Dollar to Naira Black Market Exchange Rate for 19th October 2024

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As of 19th October 2024, the black market exchange rate for Dollar to Naira in Lagos stands at ₦1710 for buying and ₦1725 for selling. These rates, obtained from sources at Bureau De Change (BDC) operators, reflect the ongoing depreciation of the Naira.

In contrast, the Central Bank of Nigeria (CBN) official rate for Dollar to Naira is lower, with a buying rate of ₦1651 and a selling rate of ₦1652. The CBN continues to discourage the use of the parallel market and advises individuals to approach their banks for foreign exchange transactions.

The World Bank recently urged Nigeria’s government not to reverse economic reforms, including the removal of fuel subsidies and multiple exchange rates, despite public hardship. These reforms, though painful, are viewed as essential for long-term economic stability.

Please note that exchange rates may vary depending on location and market conditions.

CUPP Criticizes Tinubu, Shettima’s Foreign Trips Amid National Crises

The Conference of United Political Parties (CUPP) has condemned the simultaneous foreign trips of President Bola Tinubu and Vice President Kashim Shettima, calling it a “dereliction of duty.” As Nigeria faces economic decline, rising insecurity, and a depreciating naira, the CUPP expressed deep concerns over the absence of the nation’s top leaders.

Peter Ahmeh, National Secretary of the CUPP, stated, “Their decision to leave Nigeria during such a critical period is irresponsible and unpatriotic.” He emphasized that the country is in dire need of strong leadership to address soaring inflation and the currency crisis.

Ahmeh also warned that the leadership vacuum could stall critical governance decisions and further destabilize Nigeria’s fragile economy. He urged both leaders to return immediately and called on the National Assembly to hold them accountable for the governance gap.

Rising Costs Undermine Nigeria’s Plans to Reduce Food Prices

The Nigerian government’s plans to lower food prices by removing taxes and import duties on basic food items are facing significant setbacks. The average price of imported food rose to 878.3 in September 2024, a worrying increase reflecting ongoing economic challenges.

In July, the government announced a 150-day duty-free import window for essential commodities like maize, rice, wheat, and cowpeas. However, almost three months later, the initiative has stalled due to bureaucratic delays. The Ministry of Finance has yet to publish the list of qualified importers, a key step in the process.

At a recent press conference, Finance Minister Wale Edun mentioned that the government had ordered maize and wheat imports to stabilize the market. However, implementation remains slow, and food prices continue to rise.

The National Bureau of Statistics (NBS) recorded a 30.6-point jump in food prices from August to September 2024, marking a year-to-date increase of 26.81%. This rise highlights the country’s growing reliance on imported food amidst domestic shortages.

Despite efforts to ease food inflation, the trend continues, leaving both consumers and policymakers concerned.

Ronaldo Tops 2024 List of Highest-Paid Footballers with $285 Million Earnings

Cristiano Ronaldo leads the 2024 list of the world’s highest-paid footballers, according to Forbes, with total earnings of $285 million. The Al Nassr star, 39, earned $220 million from his on-field activities and $65 million from endorsements and business ventures.

Lionel Messi ranks second with $135 million, including $60 million from playing for Inter Miami and $75 million from sponsorships. Neymar, Karim Benzema, and Kylian Mbappé round out the top five, earning $110 million, $104 million, and $90 million, respectively. Forbes highlights both on-field salaries and off-field income sources such as endorsements in compiling the list.

Edo Deputy Governor Shaibu Offers N1 Million Reward for Information on Alleged Looting in Obaseki’s Administration

Edo State’s reinstated Deputy Governor, Philip Shaibu, has announced a N1 million reward for information related to the alleged looting of government property as Governor Godwin Obaseki’s administration winds down. Shaibu, speaking at a press briefing in Benin City, claimed to have evidence of misconduct, including last-minute loans and misappropriation of funds.

Shaibu also called on agencies like the EFCC and DSS to investigate financial irregularities in key state projects, such as the Radisson Hotel and roadworks, and condemned recent appointments he described as undermining the integrity of the civil service.

IMF Approves $1.1 Billion Support for Ukraine Amid Ongoing Conflict

The International Monetary Fund (IMF) has approved a $1.1 billion loan disbursement for Ukraine, providing crucial budget support as the country continues to face the devastating impacts of the Russian invasion. This payment is part of a larger 4-year, $15.5 billion aid program, bringing the total funds disbursed to $8.7 billion.

IMF Managing Director Kristalina Georgieva praised Ukraine’s economic resilience, noting the country’s ability to maintain macroeconomic and financial stability despite the war. However, the IMF warned of ongoing risks due to Russia’s attacks on energy infrastructure and the uncertain war outlook.

Jigawa Commissioner Arrested by Hisbah Over Alleged Affair With Married Woman

The Kano State Hisbah Board has arrested Auwal Danladi Sankara, Jigawa State’s Commissioner of Special Duties, for allegedly engaging in an affair with a married woman, Tasleem Baba Nabegu. Hisbah operatives apprehended Sankara in an uncompleted building, reportedly after tracking him based on complaints, including one from the woman’s husband, Nasiru Bulama. Along with charges related to the affair, Sankara also faces allegations of operating illicit drug centers disguised as hotels, according to Hisbah’s Director General, Abba Sufi. Sankara is set to face court on Monday.

Goodluck Jonathan Reflects on Iwuanyanwu’s Support During Yar’adua’s Illness

Former President Goodluck Jonathan has paid tribute to the late Chief Emmanuel Iwuanyanwu, former President of Ohanaeze Ndigbo, for his unwavering prayers during the political uncertainty caused by President Umaru Yar’adua’s illness. Speaking at Iwuanyanwu’s service of songs in Abuja, Jonathan recalled how Iwuanyanwu’s support helped him navigate the confusion when Yar’adua was incapacitated but had not formally handed over presidential duties. Numerous dignitaries attended the event to honor Iwuanyanwu’s legacy and contributions to Nigeria.

