economy

Rice Becomes More Affordable As Prices Drops By 20% Across Nigeria

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Subsidized Rice

Rice prices in Nigeria experience significant drop, offering relief to consumers. Survey shows 20-30% reduction in rice prices over the last two months. Traders attribute price decrease to factors like currency exchange rates and import costs. EKO HOT BLOG reports that Nigerians can breathe a sigh of relief as reports and surveys confirm a crash in … Read more

‘It Will Trade Below…’ – Tinubu’s Govt Gives Fresh Prediction Of Naira To Dollar Exchange

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Dollar to Naira Exchange 5th September

  • Tinubu’s Govt Gives Fresh Prediction Of Naira To Dollar Exchange.

  • Onanuga suggests the possibility of Naira trading below N1000 to a dollar in the near future.

  • Central Bank of Nigeria sells $15.8 million at N1,101 per US dollar to meet foreign exchange demand.

EKO HOT BLOG reports that Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, has made a new prediction regarding the exchange rate of the naira to the dollar in the upcoming weeks.

Onanuga expressed confidence in the naira’s strengthening position against the dollar, suggesting that it’s plausible for the Nigerian currency to trade below N1000 to a dollar in the near future.

EDITOR’S PICKS

He said that if that happens it will be “a great rally compared to where it (dollar to naira exchange rate) was weeks ago.”

Onanuga’s statement is coming amidst the Central Bank of Nigeria (CBN) selling $15.8 million at N1,101 per US dollar to bureau de change (BDCs) operators to meet demand for individual foreign exchange needs.

Naira To Dollar Exchange
Naira To Dollar Exchange

The CBN, in a notice said that it had sold $10,000 each to 1,588 bureau de change operators to meet eligible retail market demand and told operators to sell in turn to end users at a spread of not more than 1.5% above the purchase price.

FURTHER READING 

Speaking on the development via X, Onanuga wrote, “The way the Naira is gaining ground over the US Dollar, it will be safe to predict that the Naira will sooner than later be trading below N1000 to a dollar, a great rally compared to where it was weeks ago.”

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Skymax CEO Honored As ‘Nigeria’s Digital Economy Personality

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Skymax

– Skymax CEO, Chidi Charles Agukwe, recognized as ‘Nigeria’s Digital Economy Personality’. – The Award highlights Agukwe’s contribution to bridging the digital divide in Nigeria. – His recognition emphasizes Skymax’s dedication to delivering digital access. Eko hot blog reports that Chidi Charles Agukwe, the CEO of Skymax Integrated Network Limited, has been recognized as a … Read more

Laolu Akande Describes Printing Of N22.7trn Under Buhari Economic Calamity

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Eko Hot Blog reports that Laolu Akande, a former aide to ex-Vice President Yemi Osinbajo, emphasized the need to hold accountable those responsible for printing money during the tenure of former President Muhammadu Buhari. Editor’s Pick Tinubu Govt Set To Announce New Minimum Wage ‘Fake News’ — FAAN Denies Fire Incident At Lagos Airport Lawmaker … Read more

JUST IN: Tinubu Signs Executive Order On Oil And Gas Reforms

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Oil And Gas Reforms

EKO HOT BLOG reports that President Bola Ahmed Tinubu has implemented policy directives aimed at enhancing the investment climate and positioning Nigeria as the primary investment hub for the oil and gas sector in Africa. This information was disclosed in a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale. Ngelale emphasized … Read more

FG Denies Imposing $10 Billion Fine On Binance Over Naira Fall

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Binance

EKO HOT BLOG reports that the President Bola Ahmed Tinubu-led Federal Government has denied slamming a $10 billion fine on the cryptocurrency trading platform, Binance, over the free fall of the naira. In an interview with the BBC on Friday, presidential spokesman, Bayo Onanuga, had accused the cryptocurrency platform of aiding those fixing the Nigerian exchange … Read more

NLC Lagos Commences Nationwide Protest Over Economic Hardship

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Eko Hot Blog reports that Nigeria Labour Congress union members in Lagos assembled at Ikeja underbridge, singing, dancing, and urging the government to attentively consider their demands. Editor’s Pick FG Told To Hike Tax On Sugary Drinks From N10 To N130 Per Litre 27 Miscreants Sentenced For Obstructing Lagos Pedestrian Bridges Salaries Of Senators, Reps … Read more

State Governors Advise Tinubu’s Govt On Measures To Revive Economy

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State governors

EKO HOT BLOG reports that the 36 Governors of the Federation have said there is a need to address the connection between food inflation, naira depreciation and rising insecurity in the country. The Nigeria Governors’ Forum (NGF) made this known in a communique signed by its Chairman and Governor of Kwara State, Abdulrahman AbdulRazaq, and issued … Read more

