Ejes Gist News

Month: November 2024

  • FBI Arrests Notorious Nigerian Fraudster ‘Bobo Chicago

    FBI Arrests Notorious Nigerian Fraudster ‘Bobo Chicago

    The Federal Bureau of Investigation (FBI) has apprehended Oluyomi Omobolanle Bombata, also known as ‘Bobo Chicago,’ for his alleged involvement in a $2.8 million email scam and money laundering operation.

    According to Peoples Gazette, the 25-year-old reportedly terrorized fellow Nigerians in the Houston metro area before relocating to Chicago, where he established residency.

    Bombata is currently facing five charges, including wire fraud, conspiracy, and unlawful monetary transactions.

    Federal agents have traced $2.8 million in funds linked to Bombata, which were obtained by hacking into the accounts of various companies and individuals in the Eastern District of Oklahoma. Investigators also found that Bombata transferred over $300,000 of these funds to a well-known liquor store, implicating the store owner in the scheme.

    This case adds to the growing list of high-profile Nigerian fraudsters apprehended by U.S. authorities, including Ramon Abbas (Hushpuppi) and Olalekan Jacob Ponle (Mr. Woodberry), both of whom are serving sentences for multi-million-dollar scams.

  • BREAKING: Senate Passes Tinubu’s Tax Reform Bills

    BREAKING: Senate Passes Tinubu’s Tax Reform Bills

    The Nigerian Senate has approved the Tax Reform Bills put forward by President Bola Tinubu.

    Presented by Senate Leader Opeyemi Bamidele, the bills were passed following a closed-door session that lasted over an hour.

    The Tax Reform Bills aim to revamp Nigeria’s tax system to enhance revenue generation, streamline compliance, and foster business growth. Comprising 43 clauses and six parts, the bills are designed to protect small businesses and exempt the poor from tax obligations. Additionally, they propose reducing the corporate tax rate from 30 percent to 25 percent.

    The approval of the bills was not without contention. Senator Ali Ndume opposed the legislation, citing inadequate consultations and issues related to Value Added Tax (VAT) and derivation. He argued that some proposals in the bill would require constitutional amendments.

    Sinach Sued for N5bn Over ‘Copyright Infringement’ of Song ‘Way Maker’, Court Takes Decision

    “There is the issue of derivation because the Constitution has to be amended for some of the proposals of the Bill to be affected. This bill should be withdrawn. We work on it and submit it back after getting the buy-in of the Governors, National Executive Council, and the Traditional Rulers,” Ndume stated.

    Despite the opposition, the bills received support from Senators Seraike Dickson and the Chairman of the Senate Committee on Finance. Senate President Godswill Akpabio ruled in favor of the lawmakers supporting the bills.

  • Sinach Sued for N5bn Over ‘Copyright Infringement’ of Song ‘Way Maker’, Court Takes Decision

    Sinach Sued for N5bn Over ‘Copyright Infringement’ of Song ‘Way Maker’, Court Takes Decision

    The Federal High Court in Lagos has postponed a copyright infringement case against gospel artist Sinach, filed by music producer Michael Oluwole, until January 2025.

     

    Michael Oluwole, also known as Maye, has initiated legal action seeking N5 billion in damages from Sinach. He claims co-authorship of the popular 2016 song ‘Way Maker’ and seeks recognition as a co-owner. The case, identified as FHC/L/CS/402/2024, argues for general damages and equitable sharing of all fees from the song’s licenses or assignments.

    Read Also: Davido Releases Much-Anticipated Music Video “Feel” – Fans React

     

    Oluwole is calling for the court to determine an equitable division of the song’s proceeds and to compel Sinach to reveal all related licenses and copyright assignments. He demands an accounting of all accrued fees and his fair share. Furthermore, he alleges Sinach neglected her obligation to formalize his contributions to the recording and infringed on his performer’s rights. He also seeks a permanent injunction to prevent further reproduction or public performance of ‘Way Maker’ without his consent.

    Popular Nigerian skit maker dies while making video

    Gym Instructor Allegedly Impregnates Three Clients Pursuing Flat Stomachs for Christmas

    Represented by Justin Ige, Oluwole asserts that he played a significant role in the creation of ‘Way Maker,’ including engineering, mixing, and mastering the track. He also claims to have performed several instrumental parts and that his contributions were used without proper acknowledgment or compensation.

     

    Sinach, through her lawyer Emeka Etiaba, refutes these claims. She asserts that she had already established her reputation before the release of ‘Way Maker’ and claims sole authorship of the song. According to Sinach, Oluwole’s involvement was limited to mixing the final recording for which he was compensated with $300. She denies owing him any performer’s rights or royalties.

    Video of Sinach Song ‘Way Maker

    The trial, which began on November 27, 2024, has been adjourned to January 29 and 30, 2025, to allow the defense to present their arguments.

    6 Major Findings about Tinubu from the CSU Documents – Prof Farooq Kperogi

    Sinach, whose real name is Osinachi Kalu, has achieved significant milestones in her career, including being the first Nigerian to top the Billboard Christian Songwriter chart for 12 consecutive weeks. Her song ‘Way Maker’ earned multiple nominations and won ‘Song of the Year’ at the 51st GMA Dove Awards.

