Tuesday, September 21

Tag: naira

“Everyday, The Aim Is To Hustle The Other Fellow’s Naira”- Aycomedian Defends Big Brother Naija
Celebs

“Everyday, The Aim Is To Hustle The Other Fellow’s Naira”- Aycomedian Defends Big Brother Naija

A Twitter user identified as Bhadmus Hakeem, in a tweet, revealed how much Big Brother reality show makes from its voting platform. According to the user, the reality show is ‘ripping off’ Nigerians. In his response to his tweet, AY believes the user is just hating on the reality show. AY wrote; lol alot of people getting pained at another man’s hustle. Same people who go to pay 1500 plus at a cinema to watch movies saying bbnaija is a rip-off, calculating their earnings life itself ain’t a rip-off. Everyday the aim is to hustle the other fellow’s naira. Hush puppies.
Reps To Probe NEMA Over N17bn Allocation
News

Reps To Probe NEMA Over N17bn Allocation

House of Representatives, says it will probe the financial operations of National Emergency Management Agency ( NEMA ). The resolution followed a motion under matters of urgent public importance by Rep. Benjamin Wayo (Benue-APC) on “the alleged violation of public trust at the agency.” Wayo, who moved the motion, said that NEMA has been unable to account for the more than N17 billion it had received so far. According to him, the core mandate of NEMA is to coordinate the management of disaster across the country and to assist victims of such disasters. “In spite of this core mandate, several cases of disasters across the country have been given necessary attention which is the hunger issue in IDP camps in the Northeast, the farmers and herdsmen conflicts, fire disaster victims a...
Nigerian Govt Announces Planned Establishment Of New Airline
News

Nigerian Govt Announces Planned Establishment Of New Airline

Federal Executive Council (FEC) on Wednesday approved AMG (Airline Management Group) to work on establishment of a new national carrier.   Minister of State, Aviation, Hadi Sirika, stated this when he briefed State House correspondents at the end of the weekly Federal Executive Council meeting in Abuja.     Government had in May 2017 appointed Messers Lufthansa consortium and five other advisers to help it set up a national airline and develop its aviation infrastructure.   “Today Council considered a memo from transportation regarding aviation”, Sirika said.   “It was a memo that was brought to substitute a member of the consortium that will provide transaction advisory services for the establishment of a National career.   “And tha...
Davido Shows Off Wads Of Dollars And His Collection Of Luxury Wristwatches
Celebs

Davido Shows Off Wads Of Dollars And His Collection Of Luxury Wristwatches

Whatever Wizkid can do Davido can also do if not even better, atleast that appears to be the message as Davido has also taken to social media to show off his collection of luxury wristwatches and wads of cash. Recall that Starboy Wizkid showed off his multi-million Naira watch which costs over N400 million yesterday well his colleague Davido has just done the same. Meanwhile Eedris Abdulkareem blasted Davido and Wizkid recently, for being allegedly disrespectful, claiming he influenced their growth in the entertainment industry. The singer, known for calling out musicians bragged to fans of how he shaped the industry for the young stars. Eedris in a concert, stated that he made way for the young stars so they should not disrespect him and others. According to the controversi...
Customs Seizes 1150 Bags Of Smuggled Rice In Kano, Jigawa
News

Customs Seizes 1150 Bags Of Smuggled Rice In Kano, Jigawa

The Comptroller Federal Operations Unit Zone ‘B’ of the Nigerian Customs Service, Alhaji Usman Dakingari, said his command has intercepted over one thousand bags of foreign rice in Kano, smuggled into the country. Dakingari stated this while displaying the confiscated rice to journalists on Tuesday in Kano. He said his men, through intelligence gathering, were able to trace a house in Dakata quarters in Kano where they confiscated over 900 bags of foreign rice. The comptroller pointed out that they were also able to intercept over 250 bags of foreign rice loaded on a truck in Jigawa. He stated that second hand clothes, worth millions of Naira were also confiscated by the Customs men at the same Dakata quarters. Dakingari added that Nigerian Customs Service is committed to cu...
Nigeria’s Economic Outlook For 2018
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Nigeria’s Economic Outlook For 2018

