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CBN Floats The Naira; What It Means For You!

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The Central Bank Of Nigeria (CBN) announced a new foreign exchange Policy direction on Wednesday after a year of ineffective ‘trial and error’ type policies.

At a press briefing in Abuja on Wednesday afternoon, the CBN revealed that it had finally succumbed to common sense as it will now let the foreign exchange rate be determined by the market forces. Before now, the CBN maintained strict control of Forex rates, resulting in an official rate (which existed for businesses favored by the Government) and a parallel market rate which has soared all year.

In the simplest terms, the implication of the new policy is that the CBN will allow demand and supply to determine how much the Naira is worth against major currencies and will only intervene in the market occasionally.

Surprisingly, the 41 items for which Forex access was banned last year will still remain banned. The CBN has now introduced a “two way quote” in which buyers and sellers will be able to state the prices and quantities they’re willing to sell (Think of it like the Nigerian Stock Exchange).

As it stands, the market price for the Naira will remain at N197 until Monday morning when the market determined price will take over.

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Shehu Sani Mocks FG Poverty Alleviation Scheme

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Shehu Sani Mocks FG Poverty Alleviation Scheme
Shehu Sani Mocks FG Poverty Alleviation Scheme

Shehu Sani

Civil Rights activist and former Senator representing Kaduna Central Senatorial district, Shehu Sani has mocked the President Muhammadu Buhari-led administration plan to lift Nigerians out of poverty.

Recall that President Buhari administration has constantly reiterated plans to lift 100 million Nigerians out of poverty in 10 years.

Also Read: #EndSARS: Hoodlums vandalize Senator Gershom Bassey’s family house in Calabar

However, the last few days have seen Nigerians discover warehouses where COVID-19 palliatives are stored by state governments which have led to the raiding of the warehouses by Nigerians.

Reacting to the development, the former lawmaker described the move to be the consequence of Nigerians being tired of having to wait for 10 years to be lifted out of poverty.

See his tweet below:

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Nigerians React As Festus Keyamo Shades Youths Over #EndSARS Protests

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Festus Keyamo
Festus Keyamo

Festus Keyamo

Nigerians have expressed their distaste for the tweet posted by Festus Keyamo over the #EndSARS protests that has led to lives and property being destroyed by hoodlums.

The Minister of State, Labour & Employment took to his Twitter page on Friday morning to post a tweet that reads thus:

“This morning, I woke up and remembered the African proverb: WHAT AN OLD MAN CAN SEE SITTING DOWN, A YOUNG MAN CAN’T SEE EVEN IF HE CLIMBS THE HIGHEST IROKO TREE. Good morning, Lagos. Good morning, Nigeria.”

Read AlsoMinister Of Labour, Festus Keyamo Backs #EndSARSProtest

A Twitter user identified as Adesina Oluwafemi berates the SAN for being a part of bad governance. “Mr. Keyamo. I am astonished at your statement. I am equally as old as you are if not older and I feel the pain of this our youth. I even have classmates that I can’t boast of. All these is because of bad governance which u are a part of“, he wrote.

See tweets below:

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Nigerians React As Army Says Videos Of Lekki Shooting Are Photoshopped, Fake

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Nigerians React As Army Says Videos Of Lekki Shooting Are Photoshopped, Fake
Nigerians React To Defence Spokesperson's Statement That Videos Of Lekki Shooting Were Photoshopped

John Eneche

Nigerians have reacted to the video of Nigeria’s defence spokesman, John Eneche, saying that the videos of the Lekki Tollgate shooting were photoshopped. In the video, he said it was analysed and the analyst concluded that they were all doctored.

His statement has generated reactions from Nigerians. Taking to Twitter, many Nigerian users on the micro-blogging platform have dismissed his statement as false because it is impossible to photoshop a live video on Instagram.

Read AlsoEnd SARS: Gen. John Enenche Reacts To Lekki Toll Gate Shootings

Information Nigeria recalls DJ Switch was hailed by Nigerians for her bravery as she waited at the scene of the incident to give everyone a live footage via her Instagram page.

A user identified as Tolani tweeted:

“Dear generation old Nigeria… you cannot photoshop Instagram live. Your ‘analyst’ has 419’d you sir.”

See tweets below:

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