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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MUSIC

Ayra Starr Opens For Coldplay In Sold-Out Stadium Concerts

Published

5 days ago

November 5, 2024

Reporter

Ayra Starr opens for Coldplay in sold-out stadium concerts | fab.ng

Grammy-nominated singer Ayra Starr is achieving new heights in her career as she joins the legendary band Coldplay on their Australian tour.

Currently, the Music of the Spheres 2024 World Tour has Coldplay headlining 11 dates across Australia and New Zealand.

First, Ayra Starr joins Zimbabwean singer Shone and Australian X Factor contestant Emmanuel Kelly as opening acts for the multi-award-winning group. Consequently, this opportunity allows her to perform in front of large international audiences.

Moreover, at their Coldplay concert at Melbourne’s Marvel Stadium, Ayra Starr energetically entertains thousands of fans. Specifically, she performs her hit single “Rush” and additionally thrills the audience with popular tracks from her sophomore album, ‘The Year I Turned 21’.

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Her engaging stage presence and unique sound made an impression on Coldplay’s fans. Further marking yet another success for the Nigerian star, she continues to expand her global influence.

Adding to her impressive achievements, Ayra Starr features on Coldplay’s latest album, ‘Moon Music’. She collaborates with the band on the track “Good Feeling.”

This collaboration is particularly historic, as she becomes only the fourth woman to feature on a Coldplay track. Interestingly, she follows the likes of Rihanna, Beyoncé, and Selena Gomez, in the band’s nearly 30-year history.

Ayra Starr has enjoyed an exceptional 2024, which began with a historic Grammy nomination. Furthermore, this makes her the first Nigerian female lead artist to earn this recognition.

Her album, ‘The Year I Turned 21’, continued to build her commercial success with standout guest appearances from Nigerian stars Asake and Seyi Vibez, American R&B artists Giveon and Coco Jones, and Brazilian sensation Anitta.

Each collaboration has contributed to her global appeal, further establishing her as one of Africa’s top music exports.

Recently, Ayra Starr received nominations for the 2024 MTV EMAs in two categories—Best New Artist and Best Afrobeats.

As her global presence grows, she is set to represent Africa proudly at the awards show on November 10 in Manchester. This would mark another milestone in her remarkable journey.

MOVIES

Showmax To Screen “Princess On A Hill” At AFRIFF 2024

Published

5 days ago

November 5, 2024

Reporter

Princess on a Hill to screen at AFRIFF 2024 | fab.ng

In celebration of African storytelling, Showmax announces that its upcoming Nigerian Original drama, Princess on a Hill, will screen at the 13th edition of the Africa International Film Festival (AFRIFF) on Thursday, November 7, 2024.

Furthermore, the TV series brings a captivating story of ambition and corporate power struggles to the festival on its screening date.

Additionally, MultiChoice, Showmax’s parent company, will host a panel session titled “Crafting Local Content for Global Success,” which explores how African narratives can reach global audiences.

In this limited series, co-creators Abiola Sobo and Tolu Ajayi tell the story of Zara (Onyinye Odokoro), a young executive who enters a high-stakes corporate environment after winning a reality show.

Subsequently, she faces off against the fierce CEO, Moyosore Lawson (Bimbo Manuel). As a result, Zara must adapt to her new reality in the complex and cutthroat world of high-stakes business, where power struggles and ruthless competition dominate.

Moreover, the series showcases the complexities of power and ambition while demonstrating Showmax’s commitment to authentic African storytelling.

Meanwhile, MultiChoice will present an exclusive session at this year’s festival, focusing on “Crafting Local Content for Global Success.”

During this session, key industry players and stakeholders will lead discussions on Thursday morning, November 7, 2024. First, they will highlight local content’s importance in global entertainment.

Then, they will explore strategies to produce TV content that connects with diverse global audiences.

Above all, MultiChoice and Showmax actively support AFRIFF’s mission to elevate African filmmakers and create a global platform for African stories.

Finally, viewers can watch Princess on a Hill when it premieres on Showmax on Thursday, November 7, 2024.

Are you interested in staying updated? You can discover more exciting movie updates by visiting our website.

NEWS

Bobrisky Released On Bail After Denying 15 Million Naira Bribery Allegations

Published

6 days ago

November 4, 2024

Reporter

Bobrisky granted bail after denying N15m bribery allegation | fab.ng

The Economic and Financial Crimes Commission (EFCC) recently granted bail to Idris Okuneye, popularly known as Bobrisky, following his detention.

On Thursday night, Bobrisky was apprehended and removed from a KLM flight bound for Amsterdam at Lagos’s Murtala Muhammed International Airport while attempting to travel to London.

Subsequently, Bobrisky took to social media to inform his followers about his arrest, claiming to have sustained injuries during the incident.

He posted, “Nigerians, help me, EFCC just arrested me. I’m badly injured.”

After his arrest, officials transported him to the EFCC headquarters in Abuja for questioning over alleged bribery claims involving the commission.

The allegations arose when social media critic Martins Otse, known as VeryDarkMan, released a voice note reportedly featuring Bobrisky’s voice. In the recording, Bobrisky allegedly claimed he had bribed EFCC officials with N15 million to drop money laundering charges.

However, late on Friday, November 1, authorities processed Bobrisky’s bail, and he regained his freedom shortly after. EFCC spokesperson Dele Oyewale confirmed the release on Saturday but declined to provide additional information.

A source close to the case disclosed that Bobrisky denied all bribery allegations in his official statement. He also challenged the voice note’s authenticity, urging the individual who shared it to prove the claims.

According to the source, Bobrisky asserted that no EFCC official had solicited money from him and insisted he had not offered any bribe.

Through this statement, Bobrisky maintained his innocence, asserting that the bribery accusations were baseless. Meanwhile, the EFCC has yet to comment further on the case. This leaves questions about the voice note’s origins and the nature of the allegations still unresolved.