₦airaland Forum

- The Naira has gained strength against the American Dollar at parallel market

- The local currency however crashed against the Pound but stayed firm against Euro

- Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange BDC and a rate for foreign school fees

The Naira on Wednesday, May 17, continued its growth against the American Dollar at the parallel market.

This follows report that the local currency closed the day at N385 to the Dollar, one point stronger than the N386 it closed on Tuesday, May 16.

However, the local currency weakened against the Pound Sterling but stayed firm against the Euro at the same segment.

It dropped seven points against the Pound to close at N497 as against the previous rate of N490, but closed at N420 per Euro as it was yesterday, May 16.


The recent development comes on the heels of report that the Central Bank of Nigeria (CBN) on Monday, May 15, injected $457.3 million into various segments of the foreign exchange market.

The CBN also disclosed that the Investors and Exporters (I&E) foreign exchange window has so far attracted $600 million from autonomous sources and from the apex bank.

This was disclosed by Isaac Okorafor, the acting director, Corporate Communications at the CBN

- Two Nigerian brothers involved in drug deals have landed in police custody for flaunting massive cash

- The brothers Kenechi and Oluchi Ochereobia were arrested in the UK after showing off huge cash, wrist watches and expensive jewellries

Two Nigerian brothers identified as Kenechi and Oluchi Ochereobia have been arrested by police in the United Kingdom for flaunting massive cash, expensive jewellries, wrist watches and cars.
It was gathered that the brothers were arrested over their alleged involvement in drug deals. Pictures of the brothers showing off the huge amount of money they had were seen by the police who did not slack in picking them up.

Kenechi and Oluchi along with some other members of a drug dealing gang have been picked and would be spending a long time in jail as a result of their activities. The two Nigerian brothers were said to have been in control of a network of drug distributors.

In the course of the investigation, police found pictures of Kenechi posing with some money he was said to have gotten from the proceedings of a drug deal.


Kenechi who lives in Foster Drive in Cardiff tried getting himself out of the mess by saying he was involved in a legit business which entails the distribution of clothes. However, there was no evidence to back this up as the amount of cash he was seen flaunting could not have been made from his supposed business.

According to reports, Kenechi controlled the business using a mobile phone with which their buyers were contacted and notified when they had supplies. Afterwards, they would give orders to the thugs working for them and send out the younger members of the gang to supply their customers in Norwich.

Following their arrest, police seized thousands of pounds from them. Kenechi and his brother were arrested after £23,000, an equivalent of N9.4m was found in his apartment in Cardiff. Four other men actively involved in the deal were arrested by the police after they got wind of their trading in hard drugs and substances.

Kenechi showing off some of the expensive things he buys with money from the drug proceedings.
Elliot Murawski and Frankie Dos Santos were picked up by the police after they discovered £6, 000 an equivalent of N2.4m in an oven sometimes in June. Murawski who lives on Riverside Road in Norwich was arrested again after police found another £3, 000, an equivalent of N1.2m worth of crack cocaine and heroin.

- The Lagos State Government plans to introduce new number plate for commercial vehicles in the state

- Prince Olanrewaju Elegushi, the acting Commissioner for Transportation said the new regime would ensure clear identification of vehicles registered for commercial purposes

- He added that about 5,000 commercial buses would be injected while drivers and conductors will be given uniforms

Lagos State Government says it plans to introduce new number plate for commercial vehicles in the state.

Prince Olanrewaju Elegushi, the acting Commissioner for Transportation, disclosed while addressing journalists at the 2017 Ministerial briefing to mark Gov. Akinwunmi Ambode’s two years in office.

Elegushi said the new regime of commercial vehicle number plate would ensure clear identification of vehicles registered for commercial purposes.


Lagos state government plans to introduce commercial vehicle number plate to ensure clear identification of vehicles.
“The state agencies like Motor Vehicle Administration Agency, Number Plate Production Agency and ministry of transportation will fine-tune the operations and issuance,” the commissioner said.

Elegushi noted that the development would bring a robust database for vehicles involved in commercial transportation to ensure safety of passengers.

The commissioner also said that the database would contain a body tag, to be fixed to the body of the vehicles for effective monitoring and redistributing of routes for businesses.

Elegushi said that about 5,000 commercial buses would be injected into the transport sector to ensure safety and spread of buses and to ease transportation challenges in the state.


“There will be introduction of uniforms for drivers and conductors to signpost a commencement of decency, discipline and quality service to the people of Lagos State.

“It is also to serve as a mode of identification and distinction between drivers and conductors,” he said.

Elegushi also said the state government planned to improve, expand and maintain infrastructure in line with globally accepted standards.

He said that the state government was focusing on the road sector which he said accounted for 90 per cent of transportation activities.

The focus he said include, reduction in travel time, improved commuters safety, road safety and obedience to traffic laws.

In a previous report Governor Akinwumi Ambode of Lagos state said the ban of Vehicle Inspection Officers (VIOs), from Lagos roads is permanent.


The governor also asked officers of the Federal Road Service Corps, (FRSC) to stay off all state roads.

He said: “Distinguished ladies and gentlemen, let me use this opportunity to reiterate that Vehicle Inspection Officers (VIO) have been asked to stay off our roads permanently.