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Naira Now N445/$ on Parallel Market

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The naira sustained its decline on the parallel market as it slipped to N445 to the dollar yesterday, lower than the N440 to the dollar it closed on Friday as pressure and activities of speculators continued to hurt the nation’s currency.

naira dollar

But on the interbank FX market, the spot rate of the naira depreciated marginally to N308 to the dollar, as against the N307.79 to the dollar it closed last Friday.

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, argued that the current rate of the naira on the parallel market was not a true reflection of the value of the currency. He also attributed the development to the activities of speculators.
According to him, the situation in the parallel market was being driven by speculators taking advantage of the poor implementation of the Central Bank of Nigeria (CBN) policy requiring banks to sell dollars to bureau de change (BDC) operators.

Some currency traders also said the demand from parents buying dollars to pay school fees abroad was exerting pressure on the FX market.

To analysts at CSL Stockbrokers Limited, the effects of low oil prices and production disruptions are having significant impact on dollar receipts by the country.

“Looking more closely at how the two are working in tandem will provide greater insight into dollar inflows into the country on a daily basis and what this means for dollar liquidity in the market. By multiplying daily production data by average crude oil prices, we derive a basic idea on the amount of hard currency flowing into the economy on a daily basis from the oil sector.

“For example, in August, OPEC reports that average daily production was 1.4 million barrels while the Brent crude prices averaged $47/bbl during the month. We can therefore roughly calculate that the value of Nigerian production was $67.7m per day in August on average.

“It would be too simplistic to use this as the amount of oil dollars flowing into the economy (because actual prices are based on pre-agreed contracts rather than spot prices and not all revenues will flow back into Nigeria) but we can get an idea of the trajectory of oil dollar flows and their levels relative to history.

“Many observers are questioning why foreign investors have not returned to the market in droves. One likely explanation is that the low value of oil production means that liquidity on the interbank market remains low and foreign investors remain fearful that liquidity will not be available when they decide to exit the market,” Lagos-based CSL Stockbrokers Limited added in a note.

Source:  Thisday

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School teacher reportedly flees after allegedly flogging his student to death in Lagos

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In what will come across as a really shocking development, a Twitter user has accused a Lagos teacher of killing his brother.

The man alleged that a Lagos teacher beat his junior brother to death over the boy’s failure to correctly answer a question asked of him during their mathematics session.

The man, whose Twitter handle identified him as Ridwan Oyewunmi, on Friday narrated the incident, which he claimed involved one Elihans College in the Ikorodu area of Lagos.

He said the school authorities had made them believe the young boy, whom he identified as Boluwatife Omelaja, had slumped and died while attempting to answer a question in the front of the classroom.

“I just lost my brother to School Teacher Brutality. Mr. Emmanuel is a sec school teacher at Elihans college, Ikorodu in Lagos,” Oyewunmi wrote in a Twitter thread.

“He beat up my brother Boluwatife Omelaja (frame 2) to death on the 26th of November on the school premises because he couldn’t answer a math question he was asked correctly.

“The school initially made us believe he slumped and died while he was trying to answer the question on the board, a boy who wasn’t ill or showed any sign of sickness before.

“He was brought home in the school’s bus by the school proprietress and principal, along with Mr. Emma-whom we didn’t know was the killer at that time, and he was buried a few hours later according to the Muslims doctrine.”

Oyewunmi also said the principal conveyed the boy’s corpse with the school bus to his parents’ home.

He, however, added that one Lateef Omelaja, the deceased’s sibling, “who was prevented from leaving the school,” later returned and narrated what he claimed transpired.

“Meanwhile Bolu’s other brother, Lateef Omelaja was prevented from leaving the school premises, in order to prevent him from spreading the true news to us at home and to buy Mr. Emma more time to run away,” he added.

“We believed the cock and bull story the school fed us not until Lafeef got home at around 5 pm and narrated what really happened at the school to us.

“We also confirmed this from other students of the school including classmates of Boluwatife.

“The painful part is, the school keeps trying to cover up for Mr. Emma claiming he didn’t beat Bolu. Mr. Emma is on the run, nowhere to be found.

“I know no amount of punishment for him will bring back my brother but I just want Mr. Emma located and justice served.”

As of when this report was filed, TheCable Lifestyle has reached out to the school involved to hear its side of the story.

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I am happy without marriage, kids – Don Jazzy reveals

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Michael Collins Ajere, professionally known as Don Jazzy has said he is happy without marriage and kids.

The iconic music producer said that contrary to many people’s belief, he is happy not being married at this point in his life.

Don Jazzy stated this during an interview with The PUNCH, while speaking on the level of fulfilment he feels.

According to him, his business is doing well and family is comfortable, so the believe that he is not happy about not being married and not having children is untrue.

The music producer noted that he is very happy currently and would only start missing children sometime in the future.

When asked if he feels fulfilled, he said;

“Pretty much, yes. I am doing well and I have a beautiful business. My family is healthy and comfortable. I know a lot of people would say because I am not married and don’t have children, that means I am not happy.

“But, I am very happy (laughs). I am not missing anything. Perhaps, in the future, I would start missing little children but for now, I am actually fine. I feel fulfilled and grateful. I thank God.”

Read Full Interview HERE

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Falz excited after a street in Lagos was named after him

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Nigerian rapper, Folarin Falana popularly known as Falz has taken to social media to show his excitement after a street got named after him in Lagos state.

Street named after Falz in Lagos

The Bop Daddy crooner disclosed this on Friday, November 27, on his Instagram page after he shared a photo of himself standing under a street sign .

On the street sign, one could see “Falz Falana Lane” boldly written on it.

Street named after Falz in Lagos

Sharing his excitement, the rapper stated that there is “wahala” for anyone who doesn’t have a street named after them.

In Nigeria, streets are named after people for a purpose. It could be for their affluence, impacts or landmark achievements.

There is no doubt that Falz was honoured for his impact in music and society at large recalling how he used his voice during the recent EndSARS campaign.

His fans and industry colleagues have reacted to the photo of the singer. While Many hailed him with different love emojis, others noted that he deserved it.

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