Minister Of Works, Umahi Orders Arrest Of Street Traders On Federal Highway

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Umahi

EKO HOT BLOG reports that over the weekend, Senator David Umahi, the Minister of Works, issued a directive for the immediate arrest of traders who persistently conduct business on the newly completed section of the Aba axis of the Enugu-Port Harcourt Expressway, currently undergoing total reconstruction. Additionally, the former Governor of Ebonyi State expressed concerns over … Read more

‘Failure Not An Option’ – Tinubu Tells Security Chiefs In Tough-Talking Briefing

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Tinubu Addresses security chiefs

EKO HOT BLOG reports that President Bola Tinubu has instructed security chiefs and intelligence agency heads to achieve a definitive victory against the numerous security threats facing the nation. During a Presidential Security Briefing at the State House in Abuja on Friday, President Tinubu acknowledged the progress in mitigating some security issues. EDITOR’S PICKS [BREAKING] 2024: … Read more

2024 Budget: Economy, Education, Environment Top Lagos Government’s Priorities

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Lagos State Governor, Babajide Sanwo-Olu, presenting the 2024 budget to the House of Assembly

Eko Hot Blog reports that Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, presented an estimate of N2.2 trillion expenditures to the House of Assembly for next year, proposing increased capital spending across key priority areas in the Economic Affairs sector. There will be renewed focus on Works and Infrastructure next year, Sanwo-Olu said, noting that … Read more

Key Figures Set To Appear As House Of Reps Commences 2024 Budget Defense

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2024 Budget

EKO HOT BLOG reports that the House of Representatives has initiated the critical process of budget defense for the fiscal year 2024, aiming to scrutinize and deliberate on key areas crucial for Nigeria’s economic progress. Under the leadership of James Faleke, the Committee on Finance will oversee this significant phase. Scheduled to appear before the committee … Read more

7 Things You Should Know About Buhari’s N-Power Program Recently Suspended By Tinubu

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Social Intervention Programs

EKO HOT BLOG reports that the federal government under the leadership of President Bola Tinubu on Saturday announced its decision to suspend the N-power scheme indefinitely. The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu announced the indefinite suspension of the program, adding that the government has launched an investigation into its activities. EDITOR’S … Read more

Subsidy Removal: Atiku Finally Speaks Up On Policy, Slams Tinubu For Lack Of Palliatives

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Atiku on subsidy removal

  Atiku Abubakar, the Presidential candidate of the PDP, has criticized President Tinubu for removing fuel subsidy without providing palliatives or consulting the affected sectors. Atiku expressed his dissatisfaction during the PDP Retreat for Elected Officials. The decision led to panic buying and a significant increase in pump prices. EKO HOT BLOG reports that the … Read more

“A Sunset For Fuel Subsidy, A Daybreak For Infrastructure And Social Welfare” – Tinubu

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Removing Subsidy Tinubu

President Tinubu announces the end of fuel subsidy in his inaugural speech at the Eagle Square. The decision aims to redirect funds towards infrastructure, education, healthcare, and job creation. He emphasized the need to address security challenges, revitalize the economy and promote agriculture.  EKO HOT BLOG reports that in his inaugural speech at the Eagle … Read more

May 29: 15 Key Things You Need To Know Ahead Of Tinubu’s Inauguration

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Removing Subsidy Tinubu

  As Nigeria prepares for the inauguration of Asiwaju Bola Tinubu as the country’s 16th president, there are key things you need to know. EKO HOT BLOG gathered that ahead of the inauguration, Nigerians have called on the president-elect to take quick actions to tackle critical issues in the country’s economy, security, fuel subsidy and … Read more

N819bn Supplementary Budget: Senate Grants Extension To Implementation Period

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10th NASS

The Senate has passed a bill to amend the 2022 Supplementary Appropriation Act, extending the implementation period for N819bn The bill was passed during an emergency plenary session, following the House of Representatives’ earlier approval. The extension aims to allow for the full utilization of capital releases and the completion of critical infrastructure projects. EKO … Read more

‘How I Plan To Support Tinubu’s Incoming Administration’ – Tony Blair Reveals

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Tony Blair Visits Tinubu

Tony Blair has pledged his support to assist the incoming administration of Asiwaju Bola Ahmed Tinubu. Blair’s commitment was expressed during his visit to Tinubu at the Defence House in Abuja. He has offered the partnership of the Tony Blair Institute for Global Change in prioritizing and achieving the goals of Tinubu’s administration, particularly in … Read more

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