The year 2017 was mixed in economic terms from traumatic recession to recovery. It started with a negative growth rate of 0.8percent, but the economy recovered and moved out of negative growth to a positive path of a long-term sustained growth. For the year 2018, there is a blurred trajectory that would make any forecasts dependent on the school of thought one belongs to. This varies from the IMF projection of 2.1percent to that of the 2.6percent of the rating agency, Fitch, and the revised World Bank's 2.5percent. All these projections will not make meaning until Nigerians feel the impact on their living standard. It is achievable if only the economic policy makers handle the most crucial elements of the economy, about which there are absolutely no guarantees. This has to do with how th...
NPFL: John Obuh Sets Top-10 Target For Kwara United
Sport

NPFL: John Obuh Sets Top-10 Target For Kwara United

Coach John Obuh has said he hopes Kwara United finish within the top 10 on their return to the Nigeria professional Football League (NPFL). Kwara United were runaway winner of the northern conference of the Nigeria National League (NNL) to head back to the top flight after two seasons in the lower division. “We have tried to keep the team from last season because most of them have experience of playing in the NPFL,” Obuh said. “We hope that with this team will can place in the top 10 in the new season.” ‘The Afonja Warriors’, for one, have been able to hold on to striker Michael Ohanu, who fired 21 goals in the NNL last season. The former FC Ifeanyiubah striker has rejoined the Ilorin team after they demanded for a transfer fee of six million Naira from Akwa United for the p...
Reno Omokri Reacts To Buhari’s 17 Achievements In 2017
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Reno Omokri Reacts To Buhari’s 17 Achievements In 2017

Reno Omokri, erstwhile aide on New Media to former President Goodluck Jonathan has reacted to the 17 achievements of the federal government listed by the Presidency on Friday.   DAILY POST had reported that the federal government listed among other things Nigeria’s exit from worst recession, naira stabilising against dollar, bumper harvest, especially in rice, payment of pension, among others. ut according to Omokri, the achievements were an embarrassment for the Buhari administration. In a post published on his Facebook page, Omokri said: “The Buhari government released a list of 17 of its greatest achievements a few hours ago and after reading it, I was embarrassed for the regime. “The Buhari administration counts exiting a recession that it put Nigeria into as...
Nigerians Must Not Forget Treasury Looters – Lai Mohammed
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Nigerians Must Not Forget Treasury Looters – Lai Mohammed

The Minister of Information and Culture, Alhaji Lai Mohammed, has challenged the civil society to work with the media and other stakeholders to ensure that Nigerians never forget, for one moment, the damage done to the country by treasury looters. The Minister threw the challenge at the launch of the Anti-Corruption Situation Room (ACSR), which includes civil society organizations, media groups, government agencies and other stakeholders, in Abuja on Tuesday. ”Those who turned our treasury to their piggy bank are once again presenting themselves as the saviours of the nation. They say the best time for Nigeria was when the proceeds of their corruption subsidized many and gave the illusion of economic boom. They are so emboldened as to say Nigerians are earnestly yearning for them. No...
Naira Closes Flat As Central Bank Injects $195m Into Forex Market
News

Naira Closes Flat As Central Bank Injects $195m Into Forex Market

The Central Bank of Nigeria has continued its sustenance of foreign exchange liquidity by injecting another $195m into the inter-bank foreign exchange market, even as the naira maintains its strength. The $195m intervention was made on Monday. Figures released by the bank showed that it offered the sum of $100m to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50m. The invisibles segment comprising tuition, medical payments and basic travel allowance received $45m. The bank’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, said on Monday that the intervention was in line with the CBN’s continual determination to ensure forex liquidity and satisfy legitimate demands. Okorafor said the bank would continue to intervene in ...
Fed Govt’s Ban On Doctors’ Private Practice An Expensive Joke – NARD Chief Emmanuel Obayi
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Fed Govt’s Ban On Doctors’ Private Practice An Expensive Joke – NARD Chief Emmanuel Obayi