    Week 22 Bet9ja Pool Code for Sat Nov 30, 2024: Wk22 Bet9ja pools today

  • Dollar to Naira Exchange Rate Today, November 28, 2024: Black Market and CBN Rates

    Dollar to Naira Exchange Rate Today, November 28, 2024: Black Market and CBN Rates

    Dollar to Naira Exchange Rate Today: Black Market and CBN Rates – Thursday, November 28, 2024.

    For Nigerians involved in trade, travel, or investment, keeping up with the latest Dollar to Naira exchange rate black market is essential.

    This article provides the current Dollar to Naira exchange rate black market and the official Central Bank of Nigeria (CBN) channels, along with insights into rate fluctuations and alternative platforms for currency exchange.

    Dollar to Naira Black Market Exchange Rate Yesterday

    According to data obtained from Bureau De Change Operators (BDCs), the black market dollar to Naira rate on Wednesday, November 27, 2024, closed at ₦1,753 per US dollar.

    Dollar to Naira Black Market Rate for Today, November 28, 2024

    In the black market, the Dollar to Naira exchange rate often reflects real-time demand and supply, making it an essential metric for those outside formal banking channels. As of today:

    • Buying Rate: ₦1,745
    • Selling Rate: ₦1,750

    CBN Official Dollar to Naira Exchange Rate

    The official rate from the CBN is typically lower than the black market dollar to Naira rate but is limited to certain types of transactions, such as government-approved imports and formal business operations. The official exchange rate today is:

    • Buying Rate: ₦1,696
    • Selling Rate: ₦1,698

    Alternative Platforms for Dollar to Naira Exchange Rates

    Several online platforms, including Geegpay and Grey, also offer competitive exchange rates and serve as trusted alternatives to the traditional black market dollar to Naira:

    • Geegpay Rates:
      • USD: Buying at ₦1,735, Selling at ₦1,753
      • GBP: Buying at ₦2,120, Selling at ₦2,127
      • EUR: Buying at ₦1,798.03, Selling at ₦1,800.55
    • Grey Exchange Rates:
      • USD: Buying at ₦1,720, Selling at ₦1,750
      • GBP: Buying at ₦2,102, Selling at ₦2,203
      • EUR: Buying at ₦1,845.03, Selling at ₦1,852

    These platforms are regulated and widely used in Nigeria, providing reliable access to foreign exchange without the volatility often seen in the black market dollar to Naira.

    Historical Context: Rising Dollar to Naira Exchange Rate

    Over the past year, the Dollar to Naira exchange rate black market has experienced considerable volatility. In October 2023, the black market dollar to Naira rate was approximately ₦900 per dollar. Since then, it has nearly doubled, driven by a combination of factors such as inflation, global oil price fluctuations, and foreign currency supply issues in Nigeria.

    Why Nigerians Use the Black Market for Dollar Exchange

    The black market, or parallel market, allows for easier access to foreign currency without government-imposed restrictions. Major reasons include:

    • Favorable Rates: Higher exchange rates often mean more Naira for each Dollar exchanged.
    • Accessibility: It is often simpler to access dollars in the black market than through formal banks, which may limit availability.

    Latest Forex News in Nigeria (November 28, 2024)

    Here are some of the latest forex news updates in Nigeria as of November 28, 2024:

    • Nigerian Naira to End 2024 at 1,621.7/$ as Pressure Lingers: The Nigerian naira is predicted to end the year at N1,621.7 to a U.S. dollar, continuing its volatility despite interventions by the Central Bank of Nigeria (CBN). The naira depreciated sharply by 8 percent in October, eroding its September gains.
    • Naira Depreciation Boosts Foreign Portfolio Investments by 155.5%: Naira depreciation has led to a significant increase in foreign portfolio investments on the Nigerian Exchange Limited (NGX), reaching a new high with total value of transactions at N744.34 billion in the ten months ended October 31, 2024.
    • Senate Wades into FG’s N1.6 Trillion Debt to Egbin, Industry’s FX Crunch, Gas Supply Constraints, Others: The Senate has promised to take necessary legislative steps to resolve the N1.6 trillion debt owed to Egbin Power Plc by the federal government. The Senate is also addressing other challenges confronting power companies, including access to foreign exchange (FX), gas supply, and grid collapses.
    • Nigeria Expects $10 Billion in Forex Inflows to Ease FX Liquidity: Nigeria is expecting an influx of $10 billion in new foreign currency inflows within the coming weeks to ease liquidity challenges in the foreign exchange market.

    Understanding the Difference Between Black Market and CBN Rates

    The black market dollar to Naira rate generally runs higher than the CBN rate due to limited official access to dollars, which drives up demand in the parallel market. The CBN rate is regulated, targeting approved business transactions and some personal remittances.

    FAQs on Dollar to Naira Exchange Rates

    Why is there a difference between CBN and black market rates?

    • The black market dollar to Naira rate reflects real-time demand and supply fluctuations, whereas the CBN rate is regulated to control exchange for approved uses.

    FAQs on Dollar to Naira Exchange Rates

    Why is there a difference between CBN and black market rates?

    • The black market dollar to Naira rate reflects real-time demand and supply fluctuations, whereas the CBN rate is regulated to control exchange for approved uses.

    Can everyone use the CBN rate?

