Monday, January 18

Tag: Dollar

Naira Bounces Back, Appreciates To N470/$ In Parallel Market
Business

Naira Bounces Back, Appreciates To N470/$ In Parallel Market

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar. The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020. But the new rules introduced by the Central Bank of Nigeria on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira. As result the naira gained N10 against the dollar yesterday (Tuesday December 1st) as the parallel market exchange rate dropped to N490 per dollar from N500 per dolla...
Offset buys his 2 year old daughter, Kulture, a customized $8,000 car seat
News

Offset buys his 2 year old daughter, Kulture, a customized $8,000 car seat

Offset bought his 2-year-old daughter Kulture a car seat that cost $8,000.   The car seat is customized with Kulture's name.   The rapper, who has 4 kids in total - Kulture being his only child with Cardi B - shared a photo of the car seat and wrote: "8 thousand dollar car seat and i bet it has peanut butter and jelly on it in 1 week."  
Peter Obi’s Dollar Investment As Anambra State Governor Now Worth N95bn – Alex Otti
Politics

Peter Obi’s Dollar Investment As Anambra State Governor Now Worth N95bn – Alex Otti

The former Managing Director of Diamond Bank, Dr. Alex Otti, has cleared the air of doubts in the minds of cynics who believe that the N75 billion savings the former Governor of Anambra State, Mr. Peter Obi, left for the State was a hoax. Otti, in a statement, praised Obi for his financial prudence which enabled him to save up N75 billion in both local and foreign currencies for Anambra State as a governor before leaving office. According to him, the dollar component of the savings is now worth over N95 billion. Otti explained that it was through a high level of managerial ability that Obi was able to achieve a great financial feat ‘in a state that was reputed to have been owing civil servants and pensioners’, by clearing off all debts inherited from his predecessor and still left ...
Dollar Sells For N445 As Forex Scarcity Persists
Business

Dollar Sells For N445 As Forex Scarcity Persists

The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market. The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators. The President, Association of Bureax De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market. “However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at...
Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens
Business

Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens

Following the uncertainty in the foreign exchange market, the Naira depreciated at the parallel market on Friday evening. Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly known as the black market on Friday evening according to Aboki Fx. This development followed the suspension of sales of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau De Change operators (BDCs). With the current rate of N410, the naira has depreciated by N20 from N390 per dollar traded on Wednesday. Recall that earlier this afternoon, Nairametrics had reported that the dollar sold for N395 in the parallel market. The dramatic change in price attests to the volatility in the market. The raging coronavirus and the crash in oil prices are having a huge e...
Naira crashes drastically in value as a Dollar sells for N420
News

Naira crashes drastically in value as a Dollar sells for N420

The Nigerian currency has crashed in value to dollar as at Thursday. The Naira is now exchanged bey N405 and N420 to a dollar. Furthermore, The Association of Bureaux De Change Operators of Nigeria president, Aminu Gwadabe, said this is because of the oil price. Reports says the crude oil price fell drastically in the international market. The price of the oil in the market low as $35. Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash. “The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support...
Mike Tyson: The Most Dreaded Boxers In History And His Extraordinary love For Cars
Sport

Mike Tyson: The Most Dreaded Boxers In History And His Extraordinary love For Cars

Mike Tyson was one of the toughest and most dreaded figures in boxing history. His first 19 fights were won by knockouts. Twelve (12) of those demolitions were in the first round. At the peak of his boxing career, he amassed an estimated net worth of about $300 million. Sadly, he blew this fortune on a lavish lifestyle. Tyson also achieved fame for his extraordinary habit of acquiring luxury cars. In 2002, after his defeat to Lennox Lewis, Tyson fortune suffered significant financial decline. in 2003, after a bout of overspending and the accumulation of taxes, he filed for Bankruptcy. Sadly, the Hall of Fame boxer had to sell most of his cars to auctions and celebrity museums. At the peak of his boxing career,  “Iron Mike” Tyson’s car collection included: se...
$29000 fraud: Court sentences ‘yahoo boy’ to prison
Crime

