- Naira depreciates in official and parallel market
- Dangote Cement launches new retail prices
- Abuja American school refunds alleged stolen $760K to EFCC as Court calls EFCC Chairman
- Tanzania shuts power plants due to excessive power supply
- Nigerians hopeful Dangote’s reduction of Jet A1 prices will crash airfares
Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.
Naira depreciates in official and parallel market
The naira has continued its gradual depreciation against the US dollar in both the official and black window of the foreign exchange market.
According to reports, the Nigerian currency currently trades at ₦1,320/$ from ₦1,260 in the black market, whereas it is currently trading at ₦1,339/$ from its earlier trading rate of ₦1,309/$.
Dangote Cement launches new retail prices
Dangote Cement announced an insurmountable gain in its profits despite refusing the prices of its products nationwide.
The company revealed that it made ₦817 billion in revenue in its 2024 Q1 report, representing a 101% increase compared to its ₦407 billion in revenue in 2023 Q1.
The big cement companies, LaFarge, Dangote Cement, and BUA, have all reduced the price of cement to the range of ₦8,000 and ₦7,000 after the government’s intervention.
Abuja American school refunds alleged stolen $760K to EFCC as Court calls EFCC Chairman
Reports swirling about ex-Kogi State governor Yahaya Bello squandering $845K on his children’s school fees forced the school to refund $760,910 to the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency is prosecuting the ex-governor for his money laundering crimes of ₦80 billion. Though the EFCC has withdrawn its claims against Yahaya Bello, the court has requested that the EFCC Chairman, Ola Olukoyede, appear before the court.
The Kogi State High Court demanded that Ola Olukoyede appear in court to explain why an order of committal should not be passed on to him for allegedly disobeying orders.
Tanzania shuts power plants due to excessive power supply
In a shocking twist, as opposed to Nigerians, the Tanzanian government has shut down five hydroelectric plants to reduce its excessive power supply in the national grid.
According to the Prime Minister, Kassim Majaliwa, a single hydroelectric power plant was capable of powering the significant cities in the country, including its commercial hub.
Therefore, for the first time, Tanzania, a country with a history of power outages, has turned off its power plants due to excess power supply.
Nigerians hopeful Dangote’s reduction of Jet A1 prices will crash airfares
Since the Dangote Refinery began production of diesel and Jet A1, there has been a significant reduction in the prices of these commodities, which is expected to be reflected in the public market.
Nigerians anticipate that this consistent drop in the prices of the Jet A1 will reflect positively on the prices of airfares as they board planes as a mode of transportation.
According to earlier reports, the Dangote Refinery slashed the price of Jet A1 to ₦980/litre from its staggering high price of ₦1,400/litre.
Read » Top 5 Stories Of The Day | Naira Depreciates in Official and Parallel Market on YNaija
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