₦airaland Forum

In Nigeria, there are multiple exchange rates for Dollar to Naira including the parallel market, which is popularly referred to as the black market.
The black market which is largely unregulated is the source of forex for most Nigerians.

In recent times the exchange rate at the parallel market has been very unstable. However, for the month of April 2023, the exchange rate for the Dollar to Naira has remained stable as observed in an online currency tracker website [url*]http://abokimallamfx.com[/url].

The rate has hovered between N737 and N740 to a dollar in the month of April with an avarage rate of N740/Dollar.

Nigerians to pay more for smoking as the government is set to increase excise tax on tobacco products by 20 per cent to 50 per cent as part of effort to control tobacco smoking in the country.

This was disclosed in Abuja by Dr Mangai Malau, Head, Tobacco Control Unit, Non-communicable Disease Division, Federal Ministry of Health, at the National Tobacco Control Budget Advocates Meeting on Tuesday.

He presented a paper titled, “Overview of Tobacco Control Funding/Budgeting in Nigeria: Why Tobacco Control Budgeting and Funding?

The Federal Government imposed a 30 per cent tax on tobacco products but its target was to increase to 50 per cent in order to meet the World Health Organization standard, Malau said.

Speaking further, he said funding for tobacco control must come majorly from taxation and there is also a need to apply tax measures rightly if they are to address the issues of tobacco control in the country.

Malau said, “in effectively controlling tobacco and tobacco products in Nigeria, funding is a critical component. The WHO Framework Convention on Tobacco Control recognises this and clearly stipulates in Article 26.

“It states that parties shall provide financial support in respect of its national activities intended to achieve the objective of the Convention, in accordance with its national plans, priorities and programmes.

“It is also important to state that funding is a major provision of the National Tobacco Control Act.

“Section eight of the Act, provides for the Tobacco Control Fund, which shall be used to fund tobacco control activities programmes and projects.”

“Tobacco use and exposure to secondhand smoke is a leading cause of mortality, morbidity, disability and impoverishment in the world.

“It is the greatest risk factor for non-communicable diseases like hypertension, stroke, cancers, diabetes and chronic obstructive pulmonary diseases.

Read more interesting articles at [url*]https://abokimallamfx.com[/url]

The global market for children’s over-the-counter cough, cold and allergy remedies in 2022 was worth about $2.5 billion, according to market research firm Euromonitor.

These medicines combine active ingredients such as paracetamol (known as acetaminophen in the United States) to reduce fever with a syrup made from glycerin or propylene glycol that is safe, sweet and easy to swallow.

In Gambia, imported cough syrup for children was found by global health officials to be contaminated with two highly toxic substances: ethylene glycol (EG) and diethylene glycol (DEG). Both can be a byproduct of making propylene glycol, said Dr Chaitanya Kumar Koduri, director of regulatory engagement at U.S. Pharmacopeia (USP), a non-profit that helps set drug-making standards globally.

The full story is available at https://abokimallamfx.com/how-cough-syrup-gets-poisoned/

The Nigerian communication industry regulator, the Nigerian Communication Commission (NCC) late Tuesday released a list of harmonized shortcodes for mobile networks in the country.

This implies that all network providers will be using the same short codes for the same service. That is customers of MTN, Airtel, 9mobile, and Glo mobile networks will access the services of their individual network providers with the same short codes.

According to the regulator, the new codes are 300 to be used as the unified code for call center/help desk across all mobile networks; 301 for voice mail deposit; 302 for voice mail retrieval; 303 for borrow services; 305 for STOP service; 310 for check balance, and 311 for credit recharge.

Also, the code for data plan across networks is now 312, 321 is for share services, 323 is for data plan balance while 996 is the unified code for the verification of Subscriber Identity Module Registration/NIN-SIM Linkage.

A telecommunications expert, Ajibola Olude, told The PUNCH, that the new codes are designed to help make telecommunication services easier and less burdensome for both the users and the network providers. He stated that the new harmonized short codes adopted by the NCC were a welcome development in the telecoms industry adding that this had been the global practice.

He explained that this means that “you have unified numbers irrespective of your network provider.

The complete story is available at https://abokimallamfx.com/benefits-of-the-new-unified-ncc-short-codes-to-nigerians/

A case of polio in New York, United States was confirmed on Thursday by the New York State Health Department.

According to the state health department, a resident of Rockland County, a suburb of New York City, tested positive for polio and has been confirmed by the Centers for Disease Control and Prevention.

This is the first known case of polio infection in the United States in nearly a decade since 2013 and the first time New York state has confirmed an infection since 1990 when there were two cases.

The department further stated that the individual was an unvaccinated adult who experienced significant symptoms, including paralysis, and had to be hospitalized.

