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CBN Defends Naira With $18.7bn

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The Central Bank of Nigeria has defended the naira with $18.7bn at the Wholesale Dutch Auction System between April and November 4 in a bid to save the currency, an investigation by newsmen has shown.

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Calculations from data obtained from the CBN website on Thursday showed that the bank offered $18.7bn to currency dealers in 59 auctions in the seven-month period.

The data showed that the central bank sold the highest amount of dollars in the month of July, offering $3.3bn, the highest in the year.

The CBN had in July hiked the cash reserve requirement for public sector deposits to 50 per cent from 12 per cent in a bid to tighten liquidity and shore up the value of the naira, but has failed to stem the currency’s decline.

Prior to that, in June, the naira declined 0.4 per cent to N159.45 per dollar, hitting the highest since September 24, 2012.

The data also showed that the bank offered to the public $2.8bn in the month of September, making it the second highest in the year, while it offered a total of $2.6bn in the month of October.

However, the CBN on October 2, replaced the WDAS with the Retail Dutch Auction System because of the ineffectiveness of the former in order to address hitches in the foreign exchange market.

The Head, Global Research Africa, Standard Chartered Group, Ms. Razia Khan, said the WDAS was abused because it allowed banks to collate bids for clients and make a single forex bid.

However, under the RDAS, banks will place bids for clients who qualify to buy forex at the official auction.

“This change will allow the authorities to monitor more accurately various sources of forex demand and any potential duplication of forex demand in the system. Banks will remain responsible for all documentation requirements,” she added.

Newsmen gathered that the CBN had, in a couple of months back, resumed direct intervention by selling dollars to end-users in the market.

It was gathered that the regulator took the decision in order not to devalue the naira.

There had been speculations that the CBN would devalue the naira, thereby fuelling an excessive demand for the dollar.

A reliable source in the CBN had told newsmen that “The CBN has resumed intervention by selling dollars to end-users. The bank has a dealing whereby it sells to the WDAS, but very rarely sells to end-users directly.

“If the market is tight, it can sell or buy from end users, but it is uncommon. The implication is to increase supply and make the naira appreciate.”

The CBN Governor, Mr. Lamido Sanusi, had said that he would do everything possible to defend the naira and ensure its stability, including using the nation’s foreign reserves to achieve the purpose.

 

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Unfaithful man cries out for help after his wife caught him cheating

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Unfaithful man cries out for help after his wife caught him cheating

A married man has cried out for help after his wife found out about his illicit affair with another woman.

This was revealed on Instagram by Joro Olumofin, a relationship expert.

According to Olumofin, the man ate yam and egg prepared by his wife after she discovered his extra-marital affair.

 

According to the story, the man has been having an extra-marital affair with another lady for two years.

Upon the wife’s discovery of the illicit act, she forgave him and still resumed her wifely duties.

According to their tradition, she prepares yam and egg on Sundays, which she made for him after the incident.

Afraid that he might have been poisoned, the man cried out to Joro, though his health is still intact.

Read the story below;

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Come and enter government” – Desmond Elliot tells youth. (Video)

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Come and enter government” – Desmond Elliot tells youth. (Video)

 

Nigerian lawmaker, Desmond Elliot has joined other Nigerian politicians in clamouring for regulation of social media.

The Lagos legislator and Nollywood actor, says Nigerian youths display rude behaviour on social media

 

In the video, the Actor-turned-Lawmaker called on the youth to get into Government if they are tired.

He said ;

Mr. Speaker, we need to adress certain things ;

The Nigerian Youth, The Social Media, The Social Influencers, All of these are making the narrative that we are seeing today, except we are joking with ourselves.

Social media is good but it has Negative impacts.

Let me thank you for condeming the killings and carnage that happened at Lekki. When i went through the comments i could not believe it Mr. Speaker, the curses, the abuses from children and i ask myslef, is this Nigeria ? What is going on?

Children cursing, people having the effontery to enter an Oba’s palace, hold the staff of office ? Culture is gone. Mr. Speaker, in the next 5 years, there will be no Nigeria if we don’t act now.

The youth is not only those who do the peaceful protest, but those who have looted and destroyed lives are also youths as well.

He also seized the opportunity to plead with Nigerian celebrities, social media influencers and motivational speakers to “tune down on the hate narrative.”

He said the youth have a constitutional means to change government and it is called the ‘PVC’.

He added ;

Go to the elections, if you are tired come and enter government. People are dying. The narrative must change.

See the clip below;

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Ugandan man slumps, dies ten days to his wedding

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An Ugandan man, Raymond Steven Sekitayira slumped and died a few days to his wedding in Kampala.

 

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Information Nigeria gathered that Sekitayira, who slumped at his office, was rushed to IHK hospital where he gave up the ghost.

His death was announced by Rotaract Club of Nateete Kampala on Thursday morning.

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The wedding to his beau, Joy Nekesa was scheduled to hold on Saturday, November 7th, 2020 and the introduction ceremony was to hold on Saturday, October 31, at the bride’s family home.

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“With deep sorrow , we announce the passing of RAYMOND STEVEN Sekitayira, a Past President, Treasurer, SAA and many other hats wore while at the Rotaract club of Nateete Kampala. His impact will forever be felt among us. Heartfelt condolences go out to Friends and family.” the statement reads.

Friends and colleagues have taken to social media to mourn the deceased.

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