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Why naira may recover and appreciate before year end – Experts

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Why naira may recover and appreciate before yearend – Experts

Why naira may recover and appreciate before year end – Experts

Financial analysts have expressed optimism that the naira will regain its real value before the end of the year, 2024 if the government put an end to oil theft as well as increase non oil export out of the country.

 

Why naira may recover and appreciate before yearend – Experts

 

 

Speaking to our Correspondent, the Managing Director of Afrinvest Securities Limited, Ayodeji Ebo, however, advised the government to raise foreign exchange from the international market in other to stabilise the currency.

 

 

 

 

 

According to him, government should stop oil theft and ensure increase in the barrel of daily crude oil production.

 

 

 

 

“Naira will acheive its value before year end but it depends on the move that is made or how policies are managed. Government should increase supply and if that is properly managed, the naira will appreciate.

 

 

 

 

 

“Also, we need to access the international market for loan. For instance, in 2021, the government raised about $5.2 billion and we need that type of intervention again. We need to stop oil theft to increase supply. If these two are done, the naira will be strengthened in the short term while in the long term, we need to focus on non oil export.”

 

 

 

 

 

Importantly, the government should stop oil theft and increase production to 1.8m barrel per day to increase FX supply while we access international market to raise other structures. Before naira can stabilize, the country needs over $10bn in the economy and as crude oil continue to provide the steady inflow, we need to work on long term non oil export,” he stated.

 

 

 

 

 

 

A stock broker, Charles Fakrogha, said the naira will appreciate and stabilize against foreign currencies, especially United States dollar, as soon as the government stop oil theft and shift to non oil export.

Speaking on phone to our Correspondent, Fakrogha, said unifying the exchange rate by current administration received enormous support but for the economy to reap the benefits, Nigerians must change their consumption pattern from over reliance on foreign products to locally produced goods.

“The issue is that the naira is having free fall because there is so much demand for the dollar. The government cannot meet the supply, it’s simple economics. For me, whenever, the CBN is doing will make impact if the policies they put in place are implemented in term of increasing our dollar receipt, our revenue and we continue to export more and when we receive this, we will see the value of naira continue to stabilise.

“Yes, we must be a productive economy, we must be able to produce and export that’s the only way to grow an economy. We cannot have an economy when we continue to import. Government have to change their attitude as well when it comes to Importation, we need to see how to increase our export and ensure no leakages and increase our revenue if we do this, we will see increase in the value of our national currency,” Fakrogha, the Chief Relationship Officer at Foresight Securities & Investment Limited · stated.

According to the financial expert, with increase revenue from oil and non oil export, CBN will be able to meet demand for foreign exchange.

“More people want the dollar and we don’t have the supply and where is the supply coming from? Our receipt of dollar, our revenue and our main source is oil and gas.

“We are seeing what’s happening in the sector currently- oil theft and leakages- we are not getting what we are expected to get from there also, how many non oil exports do we do, we are not exporting so much and more Nigerians want to continue to import.

“They crave for foreign things and all that. There is a lot of pressure and the CBN will say they want to support the naira from our reserves and we can’t continue defending our national currency from your reserves, for how long? So, the naira will continue to have a free fall.

“The government did unification of the exchange rate which is a good policy and we supported it and before you do that, there must be measures on ground to support the dollar.

“CBN is supposed to be a market maker so that when more people are buying, the CBN is selling and when more people are selling, the CBN is buying but the CBN itself doesn’t have the dollar to supply that’s why we are seeing the naira depreciating,” he stated.

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FRN vs Ali Bello: Court Shifts trial till March 14, warns EFCC to be diligent in prosecution

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FRN vs Ali Bello: Court Shifts trial till March 14, warns EFCC to be diligent in prosecution

FRN vs Ali Bello: Court Shifts trial till March 14, warns EFCC to be diligent in prosecution

 

A Federal High Court in Abuja has shifted further trial in the charges against Ali Bello and Suleiman Daudu till March 14 with a
warning to the Economic and Financial Crimes Commission, EFCC, to be diligent in the conduct of the trial.

 

 

FRN vs Ali Bello: Court Shifts trial till March 14, warns EFCC to be diligent in prosecution

 

The Court, while granting accelerated hearing, threatened to close the charges against the defendants if the prosecution does not do due dilligence.

Justice James Omotoso, who issued the warning on Friday, asked the anti-graft agency to always get all its witnesses and exhibits ready on adjourned dates so as to avoid delay.

He warned that he would not tolerate lackadaisical attitude from any of the parties in the matter while shifting resumption of trial to March 14, 15, 20 and 21 .

Justice Omotoso also directed the defendants to keep further objections against the trial at abeyance, especially to the final address stage.

The Judge, who made this observation while ruling in a motion on notice filed by Suleiman Daudu challenging the amended charges, however, refused to quash the 17-count amended charge, involving alleged money laundering.

The court also declined to transfer the trial of the two defendants to Lokoja, the Kogi State capital, in line with the argument of the 2nd defendant through his counsel, Mr Jimoh Nureni, SAN, that since the alleged offence was committed in Lokoja, the proper and appropriate venue for trial should be at the Federal High Court in Lokoja.

The judge noted that the Federal High Court in Nigeria was one and that trial of any matter could be prosecuted in any of its divisions.