The President, National Association of Resident Doctors (NARD) Federal Medical Centre Abuja, Dr Emmanuel Obayi, has said the federal government’s ban of private practice by doctors in full time employment in the public service is an expensive joke comparable to a time bomb waiting to explode. According to him, the ban carries the potential of leaving public health institutions in disarray owing to the fact that most doctors operating in the public sector are poorly remunerated and are forced to work in harsh conditions. He added that the ban could trigger a mass exodus of quality brains from public health institutions established to cater to the needs of the poor in the society to the private sector where the remuneration is not only higher and more regular but also boasts of better ...
2019: May President Buhari Not Contest
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2019: May President Buhari Not Contest

My prayer for Nigeria is that President Muhammadu Buhari will not contest another presidential election in 2019. I hope when the time comes, he will do the noblest thing: Thank Nigerians for giving him a chance to serve, allow the transition process to run smoothly without his interference, and walk away with his head high. That will be the best thing for Nigeria, and one hopes he has enough of the acclaimed Mandela spirit in him to know when to walk away from the gambling table. Nigeria is doing poorly under his watch and we cannot continue this way until 2023. We cannot be munching the same old issues on our weakened gums every election cycle. If Buhari decides to contest in 2019, we will waste about half of the electioneering time on enervating debates about his health; arguing whether ...
Nigeria’s Forex Reserves Rise To $32.7 Billion
News

Nigeria’s Forex Reserves Rise To $32.7 Billion

Nigeria’s foreign exchange reserves rose 3.12 per cent month-on-month to $32.74 billion by Oct 3, the Central Bank of Nigeria (CBN), had said, indicating a significant growth in the country’s dollar savings. The external reserves were at $31.75 billion a month earlier. Nigeria’s dollar reserves peaked at the highest in more than two year due to stable global oil price and increase crude production output. The forex reserves were up 34.23 per cent from $24.39 billion a year ago. Nigeria, Africa’s top economy had suffered currency crisis two years ago in the wake of global fall in prices of oil, pushing the local currency down by more than 30 per cent. However, the bation’s apex bank, the CBN, has been intervening in the forex market since February in its bid to improve liquidity...
D’banj Gives Out Million In Naira To Winners As Cream Platform Celebrates 1 Year Anniversary
Entertainment

D’banj Gives Out Million In Naira To Winners As Cream Platform Celebrates 1 Year Anniversary

As part of the celebration of D’banj CREAM Platform. The artiste put together a press conference to present winners on the platform and to further reiterate it’s commitment at giving back to the creative industry irrespective of location of its subscribers. The media turnout was massive as veteran journalists, online bloggers, TV and other media personalities came to celebrate with the Kokomaster. #Cream1yearAnniversary
Illegal Dollar Evacuation To Dubai Threatens Naira Stability – Gwadabe
News

Illegal Dollar Evacuation To Dubai Threatens Naira Stability – Gwadabe

Alhaji Aminu Gwadabe, the President of Association of Bureaux De Change Operators of Nigeria (ABCON), says consistent evacuation of dollars illegally from Nigeria to Dubai is a threat to stability of the naira. Gwadabe made the observation in an interview with the News Agency of Nigeria (NAN) in Lagos on Monday. He said that currency speculators would stop at nothing to make nonsense of the gains the naira had made against the dollar at the foreign exchange market in Nigeria. According to him, huge sums of dollars go through the nation’s boarders illegally, creating artificial dollar scarcity in Nigeria. The ABCON chief said that: “Hawala activities, where the naira is traded abroad and create frivolous demand for the dollar is still a threat to naira stability.” The financi...
Nigerian Senate A Merciless, Ruthless Organisation – Sagay
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Nigerian Senate A Merciless, Ruthless Organisation – Sagay

The Chairman of the Presidential Advisory Committee Against Corruption, Itse Sagay, has described the Nigerian Senate as “a merciless and ruthless organisation” with no value. Mr. Sagay who also added that the lawmakers behaved ”like locusts” said this on the sidelines of the Hallmarks of Labour Foundation Reunion Symposium held at the Nigerian Institute of International Affairs, NIIA, Victoria Island, Lagos, on Thursday. Mr. Sagay, a Professor of Law, has in recent times lambasted Nigerian federal legislators over the allowances enjoyed by the senators and House of Representatives members. Speaking in Lagos on Thursday, Mr. Sagay said Nigerian senators should not be addressed as “distinguished” because they have no honour, vision, and integrity. Earlier, Abdullahi Sabi, the sp...
LASU Dismisses 17 Staff Demotes Two Others
News

