Spirit

Bank AI

Read

<div class="coingape"> 
 <h2 id="strong-naira-devaluation-triggers-fuel-price-surge-strong"><strong>Naira Devaluation Triggers Fuel Price Surge</strong></h2> 
 <p><span style="font-weight: 400">Consequently, the devaluation of the </span><span style="font-weight: 400">Naira</span><span style="font-weight: 400"> has contributed to a bogus increase in the price of petroleum products across the country. Oil merchants in Nigeria have been pleading with the government to deploy a means to salvage the Naira as a matter of urgency.&nbsp;</span></p>  
 <div class="quads-location quads-ad90952 " id="quads-ad90952" style="float:none;text-align:center;padding:0px 0 0px 0;"> 
  <div class="ad1"> 
   <div class="advertised"> <span class="ad-placeholder">advertisement</span> 
   </div> 
  </div>  
 </div> 
 <p><span style="font-weight: 400">The price of fuel had suddenly jumped by more than 250% just around the time when a new President, Bola Ahmed Tinubu was elected. Since then, there have been speculations that a higher price surge may be the new reality. The <a rel="noopener noreferrer nofollow" title="energy" href="https://thebittimes.com/tag/energy.html">energy</a> firm rose to the occasion and ruled out such speculations about a possible increase in the pump price of Premium Motor Spirit (PMS).</span></p> 
 <p><span style="font-weight: 400">With the $3 billion loan, <a rel="noopener noreferrer nofollow" title="Afreximbank" href="https://thebittimes.com/tag/afreximbank.html">Afreximbank</a> is looking to assist the West African nation to improve dollar supply in the Foreign Exchange (FOREX) market.</span></p> 
 <p><span style="font-weight: 400">Immediate disbursement of the fund will commence “to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market,” <a rel="noopener noreferrer nofollow" title="NNPC" href="https://thebittimes.com/tag/nnpc.html">NNPC</a> wrote on X (formerly Twitter).&nbsp;</span></p>  
 <div class="quads-location quads-ad148831 " id="quads-ad148831" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="NewTrendin dsdsd m-on"> 
   <h5> 
    <svg class="inline-block w-5 ml-1 text-black _text-digg-blue" width="34" height="20" xmlns="//www.w3.org/2000/svg" viewbox="0 0 17 17" fill="currentColor"> <path fill-rule="evenodd" d="M12 7a1 1 0 110-2h5a1 1 0 011 1v5a1 1 0 11-2 0V8.414l-4.293 4.293a1 1 0 01-1.414 0L8 10.414l-4.293 4.293a1 1 0 01-1.414-1.414l5-5a1 1 0 011.414 0L11 10.586 14.586 7H12z" clip-rule="evenodd"></path> 
    </svg>Recommended Articles </h5> 
   <div class="TrendSList owl-carousel owl-relatedpostar"> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/02/15173931/top-presale-project.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2023/02/15173931/top-presale-project.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Crypto Presale Projects For 2023 To Invest; Updated List </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/08/09180645/trading-bots.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2023/08/09180645/trading-bots.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Best Crypto Trading Bots List 2023</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2022/12/15175104/top_crypto_marketing_agencies.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2022/12/15175104/top_crypto_marketing_agencies.jpg" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4"> Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/05/15175814/crypto_telegram_channel.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2023/05/15175814/crypto_telegram_channel.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Crypto Telegram Channels List 2023 [Updated]</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2022/12/23134356/jpg_20221223_134223_0000.jpg"> 
      <noscript> 
       <img width="1200" height="627" src="https://cdn.coingape.com/wp-content/uploads/2022/12/23134356/jpg_20221223_134223_0000.jpg" alt="ethereum price crypto news" decoding="async" loading="lazy"> 
      </noscript> 
     </div> 
     <h6 class="mb-4">Top 10 Web3 Games To Explore In 2023; Here List</h6> <span>Must Read</span> 
    </div> 
   </div> 
  </div> 
 </div>  
 <div class="quads-location quads-ad124348 " id="quads-ad124348" style="float:none;text-align:center;padding:0px 0 0px 0;">   
 </div> 
 <p><span style="font-weight: 400">No additional detail concerning this deal was disclosed.</span></p> 
 <h2 id="strong-nigerian-naira-loses-40-of-its-value-strong"><strong>Nigerian Naira Loses 40% of its Value</strong></h2> 
 <p><span style="font-weight: 400">Naira was allowed to trade freely sometime in June, just after President Bola Ahmed Tinunbu tried to </span><span style="font-weight: 400">simplify</span><span style="font-weight: 400"> Nigeria’s multiple exchange-rate regime which the transition team says has been a core hindrance to foreign investment. Much to the disappointment of Nigerians, the expected jump in foreign inflows has failed to materialize. Rather, the Naira dipped by 40%, marking one of the biggest currency devaluations in such a short while globally.</span></p> 
 <p><span style="font-weight: 400">The release of recent financial statements has demonstrated that the hope of the Central Bank of Nigeria’s (CBN) foreign exchange reserve, valued at $34 billion, to stabilize the Naira is not achievable. Markedly, the financial report showed an undisclosed $7.5 billion transaction with top investment banks JPMorgan Chase &amp; Co and Goldman Sachs.</span></p> 
 <p><span style="font-weight: 400">Noteworthy, the official exchange rate of the Naira closed at 759.86 naira to $1 as against 781.30 naira the day before.</span></p> 
</div>

Nigeria's top energy firm NNPC taps mega loan to cushion Naira

Table of Contents

TheBitTimes

Other articles published on Aug 16, 2023

Dogecoin (DOGE) Metrics Signal Extreme Apathy

McDonald's in Lugano, Switzerland Now Accepts Bitcoin Payments

El Salvador’s Bitcoiners teach 12-year-olds how to send sats

ChatGPT recommends Aave, Avalanche, Everlodge defi tokens for August

A pro-crypto president will catalyze innovation, supporting projects like Borroe

Auradine Strikes Gold with $81 Million Funding for Innovative Bitcoin Mining System

Join our free newsletter for daily crypto updates!