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FEATURES

[#ICYMI] Widow Of Slain Medicine Manufacturer “Oko Oloyun” Remarries

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/widow-of-late-yusuf-oko-oloyun-reportedly-remarries-in-lagos-three-years-after-his-murder

[#ICYMI] I Lost Control Over My Wife By Cheating On Her - Ninalowo Opens Up

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/i-lost-control-over-my-wife-by-cheating-on-her-ninalowo-opens-up

[#ICYMI] Nigerians’ trust my most cherished asset - Peter Obi

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/nigerians-trust-my-most-cherished-asset-peter-obi

[#ICYMI] BDC Operators Reject Dollars As Naira Rebounds At Parallel Market

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/bdc-operators-reject-dollars-as-naira-rebounds-at-parallel-market

[#ICYMI] 2023: Soludo dumps Peter Obi, reveals preferred presidential candidate

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/2023-soludo-dumps-peter-obi-reveals-preferred-presidential-candidate

[#ICYMI] 2023: Same criminals presenting themselves to lead Nigeria – Pastor Enenche

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/2023-same-criminals-presenting-themselves-to-lead-nigeria-pastor-enenche

[#ICYMI] CBN releases $3.5bn for foreign education in seven years

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/cbn-releases-3-5bn-for-foreign-education-in-seven-years

[#ICYMI] $460, 000 Forfeiture: PDP Considers Legal Actions to Stop Tinubu

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/460-000-forfeiture-pdp-considers-legal-actions-to-stop-tinubu

[#ICYMI] Tolulope Omogbehin: I Grew Up In Ketu Alapere, Attended Maryland Primary School – Omos, WWE Superstar

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/tolulope-omogbehin-i-grew-up-in-ketu-alapere-attended-maryland-primary-school-omos-wwe-superstar

[#ICYMI] Mr Ibu’s Daughter, Jasmine Announces Divorce From Newly-Wedded Lover

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/mr-ibu-s-daughter-jasmine-announces-divorce-from-newly-wedded-lover

[#ICYMI] Details Of Meeting Between Atiku, Udom, Okowa, Others Emerge

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/details-of-meeting-between-atiku-udom-okowa-others-emerge

[#ICYMI] 2023: Peter Obi Candidacy Threatened As Fresh Violation Suit Appears In Court

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/2023-peter-obi-candidacy-threatened-as-fresh-violation-suit-appears-in-court

[#ICYMI] Tobi Amusan Makes Final Shortlist For 2022 World Athletics Award

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/tobi-amusan-makes-final-shortlist-for-2022-world-athletics-award

[#ICYMI] Keyamo Reveals Reason For Conflict In Afenifere

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy
https://www.reubenabati.com.ng/index.php/component/k2/keyamo-reveals-reason-for-conflict-in-afenifere

 

Nigerian businessman and billionaire, Femi Otedola has splashed £5million on a country house, to celebrate his daughter, DJ Cuppy, who marked her birthday on Friday.

Born Florence Otedola, the disk jockey shared chats between herself and her father via Instagram on Friday.

In the now-deleted posts, Otedola praised his daughter for continuously making him proud.

He also promised her a country home worth £5 milion as a birthday gift.

“Ifemiii of course not! I could never forget #CuppyDay! Happy Birthday to my Angel Ifemi. I’ve instructed Andy at Barclays Bank to buy you a £5,000,000. (Five million pounds) country home as your 30th birthday present.

“Can’t think of any other befitting present you deserve for this special birthday. You have continuously made Papa proud year by year and have been a blessing in my life,” he wrote in the text.

Captioning the post with several emoji’s to express her surprise, Cuppy wrote, “speechless, @femiotedola.”

The billionaire had marked his 60th birthday earlier in the month. For the celebration, Otedola rented a luxury yacht, the Christina O, for three weeks with family members.

[Punch]

Last modified on Sunday, 13 November 2022 06:41

The Nigerian naira gained massively against the US dollar at the black market after hitting a record low of over N900/$1 in the previous week.

Within five days, the naira gained over N200 to trade at an average of N680/$1 as of the close of trading activities on Friday, 11th November 2022. 

In a conversation with several black market traders on Friday, Nairametrics gathered that the US dollar was selling within N714/$ and N680/$ for cash transactions, representing a 28% gain from N870/$1 recorded last week Friday, according to the Nairametrics exchange rate tracker. 

Reason for naira gaining: Black market traders have attributed the sudden improvement in the local currency to eased demand and increased inflows of FX in the market.

