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Gadget prices start to fall as naira pares losses

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The prices of gadgets have begun to fall on the back of the naira’s recent gains against the dollar and other major currencies, according to a market survey by BusinessDay.

Nigeria’s currency has rallied in recent weeks after falling to record lows in January and February. It closed at N1,255.07/$ on Thursday at the Nigerian Autonomous Foreign Exchange Market, according to the FMDQ Securities Exchange.

The naira appreciation has started reflecting in the prices of gadgets, which became more expensive when the naira’s fall peaked at over 1,800/$. According to several vendors at Computer Village in Ikeja, Lagos, the prices of devices and gadgets have slowly begun to fall in the past one to two weeks.

“An Acer laptop that was N450,000 in January now costs N325,000,” Precious Osy-Ijomah, a vendor at Computer Village, said.

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Another vendor who requested anonymity said that a Zealot speaker that was N80,000 in January now costs N55,000.

“We used to sell a tablet for about N118,000. It costs N95,000 now. In January, prices were so unstable that the price we sold gadgets in the morning would be different from the price we would sell that same gadget in the afternoon just because the dollar rate had risen,” said another vendor who identified herself only as Somto.

When asked how he knew when to change the prices, he said their wholesalers always informed them of new prices on the spot.

However, some other vendors said that although the naira has gained in recent weeks, there will be no major price reduction until the current inventories have been sold.

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“There will not be any drastic reduction in prices till September because we need to sell off the stock we bought at the high rate,” a vendor said, adding that other factors may keep prices up.

“Other factors like import duty and electricity fees will also impact prices. Electricity for N1,000, which used to be 11 units, is now four units for the same price,” he said.

Confidence Sorochi, another vendor, lamented that sales have been poor for her in recent times.

“I usually sold five to six laptops a day, but now I struggle to sell one. Although the dollar rate is reducing, marketers need to be told to reduce their prices. No matter the dollar rate, they fix the prices,” she said.

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Read also: Naira now exchanges at 1,245 as BDCs await CBN to adjust rate

She added that many of the gadgets that will flood the market soon were bought at high naira rates, and this would limit the decline in prices.

“Product prices in January affected our ability to purchase, which in turn affected sales for us. We have had to pump in more capital, which has reduced our stock. Instead of 10, we now buy 5. However, when the dollar started coming down, prices didn’t rise anymore. Now, we can predict what we will meet at the market,” another vendor said.

According to the Nigerian Communications Commission, about 63 million gadgets are sold annually in Nigeria. Over 132 million unique devices were on the country’s telecommunication network in 2020, underscoring its vast digital needs.

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The growth in the demand for gadgets has been attributed to the increase in the number of telecom subscribers in the country. As of January 2024, 218.11 million mobile subscriptions were on the country’s network.

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Divorced Woman Rejects Ex-Husband’s $273m Lottery Win

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In a surprising twist, a newly divorced couple is making headlines after the husband won a massive $273 million in the lottery, just five months after their divorce.

The story has captured the attention of many, particularly because of the way the couple is handling the unexpected windfall.

Mike Murski, who had struggled with maintaining steady employment during his 15-year marriage to Eileen, is now a millionaire. Despite his newfound fortune, Eileen, who was the primary breadwinner during their marriage, says she has no interest in any of the winnings.

When asked if she believed she was entitled to a portion of the lottery jackpot, Eileen firmly responded, “The only thing that I would like to see is, obviously, termination of spousal support.” She explained that while the large sum of money was a life-changing event for Mike, it did not alter her feelings toward him or their past. “Now that you have money, it doesn’t mean that I would want to come back,” she added, making it clear that the lottery win wouldn’t change her decision to divorce.

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Their marriage, which ended five months ago, was far from amicable, and Eileen emphasized that the jackpot wouldn’t affect her stance. Despite the overwhelming amount of money Mike had just come into, she clarified, “$270 million does not make me appealing to her.” This statement came from Mike himself, as he reflected on how the lottery win might influence his ex-wife’s perception of him. When asked if he believed her, Mike remained indifferent, stating, “I don’t care.”

While Eileen seems more focused on the future, with her priority being the end of the alimony payments, Mike’s new wealth has not seemed to change the dynamics of their relationship. It’s clear that the two are moving forward in separate directions, and neither party seems to be interested in revisiting the past.

As Mike embarks on his new life as a multimillionaire, Eileen appears determined to put the past behind her and continue her own journey without the influence of his sudden fortune.

Whether their story will evolve further remains to be seen, but for now, their post-divorce life is marked by the intriguing contrast between Eileen’s financial independence and Mike’s unexpected jackpot.

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Road Safety confirmed 13 People Dead In Edo Road Accidents

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The Federal Road Safety Corps (FRSC) has reported that at least 13 people lost their lives in road accidents across Edo State in November 2024. The Sector Commander of the FRSC, Cyril Mathew, confirmed this tragic news during an address to journalists in Benin City on Sunday.