LASU Dismisses 17 Staff Demotes Two Others

The Lagos State University has dismissed 15 academic Staff and two non-academic staff for different acts of misconduct. The school’s governing council also demoted one academic staff and one non-academic staff. A statement on Friday by LASU’s Acting Head, Centre for Information Press and Public Relations, Ademola Adekoya, said the decision was taken at the governing council’s meeting on Thursday 7 September 2017. It said the decision was in line with Section 6(1) and (2) of the Lagos State University Law 2004 (as amended), the Council of the Lagos State University as the governing authority of the University, and exercises general oversight over the Institution and its affairs. The statement said, “Dr. Isaac Akinloye OYEWUNMI, Senior Lecturer, Department of Human Kinetics, Spor...
Amnesty International Plotting To Destabilise Nigeria – Coalition
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Amnesty International Plotting To Destabilise Nigeria – Coalition

A pressure group, Coalition for Truth and Justice (CFTJ), on Monday called on the Nigerian government to expel Amnesty International from the country, alleging that it had earmarked about N10 billion to settle “dormant terror NGOs and CSOs to champion the break up of the country.” The organisation also claimed that AI had been responsible for Boko Haram insurgency in the North East, militancy in the Niger-Delta and the separatist movement agitating for secession in the South East led by the leader of Indigenous People of Biafra (IPOB). The National Coordinator of CFTJ, Charles Timothy, at a press briefing in Abuja, alleged that AI had intensified plots to destabilise Nigeria. He therefore called on the Federal Government to expel AI from Nigeria, stressing “as they are backing sep...
Suspected Boko Haram Members arrested in Kano
News

Suspected Boko Haram Members arrested in Kano

Security agents in Kano State have arrested some suspected Boko Haram insurgents. The Boko Haram members have since been moved to Abuja on Sunday morning for interrogation. This development was confirmed by the State Governor, Dr. Abdullahi Umar Ganduje. “The security agents also confiscated arms and communication gadgets from the alleged terrorists, even as they divulged very useful information,” Ganduje added, appealing to people in the state to be more security conscious. Ganduje revealed this in a speech, while receiving the Emir of Kano, Muhammad Sanusi II, who paid him the traditional Hawan Nassarawa homage at the Government House in Kano. He explained that the arrest was made possible by a special network that facilitated local community intelligence gathering, pointi...
Nigerian Singer, Kiss Daniel Unveils His Multi-million Naira House
Entertainment

Nigerian Singer, Kiss Daniel Unveils His Multi-million Naira House

Kiss Daniel has consolidated a successful 2017 year with a magnificent mansion erected in Lagos State to lay his head after a stressful time in the music studios.G-Worldwide record label act, kiss Daniel has showed off his new mansion in a new post on Instagram.He shared a video showing some parts of the mansion with his boss Emperor Geezy and his younger brother. The cost of the beautiful house is currently unknown but rumours have it that it has cost him some millions.
Naira To Weaken Further As Dollar Demand Increases
News

Naira To Weaken Further As Dollar Demand Increases

The naira is seen weakening against the United States dollar on the black market in the coming days as demand for the dollar increases. Stakeholders and industry analysts, however, said the local unit was expected to trade within a range on the investor and exporters forex window and official interbank market. The local currency weakened to 370 against the dollar on the black market on Thursday, compared with 364/dollar last Thursday, Reuters reported. This came on the back of surging demand for the dollar by summer holidaymakers and parents paying school fees for their children abroad, forex traders said. The naira was quoted at 362.39 to a dollar on the investor and exporters forex window on Thursday against 367.49 per dollar last week. On the official interbank window, th...
Imported Rice Could Be Dangerous – Millers
News

