Reports on the naira devaluation dominated the cover pages of Nigerian newspapers.
Reports on the devaluation of the Naira and its impact on the economy, dominate the front pages of Nigerian newspapers today.
The Punch reports that the devaluation of the naira has led to a 40 percent increase in import duty on imported cars. The newspaper reports the federal government as disclosing that power distribution companies failed to remit a total of N208.8bn to the Nigeria electricity supply industry in 2022. Vanguard reports that there are indications that banks are ignoring the Central Bank of Nigeria directive that they should grant their customers unfettered withdrawal of foreign currencies from domiciliary accounts. The newspaper says operators in the downstream sector have not been able to import petrol into Nigeria, due to a lack of license and foreign exchange.
Daily Trust reports that the recent devaluation has sparked conversation on the urgency around the need to raise the capital base of commercial banks in the country. The newspaper says six of the 95,000 Nigerian pilgrims for this year’s hajj exercise have died of cardiac arrest in Saudi Arabia.The Guardian reports that a 40 percent hike in vehicle duties has worsened the transport crisis and poverty.
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