  • Mr. Sulaimon a trader in Lagos said, “the changes in the rate are really very sudden, but it is as a result of increased dollars in the market compared to the high demand in the previous week.” 
  • Another trader, Buzu, opines they have seen increased supply and very few people are buying due to fear that the exchange rate could appreciate further.
  • Sources also indicate there was the injection of forex in the market by the central bank even though there are no official records backing this claim.
  • Nigeria recently reported over 1 million barrels per day in crude oil production, a major boost for the country’s forex reserves.

Cool-off in demand: FX traders attributed the changes in the exchange rate to the decline in the demand for dollars in the market. In a phone conversation with Malam Nasri at the Lagos International airport, he explained that the demand for FX has decreased significantly compared to what it was in the last two weeks. 

  • On Friday morning, I bought dollars at the rate of N720/$1, and by evening, I am buying at the rate of N670/$1 because a lot of people are now bringing dollars into the market to sell,” he said.
  • Just as the theory of supply and demand helps in determining prices in a free market, rising demand and improved supply have contributed to the moderating rate. 

Improved supply: There have been questions about what triggered the improved supply of FX in the black market during the week. However, there were reports across some media outlets that the US will restrict the acceptance of dollars printed below 2021, to checkmate the dollar stockpile in Africa. 

  • While this report has not been confirmed by any credible source, the mere speculation has put some FX hoarders on their feet, who do not want to be caught unaware, incentivising them to convert their FX for naira. 

EFCC raids in Abuja: The Nigerian anti-graft agency, the Economic and Financial Crimes Commission (EFCC), reportedly raided the Wuse Zone 4 axis, a Bureau De Change trading hub in Abuja, and arrested some operators in the market over the declining value of the naira against the US dollar. 

  • There have been concerns in the past week by analysts that the fall of the local currency in the past weeks was rather speculative than intrinsic.
  • Hence, the move by the anti-graft agency to arrest traders selling the US dollar at a higher rate was aimed at serving as a deterrent to others, whilst discouraging currency speculation. 

History check: This time last year, the exchange rate appreciated from about N577/$1 in early October to about N535/$1 by mid-November.

  • The exchange rate at the black market will eventually close the year at about N575/$1 by late December before closing the year at N560/$1

What this means: Predicting the exchange rate is an incredibly difficult undertaking as a dynamic interplay between demand and supply is the official determinant.

  • If Nigeria’s oil production output continues to rise and approach 1.5-1.7 million barrels per day, then it is likely that the central bank will be able to sustain supply.
  • If this is the case, then we expect the exchange rate to stay below N700/$1.
  • However, this also depends on oil prices which we expect to remain at current levels of $96-$100 per barrel.
  • We also anticipate an influx of forex from diaspora Nigerians during the Xmas holiday in December as is usually the case every year. This will positively impact FX rates.

But…again, this depends on demand not outpacing supply. If the level of demand increases beyond the supply available (regardless of crude oil production), we could be in for another shocker by the end of this year. 

[NairaMetrics]

Last modified on Sunday, 13 November 2022 06:42

Curvy actress Moyo Lawal who’s best known for flaunting her huge backside and boobs on Instagram at random, has reminisced on a role she played in a movie, where she transformed into a weird soul, describing the experience as her “guilty pleasure.”

The actress confessed that playing such roles in movies make her even happier.

Sharing her experience in a post on Instagram, the screen diva said she stopped playing such horrifying roles in movies because of the fact that people wouldn’t believe she was acting. But this year, she has decided to experiment again, and she’s loving it.

“Becoming someone completely makes me even happier. If you ever saw my earlier catalog, you will see lots of exaggeration such as brows, dressing, speech etc. But then, I realized that people didn’t want to accept I was acting. Then , I will see comments like ooh , so she can look nice, she even speaks well . So, I stopped !! Since it is like you, people don’t want to understand that it is acting.

“However, this year , I decided to experiment again. And I totally loved it. Becoming ‘Feturi’ with scattered teeth was super difficult and I had a lot of cuts but totally worth it… “ the curvy actress wrote on IG.

Lawal said the film titled, “Life is Good” is being produced by Something Unusual Studios.

According to her, “I can’t wait to see the beautiful ‘ugliness’ that @i_am_nodash created , come alive on screen.” The actress began her acting carer, after starring in the TV series, “ Shallow Waters” in which she played the role of Chioma in the TV series.

[Vanguard]

Last modified on Sunday, 13 November 2022 06:42

Former Minister of Information and Culture, Chief John Nnia Nwodo has urged media practitioners especially the editors to set agenda that would help the electorate vote right candidates in the forthcoming 2023 general election. 