Since 1979 when the U.S became polio-free, no cases of polio have originated in the United States, said the CDC.

The state health department said the polio strain caught by the Rockland County resident, known as revertant Sabin type 2 virus, suggests the chain of infection began with someone who received the oral polio vaccine.

People who receive the oral polio vaccine can spread the virus to others. The vaccine contains a mild virus strain that is still able to replicate.

The full story is available at [url]abokimallamfx.com[/url]

A report by Abokimallamfx.com

The Chief Executive Officer of Tesla and SpaceX, Elon Musk was sued on Thursday for $258 billion over an alleged pyramid scheme to support the cryptocurrency.

A Dogecoin investor, Keith Johnson, the plaintiff filed a complaint in a Manhattan federal court.

Elon Musk, and his companies, electric car company Tesla Inc. and space tourism company SpaceX are accused of racketeering for promoting Dogecoin and escalating its price, only to then let the price crash.

According to the complaint, the cryptocurrency's selloff began around the time Musk hosted the NBC show “Saturday Night Live and, playing a fictitious financial expert on a “Weekend Update” segment, called Dogecoin “a hustle.”

“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the complaint said. “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.”

In February 2021, Tesla announced that it had bought $1.5 billion of bitcoin and for a short time accepted it as payment for vehicles.

The complaint also includes comments from Warren Buffett, Bill Gates, and others questioning the value of cryptocurrency.

Tesla, SpaceX, and a lawyer for Musk did not immediately respond to requests for comment.

A lawyer for Johnson did not immediately respond to requests for comment on what specific evidence his client has or expects to have that proves Dogecoin is worthless and the defendants ran a pyramid scheme, reports insurancejournal.com, an online insurance news media.

The plaintiff is seeking $86 billion in damages, representing the decline in Dogecoin’s market value since May 2021, and wants it tripled.

He also wants to stop Musk and his companies from promoting Dogecoin and a judge to declare that trading Dogecoin is gambling under federal and New York law.

The case is Johnson v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.

[url]abokinallanfx.com[/url]

https://abokimallamfx.com/what-you-should-know-about-mtn-momo-psb-license-and-financial-services/


MTN Nigeria was recently given final approval by the Central Bank of Nigeria (CBN) to provide Mobile Money (MoMo) Payment Service Bank (PSB).

The apex bank aims to improve the financial inclusion of the most unbanked rural population and also increase competition, particularly among commercial banks and Fintechs through the licensing of mobile communication firms to provide mobile money services.

However, the communication firm’s PSB license does not confer on it the power to operate as a commercial bank. The operations of Commercial Banks and PSBs are clearly different.

About MTN Momo Payment Service Bank
Payment Service Banks (PSBs) are to function in rural areas and areas where Nigerians do not have bank accounts. This indicates that MTN expects to have at least 50% of physical access points (also known as kiosks) in rural areas. (Read full in the link below)

[url]https://abokimallamfx.com/what-you-should-know-about-mtn-momo-psb-license-and-financial-services/[/url]

[urlhttps://abokimallamfx.com/petrol-to-cost-more-in-s-west-as-marketers-set-to-increase-pump-price/][/url]
The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday, said it may direct its members in the South West to increase the pump prices of Premium Motor Spirit (PMS), as well as the AGO, popularly called Diesel should the appropriate Federal Government’s regulatory agency fails to address the continuous non -supply of the products to its members.

IPMAN’s South West Zonal Chairman, Alhaji Dele Tajudeen, who made the disclosure while addressing journalists in Abeokuta, the Ogun State capital, said his members had for the past six months, not been able to access supplies of the products from any of the six government’s owned depots, but resorted to making a purchase from the private depot owners, who had continued to exploit the situation to put an extra cost on his members.

Tajudeen explained that the Federal Government’s depots at Mosimi in Sagamu, Ogun State, Ibadan, Lagos, Ore in Ondo State as well as the one in Ilorin, Kwara State capital had all refused to load any of the independent marketers.

The development, he said compelled his members to start making purchases from the private depot owners since January 2022.

The IPMAN Zonal Chairman further disclosed that these private depot owners had, however, decided to take advantage of the non-availability of the products at the government’s depots to jack up the loading price to between N157 and N158, “excluding the transportation cost to our various destinations”.

“So, by the time we add the cost of transportation to the purchasing amount, we will be arriving at a sum above N165, which is the government-approved pump dispensing price”.

“But sad enough, the regulatory agency appeared incapacitated to control and compel these private depot owners to sell at the government’s approved price for us”.

“As of today, the purchasing price of diesel has increased by 400%. Again, I want members of the general public to know that cost of transporting the product ranges between N6 to N8 and N10 depending on where the products are being transported to from the Lagos private depot where we make purchases”.

