Naira has hit strong at parallel market, slumping at official market.
Bennievibez reports that the Nigerian official currency, Naira, has recovered against the American dollar,trading at ₦557 per dollar, days after slumping at the parallel market also known as the black market by the traders.
A survey conducted by BennievibezBlog at some Bureau De Change (BDC) markets in Lagos state, Nigeria’s commercial city on Sunday evening, November 29, showed that the Naira exchanged at ₦557/$1 after opening the week with an exchange rate of ₦564/$1. This represents a change of $8.
This online news platform understands that the new black market dollar to naira exchange rate further solidifies the hopes of speculators who predicted that the Naira will exchange at ₦500/$1 soon when it traded at ₦535/$1 some weeks ago.
Naira slumps at official market
Though the Naira has recovered at the parallel market otherwise known as the the black market, it has, however, slumped at the official market.
Bennievibez gathered that the exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed the week at ₦415.07. per dollar on Friday, 26 November 2021, after it opened at ₦413.71 per $1 on the same day. This showed that the Naira lost ₦1.36, representing a change of 0.03%.
How has the Naira performed against the US dollar over the week?
Bennievibez reports that the players bought a dollar for N550 and sold for N557 at the black market on Sunday evening, November 28, 2021, after they bought N555 and sold for N565 on Monday, 22 November 2021. This means that the naira has gained against the dollar with the exchange rate changing its position from what it traded on Monday.
How much is dollar to naira exchange rate today both buying and selling?
Bennievibez reports that the players bought a dollar for N550 and sold for N557 at the black market on Sunday evening, November 28, 2021, after they bought N555 and sold for N565 on Monday morning, November 22. This means the exchange rate changed its position from what it traded on Monday especially as the buying dropped from N555 on Monday toN550 on Sunday evening, November 28.
Meanwhile, BNVBlog reports that the dollar to naira started last week at ₦564 in the parallel market also known as the black market on Monday, November 22, 2021. A change of $24 dollarscompared to last Monday, November 15 when it opened at ₦540 per dollar.
Breaking: Sterling Bank Shares Crashes
Sterling Bank shares reportedly dipped drastically in the 2021 financial year which marked a bank run for investors.
Bennievibez gathered that the dipped dropped investors’ investment in the bank by 28.10 percent.
According to report by Naija News, Sterling Bank shares kicked off trading on January 4, 2021 at N2.10 but later sold at N1.51 at the close of business on December 31, 2021.
According to report by Naija News, Sterling Bank shares kicked off trading on 4th of January, 2021 at N2.10 but later sold at N1.51 at the close of business on December 31, 2021.
It was learned that investors lost 21.50 percent of their investment in the bank in 2021.
Investors have however gained 2.61 percent this year as Sterling Bank’s equity has gone up from N1.53 on January 4 to N1.57 at the close of the market on January 18.
According to financial experts, this may be one of the reasons investors were unwilling to invest in its equity last year. It paid just 5 kobo as a dividend in the 2020 fiscal year.
In a 26.55 percent improvement to the N7.37 billion declared in September 2020, Sterling Bank posted N9.47 billion post-tax profit in the same period in 2021.
The bank disclosed that N156.89 billion was raked in as gross revenue in the third quarter of 2021, 6.85 percent higher than the N146.84 billion it made in the same period in 2020.
Meanwhile, Sterling Bank’s income growth was due to the 65.30 percent and 104.02 percent rise in net fee and commission income and other operating income respectively.
Net Operating Income went up by 19.4 percent to N67.9 billion, which was attributed to the growth in credit loss expenses.
BREAKING Court Declares Nnamdi Kanu’s Arrest As Illegal, commands Nigerian Government To Pay Him N1billion
Justice Benson Anya of the Abia State High Court has ruled that the invasion of the security agents to the residence of the leader of the Indigenous People of Biafra, Nnamdi Kanu, in 2017 was unlawful and an infringement on his human rights.
The judge on Wednesday also ruled that his kidnaped and forceful return to Nigeria was “illegal” under local and international laws.
Anya also ruled that the Nigerian government should pay Kanu a sum of N1billion as a compensation for the violation of his fundamental human rights.
Recall that Kanu’s Special Counsel, Aloy Ejimakor filed the lawsuit against the Nigerian government on August 27, 2021 before the Abia court.
Bennievibez earlier reported that the judge rejected the challenge by the Nigerian government on the jurisdiction to hear Kanu’s case.
Ejimakor had argued that the Kanu could not be tried in Nigeria as there was no crime he had committed known to both Nigerian and international laws.
He had added that the government of Nigeria collaborated with Kenya to abduct him and rendition him to Nigeria.
BREAKING: Nnamdi Kanu’s trial postponed See New Date
The trial of the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has been postponed till Wednesday the 19th day of January 2022.
Just In: Nigerian Agency, NDLEA Grills Socialite Obi Cubana Over Alleged Drug Links To Malaysia, India
The National Drug Law Enforcement Agency on Thursday grilled socialite, Obi Iyiegbu, famously known as Obi Cubana, for his alleged link to the illegal narcotic business.