He reiterated that media practitioners still retain the power to help citizens make informed decisions regarding their well-being, development and progress through their inputs and media contents.  

Nwodo, who is a former Special Assistant to President Shehu Shagari on Information, gave the charge at the 18th edition of the All Nigeria Editors Conference, which held in Owerri, at the weekend with the theme, ‘2023: Political Landscape, Credible Elections and the Role of Editors’.

According to him, “the agenda must require the candidates to speak up on their policies regarding fighting corruption, restructuring, transiting the country from a consumption economy to a production economy and stopping the brain drain occasioned by the exodus of our best brains to more promising climes.”

He added that candidates needed to also be interrogated on their readiness to enthrone merit, prudent management and accountability in the public service; tackle the overblown and over financed legislature and scrutinise the judiciary, which according to him, “exposes corruption and several other negative tendencies that compromise justice.”

He added: “You must interrogate the failure of the Nigerian Police Force leading to the #EndSARS riots. We must thoroughly investigate the readiness of INEC to conduct a free and fair election. Will the servers breakdown again?

“Any leading presidential candidate who doesn’t have well-thought out policies on these issues is not fit to lead Nigeria.” He continued: “As editors, you are the authors of reforms on national values, ethics and conduct of aspirants and holders of public office. Your power is coterminous with the nature of your work.  In a way you wield and sustain the conscience of the nation.  You help on the basis of your informed editorials to cultivate our values and standards for public office holders. 

“I believe that if you conducted a careful inventory of properties of some past and present public office holders including civil servants and members of the judiciary, you would expose so much as to provoke an inquiry into how some of those assets were acquired.

“As editors in the public and private media, you have a pivotal influence in the affairs of this country. You have the wherewithal to progressively reform our values. You can stop the disdain with which our children hold us, for destroying their collective patrimony and heritage by acts of omission or commission. You can help to rebuild their confidence in our country.  Already they are in a rage, which can consume us if we don’t act fast.”

[Guardian]

Last modified on Sunday, 13 November 2022 06:44

Hours after American rappr, actor and filmmaker, Curtis Jackson, popularly known as 50 Cent, indicated interest in making a series about convicted Nigerian fraudster, Ramon Abbas, aka Hushpuppi, actors and other Nigerians have been urging him to let a Nigerian play the title character.

On Wednesday, November 9, 2022, the rapper had written on social media, “For my scammers, I have to do this one. Hushpuppi series coming soon! GLG GreenLightGang. I don’t miss.”

Commenting on the post, popular actor, Deyemi Okanlawon, stated that he was ready to audition for the role. He wrote, “Yo @50cent…I’ll love to audition to play Hushpuppi.”

Actress, Uche Jombo, also asked him to give a Nigerian the opportunity to play the role. She wrote, “Please, give a Nigerian actor the opportunity to play this character.”

Another actress, Ini Edo, added, “Bring it on. We are here for it. We love ‘Power’ by the way. (There are) Nigerian talents you should explore.”

Another commenter, Babs Ayandayo @bigdayo23, wrote in part, “Doing this is not bad; where Nigerians will have issue is to tell this story without using a Nigerian actor. You have to…”

[Punch]

 

Last modified on Sunday, 13 November 2022 06:44

Iyom Bianca Odumegwu Ojukwu will on November 16, 2022 chair the launch of a book titled, ‘Nigerian Universities Echoes from the Underground’, in Abuja.

The book is written by Rt. Hon. Dr. Eddie Mbadiwe, a former member of Imo State House of Assembly and House of Representatives.

 

The Father of the Day at the event will be Prof. Ihechukwu Madubike, a two-time former minister while the book will be reviewed by Dr. Paul Dike, former Director General, National Gallery of Art.

The author had earlier written two books – ‘A Scientist in Parliament’ and ‘Stunted Nigerian Dreams’ – which were presented last year.

The book presentation will hold at New Chelsea Hotel, Abuja.

[ThisDay]

Last modified on Saturday, 12 November 2022 15:37

Asake, Tems, and Oxlade are among the Nigerians nominated for the 2022 MOBO Awards.

 

The award ceremony is an annual British presentation honouring achievements in “music of black origin”.

The award organisers announced this year’s nominees on Friday.

Asake is up in the ‘Best African Music Act’ category alongside Oxlade.

 

Tems and Burna Boy are nominated for the ‘Best International Act’ category.

