NEWS

Naira Appreciates To N315.93/Dollar

Published

8 years ago

August 25, 2016

Naira, yesterday, appreciated by 3.52 per cent to close at N315.93 to a dollar at the interbank market,prompting calls for foreign investors to take advantage of the appreciation.

However, the naira suffered a loss in value as it depreciated at the parallel market to trade at N402 per dollar, weaker than N397 it traded at its previous session as dollar shortages gripped the official market.

The naira, which hit fresh record low since the central bank floated the currency on the official inter-bank market in June, first touched N400 on the black market this month. On the inter-bank market yesterday, no trade was posted until three minutes before the end of the session, when the central bank which has been reducing its dollar sales, intervened, traders said.

Only three deals worth $0.75 million were traded at 305.50 per dollar, a level the market has closed at since Monday. Specifically, according to Bloomberg, in the last two weeks, Exotix Partners LLP and Standard Bank Group Ltd. have told clients; most of who fled after the country started imposing capital controls from late 2014, that they should start buying naira assets again.

The naira which has been the worst-performing currency this year among more than 150 globally has depreciated 37 percent against the dollar since the Central Bank of Nigeria, CBN abandoned its peg on June 20, while bond yields have jumped to more than 20 percent. The naira strengthened 4.6 percent to 315 per dollar on Tuesday after falling to a record 350.25 on August 19, 2016. “The cheap naira is attracting foreign investors,” said Lutz Roehmeyer, a money manager at Landesbank Berlin Investment, which oversees about $12 billion of assets. “At 325 per dollar, the naira is too weak” and Landesbank anticipates a rebound, he said. Roehmeyer’s funds have doubled their holdings of naira debt, albeit in the form of bonds issued by the World Bank’s International Finance Corp. rather than the Nigerian government, to the equivalent of around $9.2 million this month, he said.

The CBN fixed the currency in February 2015 at 197-199 per dollar to stop it plunging amid the decline in the price of oil, on which Nigeria depends for 90 percent of exports and the bulk of government revenue. He relented after 16 months as the country stumbled toward a recession and foreign reserves fell to their lowest level in 11 years. The naira has now weakened more than any other major oil currency since mid-2014, when crude prices started retreating. It’s lost almost half its value against the dollar in that period, compared with 46 percent for Kazakhstan’s tenge and 35 percent for the Colombian peso.

That makes it a good time to buy Nigerian one-year Treasury bills with yields of about 22 percent, Stuart Culverhouse, chief economist at Exotix in London, wrote in an Aug. 9 note. The potential return is more than 33 percent if the naira strengthens to its fair value of 290 against the greenback, he said.

Source: vanguard.ng

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MOVIES

Historical Drama, “Hijack ’93” Ranks Third On The Netflix Global Chart

Published

18 hours ago

November 12, 2024

Reporter

Hijack '93 Ranks Third On The Netflix Global Chart | fab.ng

Hijack ‘93 is produced by Play Network Studios in collaboration with Native Media TV. The film currently holds the third spot on the Netflix Global Chart.

Since its release on October 25, 2024, the film has garnered over 10.6 million watch hours and more than 7 million views. This has made it so popular among audiences worldwide.

Drawing inspiration from real events in Nigeria, the film captures the dramatic hijacking that occurred on October 25, 1993. On that fateful day, four young Nigerian men seized control of a Nigerian Airways flight en route from Lagos to Abuja. The names of these men are Richard Ogunderu, Kabir Adenuga, Benneth Oluwadaisi, and Kenny Rasaq-Lawal.

In a daring act of protest against the June 12 elections, they diverted the plane and forced the pilots to land in the Niger Republic.

Their bold actions aimed to pressure the government into handing over power to MKO Abiola, the presumed winner of the annulled presidential elections.

Charles Okpaleke, the studio’s visionary, first announced the plans for “Hijack ‘93” in 2021.

This was after building on the momentum of previous successful Play Network productions like “Blood Vessel” and “Glamour Girls”.

He emphasized that this film would go beyond merely recounting past events. It would incorporate firsthand testimonies from those directly involved.

This approach adds authenticity to the narrative. Also brings deeper insight into the motivations and consequences of the incident.

The film showcases an impressive cast. The cast includes Jemima Osunde, Idia Aisien, Ego Nwosu, John Dumelo, Yakubu Muhammed, Efa Iwara, and Nancy Isime.

