Black Market Dollar to Naira Rate Rises Amidst Economic Concerns, DAPPMAN Rebukes Dangote Refinery on Fuel Pricing

Dollar to Naira Black Market Rate Hits N1730 as Fuel Price Dispute Escalates

The dollar-to-naira exchange rate in Nigeria’s black market continues to rise, with Bureau de Change operators in Lagos buying at N1725 and selling at N1730 as of November 6, 2024. This parallel market rate remains significantly higher than the Central Bank of Nigeria’s official rates, which are currently set at N1668 for buying and N1669 for selling. The CBN does not recognize the black market, urging individuals to seek forex directly through banks.

In a separate development, the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has refuted recent claims by Dangote Refinery that oil marketers offering lower-priced petrol are distributing substandard fuel. DAPPMAN’s Executive Secretary, Olufemi Adewole, labeled these claims as “preposterous,” emphasizing that its members adhere to quality standards and adjust pricing based on transparent international market factors. He criticized Dangote for keeping its pricing structure undisclosed, rejecting any implication that lower prices equate to inferior quality.

This ongoing debate highlights tension in Nigeria’s fuel market as consumers and businesses grapple with rising costs amidst a volatile economic landscape.

Nigeria’s Fuel Crisis: Oil Marketers Warn Against Dangote’s Monopoly Amid Rising Petrol Prices

Oil Marketers Warn Against Dangote Refinery Monopoly as Fuel Prices Surge in Nigeria

As Nigerians struggle with soaring petrol prices, oil marketers are pushing back against a potential monopoly by the Dangote Petroleum Refinery. In a court case filed under number FHC/CS/ABJ/1324/2024, marketers including AYM Shafa, A.A. Rano, and Matrix Petroleum argue that allowing Dangote exclusive market control could lead to inflated fuel costs and heightened energy vulnerability.

The marketers contend that Dangote’s refinery does not currently produce enough to meet national demand, challenging its claim for a monopoly in fuel imports. They argue that fair competition is essential to stabilize prices and prevent over-dependence on a single source.

Meanwhile, oil marketers, led by PETROAN President Gilli Billis-Harry, have expressed willingness to partner with Dangote Refinery for sourcing Premium Motor Spirit (PMS), provided favorable terms are met. Talks this week aim to establish a balanced arrangement on pricing, logistics, and distribution practices, with both parties hoping to create a framework that supports Nigeria’s economic stability amid the ongoing fuel crisis.

CSOs Demand Probe Of Cabals Hindering Local Refineries

The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called on President Bola Tinubu to urgently launch an investigation into cabals impeding the progress of local refineries and perpetuating the importation of Premium Motor Spirit (PMS).

The coalition held a press conference in Abuja on Wednesday, 6th November 2024, to address the important national issue.
NICOCSO’s National Coordinator, Benjamin James, who addressed journalists expressed deep concerns over the actions of a powerful group prioritizing self-interest over the nation’s economic well-being.

As contained in the press release issued to journalists by NICOCSO’s National Spokesperson, Segun Adebayo, it highlighted the detrimental impact of fuel importation on Nigeria’s economy, emphasizing the billions lost in foreign exchange annually and the vulnerability to global market fluctuations.

The coalition condemned the sabotage of local refining investments, particularly efforts like the Dangote Refinery, which aim to achieve fuel independence but face obstruction from vested interests.

NICOCSO called on President Bola Ahmed Tinubu to intervene and caution the NNPC cabal against actions that could lead to economic crises.

The coalition urged for a transparent probe into the cabal’s activities and proposed a policy shift mandating the sale of Nigerian crude oil to local refineries in Naira. This, they argued, would empower local investors, preserve foreign reserves, and strengthen the economy while stabilizing fuel prices domestically.

In a final plea for public support and accountability, NICOCSO called on all Nigerians, civil society organizations, and the press to stand together in demanding transparency and fairness in the fuel sector.

