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CBN Sells Over $300m To Banks As Naira Gains

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CBN Sells Over $300m To Banks As Naira Gains....KINDLY READ THE FULL STORY HERE▶

The Central Bank of Nigeria (CBN) has injected over $300 million into Deposit Money Banks (DMBs) in the past two weeks in a bid to stabilize the naira-dollar exchange rate. This move comes amidst efforts to address the rapid depreciation of the naira in recent times…….CONTINUE READING

An advisory memo from the Association of Corporate Treasurers of Nigeria informed its members about the CBN’s intervention, stating that the bank sold over $200 million to banks at rates below N1,500 per dollar. Additionally, the CBN sold FX to banks at rates around $1,450 on two consecutive days.

The initiative aims to provide stability in the foreign exchange market, where rates at the official market had surged as high as N1,850/$. The CBN’s intervention helped to ease the pressure on the naira, resulting in an appreciation against the dollar.

Despite recent fluctuations, the naira strengthened against the dollar at the official market, closing at 1,582/$ on Monday, representing a 0.75% increase from the previous trading day. However, at the parallel market, the naira slipped slightly to between N1,555/dollar and N1,560/dollar, influenced by market sentiment.

The recent appreciation of the naira follows interventions by the CBN and the Economic and Financial Crimes Commission (EFCC), which cracked down on currency speculators in Abuja and Lagos. The EFCC’s raids on street traders and the clampdown on black market operators contributed to the positive market sentiment.

In addition to these measures, the CBN has implemented various policies to stabilize the foreign exchange market, including restricting cash payments for personal and business travels and promoting electronic payouts for allowances.

Furthermore, the Federal Government is reportedly working on raising $10 billion to enhance liquidity in the forex market. Additionally, efforts to curb illicit funds movement led to the blocking of online platforms of crypto firms suspected of manipulating the forex market.

Overall, the CBN’s interventions and government initiatives are aimed at restoring stability in the forex market and ensuring the value of the naira against major currencies.

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Davido Defends His Right To Criticize Nigeria Amidst Explosive Political Backlash!.

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Nigerian music sensation David Adeleke, widely known as Davido, recently entered a heated social media confrontation after advocating for entertainers to take a stronger stand against the country’s prevailing injustices and economic difficulties. In a candid post, the singer admitted that he and his fellow entertainers have failed to sufficiently address the nation’s worsening situation, stating that the crises in Nigeria have become too dire for influential figures to stay quiet.....KINDLY READ THE FULL STORY HERE▶

“I can’t lie, we entertainers… we dey fk up, I won’t lie, including me. We need to speak up. It’s too much injustice going on. Our country don go,” Davido wrote, sparking a wave of polarized feedback.

While some users appreciated his call for accountability, others were skeptical of his sincerity. One user, Princess Luna, accused the singer of hypocrisy and suggested his activism was merely performative, linking him to the “City Boy” political movement. She retorted, “Na God go punish you and your family. Go and do that performative rubbish in your City Boys group chat and get out of my face with all this pretentious nonsense. Na foolish Nigerians I blame”.

In response, an agitated Davido defended himself by firmly denying any affiliation with the “City Boy” group. He reminded his critics that he has voiced disapproval of the government in the past, including during American media appearances, at which point he claims he was attacked by Nigerians rather than supported. Addressing his relationship with “ST,” Davido clarified that their bond is strictly personal and does not represent a political alliance, adding, “I’ve been friends with ST for years and that’s where it stops, and I call and complain to him all the time, even in person”. The exchange concluded with the singer sharply rebuking his detractor.

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Super Eagles Dynasty: Nigeria Demolishes Jamaica To Retain Unity Cup Crown!.

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The Super Eagles of Nigeria have successfully defended their Unity Cup title, securing a convincing 3-0 victory over Jamaica at the Valley Stadium in London. This triumph marks Nigeria’s fourth consecutive title in the tournament, maintaining their perfect record since the competition’s inception. Unlike last year’s final, which required a penalty shootout, the Nigerian B team dominated throughout regulation time.....KINDLY READ THE FULL STORY HERE▶

Alhassan Yusuf spearheaded the win with two goals—his first for the national team—while captain Terem Moffi also contributed to the scoreline. Yusuf opened the scoring in the third minute after capitalizing on a defensive error, and Moffi doubled the lead in the 58th minute following a cross from Femi Azeez. Yusuf finalized his brace with a brilliant solo effort during stoppage time, further highlighting the quality difference between the two sides.

This win extends Nigeria’s unbeaten streak against the Reggae Boyz to six matches. Looking ahead, the Super Eagles plan to use this momentum as they continue their summer schedule, with upcoming friendly matches against Poland in Warsaw on June 3 and Portugal in Leiria on June 10.

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“They Are Unstoppable”: Arteta Crowns PSG World’s Best After Champions League Heartbreak.

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Following Arsenal’s heartbreaking penalty shootout defeat to Paris Saint-Germain (PSG) in Saturday’s Champions League final in Budapest, Gunners manager Mikel Arteta has labeled the French champions as the best team in the world. Despite a strong Premier League-winning campaign, Arsenal fell short of securing their first-ever Champions League title, prolonging their 20-year wait for European glory.....KINDLY READ THE FULL STORY HERE▶

Arteta acknowledged PSG’s dominance throughout the match, particularly their possession and relentless pressure. “I want to congratulate PSG, Luis in particular, because in my opinion they are the best in the world,” Arteta stated. He praised their ball control and individual brilliance, noting that PSG forced Arsenal to defend extensively. Despite taking an early lead through Kai Havertz, Arsenal conceded a second-half penalty converted by Ousmane Dembele, leading to the dramatic shootout conclusion. PSG’s victory marks their second consecutive Champions League title, solidifying their European dominance.

Arteta also expressed dissatisfaction with a penalty decision involving Noni Madueke that was not awarded when the score was tied. However, he emphasized that Arsenal still needs to improve to compete with Europe’s elite. “The same progression that we had in the last few years, we’re going to have to do that over again, and the level is increasing every single season,” Arteta said. He urged his team to use the pain of defeat as motivation to elevate their game and eventually overcome top European clubs like PSG.

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