$29000 fraud: Court sentences ‘yahoo boy’ to prison

Justice Binta Mohammed of an FCT High Court, Apo, on Wednesday, sentenced an internet fraudster, Obasi Wisdom, alias Jeff Peter, to one month in prison for swindling one Douglas Guidry of 29,000 dollars. Justice Mohammed, who convicted Wisdom on Wednesday after he pleaded guilty to cheating, gave him an option to pay a fine of N100,000. “I have carefully perused the charge against the defendant and noted that he has pleaded guilty to the one count charge. “I am also informed that the convict has returned part of the 29 000 dollars involved in the crime,” he said. He said that the convict having agreed to the instrumentality of the crime and forfeit proceeds of the crime, the month imprisonment is an appropriate punishment. NAN reports that Wisdom was arraigned on April 2, 20...
Senator Shehu Sani Donates $1000 To Nigerian Authors
News

Senator Shehu Sani Donates $1000 To Nigerian Authors

Sen. Shehu Sani has donated one thousand dollars to the Association of Nigerian Authors (ANA) for its 2019 Poetry prize. Sani is the APC senator representing Kaduna Central Senatorial District at the National Assembly in Abuja. Denja Abdullahi, the President of ANA in a statement issued on Wednesday in Abuja, described the money as an endowment for the ANA Poetry Prize. “In a message Sani expressed his desire to jerk up the prize money which was N100, 000 to one thousand dollars for a poetry collection `Published and unpublished’. “That evokes or denotes peace, tolerance, social justice and egalitarianism. “By this endowment, the winning work this year will be rewarded with the sum of one thousand dollars. “It should be recalled that the poetry prize has been one of the m...
Oil prices slide as economic outlook darkens, U.S. supply surges
News

Oil prices slide as economic outlook darkens, U.S. supply surges

Oil prices dropped on Friday as clouds gathered over the global economy after the European Central Bank (ECB) warned overnight of continued weakness and fresh data showed Chinese exports and imports slumped last month. With surging U.S. supply also unsettling markets, international benchmark Brent crude futures were at 65.78 dollars per barrel at 0528 GMT, down 52 cents, or 0.8 per cent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at 56.25 dollars per barrel, down 41 cents, or 0.7 per cent. Financial markets, including crude oil futures, took a hit after ECB President Mario Draghi said on Thursday the economy was in “a period of continued weakness and pervasive uncertainty”. Europe’s economic weakness comes as growth in Asia is also slowing down....
One Dollar Is Not N184 As Google Suggests
News

One Dollar Is Not N184 As Google Suggests

Google Currency is currently showing that one dollar is going for N184, but this is just a glitch in its software, TheCable can report. The Central Bank of Nigeria sold the greenback to bureau de change (BDC) operators at N357 per dollar on Friday. Musa Ibrahim, a BDC operator, who spoke to TheCable from Lagos Island, said he bought $20,000 from the CBN at 357 per dollar. “We collected from CBN today at the rate of N357, and each BDC operator is entitled to $20, 000,” he said. Two members of staff at Google, who spoke off the record, confirmed to TheCable that this was just a bug, that is currently being fixed by the search giant. According to Bloomberg currency rate, the dollar is currently trading at N361.8, with the local currency gaining N1.75 against the greenback. ...
Gifty Shows Off her Wads of Dollars, Says Her Hobby is Counting Money
Celebs

Gifty Shows Off her Wads of Dollars, Says Her Hobby is Counting Money

Gifty who shared a video of her making a random count of her wads of dollars, wrote; Another One. Favorite Hobby Of mine(MM)….Hehehe?. ——————————————————————————-When You Are Blessed, You Are Blessed, No Matter What Is Being Said Behind You. WHAT IS YOUR FAVORITE HOBBY? Hard work pays View this post on Instagram Another One. Favorite Hobby Of mine(Making Money)….Hehehe?. ——————————————————————————-When You Are Blessed, You Are Blessed, No Matter What Is Being Said Behind You. WHAT IS YOUR FAVORITE HOBBY? ? #Alisha This is coming after the reality show star was shaded by Abinye David Jumbo popularly known as Mr 2kay, in his new song ‘money’. Mr 2kay who addressed their relationship in his song “Money” which was released off his recent album “ELEVATED”, said; ‘If you no love ...
Chelsea Encouraged As Genoa Set Piatek price
Sport

