Tuesday, 2 June 2020

Naira strengthens against dollar at parallel market, now N440/$1

FOREX: CBN injects N273m into retail secondary market

Nigeria’s currency, the Naira advanced 2.2% against the American dollar on Monday at the black market segment of the currency market, exchanging at N440 for the hard currency.

At the previous session on Friday, the U.S. dollar had traded higher at N450.

The Monday gain marked the first major appreciation of the local currency against the dollar at the parallel market since late March, boosted by the resumption of foreign exchange sale by the central bank to Bureaux De Change and banks across the country after days of operational disruption induced by the coronavirus lockdown.

Godwin Emefiele, the Central Bank of Nigeria Governor, had lately warned currency speculators against practices threatening the stability of the foreign exchange market and dissuaded customers from having transactions with street currency traders.

Weeks back, the apex bank recommenced the sale of up to $100 million on a weekly basis to individuals and businesses wanting to make payment for transactions abroad.

“I believe some of the recent pressures on FX is driven by speculators’ panic responses to weakness in dollar earnings, the decline in FX inflow through the I&E window, and suspension of dollar sales to BDCs.

“The imminent resumption of BDC activities is therefore likely to slightly ease naira pressures in the parallel markets, but we believe the underlying medium-term fundamental concerns facing the naira still remain,” said Phillip Anegbe, Team Lead, CardinalStone Research.

Music legend, Majek Fashek dies in New York

Reggae star, Majek Fashek Down With Cancer Of The Neck - GidiFeed

Legendary Nigerian singer, songwriter and guitarist, Majekodunmi Fasheke popularly known as Majek Fashek, has died.

According to reports, the “Send Down the Rain” crooner, aged 57 died in a hospital in New York on Monday June 1. Our sources are yet to confirm the cause of his death.

He was born in Benin City to an Edo mother and a Ijesha father, but identifies with his Benin roots.

Monday, 1 June 2020

Photos Prom Wedding Of Edo State Ex Governor, Lucky Igbinedio's Son, Nosa

Photos From The Wedding Of Nosa, Son Of Lucky Igbinedion – The ...


Former Edo state governor, Lucky  IgbinedionIgbe in a joyous mood as he celebrates his son, Nosa marriage ceremony.

However, the photos of the beautiful moment surface online.






BREAKING NEWS: FG reduces petrol pump price

FG reduces fuel price - Daily Post Nigeria

Amid global oil crisis occasioned by the Covid-19 scourge, the federal government has on Monday, June 1, reduced the petrol pump price from N123.50 to N121.50 per litre.

Chevron Set to Sack 6,750 Staff in Major Global Downsizing Move

Chevron Corporation - Human Energy — Chevron.com

United States Oil Giant, Chevron has announced a major global downsizing move that would see 6,750 staff lose their jobs.

The massive job cuts is expected to affect 15% of its global workforce in its ongoing efforts to restructure it’s operations.

According to Chevron spokesperson, Veronica Flores-Paniagua, the move is necessary for the oil giant to achieve its projected activity levels.

The company also announced a 30% reduction in projected spending for 2020 due to a drop in demand for oil and gas caused by the COVID-19 pandemic.

Chevron has a reputation for financial disclipline in the oil industry and was one of the first to cut its spending budget as oil prices fell.

“The about 4,500 to 6,750 job cuts envisioned are to “address current market conditions,” with varying impact on each business unit and region. Most reductions will take place this year. “This is a difficult decision and we do not take it lightly.” Veronica said.

Central Bank of Nigeria issues new directive to banks in Nigeria on refunds for failed ATM, POS and web customer transactions must not exceed 48 hours

ATMs: Four things to note as CBN revises timelines for dispense ...

The Central Bank of Nigeria has announced new directives to banks in regards to ATM, POS and web customer refunds.

The apex bank in a statement on its verified Twitter page instructed that all banks, starting June 8, 2020, must resolve all backlog of ATM, POS and web customer transactions within two weeks.

CBN instructed that henceforth refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) must not exceed 48 hours.

Also, resolution of failed PoS or Web transactions should be concluded within 72 hours from the current five) days.

The statement read: “All banks in the country are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020

“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.

