GOV. UBA APPRECIATES PRESIDENT TINUBU ON THE AWARD OF STRATEGIC CONTRACTS WORTH ₦1.178 TRILLION IN KADUNA STATE. (PHOTO).

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 GOVERNOR UBA APPRECIATES PRESIDENT TINUBU ON THE AWARD OF STRATEGIC CONTRACTS WORTH  ₦1.178 TRILLION IN KADUNA STATE   Kaduna State governor has extended appreciation to President Tinubu, and the Federal Executive Council for the approval and award of transformative infrastructure contracts that will indelibly reshape the economic and social landscape of the state.   The statement personally signed by the governor lists the projects as follows; the Kaduna Light Rail Project an ambitious undertaking spanning a Kilometers corridor from Rigachikun to Sabon Tasha, alongside a Kilometers line from Millennium City to Rigasa, forming a 50-kilometre metropolitan network with an estimated value of One Trillion Naira. Complementing this is the critical reconstruction of the Mando–Kaduna– Birnin Gwari road, a 122-kilometre artery valued at ₦178 billion. Together, these projects represent not merely investments in infrastructure, but a deliberate re-engineering of mobility, sec...
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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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