The brief: Dwindling Naira, Accidental bombing, Intriguing Profit

As the price of the dollar keeps soaring in the parallel market, the naira has been crashing. Based on the dwindling fortunes of the naira, some Nigerians have been hoarding dollars. What’s your take on this new development?

As the price of the dollar keeps soaring in the parallel market, the naira has been crashing. Based on the dwindling fortunes of the naira, some Nigerians have been hoarding dollars. What’s your take on this new development?

And then, the Debt Management Office (DMO) says as of June 30, 2021, Nigeria’s debt hit N35.465 trillion.

• PODCAST: Nigeria Borrows Again! How Does It Affect You?
• Inflation rate drops to 17.01% in August — NBS

Amidst the soaring dollar and the high debt profile, Nigeria’s inflation rate dropped to 17.01% at the end of August from the 17.38% recorded earlier in July. How about you smile now?

Naira’s Free-Fall Continues As Nigerians Rush To Hoard Dollars

Some people and corporate entities are saving their fortunes in dollars as a preferred store of value, Daily Trust investigations revealed.

Some of those who spoke to our correspondents said it was safer, convenient and profitable to hoard dollars because of the dwindling fortunes of the naira, especially in the parallel forex market.

2023: North Set To Pick PDP Ticket As South West Leaders Demand Chairmanship

Ahead of the October 30, 2021 national convention of the Peoples Democratic Party (PDP), top shots of the party in the South West geopolitical zone are demanding the national chairmanship position.

The national caucus of the party had slated October 30 – 31, 2021 for the party’s national convention which will birth a new National Working Committee (NWC).

Nigeria’s Total Debt Hits N35.4tr

Nigeria’s total Public Debt Stock (PDS) has reached N35.465 trillion as of June 30 this year, the Debt Management Office (DMO) has said. The Director-General of the Office, Patience Oniha revealed this on Wednesday in a virtual presentation. The latest data showed the debt stock rose by N2.35tr between the first and the second quarters of this year.

As of March 31, the total debt stock which consists of domestic and external debts of the federal, state governments and the Federal Capital Territory (FCT) was $87.239bn (about N33.107tr). This shows a N2.358tr rise in the debt stock from the end of the first quarter of the year to the end of the second quarter.

PODCAST: Nigeria Borrows Again! How Does It Affect You?

President Muhammadu Buhari seeks Senate approval to borrow $4 billion and €710 million externally. How does the rising debt profile affect the Nigerian economy?

Nigeria Daily takes a look at how this will play out in the long run. Click the link to listen to the podcast.

Inflation Rate Drops To 17.01% In August — NBS

Inflation rate dropped by 0.37 percent to stand at 17.01% at the end of August, from the 17.38% recorded in July 2021.

The Consumer Price Index (CPI), which measures inflation, released yesterday by the National Bureau of Statistics (NBS) showed that increases were recorded in all divisions that yielded the headline index.

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NNPC’s Intriguing Profitability

Following the directive by President Buhari that the Nigerian National Petroleum Corporation should make public its audited account, the NNPC declared a profit of N287 billion from its operations in 2020.

In terms of significance, this is historic and indeed the first time such profit is declared in the 44 years of the corporation’s existence. But this issue has generated heated controversies. Click here to read our editorial on it.