“Failed “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three days.”

The apex bank added that in situations where the failed ‘On-Us’ ATM transactions is caused by a technical issue, the timeline for reversion must not exceed 24hours.

“Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.

“Refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current 3-5 days.

“All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020,” it stated.

World alarmed by violence in US; thousands march in London - George Floyd death

World Alarmed by Violence in US; Thousands March in London – NBC4 ...

Thousands gathered in central London on Sunday to offer support for American demonstrators. Chanting "No justice! No peace!" and waving placards with the words "How many more?" at Trafalgar Square, the protesters ignored the UK government rules banning crowds because of the pandemic.

ations around the world have watched in horror at the civil unrest in the United States following the death of George Floyd, a black man who died after a white police officer pressed his knee on his neck until he stopped breathing.

Racism-tinged events no longer startle even America's closest allies, though many have watched coverage of the often-violent protests with growing unease. Burning cars and riot police in the U.S. featured on newspaper front pages around the globe Sunday - bumping news of the COVID-19 pandemic to second-tier status in some places.

George Floyd's death on May 25 in Minneapolis was the latest in a series of deaths of black men and women at the hands of police in the US.

Thousands gathered in central London on Sunday to offer support for American demonstrators. Chanting "No justice! No peace!" and waving placards with the words "How many more?" at Trafalgar Square, the protesters ignored the UK government rules banning crowds because of the pandemic. Police didn't stop them.

Demonstrators then marched to the U.S. Embassy, where a long line of officers surrounded the building. Several hundred milled around in the street and waved placards.

Protesters in Denmark also converged on the U.S. Embassy on Sunday. Participants carried placards with messages such as "Stop Killing Black People."

The U.S. Embassy in Berlin was the scene of protests on Saturday under the motto: "Justice for George Floyd." Several hundred more people took to the streets Sunday in the capital's Kreuzberg area, carrying signs with slogans like "Silence is Violence," "Hold Cops Accountable," and "Who Do You Call When Police Murder?" No incidents were reported.

Germany's top-selling Bild newspaper on Sunday carried the sensational headline "This killer-cop set America ablaze" with an arrow pointing to a photo of now-fired police officer Derek Chauvin, who has been charged with third-degree murder in Floyd's death, with his knee on Floyd's neck. The newspaper's story reported "scenes like out of a civil war."

In Italy, the Corriere della Sera newspaper's senior U.S. correspondent Massimo Gaggi wrote that the reaction to Floyd's killing was "different" than previous cases of black Americans killed by police and the ensuring violence.

"There are exasperated black movements that no longer preach nonviolent resistance," Gaggi wrote, noting the Minnesota governor's warning that "anarchist and white supremacy groups are trying to fuel the chaos.?

In countries with authoritarian governments, state-controlled media have been highlighting the chaos and violence of the U.S. demonstrations, in part to undermine American officials' criticism of their own nations.

In China, the protests are being viewed through the prism of U.S. government criticism of China's crackdown on anti-government protests in Hong Kong.

Hu Xijin, the editor of the state-owned Global Times newspaper, tweeted that U.S. officials can now see protests out their own windows: "I want to ask Speaker Pelosi and Secretary Pompeo: Should Beijing support protests in the U.S., like you glorified rioters in Hong Kong?"

Hua Chunying, a Chinese Foreign ministry spokeswoman, pointed out America's racial unrest by tweeting "I can't breathe," which Floyd said before his death.

In Iran, which has violently put down nationwide demonstrations by killing hundreds, arresting thousands and disrupting internet access to the outside world, state television has repeatedly aired images of the U.S. unrest. One TV anchor discussed "a horrible scene from New York, where police attacked protesters." Another state TV message accused U.S. police agencies in Washington of "setting fire to cars and attacking protesters," without offering any evidence.

Russia accused the United States of "systemic problems in the human rights sphere.? It denounced Floyd's death as the latest in a series of police violence cases against African Americans.

"This incident is far from the first in a series of lawless conduct and unjustified violence from U.S. law enforcement," the Russian Foreign Ministry said in a statement. "American police commit such high-profile crimes all too often.''

There also have been expressions of solidarity with the demonstrators.

