Naira Loses Steam, Closes At 465/$1
After days of gaining strength against the dollar, naira finally lost it’s steam and closed at N465, losing N7 from its Thursday closing price of N458. NAN reports that naira traded at N542 to the pound sterling and N480 to the euro. At the bureau de change (BDC) window, the naira traded at N399 to a dollar at the CBN-controlled rate, while pound sterling and the euro closed at N610 and N520 respectively. At the interbank market, naira traded at 305.25 to a dollar.
Osinbajo’s Visit: Akwa Ibom People Task FG On Peace In Niger Delta
The people of Akwa Ibom State have appealed to the Federal government to review the privatization of Aluminum Smelter Company of Nigeria (ALSCON) and Nigeria Newsprint Manufacturing Company (NNMC), Ikot Abasi and Itu Councils, respectively. Speaking during the town hall meeting organized by the Acting President, Prof Yemi Osinbajo, to seek ways of restoring peace in the Niger Delta, a member of Pan Niger Delta Forum (PANDEF), Otekong Idongesit Nkanga, stressed that the review would settled once and for all the rightful owner of ALSCON
Arik Woos Back Customers With N16k Tickets
With just N16,000, you can buy a one-way ticket on Arik Air, west and central Africa’s largest carrier. The airline, which is currently undergoing restructuring, announced the special promotional fare at the weekend. One-way fights currently average over N20,000. The promotion runs from March 6-20 March and “is to acknowledge and appreciate the loyalty of the airline’s highly esteemed customers that have stood with the airline for over a decade of operation”, the carrier said in a press statement.
NAF Gears Up Advocacy, Foreign Collaborations To Fix Gaps
The national security challenges in the country, which include the Boko Haram insurgency in the northeast, cattle rustling, kidnapping and killings in several parts of the country and many other forms of gangster-ism and militancy in the Niger Delta region have awoken the concern of many Nigerians on the need for the country to fully equip its armed forces. While the respective roles of the military services in combating security problems are appreciated, many are of the view that a strong air force would accelerate the defeat of the enemy as the army will be more enabled to finish the job.
Terminal Operators Fret Over Concession Agreement Review
Terminal operator operators in the nation’s seaports are afraid they may loss out in the imminent review of the port concession agreement they signed with the Federal Government over a decade ago, THISDAY investigation has revealed.The idea of the review which was muted during the administration of Dr. Goodluck Jonathan was given impetus with the advent of President Mohammadu Buhari’s administration about two years ago.
N702 Billion Payment Guarantee Fund, Others Won’t Produce Overnight Electricity, Says Fashola
Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that decisions so far taken as part of reform programmes in the power sector cannot alone solve all the problems and produce steady electricity nationwide. Recent decisions taken by the Federal Government include the inauguration of commissioners for the Nigerian Electricity Regulatory Commission (NERC) and the approval of N702 billion to the Nigerian Bulk Electricity Trading (NBET) to guarantee the payment of its obligations.
Saraki Inaugurates Technical Committee On Transport Bills
In his desire to ensure that critical economic bills pending before the Senate get necessary technical input from industry players to make for efficiency and effectiveness when passed, Senate President Bukola Saraki, yesterday, inaugurated a Joint Technical Committee on the Transport Sector Reform Bills. Saraki, who informed that the Senate has made the passage of the various transport sector infrastructure bills a critical aspect of its legislative agenda, listed the affected Transport reform bills to include: The Railway Bill, the Ports and Harbour Bill, and the National Transport Commission Bill.
Osinbajo To Flag Off Lagos-Ibadan Railway Line
As part of plans to raise the level of critical infrastructure necessary to boost the economy, Acting President, Prof. Yemi Osinbajo is to perform groundbreaking exercise to mark the commencement of the construction of Lagos-Ibadan railway line next Tuesday. The Lagos-Ibadan railway line is the second segment of the Lagos-Kano Standard Gauge Railway System, which also connects to the Lagos Port Complex, Apapa.
Dangote commits N200m to renovate Kano Specialist Hospital
Dangote Foundation has committed N200 million to the renovation of some sections of Murtala Muhammed Specialists’ Hospital in Kano, to complement its N7 billion Surgical and Diagnostic Centre (SDC) currently under construction. The 900-bed capacity hospital has been lacking facilities that may detract from the new SDC being built by the foundation, hence the decision to carry out the construction and renovation of the auxiliary facilities.
Panic Sale, As CBN Set To Pump In Additional $350m
Forex traders have been set on panic button, as news filtered in that the Central Bank of Nigeria (CBN) will this weekend, further pump more dollars into the foreign exchange market in continuation of its strategy to strengthen the value of the Naira. According a source in the apex the Bank, there is a planned release of an additional $350m bringing the total to $570m in this week alone to further crash the value of the Dollar.