    • No, CBN rates are primarily available for government-approved imports and transactions. Many individuals rely on the black market for convenience and access.

    Are Geegpay and Grey safe platforms for exchange?

    • Yes, both platforms are well-regulated, providing secure, competitive rates for exchanging foreign currency.

    Will the Naira stabilize in the future?

    • Future trends depend on economic policies, oil prices, and global market conditions, with currency stability reliant on these factors.

    Conclusion on Dollar to Naira Exchange Rate Today

    Staying updated on the Dollar to Naira exchange rate black market is essential for business, travel, and investment decisions. Regularly checking black market and CBN rates, as well as online exchange platforms like Geegpay and Grey, can help you make informed decisions in Nigeria’s dynamic forex environment.

  • I’m Still Single, Despite My Beauty, Not Looking for a Rich Man, Just Someone Who Can Satisfy Me –Victoria Adeboye

    I’m Still Single, Despite My Beauty, Not Looking for a Rich Man, Just Someone Who Can Satisfy Me –Victoria Adeboye

    In a recent interview with media personality Damilola Banire, uploaded to Oyinmomo TV’s official YouTube page, Yoruba film actress Victoria Adeboye shared insights into her current relationship status and the qualities she seeks in a partner.

    Adeboye revealed that she is still unmarried and clarified that she is not looking for a wealthy man. Instead, she desires a partner who can meet her needs and make her feel content.

    Read Also:Gym Instructor Allegedly Impregnates Three Clients Pursuing Flat Stomachs for Christmas

    “I’m still single, I’m not looking for a rich man, I need a man that will satisfy me. Money is not the criteria I’m looking for in a man; I just want to be comfortable and content with what I have,” she stated.

    She further explained that physical appearance is not her priority. “I’m not looking for a handsome man, but my man must be presentable, dress neatly, and possess good behavior. It is very wrong for ladies to value money over good relationships because having peace of mind is one of the best things that women must enjoy in relationships,” Adeboye added.

    Pay Attention To: Are You a Faithful or a Faithfool? Catholic Priest, Fada Oluoma Drops Another Bombshell

    In addition to her relationship preferences, Adeboye also listed some of the qualities that turn her off from potential partners, emphasizing the importance of character and mutual respect in a relationship.

    I hope this captures the essence of the original article while improving readability and clarity. Let me know if you need any further adjustments!

  • Damagum, Four PDP Governors, Some NWC Members Agree to Endorse Tinubu in 2027

    Damagum, Four PDP Governors, Some NWC Members Agree to Endorse Tinubu in 2027

    Damagum, some PDP Governors, and the National Working Committee (NWC) have reportedly agreed to endorse President Bola Ahmed Tinubu for the 2027 Presidential election, according to opposition federal lawmakers.

    The Coalition for Opposition Lawmakers in the House of Representatives has raised concerns that the National Chairman of the Peoples Democratic Party (PDP), some State Governors, and the NWC have planned to support President Tinubu in the upcoming election.

    Rep. Ikenga Ugochinyere (PDP, Imo State), the group’s spokesperson, revealed on Sunday that 24 PDP State Chairmen have been planted to endorse President Tinubu before 2027, ensuring Umar Damagun, the National Chairman, remains in office until after the election.

    Read Also: Are You a Faithful or a Faithfool? Catholic Priest, Fada Oluoma Drops Another Bombshell

    Speaking at a press conference in Akokwa, Imo State, Ugochinyere described these individuals as impostors, vowing that their plan would not succeed as measures are being put in place to prevent it. He emphasized the need for a vibrant and responsible opposition, criticizing the current state of the PDP.

    Ugochinyere stated, “Today, our nation faces various economic and political challenges. What’s missing is a vibrant, responsive, and responsible opposition. The PDP, which should lead the opposition, has been hijacked by political charlatans, turning it into an errand platform for the ruling party.”

    Pay Attention To: Port Harcourt Refinery: NNPC Debunks Claims, Clarifies Blending and Refining Processes

    He lamented the state of the PDP, founded in 1998 by notable figures like the late Alex Ekwueme, Jerry Gana, Atiku Abubakar, and Chief Olusegun Obasanjo, which ended 16 years of military rule. Ugochinyere accused Umar Damagun and Samuel Anyanwu of undermining the party’s legacy and expectations of the Nigerian people.

    Ugochinyere also alleged that the PDP leadership has been delaying the National Executive Committee (NEC) meeting to choose a Chairman from North Central, intending to keep Damagun in office until 2027 to impose a weak Presidential candidate.

    He criticized the PDP leaders for their close ties with APC leaders, including meetings in London, and accused them of sabotaging their own party. Ugochinyere commended some Governors who have remained loyal to the PDP.

    Furthermore, Ugochinyere vowed that the alleged plot by Minister of the Federal Capital Territory, Nyesom Wike, to seize Rivers State allocation and impeach Governor Siminalayi Fubara would fail. He asserted that Governor Fubara would complete his tenure and be re-elected.

    Ugochinyere advised those wanting to join the APC to do so openly rather than destroy the PDP from within. He criticized Wike for his actions against the party and warned President Tinubu to be cautious in dealing with him.

    He concluded by condemning Wike’s attempts to seize Rivers State’s allocation, calling it an invitation to anarchy and a threat to constitutional governance.

