unclear. Experts said Nigeria’s auto companies were largely involved in assembling rather than manufacturing.

The Chief Executive Officer of Saglev, Sam Faleye, said at a press conference recently that it had secured regulatory approval from NADDC to set up an auto assembly plant.

Licensed automaker, Lanre Shittu Motors, also announced plans to introduce electric and CNG vehicles assembled at its plant in Ogun State before the end of 2023.


The President of the Automobiles and Road Safety Initiative, Samuel Oriowo told The PUNCH, “When we talk about making cars, it is important that we create them from scratch using materials like steel and engines. This means building complete vehicles herein.

“However, nowadays, most of the cars are only assembled here. The major parts are made in other countries, and we just add small things like doors and headlights. This makes it less meaningful for our local industry.”

The Vice President of Automobiles and Road Safety Initiative, Eduwaye Henry, acknowledged that the initiative by former Nigeria’s President to give licenses to auto operators had shown some results, such as Innoson Motors operating in Nnewi, Anambra.

He noted, “There were plans to restart Peugeot in Kaduna, but the current status is uncertain.”

High cost

Industry insiders say Nigerian assembled cars were unaffordable, “they are more expensive than imported cars, which are largely used cars.”

The Chairman of Automedics Motor
International, Yusuf Adah, confirmed to The PUNCH, “Several automobile companies in the industry, including mine, are licensed to manufacture cars and other vehicles in Nigeria. For instance, Innoson vehicles are designed and produced with the Innoson trademark in China and then assembled in Nnewi, Nigeria.

“To be frank, we don’t have a proper vehicle manufacturing company in Nigeria right now. What we have can be better described as assembly plants.

Meanwhile, Adah revealed that the main problem was that “We lack the necessary technological support systems. Assembling vehicles in Nigeria is even more expensive than importing fully-built cars from America and China.”

The industry regulators had attributed the challenges confronting the industry to heightened volatility and consumer pressure due to high inflation and exchange rates. It noted because of that manufacturers were grappling with increased production costs and significant reductions in profit margins, as they were compelled to source from parallel markets at considerably higher rates.

Government support

According to automotive experts, the government has a critical role to play in fostering the growth of the country’s auto industry. They stressed the need for the government to make a concerted effort to bolster local assemblers by prioritising the purchase of made-in-Nigeria vehicles.

The Chief Executive Officer of Nord Motors, Ajayi Oluwatobi, argued that increased governmental support for local assemblers would not only stimulate economic activity within the country but also fortify the local automotive sector against external influences.

“The government should initiate interest in these vehicles. The revenue and the support from the government will be leverage for local manufacturers to grow.


“We believe that the government can support the growth of the second-hand market by mandating the purchase of locally made vehicles by civil servants. This approach proved successful in the past, such as the closure policy, where the government made it mandatory for officials to drive vehicles made in Nigeria.

“Currently, our vehicles, notably our flagship model, are of excellent quality, consistently winning bids in various competitions. By encouraging government officials to adopt these vehicles, a flourishing second-hand market could emerge within four years.

“As people recognise the durability and quality of our products, the second-hand market would likely expand, leading to long-term market dominance. This is a gradual process that requires strategic steps, starting with government support and local production,” he said.

Despite the outcry that greeted the procurement of imported vehicles for lawmakers, they had justified it. The spokesperson of the House of Representatives, Akin Rotimi, in a statement, said that the purchase of vehicles for legislators was in accordance with extant procurement laws, and had been the practice in previous Assemblies.

Reacting to this development, Oluwatobi said, “We have a capacity of over 9,000 units a year. So, that is about close to 1,000 a month. So, we can easily make those vehicles in one month if we get the notification in advance.

He stressed the need for government officials and political officeholders to buy Nigerian-made vehicles, which according to him, are of the same standard as the ones being imported.

“We import the vehicle components from where the biggest brands in the world buy from. I buy from the best Original Manufacturer Equipment. It is the same.

“Again, and I just really think that going forward, they will understand the importance of showing people that you also support your own country and you believe in your country.”

The Head of Corporate Communications and Affairs at Innoson Group, Cornel Osigwe, in an interview, expressed deep concern over the current government trend of favouring foreign vehicles over domestically manufactured ones.

Osigwe emphasised that while various government agencies, including the military, police, and state governments are ostensibly supporting initiatives to patronise Nigerian-made vehicles, there was a pressing need for a more robust and effective implementation of the public procurement policy.

He stated, “Last week, there was misinformation about the absence of a vehicle manufacturing plant in Nigeria, but we have invited individuals to witness our progress.”

He underscored the global competitiveness of Nigeria’s automotive industry, urging other countries to recognise and patronise Nigerian-made vehicles.

Drawing parallels with developing economies like India, Osigwe noted the significant annual vehicle production capacity, highlighting the imperative for Nigeria to focus on its automobile industry for sustained economic growth.

He pointed out that the current disparity in vehicle production, with less than 20,000 made-in-Nigeria vehicles sold annually, was indicative of a significant dependence on foreign vehicles.


He stressed that prioritising and supporting local vehicle manufacturing would not only stimulate economic growth but also have positive cascading effects on associated industries.

Osigwe urged the government to thoroughly consider the extensive benefits of patronising locally made vehicles and called for strategic investments to promote and subsidise the Nigerian automobile industry.

Antoeni:
Golden Penny Spaghetti Is Now N730

TemplarLandry:
Another sinister speculation for Hellu Pee scavengers to rejoice over.