Chelsea Encouraged As Genoa Set Piatek price

Chelsea are watching Genoa striker Krzysztof Piatek ahead of the January market. The Sun says Piatek has had a £35million price-tag slapped on him. Maurizio Sarri has the Genoa striker, 23, on his radar after losing faith in Alvaro Morata. But the Serie A club are determined to get top dollar for the Poland international if they lose him in January. Chelsea are understood to have made their interest clear through third-party intermediaries, with the possibility of a move when the window opens. Piatek has scored 17 goals this season, including four for his country, to alert Europe's top clubs to a new striking sensation.
Boxer Alvarez Signs N131bn Deal, Richest Contract in Sports History
Sport

Boxer Alvarez Signs N131bn Deal, Richest Contract in Sports History

Unified middleweight world champion Canelo Alvarez and the streaming service DAZN have agreed to a five-year, 11-fight deal that will pay the boxer at least 365 million dollars (about N131 billion). The deal is the highest-paying athlete contract in history. DAZN became the broadcast home of boxing in the U.S. after HBO announced in September that it was getting out of the fight business. The signing of Alvarez kicks off the DAZN-boxing partnership with an exclamation point and plenty of zeroes. Alvarez’s first fight under the contract will coincide with his move to super middleweight. He will meet secondary world champ Rocky Fielding on Dec. 15 at Madison Square Garden in New York. “Canelo is the highest-paid athlete in the world. He’s extremely happy,” Oscar De La Hoya, Alvarez’s p...
Nigerians React To Video of Governor Umar Ganduje Allegedly Receiving Bribe
News

Nigerians React To Video of Governor Umar Ganduje Allegedly Receiving Bribe

Earlier today, we reported that the video of Kano State Governor Umar Gandujeallegedly receiving bribe, was shared by Daily Nigerian. Nigerians are already reacting to the viral video, and here are some tweets below; @benbruce wrote; I have been reliably informed that the man was not collecting bribe. The dollars hexwas caught on cameras collecting was bride price from his in laws after the marriage of his daughter earlier this year. Stop being mischievous! @renoomokri wrote; We now know why Kano Governor, @GovUmarGanduje, likes very big Agbada and baban riga. It is for ‘banking’ purposes. Farouk Lawan used cap banking, while Ganduje prefers agbada banking. No wonder they fought President Jonathan for introducing the cashless policy @biolakazeem wrote; Ganduje will say the video...
Qatar To Produce Electric Vehicles By 2023
News

Qatar To Produce Electric Vehicles By 2023

Qatar on Monday said that the country had plans to produce first Qatari electric cars by 2023, local media reported. The Qatari electric vehicles will be manufactured by the factory which will be established at a cost of nine billion dollars, said “Qatar Tribune” newspaper. The project will be the first-of-its-kind in the Middle East as it is a whole new brand, said Ali al-Misnad, Chairman of the Qatar Quality company, which is responsible for this project. Al-Misnad also said that the new giant project aims to manufacture more than 500,000 cars by 2024 with plans to export the electric vehicles to countries all over the world. As part of the project, the plan will include establishing of six factories and each will be specialised in different production line. (Xinhua/NAN)
Rapper Daddy Yankee Robbed of $2M In Jewelry In Spain
Celebs

Rapper Daddy Yankee Robbed of $2M In Jewelry In Spain

Popular Puerto Rican rapper, Daddy Yankee was reportedly robbed of $2.3-million worth of jewels after a man posing as him, instructed hotel staff to open the room’s safe for him.   The robbery which occurred at a hotel in Spain was confirmed by the artist’s press office in a tweet Thursday. “The press office @daddy_yankee confirms that the artist has been a victim of robbery while he was outside his hotel in Valencia, Spain. A law firm has already been hired and no further declarations will be given so as not to hinder the investigation in any way,” the translated tweet read.   The BCC reported that a man posing as Daddy Yankee instructed staff at the Meliá Valencia Hotel, where the real Daddy Yankee was staying to open the room’s safe. The rapper reportedly dis...
Oil steady After G20 Warns of Risks to Growth
News