    I hope this version captures the essence of the original article while improving readability and clarity. Let me know if you need any further adjustments!

  • Are You a Faithful or a Faithfool? Catholic Priest, Fada Oluoma Drops Another Bombshell

    Are You a Faithful or a Faithfool? Catholic Priest, Fada Oluoma Drops Another Bombshell

    Are You a Faithful or a Faithfool? The Truth Behind Modern Religious Practices. 

    In Matthew 5:33ff, Jesus emphatically stated that you shouldn’t swear by anything; only say Yes or No. Anything else comes from the devil. Yet you go before your priest and swear with the Bible or before the Blessed Sacrament. You are not a faithful; you are a faithfool.

    You allow your pastor to make you swear by the god of his General Overseer that if you cheat on your wife or husband, this or that will happen to you. You are not a faithful; you are a faithfool.

    Read Also : 

    Your favorite prophet goes about with armed security guards. His or her office, home, and movements are guarded by these armed security personnel. Yet he sells you oil and handkerchiefs for protection from robbers and other harms, and you buy them. You’re a faithfool.

    They stand on the pulpit and boast to you about how they’ve never been sick since they gave their lives to Christ. They make you avoid hospitals and medication when you need them. Yet, unknown to you, they secretly visit medical doctors for check-ups and treatment clandestinely, and you believe them. You are a faithfool.

    Some people died from rejecting blood transfusion. Some pregnant women died from refusing surgical procedures because their pastors said they would deliver like Hebrew women, and you are still following the same pastors. You are a faithfool.

    They tell you to sow seeds in times of adversity like the widow of Zarephath did to Elijah. You gave them your ‘rainy day’ savings, and they left with it. You forgot the part where Elijah didn’t go away with the woman’s “seed”. He multiplied it by God’s power, and both of them ate from it for the rest of the famine. In your case, your prophet has taken your ‘adversity seeds’ a number of times, and you are still struggling. Yet you are addicted to him because you are a faithfool.

    You have been told a number of times that your tithes, seeds, and financial commitments to that ministry will make your case different. You’ve been doing this for years, and your case is even worse than those who don’t. Yet you still go there with your whole heart and life. You are a faithfool.

    They give you multiple days of marathon fasting and prayers to deal with your enemies, to burn all those who are against you. Yet when they have problems with anyone, they call the police for them, and you are still looking up to them to deal with your enemies. Well done, faithfool.

    You drag your husband or wife to the public, and the prophet asks you private questions in public. You talk about your private marital issues in public, before the camera. They not only record you but upload it on social media for people to watch. Tomorrow, your children will watch their parents talking about their family issues in public, and these things don’t bother you at all. Faithfool.

    We are called to be Christ’s faithfuls. Don’t be a faithfool.

     

    Catholic Priest Fada Oluoma.

  • Gym Instructor Allegedly Impregnates Three Clients Pursuing Flat Stomachs for Christmas

    Gym Instructor Allegedly Impregnates Three Clients Pursuing Flat Stomachs for Christmas

    A gym instructor in Ashaiman, a suburb of Accra, has reportedly found himself in a storm of controversy after allegedly impregnating three women who had joined his fitness program to achieve flat stomachs in preparation for the festive season.

    Details of the Incident

    According to reports shared on social media, the women, who signed up for an intensive fitness regimen, are now at the center of online debates. Allegations suggest that the gym instructor engaged in consensual relationships with the clients during their sessions, leading to the pregnancies.

    Unverified sources claim the number of women involved could be as high as six, though this has yet to be confirmed, further fueling the intrigue surrounding the situation.

    The Festive Fitness Rush

    The incident highlights the seasonal obsession with achieving picture-perfect physiques ahead of Christmas. With holiday events, family gatherings, and photo opportunities on the horizon, many women embark on rigorous fitness routines to meet societal ideals of beauty.

    Social media amplifies this pressure, with feeds dominated by transformation stories and images of toned bodies, driving a surge in gym attendance. While this dedication is commendable, it also raises questions about the balance between personal goals and societal expectations.

    The Broader Conversation

    This story underscores a critical need to shift the narrative around fitness and festive readiness. Instead of chasing unattainable perfection, individuals might find greater joy in embracing confidence, health, and balance. After all, the essence of the Christmas season lies in self-love and authenticity, not societal pressure.

    The gym instructor has not publicly addressed the allegations, and the situation continues to generate significant discussion online.

  • Port Harcourt Refinery: NNPC Debunks Claims, Clarifies Blending and Refining Processes

    Port Harcourt Refinery: NNPC Debunks Claims, Clarifies Blending and Refining Processes

    The Nigerian National Petroleum Company Limited (NNPCL) has urged Nigerians to disregard reports questioning the operations of the Port Harcourt Refinery. The company’s Chief Corporate Communications Officer, Olufemi Soneye, addressed the issue in a statement released on Wednesday.

    Soneye accused critics of deliberately misusing technical terms like blending and refining to spread misinformation and obstruct progress in the refinery’s revitalization.

    Refinery Operations and Misconceptions

    This clarification follows allegations that NNPCL blended Crack C5 from Indorama Company in Port Harcourt with Naphtha and sold it as Premium Motor Spirit (PMS), commonly known as petrol. Critics claimed the refinery was not producing refined products, which NNPCL described as baseless.

