NIGERIA'S DEFENCE MINISTER SUMMONS SERVICE CHIEFS AMID SURGE IN ATTACKS ON MILITARY BASES. (PHOTO).

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 Nigeria's Defence Minister Summons Service Chiefs Amid Surge in Attacks on Military Bases Nigeria's Minister of Defence, General Christopher Musa (Rtd), has urgently summoned the nation's top military leaders to a high-level meeting at the Ministry of Defence headquarters in Abuja. The session addresses the escalating attacks targeting military installations, particularly in the North East region. The meeting includes key figures such as: - Chief of Defence Staff, General Olufemi Oluyede - Chief of Army Staff, Lt.-Gen. Waidi Shaibu - Chief of Air Staff, Air Marshal Sunday Aneke - Chief of Naval Staff, Vice Admiral Idi Abass - Representatives from the National Intelligence Agency (NIA) The summons comes in response to recent deadly assaults by terrorists on military bases in the North East. Reports indicate that no fewer than three Commanding Officers of Lieutenant-Colonel rank were killed in Borno State, alongside scores of soldiers lost. Additionally, hundreds of civilian...
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NAIRA APPRECIATES MASSIVELY, EXCHANGES FOR N950/1$.(PHOTO).

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Naira Appreciates Massively, Exchanges For N950/1$



The value of dollar to naira fell sharply, on Friday, with the local currency exchanging below N1000 in the parallel market.

This is the first time in over a month that the local currency would gain remarkable strength since it exchanged above N1000.

From N1,150 in the parallel market on Thursday, the dollar exchanged for N950 on Friday evening and below in the morning, gaining over N200.

Sources at the Murtala Muhammed International Airport (MMIA), Lagos confirmed to our correspondent that the dollar exchanged for N750-N800 in the morning before appreciating to N950 in the evening.

This happened in the midst of intervention from the Central Bank of Nigeria (CBN), which was said to have started clearing backlog of matured dollar obligations amounting to over $7bn.

The beneficiaries of the CBN remittances were banks and airlines, bolstering expectations among foreign airlines operating in Nigeria.

For instance, the United Arab Emirates (UAE) carrier, Emirates, may soon resume flights to Nigeria as both countries finalise agreements which may see the Arab country lift its visa and work permit bans on Nigerians.

A bureau de change (BDC) operator in Lagos, Mr. Abu Dollar said, “We sell at N950 as I am talking to you. I don’t know what will happen tomorrow. Yesterday was N1,150 but today it has crashed to N950 here.

“Tomorrow I will tell you the market situation. Just call me.”

Another BDC operator at the MMIA simply identified as Mall. Ubaida said, “Dollar this evening we buy it for N900. But in the morning, we bought it for N800. It is coming down because of what the CBN did.”

He, however, advised that the CBN should supply dollars directly to the BDC operators, saying this would further strengthen the value of naira.

 

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