“I wish to equally intimate you that making purchases from these private depot owners is not the ultimate end, we also have some overhead costs to bear like running an electricity generator to power our filling stations; paying the staff salaries, as well as servicing the bank loans among other costs.

“So, by the time we have to add the cost of transportation with the purchasing amount, this situation clearly implied that we as independent marketers will be left with no other option than to dispense the products for nothing lesser than N175 to N180 for customers in the Lagos to Ibadan axis, while those within the Ogbomoso and Ilorin axis may have to buy at a dispensing pump price of N200 per litre.

“Now, we want to let members of the general public to be aware that the fault is not coming from our end, rather, it is the failure of the regulatory agency to direct the government’s depots to sell the products for us at their depots and at the government’s approved price”, he stated.


https://abokimallamfx.com/petrol-to-cost-more-in-s-west-as-marketers-set-to-increase-pump-price/

Commodities in the market too are greatly affected by the rising cost of dollars in the black market. Most manufacturers source forex from the black market as a result of shortage and strict bureaucratic procedures in the official market.

The quality and quantity of manufactured commodities have dropped to enable companies to break even.

Every day I check out the Dollar, Pounds, Euro, Yuan to Naira exchange rate on abokimallamfx.com with the hope that it will get better.

https://abokimallamfx.com/the-implications-of-high-cost-of-dollars-in-nigerias-black-market/

The scarcity of the US dollar in recent times in Nigeria has piled pressure on the local currency, the naira.

Analysts have attributed diminishing foreign investment, and rising cases of oil thefts, as responsible for the scarcity of foreign-denominated currencies in the country’s currency market.

The difficulty in the repatriation of funds by foreign investors has further worsened the situation.

Stakeholders in Nigeria's currency market argue that the demand pressure is a reflection of a weak supply in other segments of the FX market, however, some others are of the opinion that the apex bank's suspension of bureaux de change's participation in its foreign exchange sales in 2021 is largely responsible.

Implications

At the black market or parallel market, brokers illegally exchange foreign currencies for naira in Nigeria at rates that are usually above the official exchange rates of the country.

This difference between the black market and the official exchange rate is known as the parallel market premium - which is basically a “laundering charge” paid by individuals who are buying dollars but may not have any right to do so.

The market aids illicit financial flows, currency rackets, arbitrage, and indiscriminate round-tripping.

Some black market traders craftily create an artificial shortage of foreign exchange so as to sell the same at a higher rate to willing buyers.

Another setback is the loss of revenue to the government as the parallel market transactions are not taxed by the government.

The market has a significant signaling effect on the economy which often leads to speculations that the local currency will be devalued over an increasing parallel market premium.

More transactions are likely to move in the direction of the parallel market as long as the difference between the official and black market rates remains huge. This will negatively impact foreign investment as the more disjointed a market is, the less attractive it is to foreign investors as it increases market risk.

Local businesses will continue to experience a higher cost of transactions as most source their foreign exchange needs from the black market as a result of the bureaucratic processes of many Nigerian banks in processing their offshore transactions.

AstraZeneca drug cocktail passes late-stage study in Covid-19 treatment

An AstraZeneca experimental drug for Covid-19 antibody treatment has passed a late-stage study, [url]abokimallamfx.com[/url] reports.

The pharmaceutical giant revealed on Monday, that the drug called AZD7442 has succeeded in reducing severe disease or death in non-hospitalized patients.

Mene Pangalos, the executive vice president, biopharmaceuticals R& D at AstraZeneca, said, “an early intervention with our antibody can give a significant reduction in progression to severe disease, with continued protection for more than six months.”

He added that the British drug manufacturer will discuss all available data with health authorities.

The drug has met the main goal of the trial, as it has proven to reduce the risk of developing severe Covid-19 or death by 50%, in patients who had been symptomatic for seven days or less.

AZD7442 is also being developed to serve as a therapy to protect people who do not have a strong immune response to Covid-19 vaccines.

In a statement, Hugh Montgomery, the trial Principal investigator, said that “These positive results show that a convenient intramuscular dose of AZD7442 could play an important role in helping combat this devastating pandemic”.

Also last week, AstraZeneca requested emergency approval of its drug cocktail from United States regulators for its use in prevention.

Merck antiviral drug had also shown similar results as AZD7442.

The results of both trials have been described as a landmark breakthrough, considering the global impact Covid -19 has had, sending economies crashing and killing millions of people.

Following multiple trials, AstraZeneca’s drug is the first to show positive potential as preventative medicine and as a treatment for Covid-19.

It has been approved for emergency use in the United States for treating mild-to-moderate forms of Covid-19.

http://abokimallamfx.com/astrazeneca-drug-cocktail-passes-late-stage-study-in-covid19-treatment/

In February, the Nigerian Inter-Bank Settlement System (NIBSS) released the third quarter Industry Fraud Report, which found that Nigerian banks lost N3.5 billion between July and September 2020 to fraud-related activities. This represents a 534-percent increase from the same period in 2019.

