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Politics / Ghanaians Opposed To Social Media Blackout During Elections by oluwapoju(m): 7:39pm On May 27, 2016
Ghana’s Inspector General of Police has been quoted saying that the government is thinking of blocking social media during elections due to abuse of social media platforms by political parties and ordinary Ghanaians to create unnecessary tension in the lead up to the polls reports African news.

“At one stage I said that if it becomes critical on the eve and also on the election day, we shall block all social media as other countries have done. We’re thinking about it,” these are the views the Inspector General of Police (IGP) John Kudalor at a media interaction in Accra, Thursday.

The IGP further said that the ban would be less than 24 hours, from 7am to 5pm, which are the voting hours in Ghana. He added that Ghana can learn from examples in other African countries which limited the use of social media on election day according to Joy Online.

Blocking social media is becoming a common practice in Africa during elections, Ugandan authorities blocked social media during recently held elections, same situation played out in Congo Brazaville, where MTN and Airtel announced to customers that they had been instructed to block internet service.

Ghana has successfully held seven elections since it adopted the fourth republican consitituion in 1992. This year’s election according to analysts is going to be a keen contest between the incumbent John Dramani Mahama and the opposition Nana Addo Dankwa Akufo Addo. General elections will be held in Ghana on 7 November 2016 to elect a President and Members of Parliament.

Ghanaians have objected to the idea strongly on social media
http://naijastaytune.com/ghanaians-object-social-media-blackout-elections/

Celebrities / Fraudsters EMPTY Bank Account Of Adekunle Gold’s Sister by oluwapoju(m): 7:00pm On May 27, 2016
Sister of Orente crooner and YBNL signing, Adekunle Gold, Adekunbi Kososko has had her GTBank account emptied by scammers.

It was gathered that The Online Beauty Shop owner Adekunbiclean9 received a message that her account had been deactivated and that she would have to put in a code to activate it.

She claimed she followed the instruction and then she noticed that her account had been emptied.

Adekunbi claimed she lodged a complain to the bank and that they are currently still on it.

Please be careful, these fraudsters are always ahead of the banks
http://naijastaytune.com/fraudsters-empty-bank-account-adekunle-golds-sister/

Nairaland / General / Italian Doctor To Adopt Nigerian Orphan Girl by oluwapoju(m): 1:09am On May 27, 2016
Doctor wants to adopt an orphan girl after parents die in immigrant boat off the coast of Libya

“I want to keep her with me forever,” said Doctor Pietro Bartolo

The month old Nigerian girl touched the heart of the Italian Doctor, who was caring for her after he rescued her. The baby’s pregnant mother and father are believed to have died when the overcrowded boat capsized.

A photo of the Doctor with the baby went viral in Italy with many families making calls to adopt her. However, the baby will be transferred with dozens other survivors to Sicily where she will be taken by Child Care Center who will then transfer her to an Italian family.
See photos below…
http://naijastaytune.com/italian-doctor-to-adopt-nigerian-orphan-girl/

Sports / Re: Mikel Obi Carries One Of His Twin Girls by oluwapoju(m): 1:20pm On May 25, 2016
tundelis:
Wake me when this sh!t hit FP
u still dey sleep

1 Like

Nairaland / General / Nigeria Suspends Funds Contribution To ECOWAS by oluwapoju(m): 9:24am On May 25, 2016
From Henry Chukwurah, Abuja

No longer at ease with the management style of the Economic Community for West African States (ECOWAS), Nigeria has resolved to withhold its financial contributions to the sub-regional body.

Minister of Foreign Affairs, Mr. Geoffrey Onyeama, announced the Federal Government’s resolve yesterday, in Abuja during a dialogue with the media on the foreign policy posturing of the Muhammadu Buhari Administration within the first one year of its tenure, hinting also that his ministry was tinkering with the idea of promoting Visa-free movement of citizens within Africa.