According to Punch, Iyiegbu, who is the Chairman, Cubana group of companies, was grilled for about 5- hours at the Abuja headquarters of the NDLEA before he was granted bail and asked to return at a future date.
Impeccable sources said that suspicious payments were made into Cubana’s account by 3- convicted drug dealers from Malaysia, Nigeria and India.
Operatives of the NDLEA and the Economic and Financial Crimes Commission have now widened the probe into Cubana and his business network based on the premise that he may be involved in the drug business.
“Obi Cubana arrived at the NDLEA office around 9am and responded to questions for some hours before he was granted bail at 2pm. There are suspicions that he may be a drug kingpin. Some convicted drug dealers paid funds into his account.
“We have been able to establish three of such payments. One of the persons that paid money into his account was convicted in Kuala Lumpur, Malaysia; another one that was convicted in New Delhi, India; also paid money into his account while a third person that was arrested at the Murtala Muhammed International Airport, Lagos and convicted in 2017, also paid money into Cubana’s account,” said a source.
The socialite was allowed to go home in order to get some documents which would be presented to the NDLEA.
Cubana who has been in the nightclub business since 2006, grabbed international headlines last July when he organised a lavish funeral for his mother, Ezinne Iyiegbu, in Oba, the Idemili South Local Government Area of Anambra State.
The event attracted several entertainers and renowned politicians from across the country including embattled Nigerian super cop, Abba Kyari.
Other entertainers that graced the event included Davido, D’banj, Kcee, Poco Lee and Ubi Franklin/ The guest list also had Nollywood stars and early callers like Kanayo O. Kanayo, Alex Ekubo and Williams Uchemba.
But the highlight of the event was the ostentatious display of wealth as evidenced by the donation of about 400 cows to Cubana as well as the ‘naira rain’.
In what seemed like a bid to outdo one another, Cubana’s associates sprayed him with bundles of new naira notes. In one of the videos that went viral, two guests were seen having a playful cash fight as they threw wads of money at each other, while other guests laughed.
AFCON: Controversial referee in Mali vs Tunisia game suffered sunstroke -Report
Janny Sikazwe, the referee who blew up early for full-time twice during Mali’s win over Tunisia at the ongoing Africa Cup of Nations, battled sunstroke, according to reports.
Sikazwe was immediately rushed to the hospital after the match, according to French newspaper L’Equipe.
“Amid these chaotic scenes, Janny Sikazwe was taken to hospital having suffered from sunstroke – which could explain his baffling decision making.
“It would also explain why the fourth official was set to take charge of the remaining minutes of the match, had it been resumed,” part of the report read.
Sikazwe was previously suspended under allegations of corruption in 2018, due to the manner in which he handled a CAF Champions League match between Espérance Sportive de Tunis of Tunisia and Primiero Agosto of Angola.
Responding to the controversy that surrounded the game, the Confederation of Africa Football said, “In relation to the TotalEnergies Africa Cup of Nations match between Tunisia and Mali played in Limbe on 12 January 2022, CAF is gathering all the necessary reports from the officials at the match.
“CAF is forwarding these documents to the competent bodies of CAF.
“At this stage, CAF is not in a position to make further comment until the responsible bodies indicate the way forward.”
The PUNCH had reported that the AFCON match between Mali and Tunisia on Wednesday ended in confusion amid bizarre scenes as the Tunisian team complained that the referee had blown the final whistle too soon.
Zambian official Janny Sikazwe signalled the end of the match and a 1-0 win for 10-man Mali in the coastal town of Limbe first at 85th minute and later at 89 minutes and 47 seconds when the game restarted.
Just In: NDLEA paraded 22-years-old popular IG comedian De General with tramadol and Weeds. (Photos)
BennievibezBlog earlier reported that Operatives of the National Drug Law Enforcement Agency, NDLEA, in the early hours of Wednesday 12th January apprehended a skit maker, Sunday Joshua, famously known on social media as De-General, following the raid of a notorious drug joint at Orchid Estate, Lekki area of Lagos state.
A statement by issued the Director Media and Advicacy, Femi Babafemi said, “Acting on credible intelligence, narcotic officers stormed the drug joint in the estate, where three suspects were arrested with illicit drugs including 200 sachets of 225mg Tramadol and 1.5kilograms of cannabis sativa.
“In the course of the operation, some persons including the suspected dealer ran away with bags suspected to contain exhibits.
“A trail showed they ran into a house located at 2B Saula Akinlolu way, Orchid estate, which is the residence of 22-year-old Sunday Joshua (aka De General).
“The young men began to make noise to prevent a search. The operatives introduced themselves as officers of NDLEA and submitted themselves for search before entry. This was done and a search was conducted.
“The search led to the recovery of drug exhibits including cannabis sativa; Tramadol 225mg, and some paraphernalia for drug use.
“This was after the suspect had requested to record on video the search, which the officers out of sense of civility allowed.
“The video trending on social media was the moment the suspect and his friends decided to disrupt the bid to conduct a search of the house.
“In his confessional statement in custody, the suspect admitted ownership of the drugs recovered from his house.”
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