    “For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%,” the statement read.

    Blending vs. Refining: Explained

    Soneye explained the difference between blending and refining, emphasizing that PMS is not a single product but a blend of various outputs from the refining process.

    “Blending and refining remain essential and sophisticated components of modern fuel production. PMS is a meticulously crafted blend of various refinery outputs and other middle distillates, designed to add value and meet consumer needs,” he stated.

    He urged Nigerians not to be swayed by individuals misusing technical terms to foster doubt about the refinery’s operations.

    Commitment to Progress

    NNPCL reaffirmed its commitment to improving the Port Harcourt Refinery’s efficiency, adding that ongoing efforts are geared toward achieving optimal performance and ensuring a reliable supply of refined products.

    The statement underscores NNPCL’s resolve to tackle misinformation and enhance public understanding of fuel production processes.

  • Port Harcourt Refinery Petrol Costs More Than Dangote Fuel – PETROAN

    Port Harcourt Refinery Petrol Costs More Than Dangote Fuel – PETROAN

    The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over the pricing of Premium Motor Spirit (PMS) produced by the recently reopened Port Harcourt Refinery. PETROAN revealed that the Port Harcourt Refinery’s petrol is priced ₦75 per litre higher than the price offered by Dangote Refinery.

    Dr. Joseph Obele, PETROAN’s Public Relations Officer, highlighted this during the refinery’s reopening ceremony on Tuesday. The Port Harcourt Refinery, now operating at 60,000 barrels per day, marks a significant step in revitalising Nigeria’s local petroleum production.

    Bunmi Oshonaike Is Seyi Tinubu’s Biological Mother, Not Senator Oluremi Tinubu

    Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, commended the federal government for the refinery’s restoration but flagged a critical pricing issue. He explained that while Dangote Refinery sells petrol at ₦970 per litre, the Nigerian National Petroleum Company Limited (NNPCL) sets its price at ₦1,045 per litre, creating a ₦75 price difference.

    This disparity presents a challenge for petroleum marketers, as profitability in the sector is heavily influenced by competitive pricing. Despite this concern, Obele recognised that the refinery’s reopening is a crucial step towards reducing Nigeria’s reliance on imported fuel.

    Obele also shared that NNPCL’s Group Chief Executive Officer, Mele Kyari, has assured stakeholders of efforts to harmonise prices in order to mitigate the impact on marketers and consumers.

  • Dollar to Naira Exchange Rate Today, November 27, 2024: Black Market and CBN Rates

    Dollar to Naira Exchange Rate Today, November 27, 2024: Black Market and CBN Rates

    Dollar to Naira Exchange Rate Today: Black Market and CBN Rates – Wednesday, November 27, 2024

    For Nigerians involved in trade, travel, or investment, keeping up with the latest Dollar to Naira exchange rates is essential.

    This article provides the current exchange rate for USD to NGN in both the black market and the official Central Bank of Nigeria (CBN) channels, along with insights into rate fluctuations and alternative platforms for currency exchange.

    Dollar to Naira Black market Exchange Rate Yesterday

    According to the data obtained from Bureau De Change Operators (BDCs), the black market rate on Tuesday, November 26, 2024, closed at: ₦1,755 per US dollar.

    Dollar to Naira Black Market Rate for Today, November 27, 2024.

    In the black market, the Dollar to Naira exchange rate often reflects real-time demand and supply, making it an essential metric for those outside formal banking channels. As of today:

    • Buying Rate: ₦1,740
    • Selling Rate: ₦1,745

    CBN Official Dollar to Naira Exchange Rate

    The official rate from the CBN is typically lower than the black market rate but is limited to certain types of transactions, such as government-approved imports and formal business operations. The official exchange rate today is:

    • Buying Rate: ₦1,690
    • Selling Rate: ₦1,691

    Alternative Platforms for Dollar to Naira Exchange Rates

    Several online platforms, including Geegpay and Grey, also offer competitive exchange rates and serve as trusted alternatives to the traditional black market:

    • Geegpay Rates:
      • USD: Buying at ₦1,750, Selling at ₦1,753
      • GBP: Buying at ₦2,120, Selling at ₦2,127
      • EUR: Buying at ₦1,798.03, Selling at ₦1,800.55
    • Grey Exchange Rates:
      • USD: Buying at ₦1,755, Selling at ₦1,755
      • GBP: Buying at ₦2,102, Selling at ₦2,203
      • EUR: Buying at ₦1,845.03, Selling at ₦1,852

    These platforms are regulated and widely used in Nigeria, providing reliable access to foreign exchange without the volatility often seen in the black market.

    Historical Context: Rising Dollar to Naira Exchange Rate

    Over the past year, the Dollar to Naira exchange rate has experienced considerable volatility. In October 2023, the black market rate was approximately ₦900 per dollar. Since then, it has nearly doubled, driven by a combination of factors such as inflation, global oil price fluctuations, and foreign currency supply issues in Nigeria.

    Why Nigerians Use the Black Market for Dollar Exchange

    The black market, or parallel market, allows for easier access to foreign currency without government-imposed restrictions. Major reasons include:

    1. Favorable Rates: Higher exchange rates often mean more Naira for each Dollar exchanged.
    2. Accessibility: It is often simpler to access dollars in the black market than through formal banks, which may limit availability.

