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Naira Appreciates To N315.93/Dollar

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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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ENTERTAINMENT

Why Fela Kuti Married 27 Women In One Day – Seun Kuti

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Why Fela Kuti Married 27 Women In One Day | Fab.ng

Seun Kuti, the son of the late Afrobeats pioneer Fela Anikulapo Kuti, has shared the reasons behind his father’s decision to marry 27 women. These women included his backup singers and dancers, all in one day.

In 1978, Fela Anikulapo Kuti made headlines worldwide by marrying 27 women in a single day. The act was seen as extremely bold and unconventional. This group marriage was not just a spectacle but had deeper motivations behind it.

Seun Kuti explained that Fela’s female dancers and band members were frequently subjected to harsh media scrutiny and were often labelled as prostitutes. This negative portrayal deeply concerned Fela, who has always challenged societal norms and media propaganda. To counter these damaging accusations and preserve the honour and dignity of these women, Fela decided to marry all 27 of them at once.

Seun elaborated that this act was Fela’s way of showing solidarity with his band members and dancers.

It affirmed their importance and value in his life and work. By marrying them, Fela aimed to protect them from societal stigma and ensure they were respected.

In a recent interview on the “Fresh Off The Boat” podcast via Skype, Seun shared these insights. He highlighted his father’s commitment to challenging societal norms and defending the people close to him. This act of marrying 27 women was another example of Fela’s rebellious spirit and desire to stand up against injustice and societal prejudice.

“My father was under immense media propaganda. He was very scrutinised. And most of it were directed to the women that were in his life—his female backup singers, dancers.”

“They all lived together with my dad, but the media started calling them prostitutes. So my dad, in order to preserve their honour and dignity, asked them if they would choose to be his brides, so nobody would call them names anymore, and they all agreed. That was how the marriage happened.”

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NEWS

Adebayo Salami Celebrates Five Decades In Nollywood

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Adebayo Salami celebrates five decades in Nollywood | Fab.ng

Veteran Nollywood actor Adebayo Salami, also known as Oga Bello, has been in the movie business for 50 years! To celebrate this achievement, the 72-year-old actor posted a black-and-white picture on Instagram with some of his fellow actors. He thanked God for his successful career and wonderful family. Oga Bello also said that even though actors might get tired sometimes, they never truly retire from their passion for acting.

He wrote, “With over 5 decades of committed practice in Nollywood, I am indeed most grateful to Almighty God for His unending blessings over my career and family. Actor only gets tired, actor does not retire. Get ready for what is coming soon.”

 

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A post shared by Adebayo Salami (@adebayo.salami)

Adebayo Salami’s acting career started way back in 1964. He joined a group called Young Concert Party, led by Ojo Ladipo (Baba Mero). This group’s name changed a few times, from Ojo Ladipo Theatre Group to finally Awada Kerikeri Theatre Group. When Baba Mero passed away in 1978, Salami became the leader of the group. This put him in the spotlight and helped him get noticed.

Salami also made movie history. He appeared in the very first Yoruba film ever made, called “Ajani Ogun.” The lead role in that movie was played by Adeyemi Afolayan, the father of well-known actors Kunle Afolayan and Gabriel Afolayan.

In 1985, Salami didn’t just act, he also produced his first movie, “Ogun Ajaye,” with his Awada Kerikeri group. Since then, he’s become a well-rounded movie talent. He acts, directs, and produces movies all the time, making him a big player in the Yoruba film industry.

It seems acting talent runs in the family! Salami has two sons, Femi and Tope Adebayo, who have become successful actors and movie producers themselves.

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NEWS

Mayorkun Finally Addresses Nicki Dabarbie’s Ritual Allegations

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Mayorkun addresses Nicki Dabarbie’s ritual allegations | Fab.ng

Afrobeats singer Mayorkun has responded to claims made by social media influencer Nicki Dabarbie. She accused him and his colleague, Skiibii (Abbey Elias), of attempting to use her for a ritual.

On April 19, 2024, Nicki Dabarbie accused Mayorkun and Skiibii of plotting to use her for a ‘money ritual’. She supported her claims with pictures and videos describing the incident.

Mayorkun took to his X page to deny all the allegations. He stated that he had never met Nicki Dabarbie and was unaware of her existence before the allegations.

Mayorkun mentioned that he initially wanted to let the court handle the situation, but the spread of false information prompted him to speak out. He stressed that he did not know Dabarbie and warned fans about the dangers of cancellation culture and its potential harm to his life and career.

He wrote:

“You know, I was going to let this remain as a court case but when I checked the comments under some of the blogs where these ridiculous allegations were posted, I was quickly reminded of how gullible most people are on the internet and how they are ready to run along, spreading any negative news without any form of clarity.

“Just for the record, I never met that person on the said day, still never seen that person till this day, never knew about that person’s existence not until those allegations came up.. yet she claimed I put ‘something’ in her drink. A lot of people believed that story, and you think I’ll let this libelous claim fly? No!”

He added,

“I wanna re-instate, I have never seen this person before, even as I am typing this! I still haven’t set my eyes on this person.. Like, what else can I say? How else can I prove this? There’s no need for me to ask for an apology where I won’t get any. I just needed to say this publicly and get it off my chest.. cos if it was a case of ‘cancellation’ as many people are quick to do, I for don go back to dey find work for bank.”

He stated that he would pursue additional charges against her, even though she is currently in prison on unrelated charges.

Earlier, Mayorkun had threatened to file a N1 billion lawsuit against Nicki Dabarbie.

Get more updates here.

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