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Aug
26
2024
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By Ahmed Ture
Naira Plunges by N72.58 Against Dollar as Foreign Exchange Turnover Reaches $7.4 Billion in July

Naira Plunges by N72.58 Against Dollar as Foreign Exchange Turnover Reaches $7.4 Billion in July

Breaking, Economy, Nigeria
The Nigerian Naira suffered a significant decline, losing N72.58 against the US dollar in July 2024, according to the FMDQ financial market report. The foreign exchange turnover skyrocketed to $7.39 billion, representing a 10.02% increase from the previous month. In Naira terms, the FX turnover stood at N11.48 trillion, surpassing the N10.01 trillion traded in June. The Naira's depreciation led to an exchange rate volatility increase, with the local currency trading between N1,500.32 and N1,621.12 per dollar, compared to the previous month's range of N1,473.66 to N1,510.10 per dollar. Despite the Central Bank of Nigeria's efforts, the Naira's value against…
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Aug
26
2024
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By Ahmed Ture
Catholic Bishops Urge President Tinubu to Rethink Economic Policies Amidst Worsening Hardship

Catholic Bishops Urge President Tinubu to Rethink Economic Policies Amidst Worsening Hardship

Breaking, Economy, Nigeria, Opinion, Politics, ,
The President of the Catholic Bishops Conference of Nigeria (CBCN), Most Rev. Lucius Iwejuru Ugorji, has appealed to President Bola Tinubu to reassess his economic policies, citing the escalating hardship faced by Nigerians. Speaking at the 2024 Second Plenary Assembly of the CBCN in Auchi, Edo State, Ugorji emphasized that the current economic policies have caused more harm than good. Ugorji, also the Archbishop of Owerri, acknowledged that the socio-economic challenges facing the nation cannot be resolved by economic reforms alone. He advocated for a return to a regional system of government to combat corruption and address the nation's problems.…
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Aug
23
2024
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By Ahmed Ture
Tinubu Appoints Kekere-Ekun as Acting Chief Justice of Nigeria

Tinubu Appoints Kekere-Ekun as Acting Chief Justice of Nigeria

Breaking, Nigeria, Politics,
President Bola Ahmed Tinubu has sworn in Justice Kudirat Kekere-Ekun as the acting Chief Justice of Nigeria (CJN), following the retirement of Justice Olukayode Ariwoola. The ceremony took place at the Council Chamber of the State House, Abuja, on Friday. Kekere-Ekun's appointment is subject to Senate confirmation, which would make her the 23rd CJN and the second female to hold the position. She succeeds Justice Ariwoola, who retired after reaching the mandatory age of 70 years, having assumed office on June 27, 2022. President Tinubu had earlier thanked Justice Ariwoola for his dedicated public service. The appointment of Kekere-Ekun marks…
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Aug
23
2024
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By Ahmed Ture
Bolt Takes Action to End ‘Taxi-War’ Between Nigeria and South Africa

Bolt Takes Action to End ‘Taxi-War’ Between Nigeria and South Africa

Africa, Breaking, Economy
Online taxi firm Bolt has restricted inter-country ride requests between Nigeria and South Africa due to a social media prank war between the two nations. The prank involved booking and canceling rides in the other country, wasting drivers' time, fuel, and money. Bolt identified and blocked users participating in this malicious game, which affected drivers in both countries. The company understands the impact on its driver-partners and has taken measures to prevent further disruptions. The prank war is believed to have started on social media, with users in both countries engaging in a long-standing tradition of trolling each other. However,…
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Aug
23
2024
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By Ahmed Ture
NDLEA Secures 302-Year Prison Sentence for 19 Drug Traffickers

NDLEA Secures 302-Year Prison Sentence for 19 Drug Traffickers

Breaking, Nigeria
The National Drug Law Enforcement Agency (NDLEA) has announced the conviction and sentencing of 19 drug traffickers, including three kingpins, to a total of 302 years in prison. The convictions were secured through diligent prosecution by the NDLEA, following arrests made between July 1 and 31, 2024. The three kingpins, Bolanle Lookman Dauda, Ikeh Stanley Ifeanyi, and Christian Anyanwu, were sentenced to 21, 14, and 16 years in prison, respectively. Dauda was arrested while attempting to transport drugs to Ghana, while Ifeanyi was caught with 1,100 ampoules of fentanyl at the Idumota market in Lagos. Anyanwu was arrested with 1.4…
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