    Latest Forex News in Nigeria (November 27 , 2024). 

    Here are some of the latest forex news updates in Nigeria as of November 27, 2024:

    1. CBN Announces New Forex Trading Requirements: The Central Bank of Nigeria (CBN) has introduced new guidelines for forex trading via the Electronic Foreign Exchange Matching System (EFEMS), setting a minimum trade size of $100,000. This move aims to enhance market integrity and efficiency.
    2. Nigerian Naira Depreciation: The Nigerian naira is predicted to end the year at N1,621.7/$, continuing its volatility despite CBN interventions. The currency experienced a sharp depreciation in October, eroding previous gains.
    3. Port Harcourt Refinery Restart: The restart of the Port Harcourt refinery is expected to ease forex pressure by reducing Nigeria’s dependence on imported petroleum products. The refinery, which has been under turnaround maintenance for 22 years, is set to become operational by mid-2025

    Understanding the Difference Between Black Market and CBN Rates

    The black market rate generally runs higher than the CBN rate due to limited official access to dollars, which drives up demand in the parallel market. The CBN rate is regulated, targeting approved business transactions and some personal remittances.

    FAQs on Dollar to Naira Exchange Rates

    Why is there a difference between CBN and black market rates?
    The black market reflects real-time demand and supply fluctuations, whereas the CBN rate is regulated to control exchange for approved uses.

    Can everyone use the CBN rate?
    No, CBN rates are primarily available for government-approved imports and transactions. Many individuals rely on the black market for convenience and access.

    Are Geegpay and Grey safe platforms for exchange?
    Yes, both platforms are well-regulated, providing secure, competitive rates for exchanging foreign currency.

    Will the Naira stabilize in the future?
    Future trends depend on economic policies, oil prices, and global market conditions, with currency stability reliant on these factors.

    Conclusion on Dollar to Naira Exchange Rate Today.

    Staying updated on the Dollar to Naira exchange rate is essential for business, travel, and investment decisions. Regularly checking black market and CBN rates, as well as online exchange platforms like Geegpay and Grey, can help you make informed decisions in Nigeria’s dynamic forex environment

  • Football Fixtures for Today, November 27, 2024: UEFA Champions League & EFL Highlights

    Football Fixtures for Today, November 27, 2024: UEFA Champions League & EFL Highlights

    Football fans have a thrilling day of action to look forward to on November 27, 2024, with a packed schedule featuring top-tier matches from leagues across Europe and beyond.

    From the highly anticipated UEFA Champions League fixtures, including big clashes like Liverpool vs Real Madrid and Aston Villa vs Juventus, to intense Championship battles in the Sky Bet League, the day promises exciting moments for football enthusiasts.

    For fans of international and women’s football, there’s also a chance to catch the Women’s International Friendlies between Costa Rica and Panama, as well as key UEFA Conference League fixtures.

    Additionally, domestic competitions like the National League and Women’s FA Cup round out the day’s sporting events. Here’s a closer look at all the football fixtures happening today.

    Football Fixtures for Today, November 27, 2024

    Here are all the football fixtures for today, November 27, 2024:

    UEFA Champions League

    • C Zvezda vs Stuttgart at 18:45 (UTC)
    • Sturm Graz vs Girona at 18:45 (UTC)
    • Aston Villa vs Juventus at 21:00 (UTC)
    • Bologna vs Lille at 21:00 (UTC)
    • Celtic vs Club Brugge at 21:00 (UTC)
    • Dinamo Zagreb vs Dortmund at 21:00 (UTC)
    • Liverpool vs Real Madrid at 21:00 (UTC)
    • Monaco vs Benfica at 21:00 (UTC)
    • PSV Eindhoven vs Shakhtar Donetsk at 21:00 (UTC)

    Sky Bet Championship

    • Cardiff vs QPR at 20:45 (UTC)
    • Leeds vs Luton at 20:45 (UTC)
    • Middlesbrough vs Blackburn at 20:45 (UTC)
    • Portsmouth vs Millwall at 20:45 (UTC)
    • Derby County vs Swansea at 21:00 (UTC)

    National League

    • Ebbsfleet United vs Eastleigh at 20:45 (UTC)
    • Forest Green Rovers vs Halifax Town at 20:45 (UTC)
    • Yeovil Town vs Barnet at 20:45 (UTC)

    The Women’s FA Cup

    • Kidderminster vs Stourbridge at 20:30 (UTC)

    UEFA Conference League

    • Istanbul Basaksehir vs Petrocub-Hincesti at 16:30 (UTC)

    Women’s International Friendlies

    Southern Premier League South

    • Gosport Borough vs Bracknell Town at 20:45 (UTC).

    As we wrap up today’s football fixtures for November 27, 2024, it’s clear that there’s no shortage of excitement across leagues. From the UEFA Champions League to the Sky Bet Championship, fans are in for a treat with top teams battling it out. Make sure to mark your calendars for the high-stakes games featuring Bayern Munich, Barcelona, and Manchester City, as well as thrilling clashes in the English Football League.

    Keep following the action, as today’s fixtures promise to deliver intense moments and unforgettable performances.

    Stay tuned for updates and enjoy every minute of the football frenzy!

