Naira Closes 1,402/$ at Official Market as Dollar Demand Persists
On Thursday, the official market exchange rate for the naira against the US dollar depreciated to N1,402, down by N12 or 0.86% from the previous rate of N1,390 on Tuesday. At the Nigerian Autonomous Foreign Exchange Market (NAFEX), the intraday high closed at N1,445 and the intraday low at N1,299, showing depreciation compared to Tuesday's rates. Dollar supply at NAFEX increased by 3.1% to $232 million on Thursday.
The naira's depreciation was attributed to renewed demand for the dollar in both official and parallel markets. Bureau De Change operators reported a decrease in the naira's value at the parallel market, with rates around N1,360 per dollar. Traders noted ongoing demand for the dollar but at a slower pace compared to previous months. They expressed the need for government intervention to stabilize the naira and maintain economic stability.
Ex-Katsina Governor Shema Joins APC
Former Katsina State Governor Ibrahim Shema has officially defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC). Shema, who served as governor from 2007 to 2015, joined the APC at the Shema Ward party office in Dutsin-ma Local Government Area. The state's APC Chairman, Alhaji Sani Aliyu-Daura, issued Shema the party's membership card, acknowledging the significant role of Governor Dikko Radda and his predecessor Aminu Masari in securing Shema's defection. Governor Radda described Shema's move as historic and emphasized the importance of unity in advancing the state's development. Shema expressed his commitment to contributing to the progress of Katsina State and Nigeria as a whole through his membership in the APC.
Police arrest alleged mastermind of Abuja-Kaduna road, Greenfield attacks
The police have announced the arrest of individuals responsible for terrorizing citizens along the Kaduna-Abuja road and orchestrating attacks on Greenfield University and Southern Kaduna. The arrests were part of a broader initiative targeting criminal activities along the Abuja-Kaduna expressway since January 2024. The police have deployed measures such as helicopter escorts for trains on the route to enhance security and respond swiftly to any incidents.
How N60,000 betting win sparked Lagos market clash – Eyewitnesses
A dispute over a N60,000 betting win led to an ethnic clash at Oke Odo Market in Lagos State, according to eyewitnesses. The conflict arose when a Yoruba man won the money but the betting agent, from the North, refused to pay in full and demanded a share of the winnings. This disagreement escalated into a physical altercation, prompting further involvement from friends of both parties. The situation resulted in shop burnings and injuries, with police subsequently restoring order.