Economy
Naira Hits New Low at N1,320/$1 as Diaspora Departures Drive Demand on Parallel Market
Naira Hits New Low at N1,320/$1 as Diaspora Departures Drive Demand on Parallel Market
In a concerning development, the Nigerian Naira experienced a significant dip on Wednesday, reaching a record low of N1,320 against the US dollar on the parallel market, commonly known as the black market.
The decline, attributed to robust demand, represents a 3.03% decrease or N40.00 compared to the N1,280 rate observed at the close of Tuesday’s trading session.
This latest depreciation marks the weakest position the Naira has occupied since October 26, 2023, when it previously touched N1,300 against the dollar on the parallel market.
The increased pressure on the parallel market exchange rate is believed to stem from heightened demand, driven in part by the departures of Nigerians from the diaspora.
As the Naira faces these challenges, economic stakeholders and analysts closely monitor the situation, considering the broader implications for the nation’s currency stability and financial landscape.
Aviation
NAF airstrikes destroy terrorist food depot, kill scores in Lake Chad
This is contained in a statement by the Director, Public Relations and Information, Nigerian Air Force (NAF), Air Commodore Olusola Akinboyewa, on Monday in Abuja.
Akinboyewa said the NAF aircraft carried out the operations in Nov. 23 on the strategic location, identified through meticulous intelligence efforts.
He said the location served as a critical food storage site and a sanctuary for terrorist commanders and fighters.
He added that intelligence had previously linked terrorists in the location to recent attacks, including the assault on troops in Kareto on Nov. 16.
According to him, the NAF fighter jets, in response, launched a robust air interdiction mission, destroying identified structures used as storage facilities and neutralising terrorists on-site.
“Mop-up operations using cannons ensured the complete elimination of fleeing hostile elements.
“The operation’s success was made possible by extensive Intelligence, Surveillance, and Reconnaissance (ISR) missions conducted over several days, confirming the presence of active terrorist structures camouflaged under dense vegetation.
“The destruction of the terrorist enclave, including food storage facilities, severely disrupted their logistical operations, while the neutralisation of a significant number of fighters diminished their capacity to launch future attacks,” he said.
Akinboyewa said the mission had demonstrated the NAF’s unwavering commitment to defending our nation and people, acting singly and supporting surface forces in counterterrorism operations.
He reiterated the NAF’s commitment to sustain robust independent and joint operations until all enemies of Nigeria’s prosperity and wellbeing are brought to justice.
Africa
Customs hands over illicit drugs worth N117.59m to NDLEA
The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).
The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.
Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.
He said the illicit drugs were seized in various strategic locations between January and November 21, 2024, in Ogun State.
He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.
Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.
“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.
“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.
He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.
He described the height of illicit drugs smuggling in the recent time as worrisome.
This, he said, underscores the severity of drug trafficking within the borders.
“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.
Ojo said the seizures had disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.
He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.
Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.
Responding, Adeyeye, applauded the customs for achieving the feat.
Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.
Economy
Customs intercepts N30m worth of PMS in Operation Whirlwind
The Nigerian Customs Service (NCS) on Friday said that it had intercepted 849 kegs of Premium Motor Spirit (PMS), worth over N30 million in retail price from Operation Whirlwind.
The Comptroller of Customs, Hussein Ejibunu, made this known during a news conference in Ikeja.
“Today, we have another seizure of 849 kegs of PMS containing 25 litres each. This translates to 30,225 litres with duty paid value at N30.225 million only at the NNPCL retail price.
“Today marks yet another success recorded by the operatives of Operation Whirlwind, Zone “A” Lagos/Ogun Axis.
“About five weeks ago, same PMS products were displayed before you here on the parade ground of the college where several seizures were made,” Ejibunu said.
“On this note, we wish to thank the National Security Adviser and the Comptroller-General of Customs for their unwavering support,” Ejibunu said.
The coordinator of the Operation Whirlwind said that two vehicles of means of conveyance were intercepted along with the seizures.
Ejibunu said that they evacuated 80 Jerry Cans each from a vehicle.
He assured the public that Operation Whirlwind remains steadfast in its efforts to clamp down on PMS smugglers, ensuring no room for their illegal activities nationwide.
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