Friday, May 3

Naira’s official market close at 1,402 per dollar amid ongoing demand for the US dollar
3May By Mariam AbdullahiNo Comments
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Naira’s official market close at 1,402 per dollar amid ongoing demand for the US dollar

On Thursday, the naira experienced a decline in value at the official market, falling to N1,402 against the US dollar. Data from the FMDQ exchange securities shows that the naira decreased by N12 or 0.86%, compared to the N1,390 rate recorded at the close of trading on Tuesday. No trading occurred on Wednesday due to the celebration of Worker’s Day. Over at the Nigerian Autonomous Foreign Exchange Market, the intraday high settling at N1,445 on Thursday marked a weakening from the N1,450 recorded on Tuesday. Similarly, the intraday low also dropped to N1,299 on Thursday, down from N1,200 on Tuesday. Dollar supply at NAFEX saw a 3.1% increase, rising by $7 million to $232 million on Thursday compared to the $225.36 million recorded on Tuesday. The naira's depreci...
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Government’s Borrowing Activity: N11 Trillion Raised through Bonds and T-Bills in Four Months
3May By Mariam AbdullahiNo Comments
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Government’s Borrowing Activity: N11 Trillion Raised through Bonds and T-Bills in Four Months

In the span of four months, the Federal Government successfully raised a total of N11 trillion through auctions and sales of Treasury bills and savings bonds, as per recent research by NewsNow. A closer examination of the results from bond and bill issuances by the Central Bank and the Debt Management Office for the period of January to April 2024 revealed that the government secured N3.1 trillion from FGN bonds and 7.92 trillion from T-bills, amounting to a total of N11.2 trillion. These bonds are integral tools in the government's debt management strategy, serving various purposes such as providing a secure investment option for investors, aiding in the regulation of the country's debt profile, and enabling efficient fund management. Treasury bills and FGN bond...
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Mortgage Stamp Duty Charges Directive from FG
3May By Mariam AbdullahiNo Comments
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Mortgage Stamp Duty Charges Directive from FG

A recent directive from the Federal Government instructs Deposit Money Banks to commence immediate deduction of a 0.375% stamp duty charge on all mortgage-backed loans and bonds. Mortgage-backed loans involve financial institutions extending loans to individuals or entities for home purchases, with repayment over time with interest, while bonds are debt securities issued by various entities to raise capital. This new mandate, relayed to customers by banks as per the Federal Inland Revenue Service, expands the stamp duty charges to cover foreign transactions and loans, in addition to regular bank transfers, aligning with the tax authority's efforts to improve fiscal performance. In a related development, banks were previously instructed in January to deduct stamp...
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Banks Showing Support for NQR at ‘Ounje Eko’ Discount Markets
3May By Mariam AbdullahiNo Comments
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Banks Showing Support for NQR at ‘Ounje Eko’ Discount Markets

Convenience and accessibility have become the focus for banks operating within the ‘Ounje Eko’ discount markets, an initiative spearheaded by the Lagos State government. The popular NQR payment solution, powered by the Nigeria Inter-Bank Settlement System, is gaining traction among customers. In a bid to offer discounted food prices across the state, the Lagos State Government commenced the Ounje Eko discount market. Initially met with some challenges due to the government's cashless policy, the market has since seen a remarkable shift in payment experiences thanks to modern solutions like NQR. A recent visit by NewsNow to the markets highlighted the seamless payment process that customers now enjoy. By simply accessing their Mobile Banking APPs and scanning the...
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The Federal Government issues a warning to saboteurs as power generation climbs to 4,800MW
3May By Mariam AbdullahiNo Comments
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The Federal Government issues a warning to saboteurs as power generation climbs to 4,800MW

In a recent announcement, the Federal Government of Nigeria revealed that the country's electricity generation has surged to 4,800 megawatts, a significant increase from the approximately 3,500 megawatts recorded in March. Addressing the increase, the Minister of Power, Adebayo Adelabu, raised concerns about certain groups he referred to as "cartels and cabals" who hinder the functioning of the power sector due to their self-centered business motives. During a visit to Ajah, Lagos State, for the launch of a 63MVA, 132/33kV mobile substation developed under Phase 1 of the Presidential Power Initiative in collaboration with Siemens Energy, Adelabu highlighted the recent rise in power generation attributed to the operationalization of the Zungeru hydroelectric power...
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Resolution of Long-Standing Feud between Abe and Wike
3May By Mariam AbdullahiNo Comments
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Resolution of Long-Standing Feud between Abe and Wike

