Featured in News » Editorials
"We have yet to figure out how to make peace with the fact that Black womenís bodies used to belong, legally, to other human beings, and we still feel like we own them today."
The naira weakened marginally by 0.15 per cent against the dollar on the interbank market yesterday on renewed surge in dollar demand, despite about $112 million in sales by an oil company. A unit of French oil major Total sold about $112 million to some lenders yesterday but was insufficient to support the naira, according to Reuters.
The slide in the price of crude oil as well as production losses occasioned by shut-ins and the shut-down of trunk lines at various oil terminals resulted in a N99.55 billion drop in Nigeriaís September revenue to N502.09 billion from the N601.64 billion generated in the previous month. Non-mineral revenue also dropped to N127.35 billion compared to N159.73 billion in August partly because some blue chip companies had made payments and returns in September.
Nigerians spend about N796.4 billion annually on petrol and diesel to fuel their electric generators in order generate their own electricity due to inadequate power supply, Programme Director of Community Research and Development Centre (CREDC), Godfrey Ogbemudia, has revealed. Ogbemudia, who made this disclosure in Benin City, Edo State capital, on Wednesday during the official launch of the Nigeria Renewable Energy for All project in the city, explained that the figure equalled the federal governmentís budget of N796.7 billion capital expenditure for the 2009 fiscal year for the 36 states of the federation.
The effort by the Central Bank of Nigeria (CBN) to prop up the naira months before the 2015 elections is being threatened by the slide in crude oil prices. The naira has come under intense pressure and has tumbled to within 0.3 per cent of a record low as Brent crude fell to the lowest level in more than four years, reported Bloomberg.