The coalition emphasized the importance of breaking the monopolistic grip of those hindering progress and building a Nigeria that prioritizes economic sovereignty and local industry empowerment.

As Nigeria stands at a critical crossroads, NICOCSO remains hopeful that President Tinubu’s administration will take decisive action to hold accountable those obstructing the nation’s economic growth.

The coalition believes collective advocacy and leadership would help Nigeria pave the way for a prosperous and self-reliant future.

China will always be important opportunity for global development

By Guo Jinpin, People’s Daily

The 7th China International Import Expo (CIIE) kicked off at the National Exhibition and Convention Center (Shanghai) on Nov. 5. Running from Nov. 5 to 10, the 7th CIIE has attracted 3,496 exhibitors from 129 countries and regions. It also sets a new record with 297 Fortune Global 500 companies and industry leaders attending the event.

Besides, it has brought together 77 countries and international organizations to participate in the Country Exhibition, with France, Malaysia, Nicaragua, Saudi Arabia, Tanzania and Uzbekistan serving as guest countries of honor.

Political and business leaders from 152 countries, regions and international organizations attended the opening ceremony. Around 3,800 Chinese and foreign journalists from more than 400 media outlets are participating in the coverage of this event.Additionally, the area dedicated to cultural exchanges exceeded 32,000 square meters, marking a new high in the history of the expo.

Opening up is a defining feature of Chinese modernization and is also the core philosophy of the CIIE. Hosting the import expo is an important step for China to further open up and a concrete action China took to build an open world economy.

In July this year, the 20th Central Committee of the Communist Party of China (CPC) concluded its third plenary session, drawing up a grand blueprint for further deepening reform comprehensively to advance Chinese modernization.

The CPC noted that to further deepen reformcomprehensively, it is a must to maintain a unified approach to reform and opening up. The deeper the reform goes, the higher the requirements for the level of opening up; the higher the level of opening up, the greater the boost to reform.

As a significant economic diplomatic event held after the Third Plenary Session of the 20th Central Committee of the CPC, this year’s CIIE highlights China’s confidence, determination, and practical actions in further deepening reformcomprehensively, promoting high-quality development, and advancing high-level opening-up.

Based on the super-sized Chinese market, the CIIE has enabled exhibits to become traded goods and exhibitors to spot more investment opportunities. It has become a catalyst for enhancing global consensus on open cooperation and pursuing an open world economy, creating new opportunities for the world through China’s further development.

Open cooperation is a defining feature of the CIIE, and the key to its success. The annual expo has leveraged the strengths of China’s enormous market and fulfilled its platform function for international procurement, investment promotion, people-to-people exchanges and open cooperation, facilitating the exchanges of cultures and ideas, as well astransactions of goods and services.

The CIIE has continuously embraced innovation and green development. The previous six editions of the expo saw nearly 2,500 new products, technologies, and services make their debut. The 7th CIIE has, for the first time, establishedthe new materials section, which showcases over 400 representative new products, technologies, and services, unleashing the vitality of innovation and green development.

Theexpo has served as a platform of high-standard opening up that allows China’s enormous market to be shared by the world. The first six editions of CIIE have generated a total intended transaction amount exceeding $420 billion. Additionally, over 1,130 foreign enterprises and investment promotion organizations have conducted targeted connections across the country.A total of 186 enterprises and institutions have achieved full attendance across all seven editions of the expo, and many exhibitors have gone on to open new stores, factories, and R&D centers in China.

With a population of over 1.4 billion, a middle-income group exceeding 400 million people, a complete supply chain, a well-developed infrastructure, an abundant talent pool, and a vibrant innovation ecosystem, the Chinese market continues to unleash tremendous dividends, enabling all parties to achieve mutual benefit.

“The CIIE is a unique grand eventfilled with opportunities,” said Nicolas Hieronimus, CEO of L’Oreal androtating chairman of the CIIE Enterprise Alliance. He noted that the expo serves as an “amplifier” for new product debuts, a “catalyst” for cooperation, and a “propeller” for business development.