Oil steady After G20 Warns of Risks to Growth

Oil prices stabilised on Monday as worries over production losses were outweighed by concerns that trade disputes would reduce economic growth and hit global energy demand. Benchmark Brent crude oil LCOc1 was up 15 cents at 73.22 dollars a barrel by 7.50 GMT while U.S. light crude CLc1 was unchanged at 68.26 dollars. Finance ministers and central bank governors from the world’s 20 biggest economies ended a meeting in Buenos Aires over the weekend calling for more dialogue to prevent trade and geopolitical tensions from hurting growth. “Downside risks over the short and medium term have increased,” the finance leaders said in a statement. The talks occurred amid escalating rhetoric in a trade dispute between the United States and China, the world’s largest economies, which have ...
Naira Appreciates To N358.5/$
News

Naira Appreciates To N358.5/$

The Naira, yesterday, appreciated by 70 kobos to N358 per dollar in the parallel market. According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange dropped to N358 per dollar from N358.7 per dollar on Tuesday, indicating 70 kobo appreciation of the naira. Similarly, the naira appreciated by one kobo to N361.69 per dollar in the Investors and Exporters (I&E) window yesterday. Data from FMDQ showed that the indicative exchange rate for the window dropped to N361.69 per dollar yesterday from N361.7 per dollar on Tuesday, indicating one kobo appreciation of the naira.
Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates
News

Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates

Details of the parallel market in Lagos after the close of market on Wednesday revealed how the nation's currency appreciated marginally against the dollar. The Naira on Wednesday appreciated marginally against the dollar at the parallel market in Lagos, exchanging at N358.50 to the dollar. According to the News Agency of Nigeria (NAN), the nation's currency was 10 kobos stronger than N358.60 to the dollar traded on Tuesday, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively. At the Bureau De Change (BDC) window, the Naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively. Trading at the investors’ window saw the Naira close at N361.87 with a daily turnover of 168.74 million dollars, while th...
CBN Boosts Forex Market With Fresh $210million
News

CBN Boosts Forex Market With Fresh $210million

The Central Bank of Nigeria has injected another sum of $210m into the interbank foreign exchange market. The CBN said the new supply was part of efforts to ensure liquidity in the forex market in order to meet customers’ requests in various segments of the market. According to a statement, the apex bank offered $100m to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received the sum of $55m. It said customers requiring forex for invisible such as tuition fees, medical payments, and basic travel allowance were also allocated the sum of $55m. The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, reassured the public that the bank would continue to intervene in the interbank forex market in ...
Photos: Customs Arrest Man With $375,000 ‘N135m’ At Kaduna International Airport
News

Photos: Customs Arrest Man With $375,000 ‘N135m’ At Kaduna International Airport

The Nigeria Customs Service on Tuesday, March 6, 2018, handed over the sum of 375,000 USD (Three Hundred and Seventy Five Thousand United States Dollar) and one Adamu Rabiu Muhammad with passport number A50280997 to the Economic and Financial Crimes Commission, EFCC, Kaduna Zonal office. The suspect, a business man from Kano was intercepted at the international wing of the Kaduna International airport, traveling on board ET941 Ethiopian Airline to Dubai on a business trip. A team of Custom officers on patrol, led by CSC Medugu Y.D. apprehended the suspect on Saturday, March 3, 2018 at about 12:22hrs. While commending the Nigerian Customs Service for its vigilance, EFCC Kaduna Zonal Head of Operations, Ibrahim Bappa, enjoined other Law enforcement agencies to work with the EFCC for ...
Diddy Offer H&M Child Model Million Dollar Modeling Contract
Entertainment

