Tag: Naira

  • Naira abuse: Bobrisky set to lead all important crusade in Nigeria

    Naira abuse: Bobrisky set to lead all important crusade in Nigeria

    Counsel to Idris Okuneye, popularly known as Bobrisky, Ayo Olumofin has said the Nigerian crossdresser is ready to lead a crusade against the abuse of Naira in the country.

    TheNewsGuru.com (TNG) reports Olumofin said this on Friday while pleading for leniency when Bobrisky was convicted at the Federal High Court, Ikoyi, Lagos over mutilation of Naira notes.

    The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) secured the conviction of Bobrisky before Justice Abimbola Awogboro.

    He was arraigned on a four-count charge bordering on mutilation of the Naira notes to the tune of N490, 000, 00 (Four Hundred and Ninety Thousand Naira).

    Count one reads: “That you, OKUNEYE IDRIS OLANREWAJU, on the 24th day of March, 2024, at Imax Circle Mal, Jakande, Lekki, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with the total sum of N400,000.00 (Four Hundred Thousand Naira) notes issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence contrary to and punishable under section 21(1) of the Central Bank Act, 2007.”

    Another count reads: “That you, OKUNEYE IDRIS OLANREWAJU, between July and August, 2023 at Aja Junction, Ikorodu, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with the sum N50,000.00 (Fifty Thousand Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence contrary to and punishable under section 21(1) of the Central Bank Act, 2007.”

    He pleaded “guilty” to the charges when they were read to him.

    In view of his plea, prosecution counsel, S.I. Sulaiman sought to invite the investigating officer, ASE I Bolaji Temitope Aje, to give a brief review of the facts.

    Aje narrated to the court that the EFCC received intelligence on some individuals, who are in the habit of mutilating and spraying the Naira notes at social parties and event centres in Lagos.

    “Based on the intelligence,  the EFCC set up the Special Operations Team to observe and monitor activities of individuals, who are involved in the habit of mutilating the Naira.

    “The team visited many event centres and monitored social media pages, where the Naira was being abused.

    “During the course of the monitoring, the team came across videos on social media, where the defendant was seen abusing the Naira.

    “The team then proceeded to download these videos via our office laptop computers and also went further to copy these videos on compact discs.

    “In the light of the foregoing, a letter of invitation was written and forwarded to the defendant.

    “The defendant honoured the invitation. When he got to our office, he was voluntarily cautioned. Thereafter, he volunteered to write his statement .

    “The defendant was shown a video,where he was spraying money on an artiste called Segun Johnson. The defendant confessed that he was the one in the video.

    “He was also shown a video at IMAX Circle Mall, where he sprayed a total sum of N400,000 at a movie premiere. The defendant also admitted that he was the one in the video and that he carried out the abuse.

    “The defendant was also shown two other videos of him spraying the Naira at Aja junction, Ikorodu, and White Stone Event  Centre, Ikeja, Lagos.

    “The defendant admitted to spraying money in these videos. He was, therefore, served with a bail condition.

    Sulaiman, thereafter, sought to tender, in evidence, the defendant’s statements and compact disc copies of the video attached to the certificate of identification.

    Justice Awogboro admitted and marked the documents as exhibits.

    In view of the above, Sulaiman prayed the court to convict and sentence the defendant accordingly.

    Justice Awogboro, thereafter, ruled, “upon the admission of guilt by the defendant, testimony of PW1 and following the evidence tendered, the defendant is declared guilty as charged.

    Bobrisky, in his plea for mercy told the court: “I am a social media influencer, with five million followers; and in all honesty, I was not aware of the law.

    “I wish I can be given a second chance to use my platform to educate my followers against the abuse of the Naira. I will do a video on my page and educate people on that. I will not repeat the offence again. I regret my action”, he pleaded.

    The defendant’s counsel, Ayo Olumofin, prayed the court for leniency. He appealed to the court to temper justice with mercy, considering his status as a first-time offender as well as his “ sincere remorse for his actions.”

    Pleading further, he said,  “He will lead the crusade against the abuse of Naira. He is also an employer of people ; and if he goes to jail, the people he employs  will suffer. He has cooperated with the EFCC  and has not wasted the time of the court. We urge the court to caution the defendant and allow him to go. He has given evidence that he will be useful to the country. We urge you to grant a non-custodial sentencing option of fine.”

    After listening to both parties, the Judge deferred judgement in the matter to Tuesday, April 9, 2024 and also ordered that he be remanded in the EFCC custody.

  • Naira continues to appreciate, gains N7.78 at official market

    Naira continues to appreciate, gains N7.78 at official market

    The Naira gained at the official market on Thursday as it traded at N1,255.07 to a dollar.

    According to Data released from the official trading platform of the FMDQ states  that the the Nigerian currency, Naira gained N7.78

    This represents a 0.62 per cent appreciation when compared to the previous day’s trading on Wednesday, exchanging at N1,262.85 to a dollar.