Among other Nigerians up for the award are Adekunle Gold, Rema, Omah Lay, and Fireboy.

Leading the charge with five nominations is Knucks, the London rapper, who is followed by Little Simz with four nominations alongside Central Cee.

 

This year’s MOBO Awards will take place on November 30 at London’s OVO Arena.

See the full list of nominations below:

Best Male Act

  • Central Cee
  • Dave
  • D-Block Europe
  • Digga D
  • Knucks
  • Tion Wayne

Best Female Act

 
  • Little Simz
  • Mahalia
  • Miraa May
  • Ms Banks
  • Pinkpantheress
  • Tiana Major9

Album Of The Year

  • Aitch – Close To Home
  • Knucks – Alpha Place
  • Kojey Radical – Reason To Smile
  • Little Simz – Sometimes I Might Be Introvert
  • M Huncho – Chasing Euphoria
  • Miraa May – Tales Of A Miracle

Song Of The Year

  • Aitch Feat. Ashanti – “Baby”
  • Central Cee – “doja”
  • Dave – “Starlight”
  • Digga D & Stillbrickin – “Pump 101”
  • Dreya Mac, Felixthe1st & Finch Fetti – “Own Brand (Baddie)”
  • Potter Payper Feat. Tiggs Da Author – “Gangsteritus”

Best Newcomer

  • Amaria Bb
  • Bru-C
  • Cat Burns
  • Clavish
  • Cristale
  • Flo
  • Jbee
  • Nemzzz
  • Nia Archives
  • Switchotr

Video Of The Year

 
  • Central Cee – “doja”
  • Headie One, Abra Cadabra & Bandokay – “Can’t Be Us”
  • Knucks – “Alpha House/Hide & Seek”
  • Kojey Radical Feat. Knucks – “Payback”
  • Little Simz Feat. Obongjayar – “Point And Kill”
  • Mahalia – “Whatever Simon Says”

Best R&B/Soul Act

  • Ella Mai
  • Mahalia
  • Miraa May
  • Nao
  • Shakka
  • Tiana Major9

Best Grime Act

  • Blay Vision
  • D Double E
  • Frisco
  • Kamakaze
  • Manga Saint Hilare
  • Novelist

Best Hip Hop Act

  • D-Block Europe
  • Knucks
  • Kojey Radical
  • Little Simz
  • Potter Payper
  • Youngs Teflon

Best Drill Act

 
  • Central Cee
  • Digga D
  • Headie One
  • Ivorian Doll
  • K-Trap
  • Kwengface
  • M24
  • Russ Millions
  • Unknown T
  • V9

Best International Act

  • Beyoncé
  • Burna Boy
  • Chris Brown
  • Drake
  • Jack Harlow
  • Jazmine Sullivan
  • Kendrick Lamar
  • Skillibeng
  • Summer Walker
  • Tems

Best Performance In A Tv Show/Film

  • Damson Idris as Franklin Saint – Snowfall
  • Daniel Kaluuya as Otis “Oj” Haywood Jr. – Nope
  • Jasmine Jobson as Jaq – Top Boy
  • Kane Robinson (Kano) as Sully – Top Boy
  • Lashana Lynch as Nomi – No Time To Die
  • Samuel Adewunmi as Hero – You Don’t Know Me

Best Media Personality

  • Big Zuu
  • Chuckie Online
  • Chunkz
  • Harry Pinero
  • KSI
  • Mo Gilligan
  • Munya Chawawa
  • Nella Rose
  • Yung Filly
  • Zeze Millz

Best Alternative Music Act

  • Big Joanie
  • Bob Vylan
  • Kid Bookie
  • Loathe
  • Nova Twins
  • Skunk Anansie

Best Electronic/Dance Act

  • Anz
  • Eliza Rose
  • FKA Twigs
  • Jax Jones
  • Nia Archives
  • Sherelle

Best African Music Act

  • Adekunle Gold (Nigeria)
  • Asake (Nigeria)
  • Burna Boy (Nigeria)
  • Fireboy DML (Nigeria)
  • Kabza De Small (South Africa)
  • Omah Lay (Nigeria)
  • Oxlade (Nigeria)
  • Pheelz (Nigeria)
  • Rema (Nigeria)
  • Tems (Nigeria)

Best Gospel Act

  • Asha Elia
  • Calledout Music
  • Rachel Kerr
  • Reblah
  • Sarah Teibo
  • Still Shadey

Best Jazz Act

  • Blue Lab Beats
  • Doomcannon
  • Ego Ella May
  • Ezra Collective
  • Jas Kayser
  • Kokoroko

Best Caribbean Music Act

  • Koffee
  • Popcaan
  • Sean Paul
  • Shenseea
  • Skillibeng
  • Spice

Best Producer

  • Inflo
  • Jae5
  • Labrinth
  • M1onthebeat
  • P2J
  • TSB

 [TheCable]

Last modified on Saturday, 12 November 2022 15:37

The naira gained 22% against the dollar this week, rising from a record plunge as authorities clamped down on money trading, according to traders.

