Some foodstuff traders and consumers in Lagos state have expressed excitement over the recent drop in the price of beans.

The traders expressed their joy in separate interviews with NAN on Friday in Lagos.

According to the report, there has been a slight drop in the price of beans that has consistently risen in the past few months…

The naira appreciated against the dollar in both the official and parallel foreign exchange markets on Thursday.

According to data from the Central Bank of Nigeria, CBN, the naira closed at N1,532 per dollar on Thursday, improving from N1,545 recorded on Wednesday.

Similarly, data from FMDQ showed that the naira strengthened to N1,534.35 per dollar on Thursday, compared to N1,549.29 traded the previous day. This represents an appreciation of N14.94 against the dollar.

At the parallel market, the naira also gained trading between N1,640 and N1,680 per dollar on Thursday, compared to N1,710 on Wednesday, according to Abubakar Alhassan, a Bureau de Change operator in Wuse 4, Abuja.

Akelicious reports that the naira has experienced fluctuations throughout the week.

This volatility follows the recent introduction of the Electronic Foreign Exchange Matching System, EFEMS, by the CBN, aimed at ensuring more transparent FX transactions.

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ekwutosblog has gathered that the Minister of Power, Adebayo Adelabu, has announced that an additional 150 megawatts will be added to Nigeria’s national grid before the end of 2024, as part of efforts to improve electricity supply.

Speaking to State House correspondents after a meeting between President Bola Tinubu and German President Frank-Walter Steinmeier at the Presidential Villa in Abuja, Adelabu highlighted the progress made under the Siemens-led Presidential Power Initiative (PPI).

According to him, “We have completed about 80% of the pilot stage, which includes the importation, installation, and commissioning of 10 power transformers and 10 power mobile substations.

These efforts have already added 750 megawatts to our grid capacity, and by year-end, an additional 150 megawatts will be realized upon full completion of the pilot phase.”

Adelabu also stressed the importance of the Siemens project in addressing the aging and fragile state of Nigeria’s power infrastructure.

The next phase of the initiative will focus on rehabilitating 14 existing substations and building 23 new ones across the country.

“We are transitioning to Phase One of the project, with the first batch of this phase already concluded in terms of commercial agreements,” he said.

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