According to Mathew, the fatalities resulted from multiple accidents that occurred throughout the state during that month. In addition to the 13 deaths, he noted that 76 passengers sustained injuries, and 1,524 drivers were apprehended for various traffic violations.

He explained that the primary causes of the accidents were factors such as brake failure, speeding, reckless driving, and the use of mobile phones while driving. Other contributing factors included route violations and failure to adhere to basic traffic regulations. Mathew also outlined that the 1,524 traffic offenders were arrested for a range of violations, including driving without a fire extinguisher, not installing a speed-limiting device, tyre violations, seat belt violations, overloading, driving against traffic, and using phones while driving.

All offenders were arraigned in a mobile court, where they were fined according to the severity of their violations.

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The FRSC official issued a stern warning to motorists, urging them to avoid dangerous practices such as overspeeding, driving under the influence of alcohol, driving at night, and using phones while driving. He emphasized that these behaviors contribute significantly to road accidents and endanger the lives of everyone on the road.

In a separate incident, barely two weeks ago, a deadly automobile accident occurred near Tage Bridge in the Kafin Hausa Local Government Area of Jigawa State. On the Monday of that week, a passenger vehicle was involved in a crash that resulted in the deaths of at least 14 people. Eyewitnesses described the scene as horrifying, with numerous bodies scattered across the area.

The Jigawa State Police Command confirmed the incident through its Public Relations Officer, DSP Shi’isu Adam, who stated that the driver of the vehicle survived the crash and is currently cooperating with the police to determine the cause of the accident. The incident occurred when a Golf 3 Wagon, with the license plate GML 842 XA, was traveling from Hadejia town to Makera village. The vehicle reportedly overturned and plunged into a river.

Adam further revealed that the identities of the victims have not yet been disclosed, pending notification of their families. The police are continuing their investigation into the circumstances surrounding the crash.

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Nigerian Man Who Rained Curses On President Tinubu Nabbed

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A Nigerian man has been nabbed after he went on social media to rain curses on President Bola Tinubu and Lagos State Governor Babajide Sanwo-Olu.

The arrest of the unnamed man who cursed President Bola Tinubu and rained insults on Governor Babajide Sanwo-Olu followed a recent warning by the Nigerian Police Force, which cautioned against making offensive statements or insults directed at public officials.

The police had followed up with the assertion that such acts were punishable under the law.

In the controversial video, the man unleashed curses at President Tinubu, holding him responsible for Nigeria’s challenges and criticizing his leadership. He also directed scathing remarks at Governor Sanwo-Olu, accusing him and other politicians of contributing to the nation’s plight.

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Some of his statements included:

“The Inspector General of Police said anyone who insults others should be arrested. It won’t be well with Bola Tinubu. He won’t have peace of mind wherever he is.”

“Sanwo-Olu, the Lagos State Governor with the black eye, it won’t be well with you either. You’ll know no peace wherever you are.”

“You politicians, spoiling this country without accountability, none of you will know peace. You’ve brought Nigeria to this state, and you shall face the consequences.”

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Despite knowing the authorities were after him, the man expressed defiance in the video, claiming he had been declared wanted and daring the police to take action.

“They said they’re looking for me and have declared me wanted on their platform. Senseless set of people,” he said.

“People like Yahaya Bello, who are destroying the country, are free, yet you declare me wanted. Those stealing money are untouched, but you’re after me.”

However, a follow-up clip confirmed that the man had been arrested for his remarks. The police have not disclosed further details about his detention, but his case has reignited debates on freedom of speech and the boundaries of criticism in Nigeria.

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Watch the video below of the man as he cursed President Tinubu

Man was arrested a few hours after insụlting Tinubu and Lagos State governor, Babajide Sanwo Olu😳🙆 pic.twitter.com/VU47vv52b5

— CHUKS 🍥 (@ChuksEricE) December 21, 2024
The video, which continues to circulate online, has drawn mixed reactions, with some Nigerians condemning the man’s approach in cursing President Tinubu while others see his arrest as an attack on free expression.

See some reactions below:

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@DeeNwuga: “To track dey so easy till e reach time track kidnappers and bandits then everywhere go silent.”

@ourt_destiny: “Abacha regime was not this bad, Tinubu has taken it to a whole new level.”

@GeneralSnow_: “I love his unbothered look. They will only make him a hardened activist.”

@HIBILLIONEAR: “This is just a reminder that e no go better for Tinubu, Sanwa Olu, IG of police and ecery other Nigerian politician. Una go arrest until prison and cells full, no space.”

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@theboyisgreat: “They are afraid of what is coming but it will eventually catch up on them.”

@Chrizkhalifa21: “Na when e reach netizens turn una dey fit track them but track kidnappers and boko Haram una no fit.”

@Victoh: “The tyranny is playing out to our faces but we are still bantering Igbo or Yoruba. Make we dey play 😂Police PRO don first give us update of what is to come.”

@RAZZIEDML: “Na why I no dey do pass myself. Make them no go pick me wey never pick before.”

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