  • Port Harcourt Refinery: Nigerians Deserve Clarity, Reduction In Petrol Prices – Peter Obi To NNPC

    Port Harcourt Refinery: Nigerians Deserve Clarity, Reduction In Petrol Prices – Peter Obi To NNPC

    The 2023 Labour Party presidential candidate Peter Obi has called on the federal government and the Nigerian National Petroleum Corporation (NNPC) to ensure transparency and accountability in managing the country’s vital oil resources.

    Reacting to the reported commencement of operations at the Port Harcourt Refinery, Obi commended the revamp but emphasized that Nigerians eagerly anticipate tangible impacts on pump prices and economic relief.

    Read Also: NNPCL Not Trucking Out Petrol from Port Harcourt Refinery, Bought ‘C5 Resins Blended with Naphtha’ – Staff Reveal

    In a statement shared via his X handle on Wednesday, Obi noted, “I wish to congratulate the NNPC for fulfilling the long-standing promise of revamping the old Port Harcourt refinery. The refinery, which comes on stream today, boasts an installed production capacity of 60,000 barrels of crude oil per day, with approximately 200 trucks expected to load products daily.

     

    He continued, “Nigerians now await the corresponding impact and benefits on pump prices and the overall economy. Additionally, news of the Kaduna refinery’s revival is promising, as it is expected to boost productivity, improve transportation, and alleviate economic burdens across the country.”

    However, Obi stressed the need for clarity in the NNPC’s operations to ensure that the gains from increased refining capacity translate into benefits for ordinary Nigerians.

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    “Nigerians deserve clarity and accountability regarding the management of the nation’s vital oil resources, ensuring that the benefits of increased refining capacity reach every Nigerian and that the gains are used to support long-term development,” he added.

    Obi’s remarks come amidst widespread concerns over rising fuel prices and the economic burden on citizens. While the NNPC has projected significant outputs from the revamped refinery, public anticipation remains high for immediate economic relief.

  • NNPCL Not Trucking Out Petrol from Port Harcourt Refinery, Bought ‘C5 Resins Blended with Naphtha’ – Staff Reveal

    NNPCL Not Trucking Out Petrol from Port Harcourt Refinery, Bought ‘C5 Resins Blended with Naphtha’ – Staff Reveal

    The Nigerian National Petroleum Company Limited (NNPCL) is under scrutiny following allegations that it is not producing Premium Motor Spirit (PMS) from the Port Harcourt Refinery, as claimed in its recent announcement. Sources close to the operations revealed that the company is blending “Cracked C5 petroleum resins” with other products, including Naphtha, and marketing it as refined PMS.

    Stop Interest Hiking, Experts Tell CBN As Apex Bank Raises Rate Again

    Allegations of Deception

    According to SaharaReporters, insiders disclosed that the refinery, which recently resumed partial operations, lacks the capacity to produce PMS in its current state. The old plant, with a 60,000 barrels-per-day (bpd) capacity, can only produce diesel. The facility required for PMS production remains non-operational.

    A source stated, “If you hear they are trucking out PMS from the depot, know it is a lie. They bought Cracked C5 from Indorama in Port Harcourt and blended it with Naphtha to sell to the public.”

    Cracked C5, described as modified petroleum resin, was reportedly procured from Indorama Eleme Petrochemicals Limited, a Port Harcourt-based company. Naphtha, used in the blending process, can be derived from various sources, including crude oil and coal tar.

    NNPCL’s Public Statement

    On Tuesday, the NNPCL released a statement and accompanying videos claiming that the Port Harcourt Refinery had commenced PMS production and distribution. Group CEO Mele Kyari celebrated the event as a “monumental achievement” for Nigeria’s energy sector, describing it as a step toward energy independence and economic growth.

    However, sources contradicted this narrative, asserting that the refinery’s PMS-producing unit, built in 1989 with a capacity of 150,000 bpd, is not yet operational and may not be ready until 2026.

    Limited Impact of the Current Refinery

    Experts argue that even if the old refinery achieves full functionality, its output will be negligible. One insider explained, “The old refinery can only give 1 million litres of PMS, which is insignificant for Nigeria’s needs.”

    The NNPCL’s announcement follows a series of missed deadlines for the refinery’s full operational status. Critics have called for transparency regarding the refinery’s actual capacity and the government’s long-term plans for Nigeria’s energy sector.

    Credit: Sahara Reporters.

  • Stop Interest Hiking, Experts Tell CBN As Apex Bank Raises Rate Again

    Stop Interest Hiking, Experts Tell CBN As Apex Bank Raises Rate Again

    Experts have called on the Central Bank of Nigeria (CBN) to halt its consistent interest rate hikes, citing the adverse effects on small businesses and household finances. The call follows the apex bank’s decision to increase the Monetary Policy Rate (MPR) by 25 basis points, raising it from 27.25% to 27.50%.

    CBN’s Response to Inflation
    The decision, announced by CBN Governor Yemi Cardoso after the Monetary Policy Committee (MPC) meeting in Abuja, was aimed at tackling rising inflation. The MPC unanimously agreed to the hike, emphasizing its necessity to curb inflationary pressures.