Tribute to a man of the finest qualities at 60

The year was 2008!

I had gone to visit Fr. Daniel Msugh Agber in his residence at Supreme Courts Quarters in Karu FHA, where good fate would later throw me for the second phase of my pastoral year. There I met Fr. Sam Tumba. Or he met me there?

When I was about to leave Karu at 8pm to head back home, Fr. Tumba was also leaving to his parish of Sacred Heart in Gwagwalada. He asked me to enter the car (I remember clearly: an ash-color Honda Accord 2007 model) so he could drop me off at the airport junction on his way to Gwagwalada. I probably was silent throughout the entire time we drove together. When we got to the airport junction, he said it was late and unsafe for me to leave. He drove me to Gwagwalada and asked the seminarian on pastoral year to give me a room for the night. The next morning he handed me some money as I prepared to leave.

This was the first time I came really so close to his space. In those days, many seminarians, including me, were frightened by the sight of Fr. Tumba. He hardly spoke much, often in monosyllables. “Uhm. Yes. Ok. What?” He always had a stern, no-nonsense mien around him. Given that he was then the chairman of the archdiocesan vocations committee, my fear was understandable.

Fast-forward to 2012. Providence would bring our paths to cross again in August of that year when I was posted, after my diaconate ordination, to serve in St. Donald’s FHA Karu where he was parish priest. The five months of my diaconate ministry under him have been some of the most memorable time of my clerical life. I cannot even begin to quantify all that I learned from him; he gave me many opportunities to preach, to baptize, to bring communion to the sick and homebound, and to catechize the faithful. Every Monday after morning Mass, he would ask me to celebrate a ‘mock Mass’ as I prepared for my priestly ordination. He would sit at the last pew in the church and tell me to raise my voice from the altar. “If you go to a parish where there is no microphone you should be able to project your voice,” he would say. If I made a mistake, he would stop me and ask me to repeat the action. I would see the effect of this practice much later when I became a priest!

After my priestly ordination in January 2013, he invited me to celebrate a thanksgiving Mass at Karu and I spent almost a month at the parish with him before my first official posting came out. The 620k he raised and gave me was what I used to start my priestly ministry: I got a laptop (we were not allowed to own personal computers in the seminary), a set of vestments, and other clerical equipment that I needed to set sail as a new priest.

Since that time, I have been to every parish that Fr. Sam has worked; I have lost count of the number of times he invited me to conduct parish retreats in the places he’s served. He is always the first to study every new papal magisterial document and to break it down for his parishioners through invited retreats and ongoing catechesis. An ardent ecologist, he has been in the vanguard of promoting care for creation and makes it a point to always mark the world day for the care of creation with several pastoral ecological initiatives. You can’t cut corners with Fr. Sam. He will catch you spot on!

My friendship with this reverend gentleman is one of the most fulfilling friendships I have ever cultivated. I have learned so much from him, and have found in him a most trusted and honest priest, father, friend, brother, teacher, mentor, confidante, confessor, and every good thing you can think of.

Today, Fr. Sam is 60!

For such an inimitable man of grace, finesse, poise, and impeccable goodness, I raise a toast in thanksgiving to God for giving us such a great and wonderful, generous and kind, disciplined and hardworking, admirable and simple soul.

Excellency: May your days be long, happy, and fruitful. Cheers to entering the age of the most senior citizens!
Fr. Emma Ojeifo.

N85,000 Minimum Wage: Youths Hail Sanwo-Olu For Setting The Pace

The pro-democracy youth organization, Youth Bureau has joined in applauding Governor Babajide Sanwo-Olu for the approving N85,000 minimum wage for the state workers.
Youth Bureau’s Publicity Secretary, Awakulu Galadima made this known during a press conference on Thursday in Lagos, describing the approval as a right step in the right direction.
The youth group said the pronouncement was a welcome development at the critical time of the nation’s economy. Adding that his actions aligned with the rule of law and insisted that the welfare of workers is an essential part of the social contract.
“We thank Gov. Sanwo-Olu for upholding the rule of law to pay N85,000. The Rule of Law is implementing the Constitution of the Country, eradicating corruption, and promoting the Social contract between the government and people.”
Adding that “the welfare of workers is an essential part of the social contract, it is a cardinal aspect of it. The approval granted by the Governor to pay #85,000 is commendable,” He said.
Furthermore, Galadima disclosed that” “The state governor knows the peculiarities of Lagos in transportation, accommodation, utility, and feeding; the workers and Lagosians pay more on all these.
“The N85,000 minimum wage is a welcome development and very much anticipated.
“This is a state that sets the pace for other states in Nigeria; the centre of excellence, land of aquatic splendour, a cosmopolitan state, the economic hub of this country.
“We must thank the governor for wisdom in understanding that people who work in Lagos deserve a better wage,” he said.
It will be recalled Gov. Sanwo-Olu, made disclosed that Lagos state will pay N85,000 minimum wage to its workers, which is N15,000 higher than the N70,000 approved by the Federal Government in July during an interview on Channels Television earlier in the week.
Sanwo-Olu during the interview said that he wanted the people to know “that their government is working for them.
“It is not a competition, so I am not going to say we are paying more than some other people, it is a function of affordability and it is a function of capacity, but we know too well that when people live in Lagos, Lagos has a premium in terms of even the cost of living, we are fully aware.”