News

Dollar bows as Naira stages remarkable recovery in both official and black markets

Published

3 months ago

April 15, 2024

On Friday, April 12, 2024, the naira witnessed a significant surge in value on the official market, reaching a trading rate of N1,142.38 against the dollar.

Information obtained from the FMDQ Exchange’s official trading platform, which supervises the Nigerian Autonomous Foreign Exchange Market, indicates that the naira experienced an increase of N88.23.

This uptick reflects a 7.16% rise compared to the preceding trading session on Monday, April 8, when it was valued at N1,230.61 per dollar prior to the Sallah holiday.

According to the News Agency of Nigeria, in the Investor’s and Exporter’s window, the naira was seen trading within the range of N1,265 and N1,100 in relation to the dollar.

Additionally, the naira exhibited appreciation, reaching N1,150 per dollar within the parallel section of the foreign exchange (FX) market, according to TheCable report.

Currency traders operating in Lagos, commonly referred to as Bureau de Change (BDC) operators, set the buying rate of the dollar at N1,110 and the selling rate at N1,150, thereby maintaining a profit margin of N40.

One of the operators, Alhaji Danladi Musa, who spoke with Legit.ng said that the exchange rate is coming down drastically due to the central bank policies.

He said: “We have seen the naira appreciate since the CBN decided to resume selling dollars to us. Presently, individuals hoarding dollars are offloading them to mitigate potential losses.

This trend has alleviated the pressure to acquire dollars, evident in the significant improvement of the naira’s value over the past few weeks.”

The total daily turnover surged to $281.34 million on Friday, a notable increase from the $125.55 million recorded on Monday.

News

HUNGER! US Embassy issues security alert, warns citizens to avoid troubled spots

Published

2 mins ago

July 27, 2024

Austin Ojomah

The US Embassy in Nigeria has issued a security alert to citizens resident in Nigeria over planned nationwide protests.

SEE details of notice below:

Alert: Potential Nationwide Protests
Location: Nigeria Date: July 26, 2024

According to media reports, nationwide protests may occur in Nigeria between July 29th and August 5th, 2024. Based on past occurrences, protests may involve roadblocks, checkpoints, traffic congestion, and physical confrontations. No specific times or locations have been identified for potential protests at this time.

Actions to take:

Monitor local media for updates.
Avoid crowds.
Avoid demonstrations.
Be aware of your surroundings.
Review your personal security plans and keep your cell phone charged in case of emergency.
Carry proper identification.
The Consular Sections of Embassy Abuja and Consulate General Lagos will remain open during regular business hours and Consular services will be provided as scheduled.

U.S. Embassy Abuja, Nigeria
Plot 1075 Diplomatic Drive
Central District Area, Abuja, Nigeria
Phone: (234)-209-461-4000
Fax: (234)-209-461-4036
AbujaACS@state.gov

U.S. Consulate General Lagos
2 Walter Carrington Crescent,
Victoria Island, Lagos
Telephone: (234)-201- 460-3400
Fax: (+234)-201-460-3717
LagosACS@state.gov

News

Po!n, betting sites recorded 162m Nigerian visitors in June – Report

Published

3 hours ago

July 27, 2024

Admin

A report by global data and business intelligence platform, StatiSense, has revealed that more than 162 million Nigerians visited porn and betting websites in June 2024.

According to the platform’s most recent data, which lists the top ten websites that Nigerians saw on their mobile devices in June, a sizable percentage of this traffic visited websites with gambling and pornographic content.

A post on StatiSense’s official X page revealed that a variety of search engines, social media apps, and betting platforms were among the most popular websites.

Notably, two pornographic websites, Xvideos and Xnxx, came in second and sixth place respectively with a total of 80.18 million visits.

In addition, Nigerian mobile users visited sporting websites 176.83 million times. Of these, 83.1 million visits were allocated to sports betting sites Sportybet and Bet9ja, which secured third and fourth places on the list.

Google and Facebook were also among the sites that featured prominently in the report.

News

Reps hail Wike, Tamuno over AICL’s improved revenue, infrastructure

Published

3 hours ago

July 27, 2024

Admin

Members of the House of Representatives’ Committee on FCT, led by Hon. Aliyu Muktar Betara have applauded the Minister of Federal Capital Territory (FCT), Nyesom Wike over ongoing infrastructural development projects across the nation’s capital city.

The lawmakers who spoke during an interactive session with the Group Managing Director of Abuja Investment Company Limited (AICL), Dr. Maureen Tamuno applauded her ingenuity towards improved revenue generation since her assumption of office.

While presenting her scorecard and strategy adopted in the turnaround of Abuja Investment Company Limited to the Committee, Dr. Tamuno disclosed that AICL only manages the district markets, not the entire markets across the territory.

According to her, Wuse Markets is owned 90 percent by the individuals who bought the shops while AICL owns 10 percent.

“For example, Wuse Market is owned 90 percent by the owners, we own 10 percent. What Abuja Management does for Wuse market is to manage the facility there through the toll taking which they do collect on our behalf and then they manage the facilities, they manage the refuse collections and they also work with the market association.”