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Interswitch Empowers Product Professionals At Product Leadership Conference

Interswitch Empowers Product Professionals At Product Leadership Conference

Interswitch, Africa’s leading integrated payments and digital commerce company, has restated its commitment to empowering and supporting the development of the Product community in Nigeria.

This outlook was reiterated by the fintech giant’s sponsorship of The Dive 2023, a Product Leadership Conference organized by the Product Management Community, Product Dive.

The conference, which was held at Zone Tech Park, Gbagada, Lagos on August 12, 2023, proved to be an invaluable platform for the exchange of ideas, insights, and strategies that will undoubtedly shape the future of product leadership in Nigeria and beyond.

It brought together Product Managers, Heads of Product, start-up founders and ambitious leaders from various industries to enrich their expertise, forge connections, and ignite innovation within their organizations.

Speakers and facilitators at the conference included Ebi Atawodi, the Director of Product at Google, who delivered the keynote; Nnanna Enyi, Principal Product Manager at Amazon (and ex-Interswitch) and Bunmi Ayeh, Product Lead at Meta.

Through this partnership with Product Dive, Interswitch sustains its ongoing support for the Product community as part of its commitment to foster development in the tech ecosystem.

Commenting on the essence of the event and Interswitch’s partnership with the event organizers, Tomi Ogunlesi, Group Head, Brands and Communications at Interswitch, noted that the company remains committed to identifying and nurturing platforms that will drive the growth of product professionals and tech talent as a whole.

He said, “Our support for The Dive 2023 aligns with our pursuit of empowering the tech community and reflects our belief in the transformative potential of collaboration and skill development. We are resolute in our mission to contribute to a thriving ecosystem where innovation and expertise intersect harmoniously.”

Interswitch’s engagement with The Dive 2023 is just a glimpse its sustained dedication to the product community.

Building upon the success of The Dive 2023, Interswitch is poised to make yet another substantial contribution to the Product industry as the headline sponsor for the upcoming Inspire Africa Product Conference, scheduled to take place in September 2023 in partnership with the renowned Silicon Valley Product Group (SVPG), affirming its commitment to catalyzing positive change and growth within the tech industry.

With Interswitch’s continued support, the firm is not only solidifying its position as a market leader but also nurturing an ecosystem that fosters innovation, collaboration, and excellence, demonstrating its holistic approach to driving industry growth and elevating product professionals across the continent.

Why You Should Not Ripen Your Fruits With Calcium Carbide
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Tunde Bakare Urges Tinubu To Wipe Out Corruption

Tunde Bakare Urges Tinubu To Wipe Out Corruption

Pastor Tunde Bakare, the Serving Overseer of the Citadel Global Community Church, urged President Bola Tinubu on Sunday to root out the corruption that has plagued the nation’s economy and spare Nigerians from suffering.

“Mr President, even though you have announced some palliatives, let me remind you that palliatives cannot address the root cause of the problem,” Bakare said in an ideologically charged “State of the Nation” address broadcast on Sunday.

“Therefore, we demand that you address the root cause of the problem. Take the yoke off the neck of the poor, go after the loot, recover the loot, and retool it to the benefit of Nigerians. In simple terms, Mr President, kill corruption, not Nigerians.”

APC responds to Tunde Bakare’s statements

In response, Senator Ajibola Basiru, National Secretary of the All Progressives Congress (APC), questioned Bakare’s competency to criticize such economic policies by the President.

“I must quickly comment on what you played that Pastor Bakare said, although I don’t see him as a politician and, with respect to him, I don’t see him as even competent to say what he has said,” Basiru said.

“The fact that you are talking of palliatives does not mean that we’re not confronting the headlong of correcting the dysfunctions and imbalances in the economy.

“So, we’re both addressing the issue of palliative as an immediate step and addressing the fundamental problem.”

NARD Calls Off Strike, Resumes Operations Nationwide
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LASG Extends Closure Of CMD Road To August 20

LASG Extends Closure Of CMD Road To August 20

The Lagos State Government (LASG) has announced an eight-day extension of construction work at the CMD Road entry to the Lagos-Ibadan Expressway, until August 20, 2023.

