Category: Money and Stocks

Naira crashes, nears N500/$1 On Parallel Market

ADEOLA YUSUF

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

ADEOLA YUSUF

. 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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Repay our loans, Nigeria tells TraderMoni beneficiaries

ADEOLA YUSUF

  Beneficiaries of TraderMoni, FarmerMoni, MarketMoni under the Nigerian Government Enterprise and Empowerment Programme (GEEP) have been urged to repay their loans. This, GEEP an agency of government said in a tweet sighted by Platforms Africa, becomes necessary in order to enable them to get a higher loan and to have access to other GEEP products. The disclosure was made by the government agency through the tweet on its verified account. The call is also sequel to concerns over the repayment of the empowerment funds as stipulated in the terms and…

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Nigeria’s Inflation Rate Crosses 14%, Highest Jump In Four Years

ADEOLA YUSUF

  The National Bureau of Statistics (NBS) says consumer price index, which measures inflation, hit 14.23 percent in October. The inflation rate jumped by 0.52 percentage points which is the highest recorded since July 2016 when the inflation rate increased by 0.65 percentage points. Inflation measures the rate at which the prices of goods and services increase over a period of time. The October CPI/Inflation report released on Monday showed that food inflation hit 17.38 percent from 16.66 percent in September. This bureau sad the rise in the food index…

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Naira falls to month’s lowest, now 470 per dollar ‌

ADEOLA YUSUF

  The Nigeria’s unit of exchange, Naira, weakened to 470 against the United States dollar in the parallel market at the weekend despite the interventions of the Central Bank of Nigeria in the official window. The nation’s currency had traded at N465, N466 and N468 against the greenback on Tuesday, Wednesday and Thursday respectively. But it fell on Friday to its weakest level in more than a month. According to Bloomberg, the naira closed at 382.10 per dollar on the spot market, where the CBN sells limited amounts of the…

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Two killed as Lagos suffers first Bullion Van Armed Robbery in decades

ADEOLA YUSUF

  Lagos, Nigeria’s commercial capital, on Thursday suffered a major armed robbery attack on a bullion van in which two people were feared killed. The last time a bullion van was attacked on Lagos road was about two decades ago. The Thursday’s attack disrupted activities on Ado road in Ajah, Eti-Osa Local Government, when the gunmen attacked the bullion van and carted away the huge sum of cash found in it. During the attack that lasted for several minutes, atleast two persons were said to have been killed by the…

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US Election: Dollar falls, Oil Prices surge over sentiments, tension

ADEOLA YUSUF

  As the United States went to the polls Tuesday in a keenly contested election to choose between the current President, Donald Trump, and the Democratic Challenger, Joe Biden, the nation’s currency, the dollar depreciated against the six major global currencies while the equities market and the crude oil prices surged driven by sentiments in favour of victory by the Democratic challenger. According to the Financial Times, the dollar index, which measures the performance of the US currency against six major global currencies, fell almost 0.7 per cent, its biggest…

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Naira Slips, Trades N460 to $1 at Parallel Market

ADEOLA YUSUF

  The Nigeria’s currency, Naira, slipped at the parallel market as it exchanged at N460 to one dollar as of the close of work on Monday, October 19, 2020. This came as country’s external reserves which stood at $35.75 billion as of October 02 lost $78.34 million to close at $35.67 billion as of October 16. The naira had exchanged to the dollar on Friday for 458/$. This is as the country’s external reserves continued to maintain its downward trend. Figures obtained from the Central Bank of Nigeria revealed that…

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#EndSARS: CBN, INEC, EFCC Websites Hacked

ADEOLA YUSUF

  The #EndSARS protests in Nigeria have taken a new turn as the websites of key agencies of government in the Africa’s biggest economy have been hacked. The key agencies are the Central Bank of Nigeria (CBN), the Independent National Electoral Commission (EFCC), and the Economic and Financial Crimes Commission (EFCC). International Hackers, Anonymous, which breached and took over the sites, declared that its action was In Support Of #EndSARS Protesters. Anonymous made the announcement in three different online messages on Friday, October 16, 2020. “CBN Website Hacked By International…

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Nigeria’s Sovereign Investment Authority MD, Uchechi Orji in tenure elongation ‘racket’

ADEOLA YUSUF

  NSIA MD refuses to vacate office as 5-year tenure expires October 12 – Findings The tenure of the Managing Director of the Nigeria Investment Authority (NSIA), Uchechi Orji has been extended in flagrant contravention of the enabling law. According to Section 20(4) of the Nigeria Investment Authority (Establishment Act), the tenure of the agency’s managing director shall not exceed eight years in total. That law only forsees a maximum of two tenure of four years each. However, the current Managing Director of the NSIA, Uchechi Orji has been in…

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