Naira Makes Recovery, Gains 7.2% Against Dollar
The Naira saw significant appreciation on Friday, trading at N1,142.38 to the dollar at the official market, marking a gain of N88.23 or 7.16% compared to the previous trading day. Total daily turnover increased to $281.34 million from $125.55 million recorded earlier. At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,265 and N1,100 against the dollar. Experts attribute the steady appreciation of the Naira to President Bola Tinubu’s administration’s fiscal and monetary policies, including a 600 basis points interest rate increase by the Central Bank of Nigeria (CBN) in February and March, aimed at addressing dollar scarcity, reducing volatility, and decreasing reliance on parallel markets.
Nigeria’s Crude Oil Output Dips to 4,887,623b/d
Nigeria’s crude oil and condensate production saw a consecutive decline from January to March 2024, dropping to 4,887,623 barrels per day (b/d) in March from 6,939,273 b/d in January. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed this in its report titled “Crude Oil and Condensate Production 2024.” February’s production stood at 5,187,592 b/d. The first quarter of 2024 saw a total production of 17,014,488 b/d. Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, attributed the decline to challenges with the Trans Niger Pipeline and maintenance by oil companies. Efforts are underway to restore and surpass previous production levels, with the Minister assuring that the issues have been addressed and production is expected to rebound soon.
You’re political paperweights, Matawalle slams Northern elders over anti-Tinubu comments
The Northern Elders Forum (NEF) faced criticism for expressing regret over supporting President Bola Tinubu in the 2023 general election. NEF had criticized Tinubu and emphasized the need for a leader perceived as more inclusive and aligned with all regions’ interests. In response, Minister of State for Defence, Bello Matawalle, condemned the NEF’s stance, labeling it a political burden on the North and accusing them of seeking relevance at the expense of unity. Matawalle asserted President Tinubu’s victory and called for support towards his presidency, urging the NEF to prioritize unity and cooperation within the North for Nigeria’s progress.
Gunmen abduct former Benue CoS’s wife, house help
Former Chief of Staff to Benue Governor Terwase Orbunde, Hon. Orbunde, and his companions were attacked by suspected herdsmen near a cemetery in Makurdi. Orbunde was shot in the arm, while his wife and house help were abducted as they inspected their farm. Orbunde was later rushed to the hospital, while the whereabouts of the abducted women remain unknown.
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