Diddy Offer H&M Child Model Million Dollar Modeling Contract

Diddy has seemingly responded to the whirlwind of controversy sparked by the H&M ad which features a black child wearing a jumper with the slogan ‘Coolest monkey in the jungle.’ It’s thought that he’s planning on hiring the little lad to model for his own brand, Sean John. It’s even thought there’s a $1mil contract on the table. There’s no word yet if the lad has accepted, and Diddy’s people refused to comment when approached by Metro.co.uk, but it would certainly be one heck of an outcome to the sh*tstorm caused by the controversy.
“My Brother Told Me To Fuck Them And Get That Money”- Nigerian Lady Shows Off Her Iphone 8 And Dollar Bills
News

“My Brother Told Me To Fuck Them And Get That Money”- Nigerian Lady Shows Off Her Iphone 8 And Dollar Bills

An unidentified Nigerian lady took to social media to show off dollar bills and an iphone 8, says her brother asked her to sleep with guys for money. The lady, via Snapchat, shared the picture and wrote; My brother told me fuck em get that MONEY sis …alongside a photo of hers holding dollar notes and another one showing an iPhone 8 she got from her ‘baby’. Her situation has her followers wondering if she indeed, had sex for money or not.
Zimbabwean Activist Pastor Arrested In Church Over Video Post
News

Zimbabwean Activist Pastor Arrested In Church Over Video Post

Zimbabwean activist pastor Evan Mawarire was on Sunday arrested during a church service after he posted a video bemoaning the country’s worsening economic troubles, his lawyer said. The charismatic pastor who has been arrested several times for his dissenting views informed the congregation about his imminent arrest in a video streamed live on Facebook. The video showed him being led away to an unmarked car. His lawyer, Harrison Nkomo confirmed the arrest, saying “he has been charged with subverting a constitutional government”. “He is detained at Harare central police station and we are preparing for his appearance in court,” said Nkomo. In the video, Mawarire interrupted the service to tell the church about the presence of the police. “I am told that the police are outs...
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...
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...
Ravie Loso Stunned By Dollar Rain At Nigerian Baby Shower
News

Ravie Loso Stunned By Dollar Rain At Nigerian Baby Shower

Social media model and show host, Ravie Loso who got famous after she started dating Drake when the rapper broke up with Serena Williams was left in shock over the amount of dollars sprayed at a Nigerian baby shower(it's naming ceremony, she a learner) The sexy curvy model was short of words as the Nigerians at the party kept on spraying dollars for hours till the dance fall got filled up.
Dollar Steadies After Fed Fall, Shares Bob At Record High
News

Dollar Steadies After Fed Fall, Shares Bob At Record High

LONDON (Reuters) - Stocks, bonds and commodities were starting to show signs of fatigue on Thursday, having been driven higher by signs that softening U.S. inflation could see the Federal Reserve keeps its interest rates lower for even longer. MSCI's 47-country All World share index was at its latest record high as Wall Street looked set for its own fresh peak [.N] and after Asian stocks had jumped to their highest in almost a decade. European bourses struggled in comparison, eking out only the smallest of gains, as a lung cancer drug test failure sent pharmaceutical giant AstraZeneca sliding 16 percent and disappointing Deutsche Bank results push its shares down 3.5 and weighed on Germany. [.EU] The broader rush for risk was still intact though, coming after the Fed left U.S. rates unm...
Oil Rises To Approximately $50 On Weak Dollar, Gulf Tensions As Producers Set To Meet
News

Oil Rises To Approximately $50 On Weak Dollar, Gulf Tensions As Producers Set To Meet

Investors were also taking positions ahead of a meeting between Organisation of Petroleum Exporting Countries and non-OPEC members in Russia on Monday at which they will discuss compliance with agreed production cuts. Oil prices edged higher on a weaker dollar and diplomatic tensions in the Gulf on Friday. Benchmark Brent crude futures were up 24 cents at $49.54 a barrel on Friday, while US West Texas Intermediate crude futures traded at $47.09 a barrel, up 17 cents. Investors were also taking positions ahead of a meeting between Organisation of Petroleum Exporting Countries and non-OPEC members in Russia on Monday at which they will discuss compliance with agreed production cuts. They will examine progress towards rebalancing an oversupplied market. “The weak dollar, the risi...
Senate Wants N200 To Dollar Rate For Pilgrimages
News

