Naira Maintains Strength Against Dollar, Reaching N1255/$1 Officially and N1,245/$1 on Parallel Market.
The Nigerian Naira has continued its positive streak against the US Dollar, demonstrating resilience in both the official and parallel markets.
At the Nigerian Autonomous Foreign Exchange (NAFEM) window, the Naira closed at N1255.07/$1 on Thursday, marking a significant improvement from its previous close at N1,262.85/$1.
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Meanwhile, stability prevailed at the parallel markets, where the Naira maintained its exchange rate at N1,245/$1, unchanged from the previous day.
Despite the stability observed in the parallel market, the daily turnover saw a decline, reaching $138.99 million on Thursday compared to $166.18 million recorded on Wednesday, indicating a decrease of 16.36 percent.
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The Landmark Group has appealed to the federal government for intervention in rerouting a section of the Lagos-Calabar Coastal Road. The group emphasized the need to preserve tourism and hospitality businesses along the coastal right of way, citing the significant contributions these establishments make to the economy and cultural landscape.
Landmark highlighted its ecosystem along the Water Corporation Road in Lagos, which hosts over 80 businesses and welcomes millions of visitors annually. The group urged for thorough consultation with affected businesses to mitigate potential negative impacts on the tourism and hospitality industry.
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While acknowledging the importance of the Lagos-Calabar Coastal Road project, Landmark cautioned against its current alignment, which could result in the destruction of vital establishments and lead to socio-economic repercussions such as mass unemployment and lost tax revenue.
The construction of the road, if not carefully planned, risks undermining the growth of key sectors like tourism and hospitality, highlighting the need for collaborative efforts to balance infrastructure development with socio-economic considerations.
