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Finance & Business

Naira Hits Six-month Low In Official FX Market, Prof. Steve Hanke Slams Tinubu

Professor Steve Hanke via his verified X handle, has criticised President Tinubu, blaming his “incompetence” for the high inflation rate orchestrated by his naira devaluation policies which have inturn, brought the country’s economy to its knees.

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The naira, on Tuesday, recorded a six-month low of N1,656.49 per dollar in the official foreign exchange (FX) market following a strong demand for the greenback by the end users.

Meanwhile, Professor Steve Hanke via his verified X handle, has criticised President Tinubu, blaming his “incompetence” for the high inflation rate orchestrated by his naira devaluation policies which have inturn, brought the country’s economy to its knees.

Steve H. Hanke is an American economist and professor of applied economics at the Johns Hopkins University in Baltimore, Maryland USA.

Below is the post:

“NGAWatch🇳🇬: NIGERIA = CRUSHED BY NAIRA DEPRECIATION.

“Thanks to Pres. Tinubu’s INCOMPETENCE, the Nigerian naira checks in as the 5TH WORST currency IN THE WORLD on this week’s Hanke’s #CurrencyWatchlist.

“The naira has depreciated by ~28% against the USD since Jan-24.”

On February 23, 2024, the naira/dollar exchange peaked at N1,665.50/$ on dollar shortages. The turnover on that day was $151.93 million.

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The naira depreciated by 6.6 percent on Tuesday, September 17, as the dollar was quoted at N1,656.49. This marked the first trading day following Monday’s public holiday.

On the previous Friday, the dollar had been quoted at N1,546.41, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), provided by FMDQ Securities Exchange Limited.

The dollar supplied by the willing buyers and willing sellers printed at $100.39 million on Tuesday at NAFEM. The intraday high closed at N1,656.49, while the intraday low was quoted at N1,565, according to the market summary.

The local currency gained N5 as the dollar traded at the rate of N1,660 on Tuesday as against N1,665 closed on Friday at the parallel market, also called the black market.

The CBN on Tuesday released the 2024/2025 monetary, credit, foreign trade, and exchange policy guidelines, which outline the standards for banks and financial institutions under its supervision.

According to the CBN, the restriction imposed on 43 items from accessing funds in the Nigerian Foreign Exchange Market by CBN has been lifted. Importers are therefore eligible to source foreign exchange from the market to pay for the importation of their items.

In compliance with approved Foreign Currency Trading Position (FCTP) limits, authorised dealers shall not hold long positions at the end of each trading day.

The document explained that Price Verification System (PVS) is an initiative aimed at addressing issues relating to over invoicing by importers, which exerted pressure on the foreign exchange market. The portal went live August 31, 120 Classified as Confidential 2023. Accordingly, the PVS Report is now a mandatory trade document for the submission of Form M.

To enhance efficiency in the operations of the Bureau De Change (BDC) segment of the foreign exchange market, the CBN introduced new guidelines through the circular titled, ‘Operational Mechanism for Bureau De Change Operations in Nigeria,’ referenced, TED/FEM/PUB/FBC/001/007 and dated August 17, 2023.

These guidelines include maintaining a permissible limit of -2.5 percent to +2.5 percent of the Nigerian foreign exchange market window weighted average rate from the previous day as the spread for buying and selling by BDC operators. Additionally, BDC operators are now required to submit daily and monthly returns on the Financial Institution Forex (FIFX) rendition system.

International Money Transfer Operators (IMTOs) are required to quote rates within the permissible limit of -2.5 per cent to +2.5 per cent around the previous day’s closing rate of the Nigerian foreign exchange market for transactions.

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Christian Wealth Principles

6 Biblical Money Foundations That Unlock Financial Freedom – What the Bible Really Says About Wealth

You will learn about Godly wealth principles and Christian money tips. It covers managing money, financial freedom and you will also explore Biblical investing, and blessings.

