Naira rising towards 500/Dollar


30 Sep 2016

Shocking! Naira rising towards 500/Dollar

Nigeria’s foreign exchange market was tension-soaked yesterday, as the Naira raced towards N500/USD1. It closed at N490/ USD1 in the parallel market, with dealers expecting further rise today to hit the dreaded N500 mark.

Surprisingly, the Naira appreciated significantly to N305/ USD at the official interbank market same day, although dealers said foreign exchange was not available to most of the bids.

Meanwhile, the global investment bank, Morgan Stanley of United States of America, has warned that its MSCI Nigeria Indexes would be reclassified as Stand-alone next year, if currency restriction was instituted by the Central Bank of Nigeria, CBN. Also the World Bank said, yesterday, that Nigeria and South Africa would drag down Africa’s growth rate by 1.6 per cent in 2016, as strings of negative economic indicators continued.
Posted by at  

Comments

Post a Comment

Popular posts from this blog

Update! Kano High Court sentences auto mobile parts dealer to 10 years imprisonment for heroin smuggling

Image
Honourable Justice Sale Kogo Idrissa of the Federal High Court sitting in Kano on Friday, sentenced an automobile parts dealer, Okeke Chika Victor to ten years imprisonment over heroin smuggling. He pleaded not guilty to a one count charge of unlawful importation of heroin filed against him by the National Drug Law Enforcement Agency (NDLEA). After five months of intense trial, Justice Sale found him guilty and sentenced him to ten years imprisonment. The heroin weighing 10.6kg and concealed inside new submersible water pumping machines were illegally imported from Maputo in Mozambique in April 2016. NDLEA officers at the Mallam Aminu Kano International Airport (MAKIA) made the discovery during an inward screening of an Ethiopian Airline flight. After an intense follow-up operation the convict, Okeke Chika Victor was arrested on September 3, 2016 and charged to court. According to the NDLEA Kano airport commander, Ambrose Umaru, the  arrest of the convict was made possi...
Read more

Kidnapper caught with 12 yr old girl rescued in Ogun state...photo

Image
Ogun State Police Command has arrested a suspected kidnapper, Odele Tosin, for allegedly masterminding the kidnap of a 12-year-old girl, Eniola Oyekanmi, in the Ketu area of Lagos. The victim was said to have been kidnapped on Friday by the gang at the Orimerunmu area of Ketu. Policemen from Mowe Division of the command reportedly rescued Oyekanmi around 1am on Saturday in a hotel at Mowe, Obafemi-Owode Local Government Area of the state. The victim was taken to the hotel, while the gang demanded a ransom. The state Police Public Relations Officer, Abimbola Oyeyemi, told  Sunday Punch  that the victim was kidnapped by the gang while she was running an errand for her parents. He said, “She was taken to a hotel in Mowe where the kidnappers kept her and started demanding a ransom. They ran out of luck when the anti-robbery team from Mowe Division, led by the Divisional Police Officer, Francis Ebohuwa, got a tip-off and stormed the hotel. One of the su...
Read more

Police arrests human part dealers in Ogun state...photo

Image
Following the arrest of three suspects in Ijebu-Igbo, Ogun State on Tuesday, who were found with two fresh human hearts, the police have said they are searching for more suspects who have possibly specialised in harvesting human body parts for rituals in the state. The arrested suspects – Nurudeen Adeniyi (34), Tunde Banjo (29), Temitope Alaba (20), and Tobi Olukoya (20), who are now in the custody of the Department of Criminal Investigation, Abeokuta, said they were simply contracted to supply the hearts. The Police Public Relations Officer in the state, Mr. Abimbola Oyeyemi, said investigation on the case at the moment, was directed at determining if there were other suspects, who specialise in the same crime supplying human parts. Oyeyemi, said, “The suspects we arrested are not denying it. In fact, it is now certain that they have done it several times before. “We want to find out if there are more suspects out there and we want...
Read more