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Nigeria Market Witnesses Dramatic One-Third Drop in Value

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The Central Bank of Nigeria has made a significant decision to permit a substantial drop of up to 36% in the value of the country's currency, the naira, on the official market. This move comes shortly after President Bola Tinubu suspended the central bank governor responsible for the controversial multiple exchange rates system. Nigeria has long grappled with foreign currency shortages exacerbated by these rates, hindering economic growth and investors' ability to extract funds. Reports from traders indicate that trading restrictions on the official market have been lifted, causing the naira to reach a record low of 750 to the dollar, compared to the previous rate of 477 naira. This new rate aligns with the long-standing black market rate and marks the first significant drop in the official market since the introduction of a managed exchange rate in 2017. Experts describe the currency devaluation as a much-needed correction to address overvaluation and improve the current accou
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Hilda 'Breaks' Another Guinness World Record with Best Performing Tweet

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Hilda Baci, the renowned Nigerian chef known as the Jollof Queen, has once again made history by breaking another Guinness World Record (GWR). Recently achieving the record for the longest cook-a-thon, Hilda has now set a new benchmark as the record holder for the longest cooking marathon (individual). The GWR made the announcement on Monday after carefully reviewing all the footage of Hilda's incredible culinary feat. While Hilda aimed to surpass the 100-hour mark, a minor mistake affected her overall time goal. Nevertheless, the 26-year-old chef started her remarkable journey on May 11th and continued tirelessly until May 15th, cooking over 100 pots of food during the four-day period. After a thorough review of all the evidence, the GWR officially declared Hilda as the record holder with an impressive time of 93 hours and 11 minutes. Previously, the record for the longest cooking marathon (individual) stood at 87 hours and 45 minutes, set by Indian chef Lata Tondon in 2019. Hilda
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PBAT Call for Economic Transformation and Subsidy Mitigation

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President Bola Tinubu addressed the National Economic Council (NEC) and emphasized that there should be no excuse for failure in transforming Nigeria's economy. The council, led by Vice President Kashim Shettima, consists of 36 governors, the governor of the Central Bank of Nigeria, and other government officials. Tinubu instructed the council to devise interventions to mitigate the impact of petroleum subsidy removal and support his administration's efforts to improve the country's economic fortunes. During the meeting, the NEC discussed the recommendation by the National Income, Salaries, and Wages Commission to pay N702.919 billion as a consequential adjustment to workers as a cushion for the removal of fuel subsidy. Additionally, the council considered the provision of a monthly petroleum allowance of N25 billion to alleviate the effects of subsidy termination. To address the challenges and problems associated with subsidy removal, a committee comprising governors from
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