Headlines
Naira sinks to all-time low of N1,099.05/$ in official market, raising concerns ahead of Christmas

Naira sinks to all-time low of N1,099.05/$ in official market, raising concerns ahead of Christmas
According to a report by Nairametrics, the Nigerian Naira reached a new historical low on Friday, December 8th, 2023, closing at N1,099.05 per dollar in the official market.
This represents a significant depreciation of 23.29% compared to its previous closing rate, marking a concerning trend just 17 days before Christmas.
This marks the first time the Naira has crossed the N1,000/$ threshold, signifying a significant depreciation and raising concerns about its impact on the economy.
This development represents a major turning point in the history of the Naira, as it has never before reached such a low exchange rate.
Despite recent efforts by the Central Bank of Nigeria to bolster the foreign exchange market, the Naira’s downward trajectory continues, raising anxieties over its impact on the upcoming holiday season, traditionally characterized by increased consumer spending and reliance on imported goods.
This development is likely to exacerbate existing inflationary pressures and further strain household budgets, particularly for those reliant on imported goods.
The implications for businesses, both large and small, are also significant, with potential increases in production costs and challenges in maintaining profitability.
The domestic currency depreciated by 23.29% to close at N1,099.05 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.
This represents an N255.98 loss or a 23.29% decline in the local currency compared to the N843.07 it closed on Thursday and an all-time low per the Nairametrics’ tracker.
Headlines
Tinubu arrives Katsina to receive Buhari’s body for burial

President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Headlines
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial

Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
Headlines
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader

His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
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