FG REAFFIRMS COMMITMENT TO NATIONAL UNITY AND FAIR REPRESENTATION IN APPOINTMENTS. (PHOTO). #PRESS RELEASE.

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 PRESS RELEASE OFFICE OF THE SECRETARY TO THE GOVERNMENT OF THE FEDERATION FEDERAL GOVERNMENT REAFFIRMS COMMITMENT TO NATIONAL UNITY AND FAIR REPRESENTATION IN APPOINTMENTS The Office of the Secretary to the Government of the Federation (OSGF) wishes to address recent insinuations circulating, particularly on social media, regarding the composition of Federal appointments. The Government categorically refutes claims of lopsidedness and emphasizes its unwavering commitment to the principles of fairness, equity, and national unity. All appointments are made in strict adherence to federal character principle, as enshrined in Section 14 of the Constitution of the Federal Republic of Nigeria, 1999 (as Altered). It is notable to mention that, His Excellency, President Bola Ahmed Tinubu, GCFR, believes strongly in the unity of Nigeria and is guided by the ideals of fairness and tenets of justice in all appointments. This Administration is dedicated to ensuring that all regions and demogra...
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NIGERIAN NAIRA FALLS TO RECORD LOW ON OFFICIAL MARKET.(PHOTO).

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Nigerian naira falls to record low on official market

(Reuters) - Nigeria's naira dropped to a record low against the dollar on the official market on Tuesday in thin trading, swinging widely to levels seen on the unofficial parallel market, where the currency trades freely.

The naira fell as low as 1,248 to the dollar, during mid-day trading, LSEG data showed after it opened at 927 naira on Tuesday. It later recovered to 845 naira.

Central Bank of Nigeria Governor Olayemi Cardoso has said he would allow market forces to determine exchange rates while setting clear, transparent and harmonised rules governing market operations.

The comments and chronic dollar shortages on the official market have prompted the naira's official exchange rate to drift towards the parallel market level.

The currency sold at around 1,225 naira on the parallel market on Tuesday, while it was quoted at 1,002.50 naira on the one month non-deliverable forwards market .

 

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