Responding to complaints of lose funds management and alleged shortchanging of Nigerians at the sub-regional body, he said the federal government, which is the largest financial contributor to the sub-regional body, has made its position clear to the new administration of ECOWAS on the urgent need for a re-jig of its management.

Confirming that a committee was already working on the matter, the minister said Nigeria has decided to withhold some of her funds, “until we see some meaningful changes in place”, adding that the government has made some proposals to the new leadership of the organization on how to make it more effective and representative of the needs and aspirations of the sub-region.

On efforts by the administration to recover stolen funds stashed away abroad, Onyeama said President Buhari’s visits to most of the countries holding the funds were beginning to pay off, as the authorities of some of the countries were helping to trace the funds, and that repatriation of such funds from two countries, including Switzerland, were almost ready.

“They (countries) are going the extra mile to help Nigeria recover these stolen funds because they believe in the President, the government and the ‘change’ mantra”, he said.

He urged for patience with the government because of the processes involved in tracing and securing release of the funds, pointing out that in some cases, those who claim to own such funds put up resistance and the government has to provide credible evidence before the authorities of those countries, to prove its case.

Listing the numerous gains of Buhari’s many foreign shuttles, the minister said the president has been able to win back the lost confidence of the international community in Nigeria, with many promises of investments in the country.

The minister said the administration was also committed to increasing inter-African trade by promoting greater trade among countries in the continent, while it continues to push hard for two permanent seats for Africa at the United Nations, one of which must be occupied by Nigeria as the “natural leader” of the continent.

Onyeama said as part of the government’s efforts to enhance regional integration and trade within the continent, his ministry was taking steps to promote Visa-free movement of people in Africa, hinting that the proposed project would take off between Nigeria and unnamed eight countries, with the hope that others would join later.

On the gains of the president’s recent visit to China, Onyeama told journalists that inter-ministerial committees have been set up to ensure follow-ups on agreements and set time- lags for their implementation.

He stated that the Buhari administration has observed that apart from tackling insecurity and “endemic corruption” in Africa, there was urgent need for industrialization of the continent to make it exporter of goods, while also investing in education of her people.
Source: http://sunnewsonline.com/nigeria-suspends-funds-contribution-to-ecowas/

Celebrities / Desmond Elliott Pleads With Envenomed Nigerians Over Apc’s Performance by oluwapoju(m): 8:33am On May 25, 2016
Nollywood actor turned politician, Desmond Elliott has implored Nigerians to be understanding with his political party, the All Progressives Congress (APC) as it tries to change the country.

Elliot, who engaged in a conversation with one of his followers over the sad state of amenities in Lagos State, said he feels the pains Nigerians feel too.

Visibly angry at the current administration, the follower called them ‘fantastically pathetic’ and went on to mention some of the things the government needed to provide.

Desmond Elliott replied in a series of tweets that the follower should exercise patience and be prayerful as things would get better soon. The actor also told another follower who joined in the conversation that he also feels the sting of the current terrible state of the economy and urged everyone to remain hopeful.

He was elected as a lawmaker of the Lagos State House of Assembly, Surulere Constituency, in the April 11, 2015 Nigerian General Elections.
http://naijastaytune.com/desmond-elliott-pleads-nigerians-apcs-performance/

Celebrities / Video: Olamide Performance @ Tigo Ghana Meet Naija by oluwapoju(m): 3:23am On May 24, 2016
Watch the full performance of Olamide @Tigo Ghana Meet Naija 2016 Concert

https://www.youtube.com/watch?v=w-_CZUhImNY
Credit. GhanaMusic
See More @@@@ http://naijastaytune.com/olamide-performance-tigo-ghana-meet-naija/

Romance / Re: 25 Simple Secrets Of Long-lasting Relationships by oluwapoju(m): 5:22am On May 18, 2016
More

Romance / Re: 25 Simple Secrets Of Long-lasting Relationships by oluwapoju(m): 5:20am On May 18, 2016
More Photo

