Connect with us

ARTICLES

Buhrai Hints At Possible Naira Devaluation in 2016.

Published

on

The Central Bank of Nigeria (CBN) may devalue the naira next year after President Muhammadu Buhari hinted he would accept a devaluation of the national currency, spurring speculation it may take place early next year when the local market reopens for trading.

The CBN is fine-tuning the management of foreign exchange and would introduce some flexibility that would encourage additional inflows, Buhari told lawmakers in Abuja on Tuesday, December 22, as he presented Nigeria’s 2016 budget.

“I am aware of the problems many Nigerians currently have in accessing foreign exchange for their various purposes,” the president said.

“These are clearly due to the current inadequacies in the supply of foreign exchange.

President Buhari delivering the 2016 budget

“We are carefully assessing our exchange-rate regime, keeping in mind our willingness to attract foreign investors, but at the same time managing and controlling inflation to a level that won’t harm average Nigerians.

“To the investors, business owners and industrialists, we are aware of your pain…

“To the farmers, traders and entrepreneurs, we also hear you. The status quo cannot continue,” Buhari said.

The naira has been fixed at N197-N199 to the US dollar since early March, with the CBN governor, Godwin Emefiele, curbing foreign-exchange trading and introducing import controls after the naira fell to a record low as crude oil prices plunged.

That has caused investors, including Aberdeen Asset Management Plc and Morgan Stanley, to sell naira bonds and stocks in anticipation of a devaluation.

The president’s change of tone means a devaluation and loosening of currency-trading restrictions may take place on January 4, when the CBN reopens the interbank market, which has been shut since December 18 for the Christmas / New Year holidays.

Razia Khan, the London-based head of Africa research at Standard Chartered Plc, predicts the naira will weaken to N220 per dollar in the first quarter and N228 by the end of 2016.

“There’s recognition that the current system isn’t working and they need to move to something better,” Khan said.

Continue Reading
Advertisement
Comments

ARTICLES

Twitter CEO, Jack Dorsey reveals special #EndSARS emoji after endorsing the movement

Published

on

Twitter CEO,  Jack Dorsey has revealed special #EndSARS Emoji after endorsing the movement against police brutality and other unlawful crimes in Nigeria.

Jack tweeted his support for the #EndSARS protests and called for Bitcoin donations towards the movement two days ago.

Last night, Twitter experienced issues globally with large numbers of users unable to post tweets, access their timelines, or see notifications. After fixing these issues, Jack Dorsey revealed a special #EndSARS emoji, a fist with the colour of the Nigerian flag.

Nigerians have flooded his comment session to thank him for his support and the special #EndSARS emoji he created for the movement.

Twitter CEO, Jack Dorsey reveals special #EndSARS emoji after endorsing the movementTwitter CEO, Jack Dorsey reveals special #EndSARS emoji after endorsing the movementTwitter CEO, Jack Dorsey reveals special #EndSARS emoji after endorsing the movementTwitter CEO, Jack Dorsey reveals special #EndSARS emoji after endorsing the movement

Continue Reading

ARTICLES

Brazilian footballer Neymar faces fresh police questioning over claim he raped a model in Paris hotel room

Published

on

Brazilian footballer, Neymar, 26, will be questioned for the second time over claims he raped a model in a Paris Hotel room.

The Paris Saint-Germain star has reportedly agreed to fly into São Paulo in Brazil to meet with detectives over the alleged rape attack on 26-year-old model, Najila Trindade Mendes de Souza. 

Speaking to MailOnline, Dr. Juliana Lopes Bussacos, the officer in charge of the investigation, said: ‘He will be treated like any other citizen. He has the same rights as any other man.

‘I have interviewed many men in these situations and everyone is equal and they all have the right to tell their story and produce evidence to back it up.’

With detectives desperate to get to the bottom of what happened,  Dr. Juliana said she couldn’t enter into details of the rape accuser’s complaint due to confidentiality.

‘There are so many questions and answers that need clarification. He says he did not rape her and she has said she has evidence.

The former Barcelona striker is expected to give his statement in the next 48 hours, and then officers will decide if there is a case and if it is necessary to bring them together.

This comes after it was revealed that Neymar could be cleared of the rape accusation levied against him within days over lack of more evidence from his accuser.

The Brazilian model has been informed by her lawyer that she faces seeing her case against the Paris Saint-Germain star dropped except there is more evidence. She also faces losing the second lawyer to represent her after he said he could not carry on if his professional ‘trust’ in her was compromised.

Trindade’s attorney Danileo Garcia de Andrade said he still believed Ms. Trindade had a case, but he would step aside if there was a lack of evidence.

Mr. Daileo said he had given her a deadline to produce the video and photographs she claimed to have had which would help prove her allegations of rape against the Brazilian superstar. But if the evidence was not forthcoming, he said, he would drop the case next week.

Mr de Andrade told Brazil’s UOL Esporte: ‘If the police investigation of the supposed break-in where she lives shows there was no break-in, I am leaving the case.’

He added: ‘The attorney-client relationship is based always on trust. If there is no trust, then there is no reason to stay on’

Trindade claimed she was the victim of ‘aggression and rape’ by the Paris Saint-Germain player in a hotel room in the French capital on May 15. She said the encounter started out consensual but quickly turned violent, leaving her with bruises and scrapes to her legs and buttocks, with Neymar refusing to stop.

She told police her tablet containing a seven-minute video, messages and photos she alleged incriminated the footballer, was stolen in a burglary at her apartment. But the authorities said they found no major signs of a break-in and only Ms. Trindade’s fingerprints and those of her maid and friends around the flat.

Neymar has strongly denied raping her but admitted that what happened between them was consensual.

Continue Reading

ARTICLES

JAMB approves 160 as cut-off mark for 2019 admission

Published

on

The 19th Policy Meeting on Admissions to Tertiary Institutions in Nigeria has approved 160 and above as the national minimum cutoff mark for admission into state and federal Universities for the year 2019.

 

The decision was taken at a meeting held at Bola Babalakin Auditorium, Gbongan, Osun State today Tuesday June 11th. It was also agreed that the minimum UTME score for admission into private Universities should be 140.

 

120 UTME score was approved for polytechnics while 110 score was approved as the least score for admission into private polytechnic.

Continue Reading

Trending

Copyright © 2018, Pink Entertainment

WP Facebook Auto Publish Powered By : XYZScripts.com