OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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DOLLAR FALLS TO N755 AT BLACK MARKET AFTER TINUBU'S INAUGURATION. (PHOTO).

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Dollar Falls To N755 At Black Market After Tinubu’s Inauguration

May 29, 2023

…New President Vows To Unify Exchange Rate

Nigeria’s unofficial foreign exchange market reacted positively on the inauguration day of Bola Ahmed Tinubu as Nigeria’s 16th President.

The black market opened on Monday at N763 against the US dollar but dropped by N9 at the close of trade.

Prices at Zone 4, a popular Bureau de Change hub in Abuja closed between N755 and N754 against the dollar, according to THE WHISTLER.

The naira has been trading low against the dollar over low foreign exchange earnings.

But Tinubu said in his first inaugural speech that he will unify the exchange rate.

Nigeria has four FX windows: the Investors’ & Exporters’ FX Window (“I&E FX Window”), a market trading segment for investors, exporters and end-users.

The secondary market intervention sales retail window, the small and medium-size enterprises (SME) window, and the window for invisibles.

The blackmarket for the BDC dealers is another unofficial window with a huge margin.

He said, “Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate.

“This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

“We shall ensure that investors and foreign businesses esses repartiate their hard earned dividends and profits home.”

 

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