The prolonged political feud between former Rivers State Governor, Nyesom Wike, and Senator Magnus Abe appears to have come to an end, as the latter recently announced that he has reconciled with Wike. Abe, who ran as the Rivers State governorship candidate for the Social Democratic Party in the 2023 general elections, shared on Facebook that he has patched things up with Wike, who currently serves as the Minister of the Federal Capital Territory. Before the 2023 elections, Abe had a falling out with his mentor and former Governor of the State, Rotimi Amaechi, who chose Tonye Cole as the governorship candidate of the All Progressives Congress in the state. Conversely, Wike supported Siminalayi Fubara as his preferred successor. During this time, Wike reportedly ...
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Two Soldiers to Face Military Trial Over Accidental Bombing in Kaduna
3May By Mariam AbdullahiNo Comments
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Two Soldiers to Face Military Trial Over Accidental Bombing in Kaduna

The Defence Headquarters announced on Thursday that two military personnel will be brought before a court martial for their involvement in the accidental bombing that occurred on December 3, 2023, in the Tudun Biri village of Kaduna State. During a press briefing at the Defence Headquarters in Abuja, Maj. Gen. Edward Buba, the Director of Defence Media Operations, disclosed the conclusion of the investigation into the incident, which led to the indictment of the two personnel. The accidental bombing resulted in the tragic death of at least 85 civilians, with many others sustaining injuries. The villagers were reportedly celebrating the Islamic festival of Maulud when the unfortunate incident occurred. The Army took immediate ...
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NLC Calls on Kogi State to Implement CONMESS for Veterinary Doctors
3May By Mariam AbdullahiNo Comments
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NLC Calls on Kogi State to Implement CONMESS for Veterinary Doctors

In a recent development, the Nigeria Labour Congress has directed its focus towards Kogi State Governor, Ahmed Ododo, urging him to give the green light to the application of the 2021 revised Consolidated Medical Salary Structure for veterinary doctors within the state. The Chairman of the NLC in Kogi State, Mr Gabriel Amari, emphasized this concern during a conversation with the News Agency of Nigeria in Lokoja. Expressing worries over the varying wage scales among health workers in Kogi, Amari stressed the immediate need for the implementation of the revised 2021 CONMESS for veterinary doctors in the region. “We are earnestly appealing to the governor to address the oversight in implementing the updated CONMESS for our state’s veterinary doctors. ...
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Unbelievable Transformation: Nigerian Basketballer Secures US Scholarships Following Chance Encounter with Calabar Lawyer
3May By Mariam AbdullahiNo Comments
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Unbelievable Transformation: Nigerian Basketballer Secures US Scholarships Following Chance Encounter with Calabar Lawyer

A remarkable story has emerged of David Etim, a young Nigerian basketball player who has recently been offered three scholarships to study in the United States, all thanks to an encounter with Calabar-born lawyer Faithfulness Okom. Recounting how they crossed paths, Okom shared that he first met Etim in 2021 while driving in Calabar. It was a serendipitous moment that led to Etim being introduced to the world of basketball due to his impressive height. As per Okom, Etim was not the only individual he encouraged to pursue basketball. He had previously identified tall individuals whom he believed had the physical attributes required for the sport and nudged them towards basketball academies. Snapshot of David Etim with his coach at the NBA Academy Af...
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Raphael Onyedika Excited about Brugge Award
3May By Mariam AbdullahiNo Comments
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Raphael Onyedika Excited about Brugge Award

Midfielder Raphael Onyedika from Club Brugge expresses his delight at being chosen as the Player of the Month for March, as reported by PUNCH Sports Extra. This award marks Onyedika's first individual achievement since joining Club Brugge two years ago. His stellar performance in the month of March included three goals and one assist in seven games for the club. In the competition for the accolade, the Nigerian midfielder outshone Michal Skoras and Nordin Jackers. Securing 37% of the votes, the 23-year-old emerged victorious, with Jackers and Skoras securing 28% and 24.8% respectively, finishing in the second and third positions. Reflecting on this achievement, Onyedika stated, “I am thrilled to receive this award.” “It fuels my motivation, and I aim to finish ...
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