Imported Rice Could Be Dangerous – Millers

The leadership of Rice Millers Association of Nigeria (RMAN) has alerted Nigerians on the dangers of imported rice saying that many a times, imported rice were stored in silos for as many as 10 years. Speaking at the inaugural meeting of the Association in Kano, Tuesday, National President of the Association, Mr. Peter Dama, added that imported rice were preserved for these amount of time with chemicals which could be dangerous to human health. The Association appealed the Federal Government to instruct NAFDAC to undertake periodic evaluation of imported rice while asking Nigerians to revert to the consumption of locally farmed rice, describing Nigerian rice as more nutritious and healthier He, however, tasked local rice farmers in the country on the quality of their produce addin...
Naira Falls Against Dollar At Parallel Market
News

Naira Falls Against Dollar At Parallel Market

The naira on Monday depreciated further against the dollar at the parallel market, exchanging at N367 to the dollar. The Nigerian currency lost one point from N366 posted on Friday, while the Pound Sterling and the Euro closed at N476 and N432. At the Bureau De Change segment, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N476 and N432, respectively. The naira, however, appreciated at the investors’ window as it closed at 362.50, stronger than N365.68, its opening rate. Traders said that the demand for foreign exchange outstripped its supply. The Central Bank of Nigeria is intervening at the foreign exchange market to stabilise the naira. The naira had rallied around N363 to the dollar for about two weeks until market forces dra...
Naira Sustains Gain At Parallel Market
News

Naira Sustains Gain At Parallel Market

The naira on Wednesday appreciated against the dollar at the parallel market, exchanging at N363 to the dollar from the N364 posted on Tuesday. The pound sterling and the Euro closed at N477 and N428 to the naira, respectively. At the Bureau De Change (BDC) window, the naira was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively. Trading at the investors window saw the naira closing at N367.50 to the dollar. Traders expressed optimism that the interventions by the CBN at the market were capable of closing the gap further between the rates at the parallel market and other segments. NAN reports that not all the BDCs in the South West bought foreign exchange from the weekly auction on Tuesday. A credible BDC source told ...
Naira Stabilises After Crash At Parallel Market
News

Naira Stabilises After Crash At Parallel Market

The Naira on Tuesday exchanged in the parallel market at N366, same rate it closed on Monday. Pound Sterling and the Euro closed at N477 and N428, respectively. This is just as the Central Bank of Nigeria (CBN) injected $195 million into the interbank market. A statement by Acting Director, Corporate Communications Department, CBN, Isaac Okoroafor, made the announcement. He said, “In the wholesale segment of the inter-bank Foreign Exchange market, the CBN auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45m respectively.” Okorafor encouraged those who genuinely required foreign exchange for their transactions to approach their banks, noting that the banks had enough forex to meet the deman...
How Wilson Oruma Battled With Insanity After Being Duped Of N1.2 Billion Naira
Sport

How Wilson Oruma Battled With Insanity After Being Duped Of N1.2 Billion Naira

There are reports which just surfaced online that former Golden Eagles Captain/Super Eagles star player, Wilson Oruma, lost his mind for two years while battling with insanity after he was duped by fraudsters introduced to him by a Lagos-based frontline Pentecostal Pastor, (name withheld) whose church (name withheld) is located in the Surulere area of the state. In a report by New Telegraph Online,Oruma’s travail started in 2012 when the Pastor in question invited the former victorious Golden Eaglets captain to a private meeting in the church to discuss the possibility of investing heavily into what he described as a lucrative business where he promised to invite the mega bucks investors to the church a week later. A date was fixed for this. It was at the second meeting, it was gathe...
President Buhari Expected To Return Next Week – Ben Bruce
News

President Buhari Expected To Return Next Week – Ben Bruce

The Senator representing Bayelsa East, Ben Murray-Bruce, on Friday, disclosed that President Muhammadu Buhari was expected back in the country next week. Murray-Bruce also hinted that there will be a high-powered meeting between the Senate and the President when he returns. In an interview, he lamented the continued hardship in Nigeria and how the country was lagging behind in its development. The lawmaker said: “Nigeria has not really made any progress in the last 2 years. I think we are in big trouble right now. “When the President gets back, we would need to sit down with him and have a conversation. There is no point having a conversation with anybody who is not a president. “I am thinking the Senate. We will have a conversation. A bipartisan team will go and meet with M...
Naira Gains Against Dollar
News