The local unit rose to 700 naira a dollar on Friday on the widely-used black market compared to 890 last week, according to Abubakar Mohammed, operator of a bureau de change that tracks the data in Lagos, the nation’s commercial hub. Still, continued shortages of the greenback meant the tightly-controlled official exchange rate fell to a fresh low of 444.05 naira a dollar before rebounding to close at 443.38.

Demand for the US currency has surged since the Central Bank of Nigeria said in October that it plans to replace 200-, 500- and 1,000-naira notes starting mid-December. Nigerians with undeclared naira stashes rushed to buy the greenback but surveillance from the central bank and anti-corruption authorities has spooked them, said Aminu Gwadabe, president of the Association of Bureau de Change Operators of Nigeria.

The Economic and Financial Crimes Commission has the power to go after persons in possession of illegally earned money that they are trying to launder, Wilson Uwujaren, spokesman of the commission, said by phone. “BDCs who are doing legitimate business and are not involved in money laundering have no reason to fear,” he said. 

Nonetheless, the tight surveillance of currency traders by the commission may have driven transactions underground, Gwadabe said.  “Many are scared, thereby limiting to a large degree the volume of transactions happening in the market,” he said. 

[Bloomberg]

Last modified on Saturday, 12 November 2022 15:37

Money is what makes the world move round. Money is the strength of every nation, it determines the prosperity and flourishes of a country ,  which is best measured by the market value of its currency. Ross Perot, an American businessman and politician, posited that “a weak currency is the sign of a weak economy, and a weak economy leads to a weak nation”.

According to Bloomberg, Nigeria Naira currency is now one of the world’s worst-performing currencies, after Ghana’s cedi, which is down nearly to 55%, and the Sri Lankan Rupee. Its peers include Sierra Leone’s leone, which is down 36%, and the Egyptian pound, which has lost 35%. Ordinary Nigerians are the ones  suffering and feeling the pain. The uncertainty of the Naira is the single largest contributor to the increase in inflation which is devastating the country’s economy, surging the prices of virtually everything to the top.

Recently, the Nigeria Naira currency has devalued and dropped to a record low against the U.S. dollar as Nigerians scramble to buy U.S. currency. However,  financial experts and Nigerian authorities believe that by replacing the Naira  with redesigned Naira notes will reduce the rate of inflation , combat counterfeiting and ensure the circulation of more money. But on the other side, some economic experts warn Nigeria authorities against the move because it might damage Nigeria’s economy.

It’s been just a few weeks since the Central Bank of Nigeria (CBN)  made the announcement on its plan to redesign the country’s highest paper denominations – the 200-, 500- and 1,000-naira notes. The circulation of the redesigned currency will begin in mid-December, and the old notes will cease to be legal tender by the end of January, according to the CBN.

Since 1986, the relationship that had existed between Nigerian naira with other foreign currencies , particularly the US dollar has been unsteady, random and prone to unexpected changes. The dysfunctional currency has also made the rich become richer and the poor become poorer. In the intervening years, the naira has witnessed a series of devaluations, most of which occurred as a result of  implementing policies to achieve a fair value for the naira, which interestingly has suffered a fate common to commodity currencies across the globe. Perhaps, tracing back the history and evolution of Nigeria Naira note to how Nigeria’s foreign exchange management became what it is to the point where the exchange rate of the naira is now being adjudged as one of the worst in the world might give us a clearer view and insight on the prospect of Nigeria Naira foreign exchange and currency devaluation over the past decades.

The Central Bank of Nigeria (CBN) was established on July 1, 1959,a year before the country obtained her freedom from the British colonial masters in 1960 . The Nigerian pound, N£, was created as a replacement to the old West African shilling. 1973, naira was created to replace the Nigerian pound, at the rate of N1 to UK10 shillings. A successful transition championed by the then finance minister Chief Obafemi Awolowo who also coined the term “naira”.