Romance / Re: 25 Simple Secrets Of Long-lasting Relationships by oluwapoju(m): 5:18am On May 18, 2016
more photos

Romance / 25 Simple Secrets Of Long-lasting Relationships by oluwapoju(m): 5:17am On May 18, 2016
25 Simple Secrets Of Long-Lasting Relationships
Featured photo credit: Time 4 Learning via facebook.com

1 Like 1 Share

Nairaland / General / Re: Emmanuella To Rock Ghana On July 2 by oluwapoju(m): 4:34am On May 18, 2016
Nairaland / General / Emmanuella To Rock Ghana On July 2 by oluwapoju(m): 4:33am On May 18, 2016
She has been splitting ribs on the Internet with her gimmicks and come Saturday, July 2 — 6, comedy lovers will have a chance to watch young Nigerian comedian, Emmanuella, live in performance at the Trade Fair Centre and at Takoradi.

The young internet sensation has amassed a large following across the continent and beyond with her “Mark Angel Comedy” series. She would be accompanied by her two brothers on the series, Mark Angel and Uncle Denilson.

Organised by 3dotz Multimedia and supported by Flex Newspaper, the event which will be in two parts – comedy and musical funfair – is expected to attract both young and old to the venue.

Some of the artistes on the bill to perform at the event include young rapper, Tutulapatu, comedians Cartoon and OB, musicians Donzy, Awal, Nii Funny among others.

Prior to the main show on Saturday, there will be an autograph session with fans on Friday, July 1, at the West Hills Mall to give her the opportunity to interact with her fans.

In an interview with Showbiz, Enoch Billz Appiagyei, the General Manager of 3dotz Multmedia said that the love and enthusiasm with which Ghanaians patronise the child star and her group’s comedy series on Youtube is what inspired the comedy trio’s visit to Ghana.

“They have been feeding comedy lovers in Africa and beyond with hilarious comedy skits including the ever popular, This is Not My Real Face, and others for some years now. Due to their growing popularity in Ghana, the team thought it was important to perform for their fans in Ghana as well.

“She has some adults who admire her talent but Emmanuella’s great fan base is kids. She can’t wait to meet her family here,” he said.

There will be an encore of the show in Sekondi- Takoradi on Wednesday, July 6.

Food / Nigerian Jollof And Ghana Jollof, Which Is Better? by oluwapoju(m): 2:52am On May 18, 2016
#‎Votes‬
Let's start the voting....‪ grin grin grin grin

Nigerian Jollof and Ghana Jollof, which is better?

Nairaland / General / Photos Of Goat Born With Only Two Legs by oluwapoju(m): 2:18am On May 18, 2016
A black goat at a farm in China walks around using only its two front legs, stunning villagers.

According to staff at the farm, the goat was able to stand upright just a day after it was born without its back legs. The goat then learned to walk on its front legs after only week.

See more photos below
Check http://naijastaytune.com/photos-goat-born-two-legs/ for more photos

Nairaland / General / See The Only Thing That Hasn't Failed Nigeria Yet by oluwapoju(m): 6:19pm On May 16, 2016
The Only Thing That Hasn't Failed Nigeria Yet grin grin grin grin grin grin

This is the truth anyway!

Properties / Re: NEMA Officials At The Scene Of Ogun Building Collapse Today by oluwapoju(m): 2:34pm On May 16, 2016
Firefire:
CCECC doing what at the scene please ?


Abi na dem dey build the structure ?
dem be the main contractor for ogun state
Jokes Etc / Re: Whats Is Your Favourite Position Here - (photo) by oluwapoju(m): 9:38am On May 16, 2016
Mikylopez:
grin grin mst tyms i use position 3 or 2 depends on ma mood tho
i gat da feelin
Celebrities / Re: Diana Ross Still Slaying At 72 (photos) by oluwapoju(m): 8:46am On May 16, 2016
Celebrities / Diana Ross Still Slaying At 72 (photos) by oluwapoju(m): 8:45am On May 16, 2016
At 72, music legend, Diana Ross looks way younger and youthful.She was spotted shopping in Los Angelesin a stylish casual wear ,boots and her signature hair..

