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Economy

First Electric Bus Launched In Oyo

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The first Electric Bus has been launched in Ibadan, Oyo state

Performing the launch on Friday, an Ibadan based business man, Engineer Dotun Sanusi disclosed that the pilot Scheme For Okada, Tricycle Riders would be carried out in Ona Ara life cal government area soonest.

Sanusi said the initiative is aimed at marking a pivotal move towards a more sustainable and environmentally friendly future for the growth and development of Oyo State.

He stated that the significance of this initiative to Ona Ara local government underscored his commitment to substantially reducing the carbon footprint and modernizing its transportation system.

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The 100 seater bus was driven from Ilaji Hotel and Sports Resort in Akanran, to Amuloko and Olorunsogo amidst applause and cheers from residents.

Chief Sanusi however assured residents of Ona Ara local government who are into motorcycle and tricycle businesses that in about four weeks time, they would be able to transit their means of transportation to electric from petrol or diesel.

He noted that the charging facility for motorcycles, tricycles and power bikes through Solar Energy would be installed in front of Ilaji Hotel and Sports Resort.

“To God be the glory, Ilaji Hotel and Sports Resort is the first to launch electric bus in Oyo State.

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“Our transition to electric bus forms part of the strategic move to addressing the consequences of rising petrol prices and the economic implications business owners and residents of our dear state.

“We have conducted a survey to ascertain the number of commercial motorcycles tricycles and Power Bikes needed per route from Olorunsogo to Akanran to allow for efficient and better traffic management.

“In four weeks time, the pilot scheme for Motorcycles and Tricycles in our locality would kick off.

“The charging point would be installed in front of Ilaji Hotel and Sports Resort.

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“This forms part of my cardinal programmes for the upliftment of people at the grassroot. I remain committed to uplifting the downtrodden from poverty to prosperity through different means of alleviating their plights.

“One doesn’t need to hold a political office before making significant impacts on the lives of the common man.”

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Economy

Naira Records Marginal Decline Against Dollar at Official Market

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The Nigerian naira experienced a mild drop in value on Friday, closing at ₦1,602.18 per dollar in the official foreign exchange market, based on figures released by the Central Bank of Nigeria (CBN).

This marks a decrease of ₦5.49 from the rate of ₦1,596.69 recorded on April 30, the last trading day before the May 1 Workers’ Day holiday—indicating a depreciation of approximately 0.34%.

Earlier in the week, from Monday to Wednesday, the naira remained relatively stable, exchanging at ₦1,599.95, ₦1,599.71, and ₦1,596.69 respectively.

Although the local currency showed some consistency mid-week, it wrapped up the week with a loss, following a sligh dip of 0.02% at the beginning of the week

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Economy

Black Market Dollar hits N1,610 Amid Economic quagmire

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What is the Dollar to Naira Exchange Rate in the Black Market (Also Known as the Parallel Market or Aboki FX)?

Below is the black market exchange rate for the U.S. dollar to the Nigerian naira as of Thursday, May 1, 2025. These are the typical rates at which you can exchange dollars for naira:

Dollar to Naira Black Market Exchange Rate (May 1, 2025):
At the Lagos Parallel Market, also referred to as the black market, Bureau De Change (BDC) operators are buying dollars at ₦1,602 and selling at ₦1,610, according to market sources.

Please note: The Central Bank of Nigeria (CBN) does not recognize or endorse transactions conducted on the parallel market. The CBN advises individuals and businesses seeking foreign exchange to use official banking channels.

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Economy

Naira nosedives to N1,615/$ in parallel market

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The naira depreciated to N1, 615 per dollar in the parallel market from N1,610 per dollar on Monday.
Likewise, the Naira depreciated to N1,602 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,602 per dollar from N1,596 per dollar on Monday, indicating N6 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N13 per dollar from N14 per dollar on Monday.

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