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Introduction

Is money evil? Should Christians be rich? What does the Bible really say about wealth?
Many believers struggle with finances due to mixed messages. But Scripture provides clear wisdom about money management. In this post, discover 6 Biblical money foundations that help you enjoy wealth without guilt and handle finances God’s way. This will help you in Faith and finances. You will learn about Godly wealth principles and Christian money tips. It covers managing money God’s way as well as spiritual and financial freedom. You will also explore Biblical investing, tithing, and blessings.

Watch the full video breakdown on our Faith & Fortune Finance YouTube channel [embedded below].

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1. God Owns Everything—We Are Just Stewards

Psalm 24:1 – “The earth is the Lord’s, and everything in it.”

God owns it all—your money, house, gifts, even your ideas.
You’re not the owner. You’re the steward.

Action Steps:

  • Shift from ownership to stewardship
  • Ask God how to manage what He’s entrusted to you
  • Use wealth to glorify God, not just yourself

Quote:

“When we see money as God’s, we handle it differently—with purpose, peace, and power.”


2. Diligence and Hard Work Bring Prosperity

Proverbs 10:4 – “Lazy hands make for poverty, but diligent hands bring wealth.”

Financial laziness is mental, physical, and spiritual.
Avoid laziness in planning, learning, and building wealth.

Example: Oprah Winfrey built a global empire through diligence—not luck.
Biblical Application: Psalms 1:3 – “Whatever he does prospers.”

Faith + Action = Prosperity

Action Steps:

  • Show up early. Learn. Network. Execute.
  • Serve God in your work, not just in church.
  • Work is worship when done with purpose.

3. Avoid Debt and Live Within Your Means

Proverbs 22:7 – “The borrower is slave to the lender.”

Debt leads to anxiety, stress, and missed opportunities.
God’s people are called to financial freedom.

Real-World Example:
Chris Hogan teaches the power of debt-free living in Everyday Millionaires. These everyday millionaires became wealthy by saving. They also budget carefully and avoid debt.

Action Steps:

  • Budget with a plan, not emotion
  • Buy only what you can afford
  • Practice the “banana principle”: Don’t chase what’s ripe today but rotten tomorrow.

4. Tithing and Generosity Invite God’s Blessing

Malachi 3:10 – “Bring the whole tithe… see if I will not throw open the floodgates of heaven.”

Generosity invites God into your finances.

Real-World Example:
Bill Gates’ philanthropy helped eradicate diseases and feed nations. He gave to bless, and the blessing multiplied.

Action Steps:

  • Tithe as an act of faith
  • Give beyond money—give time, wisdom, love
  • Be a blessing to others

5. Invest and Multiply What God Gives You

Matthew 25:14–30 – Parable of the Talents

God expects you to grow what He gives you. Don’t bury your potential.

Real-World Examples:

  • Warren Buffet invests long-term with wisdom and restraint
  • Ray Dalio succeeds through planning, research, and principles

Action Steps:

  • Start small—just start
  • Learn to invest: stocks, skills, businesses
  • Multiply resources for Kingdom impact

6. Practice Contentment—Avoid the Love of Money

1 Timothy 6:10 – “The love of money is the root of all evil.”

Wealth is a tool, not a goal.

Real-World Example:
Dave Ramsey lives and teaches contentment after rebounding from financial failure. He preaches peace over pressure.

Action Steps:

  • Be content with what you have
  • Avoid comparison and consumerism
  • Focus on eternal rewards over earthly riches

🎯 How to Apply These Biblical Money Foundations Today

✅ Recognize that God owns everything
✅ Be diligent and hardworking
✅ Avoid debt and impulse purchases
✅ Tithe and give generously
✅ Invest wisely
✅ Practice contentment daily


Watch Full Teaching on YouTube

👇Watch this full video breakdown with real-life case studies and extra teaching only on Faith & Fortune Finance:


Conclusion

God’s financial principles aren’t just spiritual—they’re practical. Apply them and you’ll see peace, purpose, and prosperity flow into every area of your life.

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Finance & Business

As Nigerians Battle Pains Of Soaring Petrol Price

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy.