1 Like

Jokes Etc / Re: Whats Is Your Favourite Position Here - (photo) by oluwapoju(m): 12:08am On May 16, 2016
Jerrylolo:

ode for u mind now u don achieve smth ooo by posting stupid pix
All Nah Jokes.. No offence
Sports / Iheanacho Fires Man City Into Champions League by oluwapoju(m): 12:06am On May 16, 2016
Super Eagles of Nigeria forward, Kelechi Iheanacho’s early goal helped Manchester City to secure a place in the Champions League as the team drew at Swansea.

The teenage striker gave Manuel Pellegrini’s side the lead in the fifth minute before Andre Ayew salvaged a point for the home side in first-half injury time on the final day of the season.


The draw took fourth-placed Manchester City three points ahead of their rivals Manchester United.

United will need to beat Bournemouth by 19 goals or more when they play their final game, which was abandoned on Sunday after a suspected bomb was found in the toilets at Old Trafford.

That match is expected to be played behind closed doors on Monday.

Meanwhile, Arsenal pipped Tottenham Hotspurs to second spot on the Premier League table to end the faceoff between the London clubs in the final round of matches this season.

The Gunners hammered four past relegated Aston Villa without a reply while Tottenham fell 5-1 to relegated Newcastle United in probably the team’s worst defeat this season.
SEE MORE @@@@ http://naijastaytune.com/iheanacho-fires-man-city-champions-league/

Jokes Etc / Re: Whats Is Your Favourite Position Here - (photo) by oluwapoju(m): 11:49pm On May 15, 2016
Visit [url]Naijastaytune.com[/url] for more new updates
Jokes Etc / Whats Is Your Favourite Position Here - (photo) by oluwapoju(m): 11:48pm On May 15, 2016
How do you Poop
What is your favorite position.

Mine is 0.(lol) grin

Nairaland / General / SHOCKING! Fuel Price May Go Beyond N200 Per Litre – PDP by oluwapoju(m): 11:30pm On May 15, 2016
Following the removal of fuel subsidy by the Federal Government, The Ogun State Chapter of the Peoples Democratic Party (PDP) has expressed fear that the fuel pump price would increase further to N200 per litre and above.

In a statement issued by Malik Ibitoye, the party’s Publicity Secretary in the state, PDP condemned the increase in price of fuel from N86 to N145 per litre saying the ‘President hates the Nigerian masses.’

The party through Ibitoye further said that the President Buhari-led government is not only anti-people but undemocratic as it has been displayed in his array of policies.

The statement reads: “the Federal Government of Nigeria under President Muhammadu Buhari of the All Progressives Congress (APC) has once again demonstrated its hatred for the Nigerian masses and the downtrodden people of Nigeria.

“Just a few weeks to the celebration of its first anniversary in office, the Buhari-led government officially increased pump price of Premium Motor Spirit from N86 to N145 to the chagrin of millions of Nigeria.

“It must be noted that the APC-led government has constantly displayed its arbitrariness with the brazen manner it has been churning out anti-people policies one of which is this latest onslaught on the people.

“It is unthinkable that Buhari’s government would ever thought of foisting increase in fuel pump price on Nigerians, who have been made to go through months of fuel scarcity and hyper-inflation in the last couple of months.

“Our fears are that it would not stop at that as petrol price may go beyond N200 per litre in the next few months because we could see the marketers jubilating that they have won the battle”.
See More @@@@@ http://naijastaytune.com/shocking-fuel-price-may-go-beyond-n200-per-litre-pdp/

Nairaland / General / Photo: Mark Zuckerberg Celebrates His 32nd Birthday by oluwapoju(m): 3:56pm On May 15, 2016
Facebook CEO and Founder Mark Zuckerberg had a special guest at his company headquarters to ring in his birthday – his baby daughter Max!

