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CBN Rules Out Naira Devaluation in the FX Market

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The alleged impression that the Central Bank of Nigeria (CBN) is on the verge of Naira devaluation has been ruled out in a statement issued on Thursday 12th.

 This impression triggered panic in the Foreign Exchange Market which led to a lot of speculative activities by unscrupulous players in the foreign exchange market to serve their selfish desires. However, CBN on Thursday expressed displeasure over Naira devaluation.

The statement issued in Abuja states that:

 “We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.

For nearly four years, the CBN has successfully maintained relative stability in all segments of the foreign exchange market, which has enabled investors, households and other economic agents to plan and to conduct their genuine foreign exchange transactions with relative ease;

The introduction of several foreign exchange management measures side-by-side with complementary interventions in food production and manufacturing has drastically reduced food importation, which hitherto constituted a large chunk of the pressure on the foreign exchange market;

Although the outbreak of the Coronavirus led to global economic slowdown, fall in the price of crude oil, and less inflow of dollars into Nigeria, the associated public health concerns have also led to factory closures in China, substantial drop in imports, widespread travel restrictions around the world, and cancellation of many conferences, sporting events, business travels, and FX orders;

The size of Nigeria’s foreign exchange reserves remains robust and comfortable, given the current realities of Nigeria’s genuine and legitimate FX demand. As such, the CBN remains able and willing to meet all genuine demand for foreign exchange for legitimate transactions; and

For the avoidance of doubt, the CBN is also working with the fiscal authorities to properly and accurately dimension the immediate and expected impacts of the Coronavirus in order to respond comprehensively and at the same time, ensure a sound and stable financial system conducive for job creation and inclusive growth.

In light of current circumstances and macroeconomic fundamentals, the CBN has not devalued the Naira. Consequently, the CBN will invoke the full weight of applicable sanctions on any persons and authorized dealers found to be involved in such disruptive and speculative market behavior.”

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  1. Pingback: CBN and NNPC Accepts Funding of Accommodation and Feeding of Returnees - Chinonyerem Emmanuella's Blog (GistFlash)

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“Don’t let this industry lifestyle deceive you” – Kiddwaya advises celebrities

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“Don’t let this industry lifestyle deceive you” – Kiddwaya advises celebrities

Former big brother Naija housemate, Kiddwaya, has advised his celebrity friends.

The Benue born reality star and billionaire Terry Waya’s son, took to his Twitter account to urge fellow celebrities not to allow the industry lifestyle deceive them.

According to him, they need to start saving money now as price of things are goin up.

Advice to all my celebrity friends. Start saving your money now. Don’t let this industry lifestyle deceive you. Basket of tatashe going up.” he wrote.

Kiddwaya was a housemate of the 2020 Lockdown edition of the BBNaija reality show, who was evicted one week to the show’s finale.

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Nasarawa State APC Chairman, Philip Shekwo Kidnapped and Murdered

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The chairman of the All Progressives Congress (APC) in Nasarawa state, Philip Tatari Shekwo, who was kidnapped last night has been murdered.

Mr Bola Longe, Commissioner of Police in the state, confirmed the death of the APC chairman to reporters on Sunday in Lafia. According to him, the body of Shekwo was found in an area near his house in Lafia on Sunday and corpse has been evacuated to the Dalhatu Araf specialist Hospital.

His body was found dumped few meters away from his private residence at Anguwar Bukan -Sidi in Lafia metropolis on Sunday morning.

Gistflash was gathered that the gunmen armed with sophisticated weapons invaded the chairman’s residence around 11: pm on Saturday, November 21.

They opened fire at the gate, forcing a policeman guarding the house to take cover and then went straight into Shekwolo’s bedroom and whisked him away to an unknown destination.

The spokesman of the Nasarawa State Police Command, ASP Ramhan Nansel, who confirmed the abduction to newsmen, said policemen were immediately deployed to the scene, adding that the police engaged the gunmen in a shoot out but they managed to escape with the victim.

No suspect has yet been arrested over the kidnapping or murder.

 

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Man Becomes Millionaire overnight after Meteor Worth Over £1.4m crashes his roof

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Josua Hutagalung

Man Becomes Millionaire overnight after Meteor Worth Over £1.4m crashes his roof

Man becomes instant millionaire after meteor worth more than ?1.4m crashes into his roof

A man’s life was changed in an instant when a five-pound meteor from outer space smashed through his roof and buried itself in his garden.

Josua Hutagalung ,33, was assembling a coffin when the 4.5 billion-year-old meteorite slammed into the earth next to his home and buried itself six inches deep.

As soon as word got out that Josua had the space rock – valued at £1.4 million – an expert raced to his home in Kolang, North Sumatra, to buy it from him.

He said: “I was working on a coffin near the street in front of my house when I heard a booming sound that made my house shake. It was as if a tree had fallen on us.”

Gistflash gathered that the rock was still hot from its journey through the Earth’s atmosphere when Josua first touched it.

Man becomes instant millionaire after meteor worth more than ?1.4m crashes into his roof

His wife helped him dig the meteorite out of the ground with a hoe and they took it indoors.

“When I lifted it, the stone was still warm and I brought it into the house,” he told Kompas.

He added: “The sound was so loud that parts of the house were shaking too. And after I searched, I saw that the tin roof of the house had broken.”

After analysis, the meteorite was classified as CM1/2 carbonaceous Chondrite, an extremely rare find that carries the chemical building blocks believed to have seeded life in the early Solar system.

Also Read;

 

Man becomes instant millionaire after meteor worth more than ?1.4m crashes into his roof

 

Meteorite expert Jared Collins, who is based in Bali, was sent to secure the rare meteorite: “My phone lit up with crazy offers for me to jump on a plane and buy the meteorite.

“It was in the middle of the Covid crisis and frankly it was a toss-up between buying the rock for myself or working with scientists and collectors in the US.

“I carried as much money as I could muster and went to find Josua, who turned out to be a canny negotiator.”

After doing a deal with Josua, Jared shipped the rock to the US, and it’s now in the collection of Jay Piatek, a doctor and meteorite collector from Indianapolis.

Josua, who has three sons, said he now plans to retire, but would also use some of the money that he got for his meteorite to build a church in his community.

“I have also always wanted a daughter, and I hope this is a sign that I will be lucky enough now to have one,” he told The Sun.

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