Naira Gains Against Dollar

The Naira on Wednesday appreciated marginally against the dollar at the parallel market. The Nigerian currency gained 50k to exchange at N362.50, stronger than N363 posted on Tuesday, while the Pound Sterling and the Euro traded at N473 and N422 respectively. At the Bureau De Change window, the Naira was sold at N363, while the Pound Sterling and the Euro traded at N472 and N423 respectively. The Naira, however, depreciated at the investors’ window, selling at N368.50 from 367.28 to the dollar. Traders at the market said that uncertainty on the exchange rate permeated trading as buyers exercised great caution. Since the implementation of the flexible exchange rate policy, the forces of demand and supply had been the sole determinant of the exchange rate. Though the Centra...
Innoson Sues Gtbank For N400billion Over Character Assasination And Defamation
News

Innoson Sues Gtbank For N400billion Over Character Assasination And Defamation

Chief Innocent Chukwuma, OFR, and Innoson Nig Ltd. have filed a fresh lawsuit against Guaranty Trust Bank PLC in the High Court of Federal Capital Territory, Abuja claiming a total sum of 400 billion Naira damages for injury to their reputation, moral character, credibility, office, vocation and trade. They also seek for an order of perpetual injunction restraining GT Bank from further defaming them. The lawsuit which was filed by Innocent Chukwuma’s counsel, Prof Joseph N Mbadugha Esq, is sequel to a recent decision by the Supreme Court of Nigeria in favour of Innoson Nigeria Ltd. in Appeal No: SC/694/2014 between GTB v. Innoson Nig Ltd. There, on 12th May 2017, the Supreme Court dismissed GT Bank’s Application. It must be noted that Innoson Nigeria Ltd had won various lawsuits agai...
Customs Is Dishonest About N486bn Revenue – Omokri
News

Customs Is Dishonest About N486bn Revenue – Omokri

Former Special Assistant to ex-President Goodluck Jonathan on New Media, Reno Omokri has described the Nigeria Customs Service as dishonest for declaring N486bn generated within the first half of 2017 as the highest collected. The NCS had earlier through its Public Relations Officer, Joseph Attah, said it had hit a record in revenue collection, making N486bn in six months as against N385 billion in 2016. However, in a series of tweets, Omokri faulted this claim. He said, “With the devalued Naira this is not up to how much they made during the Goodluck Jonathan administration. “The amount of ₦486bn at the official rate of ₦362 to $1 is $1.3 bn. In 2014, they made ₦425bn in the first 6 months. The amount of ₦425bn at the then official rate of ₦150 to $1 is $2.8bn. “So in actual f...
Nigerian Arrested For $5,400 Canada Credit Card Fraud
News

Nigerian Arrested For $5,400 Canada Credit Card Fraud

The Economic and Financial Crimes Commission, EFCC, operatives have arrested Yusuf Balogun Alabi, a suspected credit card fraudster, who allegedly masterminded the theft of $5,400 Canadian Dollars from a catering entertainment outfit in Brantford, Canada. The fraud came to light after a young Nigerian undergraduate of Thompson Rivers University in British Columbia, Tony Ifeoluwa Adebero was arrested in Toronto, Canada on charges of wire fraud. The youngster who was expecting to receive his tuition from his dad, Adebero Oyewole, did not suspect fraud when his account was credited by his bank. He however became worried when few days after, he got a call from his bank, TD Canada Trust Bank, asking for details of the person who made transfer to his account, within 12 hours. He immedia...
Naira To Remain Stable As Central Bank’s Interventions Cripple Speculators – Expert
News

Naira To Remain Stable As Central Bank’s Interventions Cripple Speculators – Expert

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said on Thursday that the nation’s currency would remain stable in the months to come as the CBN sustains its interventions. Gwadabe told the News Agency of Nigeria (NAN) in Lagos that the sustained injection of liquidity to the nation’s foreign exchange market had paralysed the activities of speculators. The ABCON chief said that recent trading of the Naira against the dollar has shown that the true value of the Naira hovers between N360 and N365 at the parallel market. The financial expert said that since the apex bank began aggressive intervention at the nation’s foreign exchange market, exchange rate spikes have disappeared into oblivion. According to him, since the apex bank righ...
Mimiko Wasted Billions Of Naira On Mega Schools – Reps Member
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Mimiko Wasted Billions Of Naira On Mega Schools – Reps Member