Zuckerberg, who turned 32 on Saturday and a dad in November last year, took to his Facebook page to announce the news about the little visitor at the California-based social network office.

“Max stopped by Facebook HQ to help celebrate my birthday,” he posted.

“Thanks to everyone for so many nice messages. Here’s to another year of connecting the world!” he wrote further. The post was accompanied with an adorable photo of Max sitting on the lap of Facebook Chief Operating Officer Sheryl Sandberg beside mom Priscilla Chan and looking at her dad as he blows out a candle on the birthday cake.

“Max and I were thrilled to celebrate her dad’s birthday together!” Sandberg wrote in a comment on Zuckerberg’s post. Following the birth of Maxima, who he lovingly addresses as Max, both Zuckerberg and Chan pledged to give away 99 per cent of their company’s shares worth a whopping USD 45 billion to make the world a “better place” for children.

Interestingly, Zuckerberg, who is one of the world’s richest people with a fortune estimated at $51.8 billion, has actually made more money per day of living because of his young age than anybody else on the planet.

His “potent” combo of youth and wealth has averaged out to $4.4 million for every day he has been alive, according to CNBC calculations. That rate is bigger than anybody else on Forbes’ list of billionaires.

Microsoft co-founder Bill Gates comes a distant second at $3.5 million per day, more so because at 60, he is almost double Zuckerberg’s age.
See More Photos @ http://naijastaytune.com/mark-zuckerberg-celebrates-32nd-birthday/

Celebrities / Re: African China Turns Hairdresser, Runs Chyna Town Unisex Beauty Salon by oluwapoju(m): 8:50pm On May 14, 2016
check [url]Naijastaytune.com[/url] for more updates
Celebrities / African China Turns Hairdresser, Runs Chyna Town Unisex Beauty Salon by oluwapoju(m): 8:49pm On May 14, 2016
Nothing much has been heard from talented music artiste, Chinagorom Onuoha aka African China in a while. The singer, famed for phenomenal tracks such as ‘Mr President’ ‘If You Love Somebody,’ and ‘Crisis’ went under the radar after he was embroiled in a rape scandal in the United Kingdom about 10 years ago.

Though he has released some songs after that ugly incident, they did not record the kind of success his first tracks attracted.

The Ajegunle-born singer has however decided to tow a different path business-wise. He is now the proprietor of a hair salon known as Chyna Town Unisex Beauty Salon, which is located at Festac, Lagos.We can only hope he hasn’t finally given up on his music career.
http://www.vanguardngr.com/2016/05/african-china-turns-hairdresser/

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Politics / Fayose Causing Confusion In Our Party – PDP by oluwapoju(m): 11:48am On May 14, 2016
The national leadership of the Peoples Democratic Party has accused Governor Ayodele Fayose of Ekiti State of causing confusion in the party.

It said the governor was behind the plan to hold the South-West zonal congress in Akure on Saturday despite the court order which asked the party to suspend the exercise.

National Secretary of the party, Prof. Wale Oladipo, stated this while speaking with journalists in Abuja on Saturday.

Oladipo said that the party had decided to obey the order of Justice Ibrahim Buba of a Federal High Court in Lagos, which restrained the party from going ahead with its zonal congress.

Apart from Akure, another faction of the party had planned to hold a separate zonal congress in Ijebu Igbo, Ogun State on the same day before the court order was served on the party’s national leadership.

The judge had ruled on an ex parte application brought before him on Thursday by the incumbent PDP South-West Zonal Secretary, Chief ‘Pegba Otemolu, and restrained the party from going ahead with the scheduled congress.

The judge said the order would subsist until the final determination of Otemolu’s main suit.

But a day later, Fayose had stormed the national secretariat in Abuja, where he boasted that the congress would go ahead.

Oladipo said on Saturday that the National Legal Adviser of the party, Mr. Victory Kwon, had advised the party to obey the order of the court, which he said was served on him(Oladipo) and the party on Friday afternoon.