The spring breeze of China’sopenness has continuously brought warmth to all parts of the world. So far, China has signed 22 free-trade agreements with 29 countries and regions. The country has been continuously deepening regional economic and trade cooperation by applying the highest standards in implementingthe Regional Comprehensive Economic Partnership Agreementand taking proactive steps to align its economic and trade rules with the high standards of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).

In the first three quarters of this year, China’s goods trade volume exceeded 32 trillion yuan ($4.45 trillion), reaching a new high, and its trade with over 160 countries and regions around the world achieved growth.

As a developing country and a natural member of the Global South, China is a staunch supporter, active participant and key contributor of South-South cooperation. By committingitself to openness to meet development challenges, fostering synergy for cooperation, building the momentum of innovation, and delivering benefits to all, China has provided all nations with greater and fairer access to the fruits of development.

Since its inaugural edition of the CIIE, China has offered free booths and other support measures to the least developed countries, such as product transportationand personnel reception, to help them showcase their products at the import expo.

This year’s CIIE offered more than 120 free exhibition booths for vendors from 37 least developed countries. To expand unilateral opening to the least developed countries, the expo has also enlarged the exhibition area for African agricultural products.

Starting from Dec. 1 this year, China will give all the least developed countries having diplomatic relations with China zero-tariff treatment for 100 percent tariff lines. This significant measure was announced by Chinese President Xi Jinping at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC). China is the first major developing country and major global economy to implement such a measure.

The 7th CIIE has once again demonstrated to countries around the world that China remains committed to high-level openingup and open international cooperation. By further deepening reforms comprehensively and open its doors wider to the outside world, China will always be an important opportunity for global development.

Xizang keeps enhancing efforts in ecological conservation, restoration

By Yuan Quan, Xu Yuyao, People’s Daily

To the southwest of Geladaindong Peak in northwest China’s Qinghai province, stands Jianggudiru Glacier, which rises up to 6,542 meters above the sea level. It is one of the sources of the Yangtze River, the largest river in China.

At the foot of the glacier, lies Maqu township, Amdo county, Xizang autonomous region. To protect the glacier and the meadows surrounding it, Maqu township has reduced the number of livestock by nearly 40 percent in the recent decade.

“To chase short-term interests is something we’ll never do,” said Tsewang Drolma, Party head of Maqu township. According to her, the township has banned development in all forms within the key protection area of the glacier.

Protecting the ecological environment of Xizang benefits future generations and serves the whole world. In recent years, Xizang has kept enhancing ecological protection and restoration efforts to reinforce the shields for ecological security.

It has comprehensively implemented a law on ecological protection of the Qinghai-Xizang Plateau, and carried out large-scale land greening initiatives and urban space greening projects. It is also actively advancing the establishment of a protected areas framework with a focus on national parks.

Committed to optimizing the development of territorial space, Xizang is working to protect every blade of grass and every mountain and river on the plateau.

With the priority given to eco-environmental conservation, Xizang adheres to integrated conservation and restoration of mountains, rivers, forests, farmland, lakes, grasslands, deserts, glaciers and snow mountains.

The autonomous region has implemented regulations on building itself into a pacesetter of ecological civilization, enforced protective measures to restrict access to important snow-capped mountains and glaciers, and promoted the inclusion of key areas such as Changtang, Mount Qomolangma, and Mount Kailash into a layout plan of national parks. Currently, nature reserves in Xizang account for 36 percent of the autonomous region’s total land area.

As of the end of 2023, Xizang was home to 1,072 species of wild terrestrial vertebrates. It led the country in the number of large and medium-sized wildlife. In particular, the population of Tibetan antelope exceeded 300,000 in the autonomous region, while the number of Tibetan red deer, once believed to be extinct, had grown to over 800.

To improve the systematic governance mechanism, efforts have been strengthened for the ecological protection and restoration of important river basins.

In the middle reaches of the Yarlung Tsangpo River, a lush “green ecological corridor” that is 1,800 meters wide stretches approximately 160 kilometers long.

