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Dollar Crashes To N790 At Parallel Market After Tinubu, CBN Gov’s Meeting
The dollar has crashed to between N805 to N790 at the parallel exchange market on Tuesday Daily Trust can authoritatively report.
It started a steady decline from N925 to N930 that it was exchanged in the morning till around 4:00 pm when news about a possible Central Bank of Nigeria (CBN) intervention filtered through to the Bureau De Change (BDC) operators.
Recall that the CBN announced plans to take critical decisions to reverse the slide of the naira in the next few days, thereby resulting in significant losses to the speculators.
The acting CBN governor, Folashodun Shonubi, dropped the hint on Monday while briefing State House reporters after a meeting with President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
N6.9bn procurement fraud: Federal Government arraigns Emefiele, allies Thursday
The Federal Government will on Thursday arraign the suspended Central Bank of Nigeria Governor, Godwin Emefiele and his associates for N6.9 billion procurement fraud at the Federal Capital Territory High Court, Maitama, Abuja.The case is for arraignment and mention.
Emefiele will be arraigned alongside a female CBN employee, Sa’adatu Yaro and her company, April1616 Investment Limited on 20 charges of procurement fraud, conspiracy and conferring corrupt advantages on his associates.
Emefiele, who had been in detention since he was suspended from office on June 9 by President Bola Tinubu, was accused of conferring corrupt advantages on Yaro, a director in April 1616 Investment Ltd.
Wage review: Aviation security, logistics workers embark on immediate strike
Security across the country’s airports may be a challenge tomorrow as all security workers in Aviation and logistics in the country have been directed to withdraw their services as of August 16th, 2023.
In a circular issued by the National Union of Air Transport Employees (NUATE), signed by the General Secretary of NUATE, Comrade Ocheme Aba, with copies sent to all the chief executive officers of the aviation agencies, the Commissioner of Police at the airport, and the DSS, titled ‘Circular Letter To All Aviation Security and Logistics Employers in Nigeria’, the union informed of the notice of withdrawal of services.
The notice of the withdrawal of services has been attributed to what the union called the continuous impoverishment of employees of the aviation security and logistics sub-sector of the aviation sector in Nigeria.
The circular partly stated: “As you are all aware, the union has done everything possible to resolve the lingering crisis of extreme impoverishment of employees of the aviation security (AvSec) and logistics sub-sectors of the aviation industry in Nigeria, but to no avail.
Inflation hits 24.08% as Nigerians struggle with higher food prices
Nigeria’s annual inflation rate rose to 24.08 per cent in July, the highest in 18 years, driven by higher prices of food items, increased transport fares, reflecting the increasing struggle of households to meet daily feeding needs, worsened by the impact of fuel subsidy removal and continued depreciation of the naira.
The higher inflation rate, which represents 1.29 percentage points from 22.79 per cent in June, was caused by increases in prices of basic food items, including oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetables, milk, cheese, and eggs.
As a result, food inflation rose to 26.98 per cent, the highest level in 18 years, since September 2005.
Also reflecting the impact of fuel subsidy removal on cost of transportation and related services, core inflation (all items less farm produce and energy), rose to 20.47 per cent in July, the highest in 19 years, up by 0.41 percentage points from 20.06 per cent in June.
FG in deregulation dilemma as 24% inflation worsens poverty
As inflation bites further, mostly from the effects of subsidy removal on the economy, there are concerns about the Federal Government’s ability to sustain its deregulation stance, especially as it considers maintaining a threshold for fuel price in order to check public outcry.
Although President Bola Tinubu yesterday declared that he is not contemplating a reversal of the decision which removed petrol subsidy in the country, insiders note that public outcry and protests by Labour Unions may force the government to reconsider its decision.
There were mixed feelings of worry, frustration and even disbelief yesterday when the National Bureau of Statistics (NBS) released the July inflation data, which pegged the headline inflation at 24.08 per cent, the highest in about two decades.
Conclusion
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