He also said that the National Chairman, Sen. Ali Modu Sheriff who he said was not at the party secretariat on Friday when the order was served, had been notified.

Oladipo, who is the head of the party’s national secretariat said, “Governor Fayose is not a member of the National Working Committee of the PDP, but he’s causing confusion with his utterances.

“We are not dabbling into his government and he has no right to tell us how to run the party here. We have an order of the court stopping the congress. The governor cannot overrule the court.

“He should behave like other governors who do not dabble into the running of the party at the national level. He should learn from Governor Olusegun Mimiko of Ondo State who respect the party and the President of the country.

“The order of the court was even published in three national dailies and therefore, he can’t deny he was not aware.

“Our National Legal adviser who is the Chief Legal Adviser of the part, Mr. Victor Kwon, has advised that we comply with the order and we are complying with it. We are not above the law of the land.”

Oladipo said whatever result that come out of the convention would not be respected by the party as it would amount to waste of time and resources.

According to him, “Those who want to claim they want to organise any conference are doing that on their own, not on behalf of the party.

“Whatever come out of it would be null and void because we are not monitoring it just as the Independent National Electoral Commission has also been informed about the order of the court.

“So, the commission will also not be part of any illegality . We definitely won’t be part of it.”

Our correspondent gathered that INEC had been served with the court order and had directed its officers to stay away from fine congress.

But the governor said he was attending the congress as a loyal member of the party.

The governor, who spoke with through his Media Aide, Mr. Lere Olayinka, said he was only invited to attend the congress.

He said, “Fayose is not a member of the NWC, he isnot a member of the congress committee but he was invited as a member of the party.

“The congress committee is in Akure and that’s why we are attending. Oladipo is an interested party. The governor is interested in the smith-running of the party. The party is not run on the pages of the newspaper.

“If the national chairman said he was not aware of the court order as at Friday, why trying to stop the congress then? Fayose is not interested in any crisis. “
http://www.punchng.com/fayose-causing-confusion-party-pdp/

Nairaland / General / Fuel Price: NLC To Go On Strike Wednesday by oluwapoju(m): 9:05am On May 14, 2016
The emergency meeting of the National Executive Committee of the Nigeria Labour Congress on Friday took a decision to embark on “total strike” on Wednesday to protest the increase in the fuel pump price from N86 and N86.50k to N145 per litre by the Federal Government.

The meeting, which was also attended by all the major civil society organisations based in Abuja, was chaired by the President of the NLC, Mr. Ayuba Wabba.

The meeting, which was held at the Olaitan Oyerinde Hall of the Labour House, Abuja, started at about 4pm and ended by 5:25 pm.

A senior labour leader, who confided in one of our correspondents, said that leaders of the NLC took a unanimous decision to condemn the price increase and mobilise workers for a nationwide protest on Wednesday to prevail on the government to reverse the action.

The source said that the NEC decided to fix the planned action for Wednesday to give a two-day period to the government to reverse the increase which they described as harsh and inimical to the existence of the poor Nigerians.

However, the President of the NLC, Mr. Ayuba Wabba, told journalists shortly after the meeting that the decision of the NEC would be made known at a press conference on Saturday.

Wabba said the decision of the NEC would be reconciled with that of the Trade Union Congress.

He said, “Comrades, we have had our meeting, but we cannot talk to you now. We have a press briefing for tomorrow at 12noon. We will address the press jointly with the TUC and our position will be made known to the media and the country.”

A source at the meeting said the decision to embark on a nationwide strike was not opposed by any of the labour leaders.

The source said that the unionists expressed frustration that the President, who they supported in the last general elections, did not accord them the expected respect.

The source said the members lamented that the way the pump price was increased without consultation with labour showed that the government did not have any regard for workers.

According to the source, members recalled that in spite of the fact that a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, provided the statistics and other reasons for the increase, and the former President Goodluck Jonathan invited them to a dinner where he spoke to them, the move was turned down.”