    However, the total turnover increased to $138.99 million on Thursday, up from $166.18 million recorded on Wednesday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,294 and N1,200 against the dollar.

    The Central Bank of Nigeria revealed that Naira gained about 660 since the new reformed was introduced to help the currency gain some strengths.

  • Naira gains 0.62% at official market

    Naira gains 0.62% at official market

    The Naira gained at the official market as it traded at N1,255.07 to a dollar on Thursday.

    Data from the official trading platform of the FMDQ revealed that the Naira gained N7.78.

    This represents a 0.62 per cent appreciation when compared to the previous day’s trading on Wednesday, exchanging at N1,262.85 to a dollar.

    However, the total turnover increased to $138.99 million on Thursday, up from $166.18 million recorded on Wednesday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,294 and N1,200 against the dollar.

  • Naira appreciates further at official market

    Naira appreciates further at official market

    The Naira gained further at the official market, trading at N1,262.85 to a dollar on Wednesday.

    Data from the official trading platform of the FMDQ revealed that the Naira gained N15.73.

    This represents a 1.23 per cent appreciation when compared to the previous day’s trading on Tuesday, exchanging at N1,278.58 to a dollar.

    However, the total turnover increased to $166.18 million on Wednesday, up from $111.18 million recorded on Tuesday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,296 and N1,210 against the dollar.

  • Naira appreciates against Dollar at official market

    Naira appreciates against Dollar at official market

    The Naira gained at the official market, trading at N1,278.58 to a dollar on Tuesday.

    Data from the official trading platform of the FMDQ revealed that the Naira gained N30.81 or 2.35 per cent, compared to the previous trading date on Thursday, March, 28, 2024 just before the Easter holiday at the rate of N1,309.39 against the dollar.

    However, the total turnover reduced to $111.18 million on Tuesday, down from $857.78 Million recorded on Thursday, March 28, 2024.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,312.00 and N1,250.00 against the dollar.

  • Naira falls against Dollar

    Naira falls against Dollar

    The Naira experienced a slight depreciation at the official market, trading at N1,309.39 to a dollar on Thursday.

    Data from the official trading platform of the FMDQ revealed that the Naira lost N8.96 or 0.69 per cent, compared to the previous day’s rate of N1,300.43 against the dollar.

    However, the total turnover increased to $857.78 million on Thursday, up from $416.10 million recorded on Wednesday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,392 and N1,250 against the dollar.

  • Naira will continue to stabilise – VP Shettima assures

    Naira will continue to stabilise – VP Shettima assures

    Vice President Kashim Shettima has assured that the Naira will continue to stabilise in the coming weeks and months.

    Shettima gave the assurance at the inauguration of the National Design and Innovation Competition, held at the Presidential Villa, Abuja, on Wednesday.

    The event was organised by the Interior Designers Association of Nigeria (IDAN)  to spur entrepreneurship and creative ventures among youth.

    Recall in February the Naira exchanged for as high as N1900 to a dollar, but the currency had gradually appreciated following some monetary policies taken by the government.

    The Naira currently exchanged at N1396 to a dollar in the official market and N1390 in the parallel market.

    The Vice President assured that the government will continue to implement policies and programmes to stabilise the Naira.

    Shettima also assured that President Bola Tinubu’s administration would continue to address issues of food, nutrition and insecurity

    He commended the pivotal role of youths in creativity adding that the government would continue to support their aspirations,

    The Vice President announced plans to include young innovators in the government’s 617.7 million dollars Investment in Digital and Creative Enterprises (i-DICE) programme.

    Earlier, leader of the delegation and founder of IDAN, Titi Ogufere, revealed plan to train one million youths in furniture production and industrial design.

    According to him, the training will be conducted by IDAN in collaboration with the Federal Ministry of Arts, Culture, and Creative Economy.

    “The initiative will feature design competitions and workshops where participants can showcase their prototypes.

    “They will work with top Nigerian manufacturers like AFP by Julius Berger, TRT Aredo, Wood Styles, IO Furniture, and Nettetal,’’ he said.

  • Naira gains 6% at official market

    Naira gains 6% at official market

    The Naira appreciated against the dollar by 5.97 per cent at the official market by the close of Wednesday’s trading session, according to data from the FMDQ trading platform.

    It appreciated by N82.52 to reach N1,300 per dollar, compared to N1,383 recorded on Tuesday.

    Total turnover also rose to $416.10 million from $245.58 million the previous day.

    In the Investor’s and Exporters’ (I&E) window, the Naira fluctuated between N1,460 and N1,200 against the dollar.

    This comes after the Central Bank of Nigeria (CBN) announced a 200 basis points increase in the Monetary Policy Rate (MPR) during its 294th Monetary Policy Committee (MPC) meeting on Tuesday, raising it from 22.75 percent to 24.75 percent.

    The CBN Governor, Mr Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.

  • FX: Naira continues rebound against Dollar

    FX: Naira continues rebound against Dollar

    The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday.

    Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.

    However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.

    Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

    The Central Bank of Nigeria(CBN) had earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.

    CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.