Nigeria’s Apex Bank, CBN, Devalues Naira To 392/Dollar, Sells $1bn to BDCs

. CBN sells $10,000 twice weekly to BDCs and has sold over $1 billion since September 7 when it resumed intervention The Central Bank of Nigeria (CBN) has devalued Naira to N392 per Dollar, directing bureau de change operators in the country not to sell dollars higher than the benchmark to end users. In a circular signed by O.S. Nnaji, director of trade and exchange at the CBN, and expectec to take effect from November 30 to December 14, 2020, the apex bank said the volume of sales for each…

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Call for Education Revamp as St. John High School marks 40th Founder’s Day

  National President of St. John’s Anglican High School Old Students’ Association, Prof. Julius Soyinka, has called for a revamp of the education sector in Nigeria. All is set for the 40th Founder’s Day Celebration of St. John’s Anglican High School, Kuto Abeokuta as old students, as well as current students will roll out drums amidst pomp and pageantry to mark four decades of existence of their alma mater. In his pre-anniversary Press Conference for the event, Soyinka commended members for their commitment towards the celebrations, which he said, are germane…

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Millions of fans barred as Maradona Buried next to mother, father’s graves

  Diego Maradona was buried on Thursday in a private ceremony attended by only twenty four people as millions of fans and followers were prevented from attending the ceremony. Only family members and close friends – two dozens of them – were permitted at Jardin Bella Vista cemetery for the final religious ceremony and burial of Maradona next to the graves of his parents, Dalma and Diego, reports Sky Sports. Fans waving Argentine flags had gathered along roads as Maradona’s funeral car drove by under heavy security. Many tried to…

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Naira crashes, nears N500/$1 On Parallel Market

  . Nigeria’s currency and unit of exchange, Naira, sheds N8 against dollar in less than 24 hours The Naira, Nigeria’s currency and unit of exchange, fell further near N500/1$ to N495/$1 on Thursday from N487 per dollar on Wednesday. The currency, which exchanged exactly at N450/$1 on Thursday, had exchanged for N484/$1 at the weekend. Quotong a data obtained from “Abokifx,” a website that tracks forex rates on the parallel market, New Telegraph reported that although trading had opened earlier in yesterday with the naira at N487/$1, it depreciated…

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Nigeria Phases Out N1.8trn Power sector’s Intervention Fund

  President Muhammadu Buhari has announced the scraping of the Power Assistance Fund (PAF) domiciled in the Central Bank of Nigeria (CBN) and targeted at supporting tariff shortfalls, as well as other interventions in the power sector. A document made available to the Senate revealed that the interventions had gulped a whopping N1.8 trillion since the beginning of power privatisation on November 1, 2013. Buhari, who made this announcement in Lagos, during the commissioning of the power system’s Supervisory Control and Data Acquisition (SCADA) project centre put in place by…

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BREAKING! Nigeria’s Ondo Popular Monarch assassinated + Photos

  A popular monarch in Ondo state, Southwest Nigeria, Olufon of Ifon, Oba Isreal Adeusi, was said to have been assassinated by gunmen that attacked his vehicle at Elegbeka axis of the state. As gathered, aside from the monarch, other two occupants of the vehicle were unhurt by the gunmen who also did not leave with any of the traditional ruler’s belongings after perpetrating the act. It was learnt that the monarch’s vehicle was attacked by the gunmen at about 4pm on Thursday while returning from Akure, the state capital,…

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Buhari commissions West Africa’s first Power sector SCADA system by EKEDC

Buhari commends EKEDC for milestone   Nigeria’s President Muhammadu Buhari on Thursday commissioned the power system’s Supervisory Control and Data Acquisition (SCADA) project centre put in place by Eko Electricity Distribution Company (EKEDC) in Lagos, which he decribed as the first functional SCADA in West Africa. The centre for SCADA is one of the most advanced technologies in the power distribution business globally, and Buhari declared optimism that the system would translate to improved service delivery to customers within EKEDC’s network. Represented by the minister of Power, Saleh Mamman, the…

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Foul Play? Argentine Prosecutor awaits autopsy on Maradona’s corpse 

  Prosecutor general of the Argentinian town of San Isidro, John Broyad, said he awaited the result of an autopsy on the corpse of football legend, Diego Maradona. Isidro however said that Maradona’s body did not show “any sign of violence” and everything indicates that he died of “natural causes.” According to him, the Argentinian football legend died at “around 12:00” local time (11pm Singapore time) on Wednesday at his home in the neighbourhood of San Andres, on the northern outskirts of the capital Buenos Aires, reports Xinxua. In statements…

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Why I wanted to sell my 3 month-old son for $375 – Nigeria Woman tells Police

  A 21 year old Nigeria woman, Emila Sunday from Akwa Ibom State, arrested by policemen in Anambra state for trying to sell her three months baby boy for about N150,000 ($375 based on N400 per dollar) has reportedly told the Police real reason she took the dastardly action. The Police spokesman, SP Haruna Mohammed, who stated this, noted that the suspect who was arrested while attempting to sell her three months old baby boy, claimed that she wanted to sell the boy due to hardship. She was arrested in…

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Role Fidelity Bank, staff played in Nigeria’s N1.5bn Pension scam – EFCC

. Anti-graft agency shows how Nigeria’s ex-official, Oronsaye, operated 66 accounts unknown to Accountant-General The testimonies against Abdulrasheed Maina, former Chairman, Nigeria’s Pension Reform Task Force Team (PRTFT), continued on Wednesday before Justice Okong Abang of the Federal High Court, Abuja, with that of the ninth prosecution witness, (PW9), Rouqayyah Ibrahim, a principal investigation officer with the EFCC who narrated how Fidelity Bank allegedly played a role in the whole scenerio. Ibrahim is in Anti Money Laundering and Combating Terrorism Financing (AML CFT) unit of the Commission and member, Pension…

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