Ever since the Bretton Woods settlement of 1944, the dollar currency has already been the world’s most reserve currency. As at then, dollars were exchanged at a fixed rate parity with gold worth $35 to 1 ounce of gold, not until 1971, when President Nixon revoked the gold and dollar exchange system. Ever since then, the international monetary order has been governed by a system of floating currencies.

In 1973, after the introduction of the Nigeria naira note, our new currency exchange rate was fixed at N1 to $0.62.  A decade later, during the military regime of Major General Ibrahim Babangida marked a turning point in the value of Nigeria Naira. Naira suffered a massive devaluation, exchanging at $1.75 to the naira in 1986 due to the structural adjustment policies that was implemented by his regime under the guardian of the International Monetary Fund (IMF) which saw the fall of Naira to N22 to per dollar by 1994.

At the very peak of  Nigeria Fourth Republic in 1999, the exchange rate of naira to dollar has risen to N92.34 per $1; continuing devaluing to N132.89 per dollar in 2004. After former President Goodluck Jonathan handed over power to President Muhammadu Buhari in May 2015, the naira exchange rate rose to N198.914 per $1. By 2018, it rose further to N306.08.

I bet that if performance on the currency sector was figuratively the standard used as determinant factor on which presidential candidate are elected , Buhari would have been resoundingly disqualified, but yet, he was handed a second tenure in office by the electorate in May 2019 because his administration is marred by extravagant and wasteful use of nation resources and grand larceny of the administration that virtually destroyed the naira. By May 2019, the Nigeria naira exchange rate fell further to N360 per dollar. The  Nigeria naira has been continually devalued since its inception in 1973, and inflation remains above 22% as of this year.

As of December 2020, a U.S dollar is exchanged at a fixed rate of 380 to Nigeria Naira. Going by recent developments that surround the Naira note, Nigeria naira is now officially closed at 442.75 to the dollar on last week Friday, currency traders on the streets of Nigeria and  Nigeria’s commercial hub, quoted the greenback at 890 naira.

 

The sacred truth is that there’s a possibility that the naira’s fall-off is likely to continue in the near term given the low oil revenue turnout and rising outflows as result of uncertainties attached with February’s presidential election.

The strength of a national currency is determined by various factors that include interrelationship between the demand and supply, the volume of exports in relation to imports and performance and competitiveness of the domestic economy. Let me mention one or two intriguing factors that are particularly germane to us – Inflation and National Debt.

American economist Murray Rothbard once said that “inflation not only raises prices and destroys the value of the currency unit, it also acts as a giant system of expropriation”.

Over the past few decades, we have seen how high levels of  inflation have been a persistent phenomenon in our economic system. In 2021, the rate of inflation stands at nearly 18 percent. Nigeria’s inflation rate currently stands at 20.77.

Inflation is not just a disease that only affects high tax on the poor; but also an infection that spreads all over the country, crippling savings and business investments, while ultimately undermining welfare and growth prospects. It also makes the currency  become weak against other competitors.

Another factor is debt, it’s like a parasite that sucks the country’s revenue.  Nigeria’s current debt stands at a staggering N41.62 trillion , amounting to about $95 billion. This year alone, we are projected to spend more than 90% of government revenues on debt-servicing. High debts will further weaken the naira.

[NationalDaily]

Last modified on Saturday, 12 November 2022 15:38

Nigerian singer, Kizz Daniel, has been confirmed as one of the headline performing artistes at the 2022 World Cup in Qatar.

The World Cup organisers, FIFA, made the confirmation on Friday as they listed the five official performing artistes for the event.

In FIFA’s list of headliners for the FIFA Fan Festival during the World Cup, Kizz Daniel is the only African artiste performing alongside five international award-winning singers.

For the lineup, American DJ and Music Producer, Diplo, will perform on November 22 while Kizz Daniel’s performance is slated for November 23.

Canadian crooner, Nora Fatehi, will perform on November 29; American singer, Trinidad Cardona, on December 1 and Scotland’s Calvin Harris on December 10.

FIFA shared the lineup on its official Instagram page on Friday.

The 2022 FIFA World Cup is set to hold in Qatar from Sunday, 20 November to Sunday, 18 December, 2022.

This is a dream come true for the singer as he once tweeted in June about his wish to perform at the World Cup.

Kizz Daniel has earned his mark in the industry as a viral hit maker.

His single, “Buga”, which he features Tecno, garnered recognition from around the world as world leaders and celebrities joined in the viral Buga Challenge.

In October, Kizz Daniel released yet another hit track “Odo” (Cough) which is currently a sensation on the Internet.

Last modified on Saturday, 12 November 2022 15:31