Joining them are talented actors Sharon Ooja, Sani Muazu, Adam Garba, Allison Emmanuel, Oluwaseyi Akinola, and Nnamdi Agbo.

Together, they deliver compelling performances that capture the intensity and emotional depth of this historic event.

With its gripping storyline and strong cast, “Hijack ‘93” continues to captivate viewers and build on the legacy of Nigerian cinema.

MUSIC

Tems Extends Her Record As The Most Certified Nigerian Female Artist In The US

Published

19 hours ago

November 12, 2024

Reporter

Tems most certified Nigerian female artist record in the US | fab.ng

Tems’ single “Found,” featuring Brent Faiyaz, has officially sold over one million copies in the United States, earning it eligibility for an RIAA platinum plaque.

This track is one of the standout songs from her sophomore EP, “If Orange Was A Place”, which she released in 2021.

“Found” achieved remarkable commercial success, particularly after Tems gained widespread international recognition due to her memorable appearance on Wizkid’s global hit, “Essence.”

This newfound visibility catapulted the song to greater heights, making it a fan favourite. Currently, “Found” has amassed over 119 million streams on Spotify, making it one of the most streamed songs in her expanding discography.

Tems (@temsbaby) and Brent Faiyaz’s “Found” has now sold over 1 million units in the US. pic.twitter.com/8TV93Swbn6

— chart data (@chartdata) November 12, 2024

With this recent platinum certification, Tems now proudly holds three RIAA platinum plaques, thanks to her collaborations and solo efforts.

Her previous platinum certifications include the chart-topping hit “Wait For U” with Future and Drake, and her deeply personal solo track “Free Mind,” which has captivated audiences worldwide.

In addition to her platinum achievements, Tems recently earned RIAA gold certifications for both her soulful single “Higher” and her debut EP “For Broken Ears”.

This recognition has further cemented her place in history as the first Nigerian female artist to receive an RIAA gold-certified album.

Her trailblazing accomplishments have also placed her among fellow Nigerian artists like Rema and Wizkid, who have achieved significant RIAA certifications for their projects.

Wizkid’s acclaimed album “Made In Lagos” and Rema’s debut album “Rave & Roses” have both reached RIAA gold status, underscoring the impact of Nigerian artists on the global music scene.

Through her consistent artistry and ability to connect with listeners, Tems continues to break barriers and elevate Afrobeat music to new global heights.

MOVIES

Genoveva Umeh Bags 2024 TFAA Prize For Acting Of The Year

Published

2 days ago

November 11, 2024

Reporter

Genoveva Umeh Bags TFAA Prize For Acting Of The Year | fab.ng

Nollywood actress Genoveva Umeh won the TFAA Prize for Acting at the 18th edition of The Future Awards Africa (TFAA), held on November 10, 2024.

This prestigious recognition highlights her exceptional talent and contribution to African cinema.

The African film industry continues to expand its influence on the global stage. Therefore, platforms like The Future Awards Africa play a crucial role in recognizing and nurturing emerging talents.

Widely regarded as one of Africa’s most esteemed awards, TFAA celebrates young changemakers, visionaries, and innovators across multiple fields.

In the acting and film category, the awards focus on honouring young actors and filmmakers. These are those who are breaking new ground in storytelling and reshaping global perceptions of African cinema.

With this year’s theme, “Celebrating the Great and Daring”, the awards featured an impressive list of nominees spanning 23 categories. They are education, law, professional services, entrepreneurship, agriculture, technology, photography, acting, and music.

The 2024 edition specifically spotlighted individuals who have made significant strides in the film industry, despite the various challenges it faces.

Genoveva Umeh, a British-Nigerian actress, emerged victorious in the acting category. Indeed, she has been making waves in the entertainment world.

This is particularly true for her breakout role in Nigeria’s first Netflix original crime thriller series, “Blood Sisters”.

Additionally, she secured the Best Supporting Actress award at the 2024 AMVCA for her powerful performance in the Prime Video original, “Breath of Life”.

Her impressive accomplishments reflect her dedication to her craft and her ability to captivate audiences with her on-screen presence.

Umeh stood out among strong competitors, including fellow nominees Uche Montana, Mike Afolarin, Kayode Ojuolape, and Jide Oyegbile (J-Blaze).

Her win not only cements her status as a rising star but also reinforces the importance of platforms like TFAA in celebrating young talents who are redefining the future of African storytelling.