From a high vantage point in Luodui village, Chaqi township, Chanang county, one can see endless trees.

“Forty years ago, there wasn’t a single tree here. Now, greenery is increasing,” said villager Paljor, who manages a nursery spanning over 450 mu, or 30 hectares.

In recent years, he has taken on a number of greening projects. “We’ve improved the environment, earned money, and lifted our living standards – all in one go,” he said.

Xizang is accelerating key ecological projects, including afforestation in the mountains to the north and south of Lhasa and around Gonggar Airport in the middle reaches of the Yarlung Tsangpo River, and greening projects for the basins of the Yarlung Zangbo, Nujiang, Lhasa, Nyangqu, Yalong and Shiquan rivers.

The region is also establishing an ecological compensation mechanism that covers forests, wetlands, grasslands, and water ecosystems.

In 2023, Xizang completed 1.2 million mu of afforestation, restored and rehabilitated 6.14 million mu of degraded grasslands. Its forest coverage rate was lifted to 12.31 percent, and fractional vegetation coverage on grasslands to 48.02 percent.

Nyingchi has been recognized as a national forest city, while 11 counties, prefecture-level cities and districts, including Bome, Qonggyai and Gyamda, have been awarded the title of national demonstration zones for eco-environmental progress.

In the 2023 report on Xizang’s ecological environment, all ecological quality indicators were rated as excellent. The health rating for rivers and lakes across the autonomous region stood at 100 percent, and 99.96 percent of key rivers and lakes met standards regarding ecological flow. The report said Xizang is one of the regions with the best ecological quality in the world.

With continuous improvement in ecological quality, a green development pattern has been initially established in Xizang. The clean energy and low-carbon industries are growing steadily, with clean energy accounting for over 90 percent of the installed power capacity in the autonomous region. More than 2.2 million farmers and herders benefit from subsidies for grassland ecological protection.

Wang Junzheng, secretary of the Communist Party of China Xizang Autonomous Regional Committee, said that Xizang will continuously enhance its sense of responsibility and mission in ecological and environmental protection.

The region will make every effort to safeguard the ecology of the Qinghai-Xizang Plateau according to law, and strive to build a beautiful Xizang where human and nature coexist harmoniously, Wang added.

