KENYAN BUILDING COLLAPSE NEAR NAIROBI KILLS SIX PEOPLE. (PHOTO).

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 Kenyan building collapse near Nairobi kills six people The collapse of an unfinished eight-storey building in Kenya has killed six people. The structure fell on Friday morning in Syokimau on the outskirts of Nairobi. Construction workers were reportedly at the site when the building’s uppermost concrete slab gave way, bringing down part of the structure, according to a preliminary report from Nairobi City County’s emergency team. The report did not establish why the slab failed. The Kenya Red Cross initially reported that three people had been rescued and one person was reported missing. TV reports later said that five people had been pulled alive from the rubble and taken to hospital. The emergency report said the number of workers present when the building fell had not been confirmed, leaving open the possibility that others were trapped. Firefighters and specialist rescue teams were continuing to search for survivors.
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NAIRA DEPRECIATES TO N1, 500/$ AT PARALLEL MARKET. (PHOTO).

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Naira depreciates to N1,500/$ at parallel market

The Nigerian naira, on Wednesday, depreciated to N1,500 at the parallel section of the market.

The rate is a 3.45 percent decrease from the N1,450 per dollar recorded on Monday.

Currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1,490 and the selling price at N1,500 — leaving a profit margin of N10.

At the official window, the local currency appreciated by 1.05 percent to N1,418/$ on Wednesday — from N1,433/$ on Tuesday.

According to FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the naira traded as high as N1,510 and as low as N896.28 — with a daily turnover of $203.93 million.

Meanwhile, on February 1, 2024, the Central Bank of Nigeria (CBN), continued its foreign exchange market reforms by removing the limit on the FX rate quoted by international money transfer operators (IMTOs).

“For the avoidance of doubt, by this circular, the cap on allowable limit of -2.5% to +2.5% around the previous day’s closing rate of the Nigerian Foreign Exchange Market is hereby removed,” the apex bank said.

CBN instructed the money transfer operators to quote exchange rates based on the prevailing market rates at the FX market.

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