The source said, “We told you that the meeting was going to be smooth and short. The fact is that the people are not happy.

“The NEC is even saddened by the way the increase was announced; there is no respect, no consultation. Look, this was not the case in 2012 under Jonathan. I remember on that night of the dinner, Okonjo-Iweala did her presentation showing us her statistics and the President spoke to us. Yet in spite of that we turned him down.

“But in this case, there is no regard for anybody at all yet we worked for this government.

“If you are insisting that the meeting was stormy, how come that it did not last for a long time? The fact is that after the introduction which took some time, the NEC tabled the issue and a decision was taken unanimously to embark on a national strike on Wednesday. It is a total strike not a warning strike.”

TUC gives FG five days ultimatum

On its part, the Trade Union Congress of Nigeria has issued a five-day ultimatum to the Federal Government to meet with labour on the increase in fuel price to N145 or face industrial action.

While addressing journalists after its National Executive Council meeting in Lagos on Friday, the President of the congress, Bobboi Kaigama, said the congress had begun plans to protest against the petrol price increase.

He stated that the TUC rejected the hike in price of petrol from N86.5 to N145 per litre and demanded revert in price.

Kaigama said, “The NEC-in session rejected in its entirety the astronomical increase in the price of petrol from N86.5 per litre to N145 per litre and demanded that the government should revert to the old price regime with immediate effect.

“The NEC-in-session gave the Federal Government up till Wednesday, May 16, 2016, to invite the leadership of labour for discussion aimed at determining the appropriate way forward.

“The NEC-in-session also directed the leadership of the TUC to interface with the NLC and the civil society allies to work out plans that would be put in place to protest the insensitive fuel price hike should the government fail to meet on Wednesday, May 18, 2016.”

Speaking at the sidelines of the press briefing, the TUC Deputy President, Mr. Sunday Salako, said that labour was not consulted before the fuel price increase but was only informed of the government’s decision at the meeting with the Minister of State for Petroleum, Ibe Kachikwu.

He said, “We were not consulted. If we were consulted, we would have made our input. If there is need for any deviation from the old price, all stakeholders will sit down and we will discuss to fashion a way out.

“There is a difference between a meeting and a briefing. What was done was a briefing. You invite the people and sit them down and read out what you have prepared. Is that a meeting?”

Copyright PUNCH.
Visit [url]Naijastaytune.com[/url] for more news updates

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Business / Naira Falls To 360 As Dollar Demand Rises by oluwapoju(m): 8:23am On May 14, 2016
Femi Asu

The naira weakened further on Friday, trading at 360 to the United States dollar at the parallel market, amid a rise in demand for dollars by fuel importers.

The local currency stood at 341 at the unofficial market on Thursday, a day after the Federal Government announced the removal of fuel subsidy and a new petrol price band of N135 to N145 per litre.

The government said fuel importers were allowed from now on to get dollars from the parallel market to help ease acute shortages – likely to result in increased demand for dollars, and more pressure on the naira, as importers increased their orders.

Meanwhile, it was being rumoured in some quarters that the Central Bank of Nigeria had secretly devalued the naira.

When contacted, the spokesperson, CBN, Mr. Isaac Okoroafor, said it was not true that the naira had been devalued.

However, traders and financial experts have attributed the drop in the naira value to demand pressure from buyers, speculation, the announcement that fuel marketers should source forex from the secondary sources and hoarding.

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “More speculators are taking a position in the market, causing dollar scarcity and fall in the value of the naira. There is the need for intervention from the Central Bank of Nigeria. If not, the speculation will continue and the currency may fall to 380.”

The Head of Investment Research, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said if the CBN failed to take an immediate action by adjusting the naira, the pressure on the naira would be very significant.

He said, “I think the knee-jerk reaction being witnessed in the parallel market can be linked to new development within the oil space that now allows oil importers to buy foreign currency from the parallel market.”

Copyright PUNCH.
Visit [url]Naijastaytune.com[/url] for more news updates

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