Coalition Dismisses Call For Sack Of NNPCL Boss

A coalition under the auspices of the Coalition of Civil Society Organisations Against Corruption, COCSOAC, Nigerian Professionals in Diaspora, NPID, and Bloggers respectively, came together, Wednesday, to vehemently condemn a section of the country calling on President Bola Tinubu to sack the Group Chief Executive Officer, GCEO, Nigerian National Petroleum Company Limited, NNPCL, Engr Mele Kyari.
The coalition made their stand known during a press conference held in Abuja, where the leaders including Kenneth Emea of Bloggers; Oluwatoyin Animashaun of NPID; and Mohammed Abdullahi of COCSOAC described the accusations leveled against Kyari as unsubstantiated and basically to derail the critical progress he has made in the oil and gas sector.
In an address read during the press conference, the coalition highlighted the landmark achievements by Kyari in the sector.
They said: “We are gathered here today to address the recent attacks and baseless calls for the removal of Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL). These unsubstantiated accusations are nothing more than attempts to derail the critical progress that has been achieved under his leadership. We are here to stand in firm support of Mele Kyari and urge the President not to yield to these unfounded demands for his sack.
“Since his appointment as GCEO of NNPCL, Mele Kyari has been a transformative force in the Nigerian oil and gas sector, a sector that has long suffered from inefficiencies, corruption, and lack of accountability. Under his watch, there has been a profound shift toward transparency, professionalism, and operational efficiency. His stewardship has saved billions of naira, ensuring that NNPCL can finally act as a reliable and accountable player in the global oil industry while driving national economic growth. Kyari has demonstrated unparalleled commitment to cleaning up the sector, implementing key reforms that have restored investor confidence and positioned Nigeria on the path to energy self-sufficiency.
“One of the landmark achievements under Mele Kyari’s leadership has been the successful transition of NNPC into a limited liability company (NNPCL), operating with greater transparency and subject to industry best practices. This restructuring was crucial for creating a financially viable, market-driven entity that can compete with global oil giants. This historic shift is the result of visionary leadership and dedication to reform—a testament to Kyari’s resolve in transforming NNPCL from a government entity into a commercially viable and profit-driven corporation.
“Moreover, Kyari has been instrumental in reducing the long-standing problem of oil theft, which has cost Nigeria billions of dollars annually. Through strategic partnerships with security agencies, he has championed efforts to curb this menace, enhancing the nation’s revenue base and enabling a fair share of resources for development. Kyari’s efforts are restoring accountability in the oil sector and demonstrating what can be achieved with principled leadership and a commitment to national interests.”
However, the coalition expressed pain and disappointment from some Nigerians who have failed to acknowledge rather intentionally are using a section of the media to disparage and condemn the NNPCL boss.
“We recognize that reform is often met with resistance, especially from those who have benefited from the previous status quo. The recent calls for Kyari’s sack appear to be orchestrated by these interests, who are threatened by the transparency and accountability he has brought to the oil sector. But we stand here today to affirm that Nigeria cannot afford to reverse the gains that have been achieved.
Therefore, they called on President Tinubu not to heed to the calls to sack Kyari, “We call upon the President to remain steadfast and not succumb to these baseless demands. Nigeria needs leaders who are willing to challenge the status quo and work in the best interests of the nation, as Kyari has consistently demonstrated.
“In conclusion, we urge all well-meaning Nigerians, both at home and in the diaspora, to lend their voices to support Mele Kyari and the reforms he has championed.
“Let us reject the divisive tactics of those who seek personal gain at the expense of national progress. The oil sector reforms under Kyari’s leadership have brought us hope and a renewed sense of purpose, and we must not allow vested interests to undermine these achievements.”

Shenzhou-19 crew to reside on space station for six months

By Liu Shiyao, Yu Sinan, People’s Daily

At 4:27 am Beijing time on Oct. 30, a dazzling beam of light illuminated the pitch-black night sky. The Shenzhou-19 crewed spaceship, atop a Long March-2F carrier rocket, took off from the Jiuquan Satellite Launch Center in northwest China and headed towards the Chinese space station.

At 12:51 pm on Oct. 30, the Shenzhou-19 crew successfully joined the Shenzhou-18 crew in the space station. After finishing handover, the crew of China’s Shenzhou-18 spacecraft returned to the Dongfeng landing site in north China’s Inner Mongolia Autonomous Region on Nov. 4.

Cai Xuzhe, born in the 1970s, serves as the commander of the Shenzhou-19 crew. It is the first time for him to be in this position.With this ongoing mission, he set a new record for the shortest interval between two spaceflights for Chinese astronauts.

Crew members Song Lingdong and Wang Haoze, both born in the 1990s, are on their first spaceflight mission. Prior to being selected, Wang was a senior engineer at the Academy of Aerospace Propulsion Technology, China Aerospace Science and Technology Corporation. She is China’s only female space flight engineer and the third Chinese woman to participate in a crewed spaceflight mission.

The Shenzhou-19 mission marks the fourth crewed flight in the application and development phase of China’s space station and the 33rd flight of China’s manned space program.

Its primary goals are to complete an in-orbit crew rotation with the Shenzhou-18 crew, reside on the space station for about half a year, conduct space science and application experiments, perform extravehicular activities (EVAs), manage cargo entry and exit, install and recover space debris protection devices and other external equipment on the space station, and engage in science education, public welfare activities, and other payload tests. The aim is to further improve the operation efficiency of the space station and maximize the comprehensive benefits of its applications.

It is reported that the Shenzhou-19 mission will carry out 86 space science research and technology experiments, covering various fields including space life science, microgravity fundamental physics, space material science, space medicine and new space technologies.

