Naira has reportedly been devalued by the Central Bank of Nigeria to N640 to a dollar, from N461.6 sold at the Importers and Exporters (I&E) window the previous day.

The Naira was devalued barely 48 hours after President Bola Tinubu announced his plan to unify the country’s exchange rate to stimulate the economy.

A wide margin between the I&E window and the parallel market otherwise known as “black market”, has encouraged round-tripping with Bureau de Change operators.

Daily Trust reported that CBN Governor, Godwin Emefiele discussed the issue of the exchange rate at a meeting with Tinubu on Tuesday, May 30.

The publication reported that at the resumption of the weekly bidding for foreign exchange shortly the meeting was held on Tuesday, the apex bank sold the spot rate to banks on behalf of their customers at N631 to a dollar and most bidders got the full amount they requested.

A customer revealed that their request was fully granted at N631 as against N461.6. The move has also seen prices at the parallel market trend downwards. Prices dropped from N750 to a dollar in the early hours of yesterday to N745 by evening in Abuja and Kano respectively.

From 2020 to 2022, the CBN spent about $42 billion intervening in the foreign exchange market to stabilise the naira. The amount was sold to the end-users, including students and tourists, at the official rates, which are way off the effective exchange rate of the naira.

According to the Financial Stability Report, a publication of the CBN, the apex bank sold $9.2 billion in the market in the first half of last year.

The Governor of Lagos State, Babajide Sanwo-Olu, has announced the first set of electric buses for the state’s mass transit scheme.

Sanwo-Olu announced this on his Instagram page on Sunday, as he shared pictures of the buses.

He partly wrote, “I am excited to announce the first set of electric buses in the Lagos Mass transit master plan as part of our increased effort to modernise every sector of Lagos.

“Thanks to our partnership with #Oando_PLC, Lagosians can expect a cleaner and greener public transportation system.

“With the ability to travel 280 km at full charge, taking into account our unique travel times in Lagos, our electric buses are a game-changer.”

Here are pictures of the electric bus.

The former Minister of Niger Delta Affairs, Godswill Akpabio, has been invited by the Economic Financial Crimes Commission (EFCC) for interrogation over an investigation concerning corruption allegations against him. 

It’s been alleged that at the time Akpabio headed the ministry, a N40 billion fraud was perpetrated in the Niger Delta Development Commission. 

Punch also reported that there were allegations of over N86 billion contract scams involving the senator-elect and a former Acting Managing Director of the NDDC, Prof Kemebradikumo Pondei, which the EFCC had been investigating.The anti-graft agency had in the past arrested Akpabio over the alleged theft of N108.1 billion of Akwa Ibom funds.

The EFCC had earlier invited Akpabio to appear for questioning on March 29 but his lawyer, Umeh Kalu (SAN) in a letter to the anti-graft agency alleged that his client was suffering from pneumonia and cardiac arrhythmia.

The invitation was later rescheduled. In a letter dated April 13, 2023, which was received by Akpabio’s lawyers, the senator-elect was asked to come to EFCC headquarters in Abuja on May 9, 2023.

It read; ‘Investigation Activities Re: Senator Godswill Akpabio’s Appointment Letter Of Invitation’ was signed by ACE II SM Ala, Head, CMU-1.“I refer to your letter number dated March 27, 2023, on the above subject. In view of the above, you are kindly requested to inform your client Senator Godswill Akpabio to personally report for an interview with the undersigned through the Head, CMU-1 team on May 9, 2023, at 5th Floor, EFCC Headquarters Plot 301/302 Institutions and Research District. Jabi, Abuja at 10:00 am.”

We will give out more information as the news comes.