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Dollar Tumbles Against Naira At Parallel Market

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Dollar Tumbles Against Naira At Parallel Market

Dollar Tumbles Against Naira At Parallel Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That The naira sustained its appreciation against the United States dollar at the parallel market as it appreciated on Friday, from N1,160 to N1,155.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tumbles Against Naira At Parallel Market

 

 

 

 

 

 

This represents 0.43 percent (N5) gain than N1,160 exchanged on Thursday at the parallel market.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It could be recalled that the naira had steadied in the parallel market on Wednesday and Thursday as it sells for N1,160 respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

However, the forex turnover, on Thursday, hit $105.50million according to data from NAFEM, the Nigerian Autonomous Foreign Exchange Market, the market trading segment for Investors, Exporters and End-users.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The turnover represents the amount of dollars traded at a particular trading day.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Although the rate is still unpalatable to the business community and Nigerians at large but a management consultant, Babatunde Adeniji, said the naira crisis is being largely driven by speculation following the country’s liquidity challenge.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“In terms of price, for the short time it is speculation that drives things. If you are a trader and you want to take a bet, with the level of distrust of the government, with no clear visible assurance of where the dollar is coming from to stabilise the naira, which position would you take? You are bound to take the position skewed towards the dollar,” he stated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He said the country would begin to heave a sigh of relief when the authorities can pay up all the backlog of foreign exchange forwards with sufficient liquidity to meet pending obligations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Nigeria as a country does not have enough dollars to meet its promise. If we don’t do things that are substantial and visible, all that grammar would not help.

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WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

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WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That Ogun State House of Assembly Committee on Public Accounts and Anti-Corruption, led by Hon. Damilare Bello today continues with its sittings with a clarification that the invitation extended to the former Commissioner for Information and Strategy, Abdul-Waheed Odusile and the SSA to the Governor on Media, Emmanuel Ojo was not an indictment but rather to seek clarifications on the audit report of the Ministry.

 

 

 

 

 

 

 

 

WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

 

 

 

 

 

 

 

 

 

 

 

Hon. Bello issued the clarification today during the Committee’s meeting with the officials of the State Hospitals Management Board at the Assembly Complex, Oke-Mosan, Abeokuta.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Committee Chairman in company of other members including Honourables Musefiu Lamidi, Dickson Awolaja, Wahab Haruna, Yusuf Amosun, Folawewo Salami, Lawal Samsideen and Waliu Owode noted that the sitting was not meant to witch- hunt but to put the various Ministries, Departments and Agencies of Government on their toes in the prudent management of government resources.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He recalled that at the last sitting of the Committee, there was a misinformation in some sections of the media insinuating fraudulent practices, cautioning that the Committee had not indicted anyone but merely considering issues raised in the audit reports with a view to addressing them.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He stated, “on Monday at our last sitting, there was a misinformation that this Honourable House has indicted the ex- Commissioner and the SSA (Media), we have not indicted anyone. We have only used the media to invite them for clarification on the Auditor General reports in line with our constitutional responsibilities.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It is important to note that the this House has no reason to witch-hunt anyone. We are only making sure the people see our Governor working alongside with the legislators with the right procedure to achieve all the Government lofty policies and programmes”, he stated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He urged the public to disregard the scandal rumour, saying not everything found on the media space might be the right picture of things coming from the Assembly.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He called on Heads of MDAs to work together with the Assembly in blocking all leakages and help promote accountability and transparency in the running of government in the State.

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YOU CAN NEVER REMOVE TINUBU FROM OFFICE, PROPHET IKURU COUNTERS 70 NIGERIAN PROPHETS

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One of the best prophets in Nigeria,prophet Godwin Ikuru of Jehovah Eye Salvation Ministry has reacted to the news that about 70 Nigerian prophets have unanimously agreed to pray for the removal of President Bola Ahmed Tinubu from Office.

Speaking to newsmen in Lagos today,the cleric enunciated that nobody can remove the president from Office because it was God that made him president not man,he said ‘as a prophet of God, I’m saying it with utmost confidence that nobody can remove president Bola Tinubu from Office because it was God that put him there,the 70 prophets that have converged to pray for his removal are Jokers that are craving for attention and recognition’

He maintained that Ahmed Tinubu became the president against all odds because God wanted it.He said “Nobody expected Tinubu to be the president but God made him president so that he can heal the nation because he loves Nigeria,no matter what we are going through in the nation at the moment, let’s be patient with him because he will fix the problems of Nigeria”

It can be recalled that prophet Godwin Ikuru is one of the few prophets that prophesied that he was going to be the president of Nigeria and it happened,he has equally told prophet Bisi Olujobi and his 70 prophets that they can’t remove the president from Office,it will be very interesting to see what happens within the next couple of weeks.

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Edo Varsity Students Visits BUA Cement, Modular Refinery

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Edo Varsity Students Visits BUA Cement, Modular Refiner

 

 

 

 

 

 

 

 

 

By Elvis Omoregie

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That Students of the Department of Chemical Engineering, Edo State University Uzairue have visited BUA Group-Obu Cement Plant, Okpella, and Modula refinery in Edo State with a view to have first hand knowledge of the facilities of the companies as well as production.

 

 

 

 

 

 

 

 

Edo Varsity Students Visits BUA Cement, Modular Refinery

 

 

 

 

 

 

 

 

The Acting Head, Department of Chemical Engineering, Dr. Francis Dayo, who led the tour, said the visit was to expose the students practically to most of the things they have learnt in the classroom.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He said the tour which involved staff and students of the department was to give them the opportunity to ask practical questions during the tour.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUA Tour guard, Engr. Nazir Baba, who led the students on the tour of the company, while highlighting safety of the environment, advised them to be safety conscious in the course of the tour.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Obu Cement Plant basically deals with raw materials to produce cements. The operation of the industry include, the quarry site where raw materials are harvested for processing and some of these materials include Limestone, aluminum, Iron ore, silicon, laterite among others”.

 

Baba said “The students also visit different sections of the factory where the raw materials are being refined to have a grasp of the facilities as crushing and grinding units, various milling units, blending and the mixing unit down to the kiln and clinical unit before the bagging or packaging section of the cement production”.

 

“Other areas in the power plant visited by the students include, crowd control room building that houses the physical laboratory, preparatory laboratory, control room, x-ray room for material analysis and quality control.

 

Also speaking, one of the students and Departmental Representative, Ogbeta Princess Omolayo, said the tour was an eye opener and encouraged other students of the faculty to always make use of such opportunity to enhance their knowledge.

 

Earlier, the acting departmental head of Chemical Engineering further disclosed that the student also paid a one-day visit to the Edo Modular Refinery, in Ologbo, for on the site learning.

 

“The students and Staff of the Department were shown round some of the plant facilities such as control room, quality assurance laboratory, and the physical unit used for distillation.

 

“Other facilities visited were the farm tanks for crude and refined products storage, the utility unit, the heat exchangers, distillation column, furnace, blowers, gas flaring unit, pipes, valves among others.

 

He said the plant which was developed by Edo Refinery and Petrochemical Company Limited (ERPC) with support from the State Government was designed to process Nigerian crude oils and contribute its quota to the national grid.

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