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Tariff Shock: Oil Declines, CBN Sells $198 Million To Support Naira

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Crude oil prices have weakened, declining by over 12% to approximately $65.50 per barrel, following sweeping trade tariffs by President Donald Trump against countries.

Oil trade above $70 per barrel before President Trump slammed the tariffs.

The price of OPEC basket of twelve crudes stood at $75,35 a barrel on Thursday, compared with $77,44 the previous day, according to OPEC Secretariat calculations.

Nigeria relies on crude oil exports for 90% of its foreign exchange.

In a swift move, the Central Bank of Nigeria (CBN) in a circular on Sunday said it has facilitated market activity on Friday, with the provision of $197.71 million through sales to authorised dealers.

According to the apex bank, the move is in line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, adding that the measured step aligns with its broader objective of fostering a stable, transparent, and efficient foreign exchange market.

It noted that recent movements in the foreign exchange market between April 3 and 4, 2025, “reflected broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.”

“These developments were as a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets.

“Crude oil prices have also weakened – declining by over 12% to approximately US$65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria,” the statement added.

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Easter:Nigerian Church Donates Food, Others To Uganda Orphanage

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Zion Flames Prophetic and Intercessory Ministries, a Nigerian church, has extended its charitable outreach to Uganda, donating food items, diapers, and clothes to an orphanage in Kampala during Good Friday.

The gesture, aimed at sharing love with vulnerable children, underscores the church’s ongoing commitment to supporting disadvantaged communities across Africa.

Glory Momo, the church’s Director of Protocol and Communication Strategy, presented the items to the orphanage, emphasising the ministry’s five-year legacy of philanthropy.

“Our ministry has been known for charity work across Africa,” Momo said during the event.

In a statement issued to journalists on Sunday, he added, “We have reached out to less privileged communities, refugee communities, and provided scholarships to students in Nigeria and across Africa.”

The church’s mission, according to Momo, is divinely inspired.

“This is what God has called us to do as a church, and we will not relent. What you see us do here in Uganda is simply sharing love with those who need it most—children who have been abandoned.

“We will continue, as the Lord enables us, to show love across the continent and the world.”

This is not the first time Zion Flames Ministries International has supported vulnerable groups.

The church has a history of aiding disadvantaged communities in Nigeria, including hosting celebrations with orphans during the Christmas season.

The donation comes as part of the church’s broader efforts to uplift marginalised groups, with its leadership pledging to sustain such initiatives in Uganda and beyond.

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Marwa inaugurates NDLEA barracks, rehab centre

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The Chairman and Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA), Brig.-Gen. Mohammed Buba Marwa, has inaugurated new accommodation blocks and a rehabilitation centre in Kano State.

During Saturday’s inauguration in Kano, Marwa praised President Bola Tinubu for his continued support and commitment to security personnel’s welfare.

He said the inauguration reflects the ‘Renewed Hope Agenda’ and President Tinubu’s dedication to the wellbeing of NDLEA officers and other security personnel nationwide.

“We appreciate the President and hope for further support for the welfare of our personnel,” he said during the event.

“The NDLEA’s work is risky, dangerous, and filled with uncertainty during operations,” Marwa added.

He stated that the new barracks aim to provide peace of mind for personnel, ensuring their families are safe while they serve on duty.

The Chairman also commended the zonal and state commands, including the MAKIA Command, for efforts in reducing drug supply and demand.

“The seizures, arrests, and convictions in Kano have been commendable,” he said, highlighting Kano as a hotspot for drug abuse.

Kano State has the second-highest drug abuse rate, with a 17 per cent prevalence among individuals aged 15 to 64 years.

“In the last four years, we have counselled and rehabilitated 22,000 drug patients across the country,” he stated.

Marwa warned that drug abuse continues to destroy young lives, families, and communities, urging collective action against the crisis.

He called on parents to be alert and proactive in detecting drug use among children, suggesting they obtain test kits from NDLEA offices.

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“Buy test kits and let your children know. Early detection is crucial. Drug abuse can result in serious psychiatric conditions,” he advised.

He urged community leaders, traditional rulers, and religious figures to support the agency’s fight against drug abuse and trafficking.

The NDLEA chairman encouraged officers to remain dedicated in their mission to combat illicit drug activities across the country.

He also reminded personnel to keep the new barracks clean and ensure they are well maintained. (NAN)

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Benue Gov Seeks FG Help As Death Toll In Attacks Hits 56

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Governor Hyacinth Alia of Benue State has appealed to the Federal Government to step up and deal with rising insecurity in the state as the death toll from the recent attacks by suspected herdsmen on Ukum and Logo local government areas in the state has risen to 56.

The governor made the call on Saturday when he visited the scenes of attacks by suspected herdsmen in Ukum and Logo local government areas to ascertain the impact of the attacks.

Addressing journalists after the visit to the affected communities in the two local government areas, Alia condemned the violent attacks on the defenseless people and called for greater action from security agencies to nip these killings in the bud.

The governor used the visit to engage with community leaders and their people whom he assured of a better deal in addressing all forms of insecurity.

He also called for calm and urged the people to resist the will to resort to self-help

Security has also been beefed up in the Sankera axis where these attacks happened to restore confidence, while emergency services and relief items have been extended to the two local government areas.

In neighbouring Plateau State, also in the North Central geopolitical zone, over 100 people have been killed in the last two weeks when bloodthirsty marauders unleashed mayhem on communities in the Bokkos and Bassa local government areas of Plateau State.

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