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Tag: falls

  • Anxiety over Naira’s free fall, now exchanges for N525/$1 at parallel market

    Anxiety over Naira’s free fall, now exchanges for N525/$1 at parallel market

    Following the Central Bank of Nigeria’s decision to ban foreign exchange sales to Bureau De Change (BDC) operators in the country, Nigeria’s naira has continued to experience a sharp loss to the dollar.

    As of yesterday, July 28, black market dealers were selling the naira at ₦525 per dollar up from N505 to $1 on Tuesday, according to abokifx.com.

    But at the importer & exporter (I&E) window, the dollar traded for ₦411.52 per dollar.

    The current rate is the second weakest since February 2017.

    CBN governor Godwin Emefiele Tuesday said the ban was necessary because the parallel market has become a conduit for illicit forex flows and graft.

    “We are concerned that BDCs have allowed themselves to be used for graft,” Emefiele said in a live TV broadcast after the bank has retained its benchmark policy rate.

    “This measure is not punitive on anyone, but it is to ensure the CBN is able to carry out its legitimate mandate of serving all Nigerians.”

    Emefiele stated that commercial banks are mandated to immediately and transparently sell forex to customers who present the required documents, saying all banks are to immediately create dedicated tellers for the same purpose.

    While some economists have praised the CBN’s action to impose the ban, others fear that it may be forced to reverse the ban with internal and external pressures.

    Nigeria’s inflation rate in June dropped further for the second consecutive month to stand at 17.93% in May 2021 from 18.12% recorded in April 2021, according to the Consumer Price Index report released by the National Bureau of Statistics (NBS).

    According to the report, the consumer price index, (CPI) which measures the inflation rate increased by 17.93% (year-on-year) in May 2021. This is 0.19% points lower than the rate recorded in April 2021 (18.12%).

  • Harrysong falls on stage while spraying fans [Video]

    Reggae Blue singer, Harrysong fell on stage while performing recently at an event. The accident occurred while the energetic singer was spraying fans money

     

    From the video of the fall, the singer, dressed in yellow pant and a black jacket appeared to have tripped while trying to regain his balance on the edge of the speaker.

     

    However , he didn’t allow the fall to ruin his performance as he continued laughing it off like something he had expected was going to happen.

     

    The ‘Alter Plate’ boss joins a growing list of Nigerian singers like Seyi Shay and Mr Eazi who have fallen while performing .

     

    Dating Otedola’s daughter is one of my best part of 2017- Mr Eazi

    https://www.instagram.com/p/BdklZz1H7fv/?taken-by=thenewsgurung

  • Just in: Price of rice falls by 7%

    Just in: Price of rice falls by 7%

    The National Bureau of Statistics said the average price of imported rice decreased by 7.22 per cent, as one kilogramme was sold for N250.30 in April from N418.71 in March.

    The NBS stated this in its“Selected Food Price watch data for April 2017” released on Tuesday in Abuja.

    It, however, stated that the average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 29.98 percent in the month under review.

    According to the report, an average price of 1 dozen of Agric. eggs medium size increased year-on-year by 41.04 percent and decreased month-on-month by 1.71 per cent to N518.66 in April 2017 from N527.69 in March.

    “The average price of piece of Agric. eggs medium size (price of one) increased year-on-year by 28.74 percent and month-on-month by 5.21 per cent to N46.22 in April from N43.93 in March.

    It further stated that the average price of 1kg of tomato increased year-on-year by 15.32 percent and month-on-month by 6.36 per cent to N285.72 in April from N268.64 in March.

    Similarly, the average price of 1kg of yam tuber increased year-on-year by 42.45 percent and decreased month-on- month by 2.17 per cent to N250.30 in April from N255.86 in March.

    On the methodology of reporting the food prices, NBS stated that over 700 staff was sent to all the states of the federation for the field work and were supervised by experts.

    Prices were collected across all the 774 local governments across all states and the FCT from over 10,000 respondents, locations and analysed.

    NAN