The Nigerian currency, the Naira, experienced a decline in the official market, trading at ₦1,602.18 per dollar.
According to data from the Central Bank of Nigeria (CBN) website, this reflects a loss of ₦5.49.
Naija News reports that this decline equates to a 0.34 per cent decrease compared to the ₦1,596.69 per dollar recorded on Wednesday, April 30, prior to the Workers’ Day holiday on May 1.
The Naira had shown relative stability over the three trading days from Monday, April 28, to Wednesday, April 30, with rates of ₦1,599.95, ₦1,599.71, and ₦1,596.69, respectively.
The local currency concluded the week on a downward trend, having also started the trading week with a slight loss of 0.02 per cent.
Meanwhile, the President of the African Development Bank (AfDB), Akinwumi Adesina, has advised the federal government to prioritise fixing the country’s power challenges for development.
Naija News reports that Adesina said that without reliable power, Nigeria’s economy would not achieve its expected growth.
He said this while delivering a keynote address at Monday’s 20th Anniversary Dinner of Chapel Hill Denham in Lagos.
“Without reliable power, Nigeria’s economy will be locked in a never-ending slow growth trajectory, without transformation. You cannot industrialise, you cannot compete, and you certainly cannot create jobs at scale if you don’t have electricity.
“Access to power is not just about lights, it’s about productivity, competitiveness, and prosperity,” he said.
The former Minister of Agriculture stressed that Nigeria’s economy cannot thrive in the global digital economy through diesel generators.
He also called on private sector players to invest in Nigeria’s energy sector to address the nation’s perennial power challenge.
“The digital economy cannot thrive on diesel generators. We must create a 21st-century grid, powered by clean, reliable, and scalable energy solutions. And for that, the private sector must be at the heart of the energy transition,” he stated.
The AfDB President further called on the government to bring out clear energy policies that would guide private sector investors in the sector.
“The market must work, investors need clarity, certainty, and contracts that are bankable. With the right regulatory environment, Nigeria can become a hub for green energy, not just for itself, but for West Africa,” he advised.