A member of the Federal House of Representatives, Mr. Afe Olowookere, has faulted the immediate past administration of Dr. Olusegun Mimiko, on the mega school and shuttles bus projects that the administration carried out. The lawmaker representing Akure South/Akure North Federal Constituency said the Peoples Democratic Party’s government wasted billions of naira on the projects, alleging that the projects further put the state into serious debt. Olowookere stated this at the inauguration of new primary and secondary schools at Ilekun Community, Oda and Agbeja Community in Igoba, Akure in the Akure South and Akure North Local Government Areas of Ondo State respectively. The projects were sponsored by the lawmaker. He said, “I disagreed with the education policy of the last administ...
Naira Closes At 362/Dollar As Central Bank Supplies More Forex
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Naira Closes At 362/Dollar As Central Bank Supplies More Forex

he naira recorded a marginal gain on Monday, closing at 362 per the United States dollar up from 363 on Sunday. The local currency has been hovering between 363/dollar and 370/dollar as the Central Bank of Nigeria continues to supply foreign exchange into the market. The CBN, in continuation of its drive to ensure liquidity and stability in the foreign exchange market, on Monday injected the total sum of $195m into various segments of the inter-bank foreign exchange market. A breakdown of figures released by the CBN showed that the sum of $100m was offered to authorised dealers in the wholesale window, just as the Small and Medium Enterprises window was allocated the sum of $50m. The Business Travel Allowance/Personal Travel Allowance, tuition and medical bills, among other invisi...
Win Up To N20,000 On My Celebrity & I (See Details On How To Win)
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Win Up To N20,000 On My Celebrity & I (See Details On How To Win)

In a way of saying thanks for staying with us and making mycelebrityandi.com your number one blog, we will be rolling out cash prizes every week. Individual with the highest number of relevant comments will win 5oo0 Naira every week. All you need to do is to comment on posts and the individual with the highest relevant comments will be selected every Sunday. This contest starts from Monday 12th of June 2017. The weekly winners will be announced every Sunday.  
Central Bank Introduces New Forex Rules As Naira Closes At N367 To The Dollar
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Central Bank Introduces New Forex Rules As Naira Closes At N367 To The Dollar

The Central Bank of Nigeria on Monday introduced new rules into the interbank foreign exchange market. This came barely one week after the naira closed below 370/dollar on the parallel market. The rules were contained in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku. Among other things, the regular said authorised dealers in the interbank were meant to put only N1 spread on their transactions. It also said that authorised dealers in the forex market could now defease their excess foreign currency trading positions to other authorised dealers in the market without seeking prior approval from the CBN It read in part, “All authorised dealers shall be subject to a maximum ...
Gov. Fayose And Petrol Sellers At Loggerheads, Black Market Takes Over
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Gov. Fayose And Petrol Sellers At Loggerheads, Black Market Takes Over

The lingering crisis between Gov. Fayose and those in charge of filling stations in Ekiti State has resulted in a situation whereby there is a high demand for black market fuel due to the fact that all filling stations has been shut down since the beginning of the crisis. some are travelling to nearby Akure to procure fuel. The rumours spreading everywhere is that Gov. Fayose ordered the filling station owners to be paying a tax of 100 Million Naira, i don't know how true is it though. May God Intervene.
Nigeria Will Start Exporting Yams To Europe In June 2017 – Agric Minister, Ogbeh
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Nigeria Will Start Exporting Yams To Europe In June 2017 – Agric Minister, Ogbeh

The Minister of Agriculture and Rural Development, Audu Ogbeh, has said that arrangements had been concluded for the first container of yams to leave the shores of Nigeria for the European continent on the 29th of June this year. He disclosed this in Abuja during a chat with journalists on the achievements of his Ministry since the President Muhammadu Buhari-led federal government took over power two years ago. Ogbeh stated that, within the next two years, Nigeria’s agricultural sector will regain its lost glory at the world stage as a major food producer and exporter. He noted that apart from yam that will soon be added to the list of farm produce Nigeria exports to the rest of the world, the country was doing well in the exportation of vegetables, beans and cowpeas to India, as ...
Why We Created Multiple Exchange Rates—CBN
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Why We Created Multiple Exchange Rates—CBN

