Thursday 2 July 2015
Pics: actress Jennifer Eliogu invited to Desmond Tutu's 60th wedding anniversary celebration
Our Naira Is Falling Dangerously As Dollar Supply Dries Up
Barely 10 days after the CBN stopped forex sale to importers of rice, textile and 39 other items, the naira on Wednesday crashed to 230 against the United States dollar at the parallel market, down from 218 recorded on June 23 when the new forex rule was introduced.
The policy, which has pushed huge forex demand from the interbank (official) market to the parallel (black) market and the Bureau de Change retail segment, has led to artificial scarcity of dollar and other major foreign currencies as operators now hoard them in anticipation of higher prices.
The naira had fallen to 220, 223, 226.5 and 228 against the dollar in the past one week.
Black market and BDC operators, however, told Punch that serious dollar liquidity squeeze was already hitting the market and operators were no longer in possession of huge stock of forex to meet rising demands, especially from the importers of the banned items.
Using the CBN figures, analysts had estimated that about $5.7bn quarterly forex demand was being transferred from the official interbank market to the black market.
“The situation is getting critical now. There is serious dollar liquidity squeeze in the market now. The demand is overwhelming and both the black market and the BDC segment can no longer meet the demand,” a black market operator said on Wednesday.
“The market is very volatile now as a result of the restrictions placed on about 41 items by the central bank. Most importers are now patronising the parallel market to source their dollars,” the head of a BDC, Mr. Harrison Owoh, told Reuters on Wednesday.
Hence, the Association of Bureau De Change Operators has written to the
CBN asking it to intervene in the dollar scarcity in the parallel market
and the BDC segment to save the naira from crashing.
Victory in Court: Fani-Kayode Changes Name, Throws Party
Fani-Kayode, who read a prepared speech outside the courtroom shortly after Justice Rita Ofili-Ajumogobia set him free, said his trial which began in 2008 had almost destroyed his life, his family and his reputation.
He said he would be changing his name by dropping his surname “Fani-Kayode” as a mark of honour and respect for the Lord and as a testimony of God’s love towards him.
He said, “The whole process almost destroyed my life, my family, my reputation, my health and my career. I thank God for His goodness, His mercy and for the fact that today the whole nightmare has finally come to an end.”
He added, “As a mark of honour and respect for the Lord and as an everlasting testimony of my love for and dedication to Him, I wish to make it known to the Nigerian public that as from today my name will be changed.
“It will no longer be David Olufemi Fani-Kayode but instead, it shall be David Olufemi Olukayode.”
He thanked the judiciary for dispensing justice with the fear of God and for not sending him to jail.
Wednesday 1 July 2015
Korede Bello, Reekado Banks & Di'Ja become Glo ambassadors
Amazing news! Mavin artists - Korede Bello, Reekado Banks and Di'Ja have been announced as Glo ambassadors. Don Jazzy is officially a genius! He took this unknown singers, made them superstars overnight and now they are ambassadors to one of the biggest brands in Nigeria. Congrats to them...
Say what? Man spends N5million on drinks in a Lagos club (see receipt)
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