Currency
Onyeka Onwenu: Fela wanted to marry me but …
Veteran singer and actor, Onyeka Onwenu, has revealed that the late Afro beat music legend, Fela Anikulapo-Kuti approached her for marriage in the eighties. She however turned down his proposal during her visit to his club, ‘Kalakuta Republic’, because she was a possessive lover and did not want to be part of his harem Narrating how Fela proposed to her, Onyeka said, it was shortly after she had just returned from the United States. She had written an article in solidarity with him while he was in jail. He was arrested for attempting to travel with his band for a gig in London with the sum of 1,600 pounds for their hotel accommodation. At the time, carrying any amount of foreign currency was against one of the many decrees promulgated by the Buhari/Idiagbon military junta. After his releas...
US Democrat Senate wins push stocks higher despite Capitol chaos
Clean sweep by Democrats allows them to enact big-spending policies likely to benefit the economy, investors say. Global stock markets rose and bonds nursed losses on Thursday in anticipation of a big-borrowing and big-spending Democratic administration driving growth, following runoff elections that gave the party control of both houses of the United States Congress. On Wednesday, US Treasury bonds had suffered their steepest selloff in months after Democratic Party victories in two races in the state of Georgia handed them narrow control of the Senate and the power to pass their agenda. US S&P 500 futures rose 0.6 percent and Nasdaq 100 futures rose 0.9 percent as markets seemed to shake off a late fade that pulled Wall Street indexes back from fresh record peaks when chaotic protest...
PDP: Nigerians fed up with President Buhari’s government
The Peoples Democratic Party (PDP), on Sunday, maintained that Nigerians have become fed up with the Muhammadu Buhari administration and are now rallying under the main opposition party. In a statement issued in Abuja by its national spokesman, Kola Ologbondiyan, the PDP described the recent attack on it by presidential spokesman, Garba Shehu, “as a feeble kick of a weak horse, in another failed attempt to beguile Nigerians.” Recall that the presidential spokesman had described the PDP as “a university of lies.” The PDP said it is not surprised that “the Buhari Presidency is rattled by the bitter truth that Nigerians are fed up with President Muhammadu Buhari as well as his All Progressives Congress (APC) and are rallying on our platform to rescue our nation from misrule.” The party noted:...
PDP: Nigerians fed up with President Buhari’s government
The Peoples Democratic Party (PDP), on Sunday, maintained that Nigerians have become fed up with the Muhammadu Buhari administration and are now rallying under the main opposition party. In a statement issued in Abuja by its national spokesman, Kola Ologbondiyan, the PDP described the recent attack on it by presidential spokesman, Garba Shehu, “as a feeble kick of a weak horse, in another failed attempt to beguile Nigerians.” Recall that the presidential spokesman had described the PDP as “a university of lies.” The PDP said it is not surprised that “the Buhari Presidency is rattled by the bitter truth that Nigerians are fed up with President Muhammadu Buhari as well as his All Progressives Congress (APC) and are rallying on our platform to rescue our nation from misrule.” The party noted:...
Nigerian government borrows over N2 trillion from bond investors in 2020
Leveraging on excess liquidity that persisted in the banking system and the near zero yields on treasury bills (TBs), the Federal Government, through the Debt Management Office (DMO), raised N2.1 trillion from investors in its monthly bond issuance programme in 2020. This represents 33 percent, year-on-year, (y/y) increase when compared with the N1.58 trillion raised by the DMO in 2019. The N2.1 trillion raised in 2020 also represents 31 percent more than the N1.6 trillion funding target for the DMO under the Revised 2020 Budget. Meanwhile, the monthly bond auctions conducted by the DMO in 2020 recorded 275 percent oversubscription, reflecting scramble for the high yielding FGN bonds by investors. Newsmen report on monthly bond auction results show that the DMO offered N1.825 trillion wort...
Ever-present Boko Haram threat casts shadow in Niger
Seven years after the first Boko Haram attacks in southeastern Niger, people in the city of Diffa, dare not even speak the group’s name. Residents live in a state of siege, frightened and struggling with the economic impact of the Islamist threat. For fear of reprisals, people speak of “insecurity”, of the “problems” or the “current situation”. The fear is well-founded, according to one security source who says Boko Haram sympathisers in the city pass on information to the group. Among the poorest countries in the world, Niger, which is holding presidential elections on Sunday, faces jihadist groups from the Sahel in the west and Boko Haram in the east. “I don’t have 1,000 CFA francs (1.5 euros) in my pocket. I have been unemployed for four years,” says Abdou Maman, 46, who has two wives a...
Naira weakens to lowest in three years
The Naira yesterday weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages. The local currency depreciated to N495 to a dollar yesterday, lowest since February 23, 2017, widening the gap with the official rate of N379.5 to over 30 per cent. The currency traded in the interbank market at 389.74 as of 4:54p.m. in Lagos. Agency reports quoted traders as alleging a groundswell of diversion of dollars, a development which heightened scarcity of the green back in the parallel market this week. There is a diversion of inflows away from official channels to the parallel market due to the gap in rates, Murega Mungai, trading desk manager for Aza Finance said in a note Thursday. The market spread has created arbitrage opp...
Arabic inscriptions on naira doesn’t threaten Nigeria’s secular status – central bank tells court
The Central Bank of Nigeria has vehemently opposed a suit before the Federal High Court in Lagos praying that the Arabic inscriptions on naira notes be removed. A Lagos-based lawyer, Chief Malcolm Omirhobo, who filed the suit before Justice Mohammed Liman, contended that having Arabic inscriptions on the naira notes portrays Nigeria as an Islamic state, contrary to the country’s constitutional status of a secular state. Omirhobo, who said he does not know what the Arabic inscriptions mean, is praying the court to order the CBN to replace the Arabic inscriptions with either English language, which is the country’s official language, or any of Nigeria’s three main indigenous languages – Hausa, Yoruba or Igbo. According to the lawyer, with the Arabic inscriptions on the naira note, the CBN ha...
US: Malta seizes $1 billion in counterfeit Libyan money
Maltese authorities have seized counterfeit Libyan money worth $1.1 billion that was printed by a Russian firm and worsen the north African country’s economic problems, the US State Department said. There was no official statement on Saturday from Valletta although Malta Today newspaper had published a report about $1.1 billion in counterfeit money seized in Malta on its Facebook site that was no longer available. “The United States commends the Government of the Republic of Malta’s announcement May 26 of its seizure of $1.1 billion of counterfeit Libyan currency printed by Joint Stock Company Goznak – a Russian state-owned company – and ordered by an illegitimate parallel entity,” the State Department said. “The Central Bank of Libya headquartered in Tripoli is Libya’s only legitimate cen...
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