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Olabode Olawuyi:s Dedication, Passion Will Forever Serve As An Inspiration To Us All-NBCA

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Olabode Olawuyi:s Dedication, Passion Will Forever Serve As An Inspiration To Us All-NBCA

Olabode Olawuyi:s Dedication, Passion Will Forever Serve As An Inspiration To Us All-NBCA

 

 

 

The Nigeria Biodiversity Conservation Alliance (NBCA) has stated that the dedication and passion of Mr. Olabode Olawuyi, the late veterinary technologist killed by a lion at the Zoological Garden of Obafemi Awolowo University (OAU), would forever serve as an inspiration.

 

 

Olabode Olawuyi:s Dedication, Passion Will Forever Serve As An Inspiration To Us All-NBCA

 

NBCA stated this in a statement released on Wednesday, February 21, adding that Olawuyi’s dedication to his chosen field shone for all to see.

In the statement signed by Mr. Dipo Bali, NBCA said that it was deeply saddened by the tragic passing of Olawuyi, who was the former Public Relations Officer for the National Zoological Agency (NAZAP).

“In memory of Mr. Olabode Olawuyi, we pledge to redouble our efforts towards promoting responsible wildlife management practices and fostering a robust safety culture within the zoological and animal care fields. His dedication and passion will forever serve as an inspiration to us all.”

The group which described the deceased as a pillar of the Nigerian zoological community, also noted that he was lauded for his unwavering commitment to wildlife conservation and exceptional service.

“He had dedicated years to the OAU Zoological Garden, providing exemplary care to its resident lion, whom he had nurtured since its birth. NBCA acknowledges the ongoing investigation into the circumstances surrounding Mr. Olawuyi’s passing.

“We extend our deepest condolences to his grieving family, friends, and colleagues at OAU during this difficult time. Our unwavering support stands with them as they navigate this profound loss.

“As an organization dedicated to wildlife protection and preservation in Nigeria, we recognize the inherent risks associated with working with wild animals. We remain steadfast in advocating for the strictest adherence to safety protocols and established guidelines to ensure the well-being of both wildlife caretakers and the animals under their care.*

Also, NBCA said that it remains committed to closely monitoring the situation and collaborating with relevant authorities to prevent similar tragedies from unfolding in the future, while also extending its unwavering support to the OAU Zoological Garden and its staff during this period of immense loss.

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Teon Engine Revolutionizes African Marketing with Data-Driven Innovations

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Teon Engine Revolutionizes African Marketing with Data-Driven Innovations

Teon Engine Revolutionizes African Marketing with Data-Driven Innovations

 

 

Teon Engine, the innovative Nigerian arm of Precise Platforms (a leading marketing communications company in Nigeria), is shattering outdated traditional marketing strategies with its intelligent, data-driven solutions. Forget dusty old playbooks – they’re throwing open the doors to a new era of “Turning on the Market” through creativity and cutting-edge technology.

 

Teon Engine Revolutionizes African Marketing with Data-Driven Innovations

 

 

Nestled in the heart of Lagos’ vibrant tech hub, Teon Engine doesn’t just talk innovation, it embodies it. Its arsenal? The Teon Suites, a suite of meticulously crafted tools designed to empower brands at every stage of their marketing journey. This isn’t just storytelling, it is storyselling.

Its comprehensive suite of “MarTech” solutions is designed to empower brands across every stage of the marketing journey. One of such is the TrendTeon. This innovation isn’t the average social listening tool. TrendTeon acts as a campaign aggregation platform, facilitating direct connections between brands and influencers. Forget sifting through endless profiles – both parties can easily find ideal partners, streamlining collaboration and maximizing efficiency. https://trendteon.com

PollTeon, another innovative tool from Teon Engine is designed to crave audience insights. PollTeon serves as your opinion-gathering powerhouse. Craft engaging polls, collect valuable data, and analyze results with ease. It also enables users to share their findings seamlessly and gain a deeper understanding of their target audience. https://pollteon.com

On the other hand, SurveyTeon enables users to dive deeper with and positioned to be a researcher’s dream tool. It designs dynamic surveys with diverse question types, gather high-quality data, and extract meaningful insights to inform your next steps. https://surveyteon.com

The Teon Suites are more than just tools. Teon Engine’s power lies in its combination of technology and human expertise. Funke Ogunsina, Chief Operating Officer, highlights this transformative approach: “Teon Engine represents a paradigm shift in African marketing communications. We blend cutting-edge technology with deep strategic expertise, empowering brands to unlock their full potential and truly ‘Turn on the Market’.”

Ogunsina emphasizes Teon Engine’s commitment to pushing boundaries saying “We operate under the ‘FURTHER FORWARD’ ideology, constantly pushing boundaries and unlocking new possibilities for clients. Marketing communication needs continuous reinvention, and we’re here to lead the charge.”

Teon Engine is already making waves, partnering with Prof Tunji Azeez an astute professor in LASU, Marketing Edge the leading marketing news platform in Nigeria and so many other collaborations and partnership are in the works and will be announced subsequently. With its data-driven approach, powerful tools, and dedication to growth, Teon Engine is poised to be a game-changer in the African marketing landscape. They’re not just telling brand stories, they’re empowering brands to become active participants in the conversation, one click, one insight, one connection at a time.

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