The Shenzhou-19 crew will conduct structural analysis of protein crystal growth and non-equilibrium dynamics of soft matter under microgravity conditions.

The astronauts are expected to advance frontier research into basic theories, the development of new materials, the physiological effect mechanism of space radiation and weightlessness, hypomagnetic biological effects and molecular mechanisms.

A report on the scientific research and application development of the space station Tiangong is slated for release on the second anniversary of its completion, to introduce the representative results achieved by the space station since it was sent to orbit

According to Lin Xiqiang, spokesperson for the China Manned Space Agency, the selection of the fourth-batch Chinese astronauts concluded in May this year. Ten astronaut candidates made to the final list, including eight space pilots and two payload experts. Their training started this August.

The fourth-batch Chinese astronauts will not only perform tasks related to the space station, but also prepare for future manned lunar missions. Therefore, their training subjects emphasize essential skills such as living, working and maintaining health in a weightless environment. They will also master specialized skills including EVAs, equipment maintenance, and space science experiments.

Besides, they will develop capabilities in spacecraft operation, lunar rover driving, celestial navigation, geological fieldwork, as well as adapting from weightlessness in space to walking with loads on the lunar surface.

China is pressing ahead with its mission to land astronauts on the Moon by 2030, moving quickly with development and construction to turn this goal into reality.

The production and ground tests of prototypes of the Long March-10 carrier rocket, the manned spacecraft Mengzhou, the lunar lander Lanyue, the spacesuit to be worn by astronautsand the manned lunar rover are underway as planned.

A series of major tests have been completed, including the integrated airdrop test for the spacecraft, and the separation test for the two modules of the lander.

The scientific research objectives and overall payload plan for the manned flight tests and the first manned lunar mission have been basically determined. The development and construction of systems such as launch sites, telemetry and communication, and landing sites are progressing in an orderly manner as planned.

Lin said that currently, the first batch of payloads selected under cooperation between China and the United Nations Office for Outer Space Affairs are conducting experiments in orbit. Simultaneously, efforts are being made with relevant countries to promote the implementation of more joint experimental research, consultations, selection and training of astronauts to participate in flights to the Chinese space station.

Lin said the China’s space station serves not only as a national asset but also as a platform for advancing space technology and bringing benefits to all of humanity. The world is always welcome to participate in flight missions of the Chinese space station.

Tax Bills: Northern Group Slams Ndume

The Northern Redemption Coalition (NRC) has slammed the lawmaker representing Borno South Senatorial District in the National Assembly, Senator Ali Ndume, for attempting to force his views on the nation regarding the tax reform bills currently before the National Assembly.

President Bola Tinubu sent four bills to the National Assembly, including the Nigeria Tax Bill 2024, the Tax Administration Bill, and the Nigeria Revenue Service Establishment Bill, meant to repeal the Federal Inland Revenue Service (FIRS) Act and create the Nigeria Revenue Service (NRS) and, the Joint Revenue Board Establishment Bill.

The Northern Governors Forum (NGF) had opposed the VAT bill, claiming it would impoverish the North, a position that drew widespread condemnation from northern youth groups and professionals.

Senator Ndume sailed into the storm when he appeared on Channels Television’s Politics Today programme on Tuesday, and said the bills are dead on arrival and should be thrown out.

But the Northern Redemption Coalition (NRC) president, Comrade Adamu Bashir, cautioned Ndume against overinflating his political worth and following, as his position does not reflect the acceptance of the tax bills among the discerning population of Nigerians.

Bashir said, “It is the failure of leaders like Ndume to develop the North that has left them with the phobia. They have for the tax bills, which President Tinubu have demonstrated, can turn the economy around.

“While he claimed to be speaking for the poor in the country, it turned out he cannot even speak for the North, and certainly, he appears disconnected from his constituency because all Ndume’s years in the Senate have been wasted as he has refused to uplift his constituents.

“Instead of his tenuous attempt at cheap populism, Ndume should reassess his position relative to the reality of the time by reviewing his errant stance to refocus his activity in a way that justifies his supposed love for the North.”