The Central Bank of Nigeria (CBN) has justified its creation of the various exchange rates for the Naira against the major foreign currencies at the forex market. According to the apex bank, these rates were created because they were very necessary to a single economy like Nigeria battling with crisis. At the moment, there are over five exchange rates for individuals and investors to access in the foreign exchange market in Nigeria. While there is the official CBN rate, banks have their own rates, just like the parallel market has its own, which seems to be the highest and easily accessible to residents of the country. Since the nation’s economy slumped into recession in 2016, the Naira has crashed against major currencies at the forex market and at a time in 2017, the local cu...
MPC Meets Today, CBN May Hold Key Rates
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MPC Meets Today, CBN May Hold Key Rates

As the Central Bank of Nigeria’s Monetary Policy begins its two-day bi-monthly meeting today in Abuja, economic experts and analysts have said the committee is expected to maintain the status quo by keeping the monetary policy instruments at the current levels. The experts were of the opinion that the MPC would keep the lending rate (Monetary Policy Rate) at the current level of 14 per cent, while the Liquidity Ratio and Cash Reserve Ratio would be held at current levels by the committee. “We expect the CBN to keep the MPR, CRR and other monetary policy rates at current levels, given the fact that the economy is just coming out of recession,” the Managing Director, Afrinvest West Africa, Mr. Ayodeji Ebo, said. “The CBN foreign exchange policies are yielding results also, and there...
Ex-policeman Who Impersonated Daisy Danjuma To Defraud Buhari’s Children Speaks
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Ex-policeman Who Impersonated Daisy Danjuma To Defraud Buhari’s Children Speaks

A 36-year-old Charles Abam, a fraud suspect, who is now being held at the Force Headquarters, Abuja, for attempting to defraud the children of President Muhammadu Buhari, was at one point in his life, a police sergeant. According to Abam, after being jobless since 2003 when he lost his job as a policeman, he found out he could make a lot of money by defrauding influential Nigerians. The suspect allegedly got hold of the phone number of a prominent chieftain of the All Progressives Congress, whom he contacted by impersonating Mrs. Daisy Danjuma, wife of Gen. T.Y. Danjuma. Through the APC chieftain, he was able to contact some members of the First Family, setting in motion a con that was supposed to net him millions of Naira. The indigene of Ndukwa East, Delta State, told inves...
Naira Gains Against Dollar To N375/$
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Naira Gains Against Dollar To N375/$

The Naira continued to gain against the dollar following the Central Bank of Nigeria (CBN) $457 million intervention on Monday. The local currency on Thursday rose against the U.S dollar to N375 per dollar on the parallel market as the foreign exchange liquidity continued to increase. Investigations revealed that the parallel market rate which most analysts had projected to remain at N385 to a dollar, improved to N375/$. CBN’s Acting Director of Corporate Communications, Isaac Okorafor, had at the weekend reiterated the bank’s commitment to ensuring that there was enough supply of forex to genuine customers in pursuit of rates’ convergence.
Naira Gains, Dollar Crashes At Parallel Market
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Naira Gains, Dollar Crashes At Parallel Market

- The Naira has gained strength against the American Dollar at parallel market - The local currency however crashed against the Pound but stayed firm against Euro - Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange BDC and a rate for foreign school fees The Naira on Wednesday, May 17, continued its growth against the American Dollar at the parallel market. This follows report that the local currency closed the day at N385 to the Dollar, one point stronger than the N386 it closed on Tuesday, May 16. However, the local currency weakened against the Pound Sterling but stayed firm against the Euro at the same segment. It dropped seven points against the Pound to close at N497 a...
Mother Dumps Newborn Baby In Gutter In Benue, Baby Dies After Rainfall
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Mother Dumps Newborn Baby In Gutter In Benue, Baby Dies After Rainfall

Despite the fact that some people are spending millions of naira to get a baby of their own, an unknown lady abandoned her baby boy in a gutter along Gyado Junction - Yandev express way in Gboko,Benue state See how healthy the baby is looking. But he died as a result of heavy rainfall last night.

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