News
Naira Drops ‘Little Value’ Against US Dollar At Official Market
Data obtained from the official trading platform of the FMDQ Exchange on Tuesday indicated that Nigerian currency, the Naira experienced a decrease of 83 kobo, translating to a 0.06 per cent loss compared to the previous trading day on Monday when it was valued at N1,476.12 to the United States dollar.
The volume of currency traded also saw an increase, reaching $236.99 million from the $121.87 million recorded on Monday.
In the Investor’s and Exporter’s (I&E) window, the Naira was exchanged at rates ranging between N1,500.00 and N1,362.15 against the dollar.
It is worth noting that the exchange rate is important for Nigerians who import goods or services from abroad, as they need more Naira to pay for these items.
It can also impact businesses that trade internationally.
It is no longer news that currency exchange rates fluctuate all the time, so the Naira-to-Dollar rate you see today may not be the same tomorrow.
A matter of concern, however, is that a weaker Naira means it takes more Naira to buy the same amount of Dollars.
This inflates the cost of imported goods, from raw materials for factories to finished products on store shelves. Businesses struggle to absorb these rising costs.
Consumers end up paying more for imported goods, leading to inflation. If businesses can’t raise prices, their profit margins shrink, potentially hurting their ability to operate.
Also, the unpredictable exchange rate makes planning for imports a nightmare. Businesses can’t be sure how much Naira they’ll need for future purchases.
Another matter of concern is that uncertain costs make long-term investment and budgeting a challenge.
According to him, such financial mishandling not only disrupts critical public services and projects but also results in major losses to the nation’s purse—resources that could have been channelled into crucial services and developmental efforts, as laid out in Section 14(2)(b) of the Constitution.
Speaker Abbas, thereafter setup a Special Committee to be chaired by Rep. Chinedu Martins to immediately launch a probe into the “Utilisation of take-off grants, bailout funds, and interventions allocated to MDAs, government institutions, and GOEs from 2015 to present.”
The FCT Minister, Mr. Nyesom Wike, expressed satisfaction with the progress on the Abuja light rail project, reaffirming its May 29 delivery as sacrosanct.
He made these assurances after inspecting the ongoing construction of access roads to the train stations on Wednesday, from Metro Train Station in the Central Area to Nnamdi Azikiwe International Airport, Abuja.
Reassuring journalists accompanying him, the minister reiterated that President Bola Tinubu would commission the rail project on May 29 to mark his second year in office.
The visited stations were Wupa station near Idu and Bassanjiwa station near the airport.
“This is part of our routine inspection of ongoing projects to see the contractors’ progress,” Wike explained.
“We are working day and night to fulfill our promise to President Tinubu and FCT residents. By May, Mr. President will ride on the Metro line.”
Gunmen suspected to be Fulani herdsmen are currently invading some communities in the Ukum Local Government Area of Benue State.
According to sources, the herdsmen armed with AK-47 rifles stormed the community around 04:15pm on Thursday.
“Our lives are in danger this evening, armed Fulani herdsmen, about 600 in numbers have taken over our communities this evening,” a resident told SaharaReporters.
“They’re currently moving around towns in Ukum Local Government Area of Benue state. No security personnel at all, Governor Alia didn’t send security, they said operation will start soon once they (herders) have observed the place.”
The insecurity situation in Benue has been alarming in recent weeks with attacks from gunmen suspected to be herdsmen.
The media had reported that suspected herdsmen again unleashed terror in Benue State, attacking three communities in Otukpo Local Government Area (LGA) on Wednesday, just a day after 11 people were killed in a deadly raid on Otobi community.
The latest victims of the escalating violence were Emichi, Odudaje, and Okpamaju, communities that had previously suffered an attack in February, which left five people dead.
However, the renewed attack has created fear and mass displacement among residents, with women and children fleeing to safety.
Local sources say the death toll from the fresh attack remains unclear, but several casualties are feared.
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