Five things to know to start your Thursday

Trump imposed travel bans on 12 countries

US President Donald Trump has signed a proclamation banning citizens from 12 countries from entering the United States, claiming the measure is necessary to protect against “foreign terrorists” and other security threats.

The countries facing complete travel bans are Afghanistan, Myanmar, Chad, Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. Additionally, seven other nations – Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela – will face partial entry restrictions.

The travel restrictions, first reported by CBS News, will take effect on June 9, 2025, at 12:01 a.m. Eastern Daylight Time (5:01 WAT). According to the order, visas issued before that date will not be cancelled.

Trump suspended foreign students’ entry into Harvard

US President Donald Trump has suspended the entry of international students and exchange participants to Harvard University for an initial six months, citing national security concerns in an escalating dispute with the Ivy League school.

Trump’s proclamation on Wednesday bars foreign nationals from entering the United States to study or participate in exchange programmes at the Cambridge, Massachusetts-based university.

Read Also: Trump suspends foreign student entry to Harvard University

Oil prices fell on US inventory build and Saudi price cuts

Oil prices fell in early trading on Thursday after a build-up in US petrol and diesel inventories and Saudi Arabia’s decision to cut its July prices for Asian crude buyers.

Brent crude futures fell 21 cents, or 0.3%, to $64.65 a barrel at 01:47 WAT. US West Texas Intermediate crude lost 29 cents, or 0.5%, dropping to $62.58.

Oil prices closed around 1% lower on Wednesday after official data showed that US petrol and distillate stockpiles grew more than expected, reflecting weaker demand in the world’s top economy.

Adding to the weakness, Saudi Arabia, the world’s biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in four years.

The Presidency spent N23bn worth of forex on foreign trips

The Nigerian Presidency spent over N23bn in 2024 to purchase foreign currencies for the international trips of top executive government officials, including President Bola Tinubu, Vice President Kashim Shettima, and the First Lady, Oluremi Tinubu.

This figure, compiled from data provided by GovSpend, a government spending tracker managed by BudgIT, reflects a significant increase from the N18.63bn recorded in 2023, showing a rise of approximately 23%.

The spike in spending is because of the rising frequency and scale of international trips undertaken by the President and State House officials. These trips, which are said to be vital for Nigeria’s diplomatic engagements and international relations, are becoming increasingly costly due to the depreciating value of the naira against major global currencies.

The naira hit a two-month high

The naira on Wednesday climbed to a two-month high of N1,565.46 per dollar at the official foreign exchange (FX) market, maintaining a trajectory of relative stability that has persisted in recent months.

The last time the local currency traded near this level was on April 4, 2024, when the dollar exchanged at N1,567.02 in the Nigerian Foreign Exchange Market (NFEM), according to data published by the Central Bank of Nigeria (CBN).

By the close of trading on Wednesday, the naira had appreciated by N13.82 against the dollar, with the greenback quoted at N1,565.46. This represents a 0.9% gain when compared to the N1,579.28 recorded on Tuesday in the official FX window.