    Governor Cardoso also highlighted concerns over inflation driven by surging food and energy costs, stating that price stability remains a top priority. “The full deregulation of the downstream petroleum sector is expected to stabilize price levels in the medium term,” he added.

    Tinubu Committed to Releasing Nnamdi Kanu – Bianca Ojukwu

    Experts’ Insights on Rate Hikes
    Financial analysts expressed mixed reactions to the move. Professor Uche Uwaleke, Nigeria’s first Professor of Capital Market, suggested the marginal increase could indicate a pause in aggressive rate hikes by early next year. “A halt is necessary to alleviate the rising cost of funds and improve credit access for small businesses,” Uwaleke explained.

    On the other hand, Olatunde Amolegbe, Managing Director of Arthur Steven Asset Management, acknowledged the hike as expected but warned it could further strain businesses and households. “Higher financing costs will be passed to consumers, escalating prices of goods and services,” he noted.

    David Adonri, Managing Director of Highcap Securities Limited, underscored the importance of monetary policy in managing inflation but stressed its limitations without complementary fiscal measures. He attributed rising inflation to expansionary fiscal policies, insecurity, and currency depreciation.

    Economic Challenges Persist
    Despite the CBN’s measures, inflation remains stubbornly high, exacerbating economic instability. Analysts linked poor Q3 2024 GDP performance in agriculture and manufacturing to rising interest and exchange rates.

    Adonri emphasized that unchecked inflation would harm both consumers and producers, urging fiscal and monetary authorities to collaborate on structural reforms. “Interest rate hikes offer short-term benefits, such as exchange rate stability, but addressing structural issues is vital for long-term growth,” he said.

    Resilience in the Banking Sector
    Cardoso expressed satisfaction with the banking sector’s stability amid external and internal challenges. He noted that key financial indicators, including the Capital Adequacy Ratio (CAR) and Non-Performing Loan (NPL) ratio, remained robust.

    Call for Synergy
    Experts and the CBN alike stressed the need for coordination between monetary and fiscal policies to address the structural causes of inflation and stabilize the economy. Governor Cardoso reaffirmed the importance of collaboration, especially in managing exchange rate pressures and inflation fueled by high demand and energy costs.

  • Tinubu Committed to Releasing Nnamdi Kanu – Bianca Ojukwu

    Tinubu Committed to Releasing Nnamdi Kanu – Bianca Ojukwu

    Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, has disclosed President Bola Ahmed Tinubu’s commitment to releasing the detained leader of the Indigenous People of Biafra (IPOB), Mazi Nnamdi Kanu.

    Speaking during the 13th memorial anniversary of the late Dim Chukwuemeka Odumegwu Ojukwu in Owerri on Tuesday, Ojukwu emphasized that Kanu’s release is a crucial step toward restoring peace and stability in the Southeast.

    Read Also: EndSARS: TVC Arsonists ‘Hunted and Executed’ – Sanwo-Olu’s Aide Confesses to Extra-Judicial Killings

    A Strategic Move for Peace

    “President Tinubu recognizes the importance of releasing Nnamdi Kanu. This move will help unmask the criminal elements hiding under the guise of IPOB to perpetrate violence,” Ojukwu said.

    She expressed her determination to support efforts aimed at ensuring Kanu’s freedom, describing it as vital for distinguishing genuine advocates of self-determination from those fueling insecurity in the region.

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    “The Igbo are not known for harming their own. The release of Kanu is crucial for separating true freedom fighters from those exploiting IPOB’s name to sow chaos. Our people face significant threats, and it is time for collective action to restore peace and prosperity to the Southeast,” she added.

    Condemnation of Sit-at-Home Orders

    Ojukwu condemned the frequent “sit-at-home” orders enforced by violent elements in the Southeast, calling them counterproductive to the ideals of self-determination and damaging to the region’s economy.

    “Ndigbo are enterprising and resilient. We must reclaim our region and promote the values for which Dim Chukwuemeka Odumegwu Ojukwu stood,” she stated.

    Kanu’s Legal and Political Battle

    Nnamdi Kanu has been in custody since 2015, following his arrest by the Department of State Services (DSS). He faces charges including treason and terrorism. Despite being granted bail multiple times, Kanu remains detained.

    Ambassador Ojukwu’s remarks signal a significant shift in addressing the ongoing security and political challenges in the Southeast, with hopes that Kanu’s release could pave the way for reconciliation and stability in the region.

  • EFCC Arrests Former Kogi Governor Yahaya Bello Over Alleged Fund Misappropriation

    EFCC Arrests Former Kogi Governor Yahaya Bello Over Alleged Fund Misappropriation

    The Economic and Financial Crimes Commission (EFCC) has arrested former Kogi State Governor Yahaya Bello over allegations of misappropriation of public funds.

    Bello was reportedly taken into custody on Tuesday afternoon shortly after surrendering himself to the anti-graft agency. He is currently being interrogated by EFCC officials in connection with the allegations.

    EndSARS: TVC Arsonists ‘Hunted and Executed’ – Sanwo-Olu’s Aide Confesses to Extra-Judicial Killings

    This arrest follows months of tension between the EFCC and Bello. Previously, the agency had attempted to apprehend him during an operation reportedly supported by the current Kogi State Governor, sparking public controversy.

    Details of the allegations against Bello and the outcomes of his interrogation remain undisclosed as of now.