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Naira Continues Recovery, Strengthens To ₦‎950

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Naira Continues Recovery, Strengthens To ₦‎950

Naira Continues Recovery, Strengthens To ₦‎950

 

The naira continued its rebound against the dollar on Friday, strengthening to N950/$ on the average in the parallel market.

 

 

 

This represents an N170 gain or a 15.18 percent appreciation of the local currency compared to the N1,120 it traded for on Thursday. This is also the second day of recovery for the naira following a move by the Central Bank of Nigeria to clear some of its FX backlog on Thursday.

 

 

 

According to Bureaux De Change operators, who spoke to The PUNCH, the naira is still gaining as the market reacts positively to the CBN’s move.

 

 

 

A trader who only gave his name as Awolu said, “The dollar is N950 today if you want to buy it.”

 

 

 

Kadri, another trader, stated that he currently buys at N900/$ but sells at N950. He declared, “Dollar is coming down. It is N900 if you want to sell. But is N950 if you want to buy.”

 

Naira Continues Recovery, Strengthens To ₦‎950

 

Taura, another currency trader, stated that the naira was N1,015/$ in his area. He told The PUNCH, “If you want to sell, it is N980. But if you want to buy it is N1,015.”

Naira weakens to 1,180/$ after recent gains

Muhammad, added, “The naira is falling drastically. It is still failing. It is N970 now. The difference between buying and selling is N10.”

The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, affirmed to The PUNCH on Thursday that the CBN’s move to clear some of its backlog has been responsible for the firming of the naira.

He said, “Yes, this is because of the CBN’s move to clear its backlogs. There is a kind signal in the market. The CBN should continue to make clarifications.”

On Thursday, The PUNCH reported that the apex bank of the country had commenced the payment of outstanding matured FX forwards owed to various creditors.

Unconfirmed sources noted that three banks, namely Citi Bank, Stanbic IBTC, and Standard Chartered Bank, received full payment of debts owed from the CBN.

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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You’re a visionary and an exceptional leader,Hon .Ashara extols Tinubu at 73

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The vice chairman of Amuwo Odofin local government Area,Hon.Ashara Maureen has felicitated president Bola Ahmed Tinubu as he celebrates his 73rd birthday today

Speaking to newsmen today in Lagos, the beautiful and elegant Hon. recapitulated that the president has performed magnificently and tremendously as he navigates the nation towards advancement “It feels so great to celebrate you, Baba; your drive towards nation building and transformation of our beloved country has been magnanimous,you have been a wonderful leader;I want to join the entire world to wish you a very happy birthday”

She enunciated that president Tinubu paid a huge price for the democracy we are enjoying in this country today by putting his his life at risk during the time of NADECO “i must confess that he’s a living legend that has made indelible mark,an Icon with a heart of gold,a rare gym that has affected lives positively;he laid the foundation and fought for democracy in this country, becoming the president wasn’t by mistake because he deserves it and even more;may the mercies of God envelope you,may God continue to guide and protect you as rescue the nation from collapse ”

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Panic as Late Singer’s Mother Cries Out Over Alleged Kidnap of Son After Court Appearance

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Panic as Late Singer’s Mother Cries Out Over Alleged Kidnap of Son After Court Appearance

Panic as Late Singer’s Mother Cries Out Over Alleged Kidnap of Son After Court Appearance

Lagos was thrown into panic on Wednesday after the mother of the late singer, Abosede Aloba, raised an alarm over the alleged abduction of her son, Adura, by unknown gunmen. The incident, which took place outside the Magistrates’ Court in Ogba, has sparked outrage and concerns over the safety of individuals involved in legal disputes.

According to eyewitnesses, Adura was forcefully taken away by unidentified armed men immediately after leaving the court premises. Speculation is rife that the abductors may be law enforcement officers acting under undisclosed directives.

Reports indicate that Adura was at the court over a dispute with Damola Ayinde regarding the sale of a mobile phone. The legal battle, however, escalated into a broader case involving actor Yomi Fabiyi, Damola Ayinde, and other parties.

Mother’s Cry for Help

Following Adura’s sudden disappearance, his distressed mother, Abosede Aloba, was seen in a car weeping and calling for assistance. In an emotional outburst captured on video, she accused actor Yomi Fabiyi and another individual, Sam Jojo, of orchestrating the abduction.

“Please help me, people of God! It’s Yomi Fabiyi. They’ve taken my son, and I don’t know where they’re taking him,” she lamented.

Abosede further alleged that Adura was not in good health at the time of his abduction, raising fears about his well-being and safety.

Public Outcry and Calls for Investigation

The alleged abduction has ignited public outrage, with concerned citizens and human rights activists calling on the Lagos State Police Command to immediately investigate the incident and ensure Adura’s safe return.

So far, neither the police nor the accused individuals have issued official statements regarding the allegations. However, the growing tension surrounding the case has intensified calls for justice and transparency.

As of press time, efforts to reach Adura’s family for further updates have been unsuccessful. The situation remains fluid, with many awaiting clarification on the circumstances surrounding his disappearance.

 

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NNPC Clarifies Naira Crude Contract with Dangote Refinery

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NNPCL Slams False Report on Petrol Imports, Sets Record Straight

NNPC Clarifies Naira Crude Contract with Dangote Refinery

 

NNPC Limited has addressed recent reports circulating on social media regarding the alleged unilateral termination of its crude oil sales agreement with Dangote Refinery.

In a statement by Olufemi Soneye, Chief Corporate Communications Officer, NNPC clarified that the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and is set to expire at the end of March 2025. Discussions are currently ongoing to establish a new contract.

Since October 2024, NNPC has supplied over 48 million barrels of crude oil to Dangote Refinery under this arrangement. In total, more than 84 million barrels have been made available to the refinery since it commenced operations in 2023.

NNPC Limited reaffirmed its commitment to supporting local refining by supplying crude oil under mutually agreed terms and conditions, ensuring stability in Nigeria’s energy sector.

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