Senate Wants N200 To Dollar Rate For Pilgrimages

It said that it was for pilgrimages to the respective holy lands for Muslims and Christians. The Senate on Thursday urged the Federal Government to give N200 to dollar concession to the National Hajj Commission of Nigeria and the Nigeria Christian Pilgrims Commission once every year. It said that it was for pilgrimages to the respective holy lands for Muslims and Christians. This was part of the recommendations by the Committee on Foreign Affairs on: “The Extortion of Pilgrims by the National Hajj Commission of Nigeria,” presented by the Chairman, Senator Monsurat Sunmonu, at plenary. The committee recommended the concession to bring down the cost of the pilgrimages to bearable level. The Senate had in a motion on June 7 urged the Federal Government to review downwards the 2017 ...
Naira Closes At 362/Dollar As Central Bank Supplies More Forex
News

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...
Pound Struggles To Recover In After Shock British Vote
News

Pound Struggles To Recover In After Shock British Vote

The pound struggled on Monday to bounce back from last week’s sharp losses triggered by a shock British election result that has thrown the country into uncertainty. Sterling took a beating on Friday after Prime Minister Theresa May’s ruling Conservative Party lost its Westminster majority, days before it starts crunch talks with the EU on exiting the bloc. May called the election three years early in a bid to strengthen her hand in looming Brexit negotiations, but the gamble backfired spectacularly and now she must rely on the support of Northern Ireland’s Democratic Unionist Party. “With May’s leadership teetering on the brink, the UK steps ever so closer to the calamitous Brexit cliff edge scenario,” Stephen Innes, senior trader at OANDA, said in a note. “Certainly, prolonge...
Weekly Dollar Inflow Into Investors’ FX Window Hits $1bn – Fitch
News

Weekly Dollar Inflow Into Investors’ FX Window Hits $1bn – Fitch

Dollar inflow into the newly created Investors and Exporters, I&E, foreign exchange window has reached $1 billion per week. Fitch Rating agency disclosed this, yesterday, saying its discussions with Nigerian banks revealed that volume of dollar inflow into the I&E window has reached $1 billion per week. The company stated this in a statement entitled: “Foreign-Currency Liquidity Improving for Nigerian Banks.” The rating agency noted that “Nigerian banks’ ability to access foreign currency, FC, has improved considerably since the Central Bank of Nigeria, CBN, introduced a foreign exchange ‘window’ at the end of April aimed at investors and exporters. “The Nigerian Autonomous Foreign Exchange Rate Fixing, NAFEX, mechanism, commonly referred to as the “Investors’ and Expor...
Central Bank Introduces New Forex Rules As Naira Closes At N367 To The Dollar
News

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 ...
CBN Pledges To Sustain Dollar Injection In FX Market
News

CBN Pledges To Sustain Dollar Injection In FX Market

Basking in the euphoria of the near rate convergence achieved in the foreign exchange (forex) market, indications emerged yesterday that the Central Bank of Nigeria (CBN) would sustain its dollar injection in the market this week. The sell side of the naira exchange rate against the dollar appreciated significantly by N12, to close at N363 to the dollar on the parallel market on Friday, as against the N375 to the dollar as was last Thursday. Also, the buy rate of the greenback closed at N369 to the dollar on Friday, stronger than the N382 to the dollar it was the previous day. To this end, a reliable source at the central bank revealed that the Bank was not resting on its oars and remained determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates so...
Nigeria’s Private Jet Owners Spend N30bn On Maintenance Annually
News

Nigeria’s Private Jet Owners Spend N30bn On Maintenance Annually

As the number of private jet owners in Nigeria continues to decrease due to economic recession, the remaining 50 per cent who still own the luxury items now spend about N30 billion on maintenance annually,EYES OF LAGOS checks have revealed. It was gathered that the remaining 100 owners of private jets in the country spend between $500,000 to $1 million to maintain their jets annually, translating to N30.5 billion. Our finding showed that the number of owners of the luxury items dropped from 200 to between 50 and100, with most of them who are out of the league either selling out their private jets or returning them to their original owners abroad. Before the present government came into power, it was estimated that Nigeria had about 200 private jets owned by individuals. With the Presid...
Invest In Abia, Get Land Title Documents In 24hrs — IKPEAZU
News

