NEWS

Forex market gets $514m boast ahead of yuletide

Published

6 years ago

December 11, 2017

FAB.NG

The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity.

This is the second week in succession that the apex bank exceeded a $500 million intervention in the past five weeks, running on the heels of a disclosure by the CBN Governor, Godwin Emefiele, that the country is now sitting atop $38.2 billion reserves’ profile.

Consequently, the naira has remained stable across all segments of the market due to the flow of forex liquidity, as the first two trading days of the week, recorded N359.91/$ and N359.83/$ pricing by investors.

This subsisted at the popular Investors and Exporters’ (I&E) Window at N359.83/$ until the close of transactions at the weekend, indicating eight kobo appreciation week-on-week.

At the parallel market, it remained at N363/$ on all trading days, while activity level in the I&E window strengthened compared to the previous week, as transactions volume rose to $900.5 million, against $759.2 million in the previous week, representing 18.6 per cent increase.

Analysts at Afrinvest Securities Limited told The Guardian at the weekend that the global oil cartel’s decision to extend supply cuts agreement till the end of 2018 and continued tension in the Middle East, is favouring consensus expectation of stability in crude oil prices.

The development, which would keep oil prices above $60 per barrel, has already boosted a short to medium term outlook for Nigeria’s oil earnings and forex market liquidity to a broad positive end.

Breakdown of the total sales showed that priority was given to the real sector of the economy with the sale of 75 per cent of the intervention on Friday, amounting to $229.89 million for raw materials and machinery.

The Acting Director, Corporate Communications Department of the apex Bank, Isaac Okorafor, hinted that various sums were also offered to other vital sectors like the agriculture and airline, which got $24.68 million and $12.467 million respectively, while petroleum products got $36.89 million.

The director recalled that the Naira exchange rate has not only remained stable with considerable accretion to the foreign reserves, but the bank had so far met all the legitimate demands from genuine customers.

Earlier in the week, CBN opened the forex market with the injection of $210 million to sustain liquidity, with $100 million offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million.

The invisibles segment, made up of tuition fees, medical payments and Basic Travel Allowance (BTA), among others, was also allocated $55 million.

Okorafor added that beside boosting liquidity in the forex market, facilitating trade and remittances for legitimate personal commitments are also expected to improve tremendously.

Guardian

ENTERTAINMENT

Guinness World Record: Tunde Onakoya Is Yet To Be Defeated After 44 Hours Of Chess Marathon

Published

3 hours ago

April 19, 2024

Reporter

Tunde Onakoya To Break 58 Hours Of Chess Marathon | fab.ng

Nigerian chess champion Tunde Onakoya is trying to break the world record for the longest chess marathon! The record he is set to break is 58 hours.

Tunde Onakoya has already been playing in the chess marathon for approximately 44 hours straight. This is at the time of this writing. Starting on April 17th and going until April 19th, the event is happening in the famous Times Square in New York City.

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A post shared by Tunde Onakoya (@tunde_onakoya)

So far, Onakoya has beaten everyone he’s played, including a really good chess player from New York named Shawn Martinez.

Tunde Onakoya beats a very worthy opponent and one of New York’s finest, National Chess Master Shawn Martinez!

6 hours down, 52 hours to go!#TundeChessMarathon pic.twitter.com/oXBjfakdBm

— Tunde Onakoya (@Tunde_OD) April 17, 2024

Onakoya’s manager, Taiwo, says the official rules allow for 5-minute breaks every hour. But Onakoya only took a total of 30 minutes of rest after playing 12 people in a row for 15 hours! That’s intense! He said he’s playing two sets of games at the same time, and he can’t lose any of them to win the record.

He wrote,

“The opponent on the first set is Shawn Martinez, a US National Chess Master, and he will play with Tunde throughout the attempt.

“Opponents in the second set are random players. He can’t lose any game on either set.

“Only Tunde’s match against Shawn Martinez is considered valid for the record. He is not competing in his simultaneous play against random opponents in the second set. NYC, come out and play regardless.”

For more news updates, check here.

MUSIC

Davido’s ‘Unavailable’ Reaches 100 Million Views On YouTube

Published

2 days ago

April 17, 2024

Reporter

'Unavailable' Reaches 100 Million Views On YouTube | Fab.ng

There’s no stopping Davido’s “Unavailable”! The song continues to dominate the music scene, racking up impressive accolades and eye-catching streaming numbers. This solidifies its status as a global smash hit. This isn’t just a catchy tune; it’s a cultural phenomenon.

Streaming Domination

The song has surpassed a staggering 100 million streams on both YouTube and Spotify. This is a particularly impressive feat for Davido on Spotify, as “Unavailable” becomes his first single to achieve this milestone on the platform.

Music Video Success

The song’s vibrant music video, featuring South African artist Musa Keys, has also reached the coveted 100 million view mark on YouTube. This adds “Unavailable” to Davido’s exclusive club of songs with over 100 million streams, joining his 2017 hits “If,” “Fall,” and “FIA.”

Critical Acclaim and Industry Impact

The song’s impact extends far beyond streaming numbers. “Unavailable” was even crowned Rihanna’s favourite song of 2023, a huge co-sign from a musical powerhouse. Furthermore, the song dominated the Afrobeats scene, becoming the most streamed Afrobeats release of the year.

Continued Growth

Capitalizing on the song’s success, Davido released a remix EP featuring collaborations with established artists like Jamaican dancehall star Sean Paul and American rapper Latto.

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A post shared by Le SNEP (@snepmusique)

The song’s international appeal is further solidified by achieving Gold certification in France after surpassing 15 million streams in the country.

Check out more music updates here.

BREAKING NEWS

EFCC Detains Cubana Chief Priest Ahead Of Arraignment Today

Published

2 days ago

April 17, 2024

Reporter

Cubana Chief Priest: Arraigned Over Naira Abuse | Fab.ng

Pascal Okechukwu, also known by his alias Cubana Chief Priest, is slated to make a courtroom appearance today, Wednesday, April 17, 2024. This comes as the Economic and Financial Crimes Commission (EFCC) gears up to formally charge him.

Reportedly, the EFCC has held the socialite in custody ahead of his scheduled arraignment before Justice Kehinde Ogundare at the Federal High Court located in Lagos.

Cubana Chief Priest is facing three charges related to the improper handling of Nigerian currency during social gatherings.

The allegations stem from an incident on February 13, 2024, at Eko Hotel. Here, the EFCC claims Cubana Chief Priest engaged in activities that involved spraying and manipulating ₦500 notes issued by the Central Bank of Nigeria. This was for two hours while participating in festivities.

The EFCC’s prosecution team, led by Rotimi Oyedepo (SAN) along with seven other legal representatives, formally complained on April 4, 2024.

The commission contends that Cubana Chief Priest’s actions violated Section 21(1) of the Central Bank Act 2007 and are subject to legal consequences.

In light of the recent conviction of Bobrisky, a prominent figure known for controversial acts, he received a six-month prison sentence for a similar offence. The EFCC released a statement indicating that several celebrities are currently under investigation for alleged misconduct involving the national currency.

In the statement, the agency’s spokesperson, Dele Oyewale, said,

“Many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.

“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”

The agency that fights corruption (the anti-graft agency) has been flooded with videos showing people mistreating the Nigerian currency (naira abuse). They made it clear that they would only be looking into and punishing new cases of this kind of behaviour.

Get more updates here.