It also means that more Nigerian bank customers lost more money to online bank criminals in the quarter than in previous years.

The highest number of fraudulent cases (35.5% of the total) was committed on the web channel – transactions that are done using a web browser – making it the channel with the most number of cases. It is followed by fraud over mobile devices. Transactions done over phones were responsible for a loss of N410 million at 11.7 percent of the entire loss value.

Experts say the rise in electronic fraud activities is because more customers now use electronic channels for their transactions due to intensified awareness from the banks (targeted to draw customers to digital platforms), the convenience of using e-channels, the effect of COVID-19, which promotes virtualization of many processes including banking, and others.

“Banks have done a good job; so more people are using e-channels for transactions. COVID-19 also made this adoption accelerate significantly. Unfortunately, not everyone is very sophisticated or even careful,” Adedeji Olowe, CEO of Trium and a trustee of Open Banking Nigeria, told BusinessDay.

Since 2014, when it introduced the cashless policy, the Central Bank of Nigeria (CBN) has intensified efforts with the release of new guidelines that encourage operators in financial services to push out more electronic-based products and services.

While e-payment channels and mobile devices grew and advanced, user education of the products and services has not grown at an equal proportion.

In order not to fall prey to this menace, Babs Ogundeyi, CEO of Kuda Bank, a digital banking company, advised the best way for customers to protect themselves was never to share their credentials with anyone.

“Don’t fall for phishing sites and most importantly, don’t participate in any get rich quick scheme. If it is too good to be true then it is most likely not true,” Ogundeyi said.

“Example, a large percentage of people who use debit cards still use their date of birth as their card PIN. Many people’s first name is still their internet banking password, some customers even use numbers as simple as 1234 as PIN or password to their accounts,” Ajani said.

Read more via this link.


http://abokimallamfx.com/how-to-protect-yourself-from-e-banking-fraud/

The National Health Service (NHS), England has approved a drug it described as revolutionary, named Crizanlizumab, for Sickle Cell Disease treatment.

Sickle Cell Disease, SCD, is a genetic hereditary disorder that occurs when an individual has inherited two mutant (abnormal) hemoglobin (Hb) genes from both parents, at least one of which is HbS and the resulting symptoms and signs are due to abnormality in the shape of red blood cells.

The disease affects millions of people across the world.

Crizanlizumab is produced by Novartis and is the first treatment available for the disease.

The approval of the use of this drug in Sickle Cell Disease treatment is a welcome development that is expected to bring huge relief to millions of sufferers who have had to endure severe pain during their ‘sickle cell crisis.

This crisis can occur multiple times in a year, often leading to several hospitalizations with attendant financial cost implications and fatal organ failure.

According to Amanda Pritchard, the chief executive of NHS, the drug would help thousands of people over the next three years to have a much better quality of life.

About the Drug
The drug, Crizanlizumab is injected into a vein and can be taken on its own or alongside standard treatment and regular blood transfusions. It is produced by Novartis.


It was observed during the trial of the drug, that patients taking it had a crisis 1.6 times a year on average, compared to a normal average of three-time yearly.

Sickle Cell Disease in Nigeria
An estimated 25% of the adult population in Nigeria are carriers of defective S-gene.

The Minister of Health, Dr. Osagie Ehanire disclosed this recently, saying that records showed that the disease affects nearly 100 million people in the world and is responsible for over 50 percent of deaths in those with the most severe form of the disease.

Ehanire said sickle cell is the most prevalent genetic disease in Africa, adding that in many countries including Nigeria, 10 to 40% of the population carry the sickle-cell gene resulting in an estimated SCD prevalence of at least 2%, according to ThisDay.

In his word, the Minister said, “Nigeria currently has the highest burden of Sickle Cell Disease in the whole World ahead of Democratic Republic of Congo and India, with an estimated 25% of her adult population being carriers of defective S-gene.

“WHO in 2015 estimated that 2% of newborns in Nigeria are affected by sickle cell anemia, giving a total of about 150,000 affected children born every year. About 50% –80% of the estimated 150,000 infants born yearly with SCD in Nigeria die before the age of five years and those that manage to survive, suffer end-organs damage which shortens their lifespan including stroke.”

http://abokimallamfx.com/sickle-cell-disease-gets-approved-treatment-drug/

Most sites don't post black market rates since CBN pronouncement. However, you can as of October 8, 2021, that is Friday, the rate was N772.00 in abokimallamfx.com site. You can go there to confirm the current rate.

http://abokimallamfx.com/nigerian-currency-naira-exchange-rate-today/pound-to-naira-black-market/