Invest In Abia, Get Land Title Documents In 24hrs — IKPEAZU

ABA—ABIA State governor, Dr. Okezie Ikpeazu has said that it takes only 24 hours for an interested investor to get a certificate of occupancy to any land in the state. Ikpeazu, who stated this in Aba while receiving the Speaker of the House of Representatives, Hon. Yakubu Dogara, said Abia remains the most investor friendly state, boasting of an industrial area strategically located with guaranteed power and access to neighbouring states. The governor, who outlined some of the projects embarked upon by his administration, disclosed that the state has acquired a 9,000 hectare industrial layout with a certificate of occupancy which is available for investors interested in Aba. He said, “We have acquired a 9,000 hectare land with C of O, if you want an industry today; I have a place,...
Why We Created Multiple Exchange Rates—CBN
News

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...
FG Tenders Nine Cash-Filled Boxes Recovered From Justice Ngwuta
News

FG Tenders Nine Cash-Filled Boxes Recovered From Justice Ngwuta

Ade Adesomoju, Abuja The Federal Government on Thursday tendered before a Federal High Court in Abuja nine bags and boxes filled with local and foreign currencies, all of which were allegedly recovered from a Justice of the Supreme Court, Justice Sylvester Ngwuta, in October 2016. The items were said to have been recovered from Justice Ngwuta’s official residence in Abuja during a search operation conducted by men of the Department of State Service on October 7, 2016. The Federal Government is prosecuting Justice Ngwuta on 13 counts, including passport fraud, money laundering allegations of retention and concealment of origin of the various sums of money contained in the nine bags and boxes. The fifth prosecution witness, Mr. John Utazi,‎ a Staff Officer of the DSS, had while o...
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...
Naira Strengthens, Gains N2 Against Dollar
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Naira Strengthens, Gains N2 Against Dollar

The Naira on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to the dollar, stronger than the N388 it closed on Wednesday. At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively. At the Bureau De Change (BDC), the naira was N362 to the dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively. The naira was exchanged at N305.6 to the dollar at the interbank. Currency traders said that the weekly offering of foreign exchange to BDCs by the CBN was paying off and restoring stability to the exchange rate. Alhaji Aminu Gwadabe, the President of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the naira to continue to appreciate in the coming weeks. Gw...
Dollar Rains At A Nigerian Couple’s Wedding
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Dollar Rains At A Nigerian Couple’s Wedding

A Nigerian couple have got themselves trending online due to the 'Dollar rain' which was experienced at their wedding ceremony . Friends and family members who were present at the wedding -showed their strength financially as they sprayed dollars freely at the event.
Naira Appreciates Against Dollar
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Naira Appreciates Against Dollar

The Naira on Monday appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency gained three points to exchange at N388 to the dollar, stronger than N391 it traded on Friday, while the pound sterling and the Euro closed at N495 and N425. At the Bureau De Change (BDC) window, the Naira was sold at N362 to the dollar, while the pound sterling and the Euro closed at N495 and N423. Trading at the interbank market showed that the Naira closed at N305.7, while the pound sterling and the Euro closed at N453.18 and N386.28. Currency traders said the liquidity boost at the FOREX market had forced the naira to appreciate.
Oil Prices Plunge To 5-month Low On Thursday
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Oil Prices Plunge To 5-month Low On Thursday

Oil prices plummeted to its lowest in five months after data showed the U.S. rising oil production would offset efforts by the OPEC to moderate prices. The global oil prices which started falling on Monday following a report that hedge funds and money managers have started cutting bullish positions, dip lower on Thursday to reach its pre-OPEC consensus level. Since Monday, the WTI has dropped about 9 percent to $45.60, its lowest since November 2016. While the Brent Crude has plunged as much as 8 percent to trade at $48.83, the lowest price level this year. Experts have said the uncertainty surrounding OPEC policy and the continuous rise of the U.S. oil production will continue to weigh on global oil outlook in the medium term. “With the future of OPEC policy unclear, the trend...