KPMG forecasts that Nigeria’s headline inflation will rise to 30 percent by December 2023, attributing the anticipated increase to recent reforms, such as fuel subsidy removal, and the unification of the foreign exchange market.

The insights were shared in KPMG’s macroeconomic review for the first half of 2023, along with projections for the second half of the year.

“Specifically, our model suggests that the combined influence of fuel subsidy removal and foreign exchange liberalisation may drive headline inflation to about 30 per cent by December 2023.”

As of September, Nigeria’s current headline inflation rate was reported at 26.72 per cent, according to the National Bureau of Statistics.

On how to control inflation, the report explained that the current MPR hike being adopted by the apex bank in the last 18 months has proven ineffective in stalling the increasing inflationary trend.

However, it advised that addressing issues such as energy and transportation costs, supply chain problems, and boosting local production will be more effective than increasing interest rates.

The report also projected that Nigeria’s economy will grow by 2.6 percent in 2023- a considerable reduction from the World Bank’s projection of 2.8 percent in 2023 and that the recent reforms from President Tinubu such as fuel subsidy removal and unification of the FX market will lower GDP growth in the country.

The report reads, “We expect the Nigerian economy to grow by 2.6 percent in 2023, lower than the revised World Bank’s 2023 forecast of 2.8 percent for Nigeria and the 3.1 percent growth rate achieved in 2022.”

The report highlights that the first-half macroeconomic challenges, including the unsuccessful naira redesign policy, sluggish growth due to low crude oil output, elevated inflation, and the fuel subsidy removal along with the devaluation of the naira, are expected to cast negative repercussions in the second half of the year.

Nigeria’s inflation has surged continuously over the past nine months, reaching a two-decade high of 26.72 percent in September.

Analysts connect this record inflation to President Tinubu’s fuel subsidy removal and currency market reforms.

The wanted cultists fingered in the killing of the District Police Officer of Ahoada Police Division, Bako Angbashim, a Superintendent of Police, have stormed Odemerenyi Community in Ahoada East Local Government Area of Rivers State and killed five people.

It was learned that the cultists had ambushed and attacked a police patrol team in the community before pouncing on the innocent residents who were in their rooms.

A source in the community said the cult members were the same team headed by David Gift a.k.a 2Baba, who masterminded the killing and beheading of Angbashim.

It would be recalled that the state Governor, Sir Siminalayi Fubara had placed a N100 million bounty on the dare-devil cultist. But after the governor’s pronouncement, no success has been recorded in apprehending the core leaders of the group.

However, on Sunday, the killer cultists invaded the community around 1:00 am and randomly killed the said number of persons.

A native of the community, who did not want his name in print said the cultists who entered the community killed his brother first before advancing to kill others.

The brother of the deceased victim explained that the five persons in total were killed in the same community, giving the names of some of the victims as Obobula, also called, Bestman, Chibuogwu, Idaokwa and Ekwushi.

The source claimed that the suspected cultists told the community after the killings, that the only condition for them (cultists) to stop the killing was for the Nigeria Police to release their sponsors and sympathizers as well as some chiefs in custody.

It said: “The cultists are 2baba and his group. It was around past 1:00 am in the night, we were all in the room around that time when we heard footsteps moving all around. The dogs started barking.

“Before we knew it my younger brother asked who they were. One of them responded that they were the ones, that had come to kill everybody if they didn’t release the people in police custody including the Chief and their sympathizers.

“That if they don’t do it they are not going to stop killing. Before my brother started to begin them, they shot him. They pounced two doors in the compound and shot other of my brothers.

“They went to another compound and shot another person. Went into the community and shot others. Five persons were killed.”

The community people called on the Rivers State Government and the security agencies to do more to arrest the wanted cultists as everybody is now living in fear.

The source said: “We are tired of facing this kind of thing. Everybody is like we don’t know what to do again.

“We are pleading with the government to please come and help us out. The action was too much this morning. If the government does not intervene, we are in trouble. The government should set us free from these people.”

It was further learned that the police in a move to repeal the attackers had killed the Chief Priest of Marine Iceland Deck, who was holding the charm used by the killer group.

Meantime, at press time, the Public Relations Officer of the state Police Command, Grace Iringe-Koko, a Superintendent of Police, confirmed the development, but said she would furnish the press with details of the incident later.

The naira on Wednesday weakened to N1,135 per dollar at the parallel section of the foreign exchange (FX) market.

The figure represents N15 or 1.35 percent depreciation compared to the N1,120 it traded yesterday.

Currency traders known as Bureau De Change operators (BDCs), who spoke to TheCable in Lagos, quoted the buying rate of the greenback at N1,120 and the selling price at N1,135 per dollar.

“The rate was highly volatile today,” a street trader who identified as Aliyu said.

A parallel market is characterised by noncompliant behaviour with an institutional set of rules

On the official market side, the naira depreciated by 0.55 percent to close at N874.71 to a dollar on Wednesday — from N869.91 on Tuesday.

According to data on FMDQ Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria, the highest price recorded within the day’s trading was N1097.50/$, before it settled at N745/$.

JP Morgan, a US multinational financial services firm, had projected the naira would trade at about N850 to the dollar before the end of 2023.

Okwyjesus:


Utara oyibo!

What?

Tonytonex:
Chelsea may likely win Tottenham Hotspur tonight.

Kachidubem:

True ...but the main reason why naira is weak is because we source for over $15 billion dollars bringing refined oil from overseas....


Once Dangote kick start....he will save us the stress of sourcing $15 billion and in return 80% of the money we pay to Aliko , bad man will still pump it into the eco system

Inorder words , money isn't really leaving our shores.