In Brazil, hundreds of people gathered in front of the Rio de Janeiro state government palace to protest crimes committed by the police against black people in Rio's working-class neighborhoods, known as favelas.

The protest, called "Black lives matter," was interrupted when police used tear gas to disperse people. "I can't breathe", said some of the demonstrators, alluding to the George Floyd´s death. Protesters called for an end to police operations inside favelas.

In Canada, an anti-racism protest degenerated into clashes between Montreal police and some demonstrators. About three hours after a march that snaked its way through downtown Montreal had ended, police declared the gathering illegal after they say projectiles were thrown at officers who responded with pepper spray and tear gas. Some windows were smashed and some fires were set.

Over the weekend, Lebanese anti-government protesters flooded social media with tweets sympathetic to U.S. protesters, using the hashtag #Americarevolts. That's a play on the slogan for Lebanon's protest movement - Lebanon revolts - which erupted on Oct. 17 last year. Within 24 hours, the hashtag #Americanrevolts became the No. 1 trending tag in Lebanon.

In another expression of solidarity with American protesters, about 150 people marched through central Jerusalem on Saturday to protest the shooting death by Israeli police of an unarmed, autistic Palestinian man earlier in the day. Israeli police mistakenly suspected that the man, Iyad Halak, was carrying a weapon. When he failed to obey orders to stop, officers opened fire.

Pastor Adeboye reacts to rape, murder of UNIBEN student inside RCCG church

Pastor Adeboye Finally Reacts To Rape And Murder Of UNIBEN Student ...

Pastor Enoch Adeboye, General Overseer of the Redeemed Christian Church of God (RCCG), has reacted to the alleged rape and murder of

Vera Uwaila Omozuwa, a 100-level Microbiology student of University of Benin, UNIBEN.

It was learnt that Uwaila, who was a 100-level Microbiology student of UNIBEN, was allegedly raped and killed by some unknown persons while reading in a Redeemed Christian Church of God, RCCG, in Benin City.

Her death has since stirred reactions from Nigerians on social media seeking justice for her

Reacting, Adeboye on his verified Twitter page commiserated with the family of Uwa even as he called for calm.

He condemned the act, adding that the church has began investigation into the case and would cooperate with the Nigeria Police to get justice for the victim.

His tweet read: “All I can do at this time is to pray for the family of Omozuwa and do everything possible working with relevant authorities to bring the perpetrators to book.

“I and members of my Family condemn this act strongly and urge everyone to stay calm as we are already looking into the matter and cooperating with the police to establish the facts of the shocking incident. #justiceforuwa,”

Nigeria plans to reopen schools, worship centres despite spike in Covid-19

Fg unveils measures for reopening of schoolsNigeria — The Guardian ...

Nigeria is still considering reopening schools and places of worship despite the spike in Covid-19 cases.

The country recorded 307 new cases on Sunday, bringing the total number of confirmed cases to 10,162, the Nigeria Centre for Disease Control (NCDC) said. The country also reported a total of 287 deaths so far.

The NCDC also confirmed that 3,007 patients have been treated and discharged from hospitals.

In a statement on Monday, the Nigeria Union of Teachers (NUT) cautioned against reopening of schools.

Although some stakeholders have argued that reopening schools and places of worship is ill-timed, the Presidential Task Force on Covid-19 said it had submitted recommendations on partial reopening of schools, places of worships and some additional businesses to President Muhammadu Buhari for consideration.

CBN reacts to circulation of N2,000, N5,000 banknotes

CBN N10,000,000 collateral free loan: See where to pick the forms ...

The Central Bank of Nigeria, CBN, has reacted to the circulation of pictures and videos of new N2,000 and N5,000 banknotes in the country.

There were rumors over the weekend that some persons were in possession of such banknotes

However, the apex bank on its official Twitter page, said such videos and pictures of N2000 banknotes was fake and false.

The post read: “Videos and pictures of purported circulation of N2,000:00 and N5,000:00 banknotes are false and fake.”

CBN directed the public to report anyone found in possession of such banknotes to law enforcement agencies.

“Members of the public are advised to disregard such falsehood and to report anyone found in possession of such banknotes to the law enforcement agencies,” it added.

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