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BY IFEANYI MOGBOLU

The Daily Times-The latest fuel price hike in Nigeria is beyond frustrating. Every time we think it can’t get worse, it does, and yet again, ordinary Nigerians bear the brunt of it.

It’s like a never-ending cycle, where the government’s promises of reforms or stabilisation always end up as empty rhetoric. The cost of living is already sky-high, and now, with fuel prices rising again, transport fares, food prices, and basic commodities are bound to follow suit.

It’s enraging because it doesn’t feel like anyone is truly considering the everyday citizen who is struggling just to survive.

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy. The subsidies are gone, and now we’re left in a situation where the prices of everything keep climbing, while salaries remain stagnant or non-existent for many.

The disparity between the elites and the masses is growing, and it feels like nobody in power truly cares about the suffering of the people.

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The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground.

It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum. The state of living is unbearable, and the lack of empathy or real action from those in power only adds salt to the wound.

There’s a deep sense of anger and betrayal that comes with seeing your country’s wealth mismanaged, while the people continue to suffer. It’s hard not to feel like we are constantly being taken for granted, pushed further into hardship without any hope of relief. Something has to give, because this state of affairs is unsustainable.

QUOTE:

The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground. It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum.

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Finance & Business

Nigeria To Receive $5.600,000 From Bill Gates, For Health And Agricultural Reforms, GMOs

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

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Bill Gates, GMOs, KASHIM Shettima

Bill and Melinda Gates Foundation is giving Nigeria through Vice President Kashim Shettima, a $5.600,000 funds to speedy up health and agricultural reforms in favour of the GMOs in Nigeria, and flood relief.

Through the Foundation’s head of Global Development Programme, Dr Christopher Elias, Bill Gates pledged $5 million grant approved for Lagos Business School and partners to develop the agricultural economics they called “industrial cassava” and $600,000 for flood relief in Borno State and other health sector initiatives.

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

Recall that on 4 September, Bill Gates had described the Nigeria’s economy as “stagnated” and proposed agricultural reforms for faster and increased growths in crops, fruits, vegetables amongst others to enhance nutritional values of the Nigerian citizens through the agricultural sector.

In that meeting Chaired by Vice President Kashim Shettima, Bill gates urged Nigeria to adopt “innovative crop varieties with shorter growing periods, higher yields, and better pest resistance” pointing to the GMOs to address the food crisis.

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Moreover, at the 79th UN General Assembly in New York, VP Shettima reaffirmed to the Bill and Melinda Gates Foundation, the commitment of the administration of President Bola Ahmed Tinubu prioritizing health, nutrition, and agricultural development in Nigeria’s national agenda.

In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said: “we are deeply committed to addressing the pressing developmental challenges facing our nation, particularly the significant malnutrition crisis”.

He emphasised the Federal Government’s dedication and urgently working to secure locations for maize production under the Telemaze programme.

VP Shettima, promising swift action to the Gate’s Foundation on import permits for certified seeds, the VP said, “We recognize the critical importance of food security and industrial agricultural development. The Cassava Accelerator programme, in particular, holds immense potential for our economy.

“We are pursuing a whole-of-government approach to digitisation and data exchange systems, which we believe will revolutionise our public services,” he added while reiterating the government’s focus and commitment to digital transformation.

“With the expertise” of Nigeria’s ministers, “and the continued support of partners like the Gates Foundation,” the nation remains confident in its “ability to drive meaningful change and improve the lives of all Nigerians.”

In his response, President of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, said the Foundation is burdened with worries of the severe flooding in Borno, and is “committed to supporting Nigeria in times of crisis.”

Speaking of Polio, the Foundation said, “We’re impressed by the national task force’s efforts to eliminate variant polioviruses by year-end,” Dr. Elias noted.

Also, President of Global Growth & Opportunity Division at the Bill & Melinda Gates Foundation, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme emphasizing that a $5 million grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.

In his words, “Industrial cassava presents a multi-billion-dollar opportunity for Nigeria,” Voorhees stressed.

He requested import permits for 5,000 metric tons of certified GMO maize seed to build a foundation seed system in Nigeria.

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