Dailyreporters24

By Yasir Adamu.

The naira has depreciated by 38.9 percent against the United States dollar at the official I&E window of the Central Bank of Nigeria in the past three months, according to findings by The PUNCH.

Data obtained from the FMDQ Securities Exchange revealed that the local currency fell from N745.19/$ on October 3, 2023, to N1035.12/$ as of January 3, 2024.

While the naira depreciated from 471/dollar to about 700/dollar at the official market shortly after the announcement of the exchange rate unification policy of the CBN in June 2023, PUNCH findings showed the local currency had fallen further in the past few months to over  N1000/dollar.

At the parallel market, the local currency has been trading around 1,220/dollar in recent weeks.

On Sunday, manufacturers and other members of the organised private sector said the falling naira value at the official and parallel markets was having a severe negative impact on their bottom lines.

Specifically, the Manufacturers Association of Nigeria, Lagos Chamber of Commerce and Industry, as well as the Nigerian Association of Small-Scale Industrialists, said their members were already scaling down operations over the development, a situation that might lead to the sacking of more workers.

The naira volatility on the I&E window has continued despite recent efforts by the Federal Government to improve the liquidity of the FX market.

The naira has yet to respond positively to this latest injection of liquidity to the dismay of many. In its December Nigeria Development Update, the World highlighted that of volume of FX trades in the official window remained consistently low.

Data from the FMDQ Securities Exchange has shown that FX volumes on the I&E window have consistently hovered around $100m to $150m.

The Washington-based bank noted that without stabilisation in the official FX market at market-reflective rates, the risks to expected net FDI and net FPI would remain high for the country.

Commenting on the issue of volatility, the CBN Governor, Olayemi Cardoso, recently stated that the bank was concerned about this and doing all within its power to address it.

He said, “We are taking a comprehensive look at all the different policies that have come out from the central bank over a period of time and come out with an elegant document that states what is required from start to scratch and is clear on how to play that market.”

OPS expresses worry

However, members of the OPS including MAN, and LCCI have expressed worry that more companies may wind down operations in Nigeria if the trend of foreign exchange scarcity continues in the Country.

The National Association of Nigerian Students (NANS) in Benin Republic says there are 15,000 Nigerians studying in the country.

This is as NANS called for leniency over the ban on validation of degree certificates from the country and Togo.

Recall that an investigative reporter had recently exposed certificate racketeering in schools in the neighbouring countries.

Following the development, the federal government announced a ban on the validation of degree certificates from the countries.

But, the NANS president in Benin Republic, Ugochukwu Favour, said the government should consider legitimately admitted students.

Favour spoke Thursday on Channels TV’s breakfast show Sunrise Daily.

He said the government should step up efforts to probe the matter and punish those involved in the saga.

He said NANS in the Benin Republic had constituted a committee to probe the matter, adding that the report of its findings would be vital in curbing future occurrences.

“For now, I will say that the Federal Government should look into the issue. Now, you can’t, because it is happening in this school, punish everyone because it involved close to 15,000 students in the Benin Republic.

“I have really not validated if it has been happening for a long time.

This is just like what just came out on social media and we are still trying to find out how long it has been happening.

So, that is why I set up a committee as the president to investigate it,” he said.

The Minister of Works, Sen. David Umahi, has stated that Julius Berger Construction Company is requesting for N1.35trn to complete works on the Abuja-Kaduna section of the Abuja-Kaduna-Kano highway.

Speaking during a meeting with directors of the ministry on Thursday in Abuja, the minister said the road, which was initially contracted for N165bn was reviewed to N654bn.

He said the government is not willing to pay the new price as it does not have the money.

The highway was contracted in 2017 but not until 2018 before work commenced on the road.

The road, which was one of the legacy projects of the Buhari administration, was supposed to be completed in 2021.

However, the completion did not see reality till the administration ended in 2023 but a large chunk of the Zaria-Kano road was completed.

Speaking at the meeting, Umahi said, “We have about 127kilometres left in the two sections of Abuja-Kaduna.

  The ministry has some supervision work to be done tomorrow on that road.

Our technical people must leave to see the two sections and advise us on the redesigns of the two sections.

Lagos State Government said plans have been concluded to commence the repairs of the Third Mainland Bridge by the Federal Ministry of Works with the partial closure of Iyana Oworonshoki- Adeniji Adele bound for the effective work of the entire section of the bridge.

Commissioner for Transportation, Oluwaseun Osiyemi, who announced this on Thursday, explained that theclosure is part of the ongoing work that started in November 2023 focusing on fixing the ramps, and now, the remaining parts of the bridge will also be repaired in phases.

According to Osiyemi, “In line with the earlier notifications, the Lagos State Government wishes to remind the motoring public that the repairs of the Third Mainland Bridge by the Federal Ministry of Works will continue with the closure of Iyana Oworonshoki- Adeniji Adele bound for the effective repairs of the entire section of the bridge.

The closure is part of the ongoing work that started in November 2023 focusing on fixing the ramps, and now, the remaining parts of the bridge will also be repaired.

“However, to ease the burden of commuting, the following arrangements have been made.

“From 12am to 12 noon, the bridge is open for Mainland Inbound Island travels, while those who intend to come from the Island to the Mainland are advised to use Eko Bridge.

Former Speaker of the House of Representatives, Ghali Umar Na’abba, has passed away at the age of 65.

He served as the Speaker of the House of Representatives from 1999 to 2003 following the resignation of Salisu Buhari.

Na’abba attended ABU Zaria, where he studied political science and graduated in 1979.

The 8th Speaker dies in Abuja Wednesday Morning.

Though details of his death remain sketchy, sources say he will buried according to Islamic rites in Abuja.

Na’Abba was born on September 27, 1958.

In training, practice and expertise, Late Ghali Na’Abba is a political scientist and a policy architect.

He joined the Peoples Democratic Party (PDP) in 1998 during its formative period.

He emerged the party’s candidate in April 1999 National Assembly election in Kano Municipal Federal Constituency of Kano state and won the election to represent the Federal constituency in the House of Representatives.

With the victory and support of other House members-elect from Kano and North West geo-political zone, he pursued the role as Speaker of the House. Although he amassed substantial support from his colleagues and party leaders, he bowed to counsel and conceded to Ibrahim Salisu Buhari, who later emerged as first Speaker of Fourth Republic House of Representatives.

The Care taker Chairman of shira local govt Hon. Babangida Ishak Maliya has Bagged the Arewa Investigative Journalists award for 2023 as best caretaker Chairman in the Northern Nigeria.

Speaking in the Occasion, the Secretary of the Arewa Investigative Journalists (AIJ) Kabiru Muhammad Gesto, a reporter with FRCN said the award is bestowed on the chairman of Shira local Government in recognition of his inmense contributions and selfless services to humanity and the people Bauchi state in particular.

On his path the majority leader member representing Shira Local government in the Bauchi state house of Assembly, said he is not surprised to witness the prestigious award by the delegation of AIJ, due to the projects being executed by the Chairman.

Responding, the Chairman of Shira local Government, Hon. Babangida Ishaq Maliya, who received the award, said this is one of the prestigious award he had received in his life time and also commend the Arewa Investigative Journalists for doing a thorough investigation that led to the Achievement.