Bashir lamented that Ndume, through his take on the tax bills, was perpetrating the wrong notion of a lazy and entitled North, when this part of the country is not known for being resistant to taxes.

He stated, “For the avoidance of doubt, the North is not afraid of the new tax bills. The North rather fears leaders like Ndume and our governors, who have refused to distribute wealth evenly, build schools for our teeming population of young people out of school, and empower our vulnerable women.

“We envisage that the people of Borno South Senatorial District would eventually realise that it is time to recall Ndume as he has proven that he would always sabotage their interest in the pursuit of his populist posturing.,” he noted.

Dollar, Bitcoin Surge Amidst Expected Trump Win in U.S. Election

The value of the U.S. Dollar and Bitcoin surged significantly on November 6, 2024, as investors reacted to the expectation of a Donald Trump victory in the U.S. presidential election. The anticipation of a potential Republican win in key swing states caused a boost in market sentiment, contributing to what analysts are calling the “Trump Trade.”

Despite the election being tightly contested, early returns indicated Trump’s strength in crucial battleground states like Georgia and North Carolina. This momentum helped Trump gain an edge over his Democratic rival, Vice President Kamala Harris, further propelling optimism in the financial markets.

As a result, the U.S. Dollar rose by 1.5%, reaching its highest level since July at 154.33 yen, and gained over 1% against the euro and more than 3% against the Mexican peso. Bitcoin also experienced a remarkable surge, breaking through its previous record high, reaching $75,330.88, as investors speculated that a Trump victory would lead to policies favorable to cryptocurrencies.

Trump has pledged to make the U.S. the global hub for Bitcoin, and his policy proposals, including tax cuts and deregulation, have been seen as positive for the U.S. economy. Analysts are predicting that a clean sweep of the White House and Congress by Republicans could lead to increased demand for digital currencies like Bitcoin, especially if Trump’s proposals on tax cuts and tariffs materialize.

The rally in the dollar has been attributed to expectations that Trump’s economic policies will push inflation and economic growth, which, in turn, would affect Federal Reserve decisions, including possible interest rate cuts. The dollar’s rise also had a positive impact on global markets, with stock indices in Tokyo, Shanghai, and Sydney seeing gains, although Hong Kong’s market dropped due to concerns about a Trump presidency’s impact on China.

This surge in both traditional and digital currencies reflects the market’s belief that Trump’s policies could lead to higher growth, although some analysts caution that the long-term impact on inflation and global trade tensions remains uncertain. The election results are expected to have profound implications for both the U.S. and global economies in the coming months.

President Tinubu Announces Death of Army Chief, Lt. General Taoreed Abiodun Lagbaja

President Bola Ahmed Tinubu has confirmed the death of Lt. General Taoreed Abiodun Lagbaja, the Chief of Army Staff, at the age of 56. The news was made public in a statement by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, early Wednesday.

Lt. General Lagbaja passed away on Tuesday night in Lagos after a period of illness. His death marks a profound loss for the Nigerian military.

Born on February 28, 1968, Lagbaja was appointed Chief of Army Staff on June 19, 2023, by President Tinubu. His military career began in 1987 when he joined the Nigerian Defence Academy. He was commissioned as a Second Lieutenant in the Nigerian Infantry Corps in 1992, serving in various leadership roles, including platoon commander in the 93 Battalion and the 72 Special Forces Battalion.

Throughout his career, Lagbaja played key roles in national security operations, including Operation ZAKI in Benue State, Operation Lafiya Dole in Borno, and Operation Forest Sanity in Kaduna and Niger States.

An alumnus of the U.S. Army War College, Lagbaja earned a Master’s in Strategic Studies, cementing his reputation as a committed and skilled military leader.

Lt. General Lagbaja leaves behind his wife, Mariya, and their two children. President Tinubu has expressed his deepest condolences to the family and the Nigerian Armed Forces, praising the late general’s dedication to the country’s defense.