According to Abdulahfiz Toriola, Permanent Secretary, Ministry of Transportation, in a statement on Sunday, this is in line with the existing temporary closure of the entrance into CMD Road and the Access Road to Isheri-Olowora on the Lagos-Ibadan Expressway for the Federal Government’s ongoing project.

Temporary closure

BizWatch Nigeria recalls that state government on August 8 announced the temporary closure of the entry to CMD Road and the Access Road to Isheri-Olowora on the Shagamu bound lane while work on the Lagos-Ibadan Expressway continues.

Toriola had said that the CMD entry would be blocked for three days beginning August 9 for the construction of the final wearing course.

He also stated that the access route to Isheri-Olowora on the Shagamu bound carriageway, via the pedestrian Bridge at Berger Bus Stop, will be closed for three days beginning Thursday, August 10.

The roads were supposed to be closed for only 3 days.

The government’s full statement:

LASG EXTENDS THE TEMPORARY CLOSURE OF THE ENTRANCE INTO CMD ROAD BY 8 DAYS FOR CONSTRUCTION OF RETAINING WALL.

In line with the existing temporary closure of the entrance into CMD Road, and the Access Road to Isheri-Olowora on Lagos-Ibadan Expressway for the ongoing project by the Federal Government, the Lagos State Government has announced an extension of the construction at the CBD entrance from 12th August, 2023 to 20th August, 2023, an additional 8 days.

According to the notification, the extension of the temporary closure was necessary to allow; the casting of the retaining wall, facilitate the run-off discharge point, remove the old ring culvert, install precast culvert, and resurface the section worked upon with asphalt.

The traffic management plan already in use will continue with the alternative routes;

i. Motorists on Ojota Interchange will connect CMD Road through the access road after the FMW weighbridge to continue their journeys.

ii. Motorists on Dr. Nurudeen Olowopopo will connect CMD road by Otedola Estate

iii. For Motorists that are Isheri-Olowora bound, intending to exit the expressway via the access before the Pedestrian Bridge at Berger bus stop, will make use of the next exit by New Garage to connect Isheri-Olowora.

Motorists are urged to cooperate with the Traffic Management Personnel deployed to guide them through their desired destinations.

E-signed;
Engr. Abdulahfiz Toriola,
Permanent Secretary,
Ministry of Transportation.
13th August, 2023.

Tinubu Endorses Heritage Voyage of Return
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Interswitch Boosts Product Management Community Through Double-Pronged Partnership With Silicon Valley Product Group (SVPG) And Product Dive

Revolutionizing Tax Collection: Interswitch Leads Digital Charge At Nigerian Revenue Summit

Interswitch, Africa’s leading integrated payments and digital commerce company, has restated its commitment to empowering and supporting the development of the Product community in Nigeria. This outlook was reiterated by the fintech giant’s sponsorship of The Dive 2023, a Product Leadership Conference organized by the Product Management Community, Product Dive.

The conference, which was held at Zone Tech Park, Gbagada, Lagos on August 12, 2023, proved to be an invaluable platform for the exchange of ideas, insights, and strategies that will undoubtedly shape the future of product leadership in Nigeria and beyond. It brought together Product Managers, Heads of Product, start-up founders and ambitious leaders from various industries to enrich their expertise, forge connections, and ignite innovation within their organizations.

Speakers and facilitators at the conference included Ebi Atawodi, the Director of Product at Google, who delivered the keynote; Nnanna Enyi, Principal Product Manager at Amazon (and ex-Interswitch) and Bunmi Ayeh, Product Lead at Meta.

Through this partnership with Product Dive, Interswitch sustains its ongoing support for the Product community as part of its commitment to foster development in the tech ecosystem.

Commenting on the essence of the event and Interswitch’s partnership with the event organizers, Tomi Ogunlesi, Group Head, Brands and Communications at Interswitch, noted that the company remains committed to identifying and nurturing platforms that will drive the growth of product professionals and tech talent as a whole.

He said, “Our support for The Dive 2023 aligns with our pursuit of empowering the tech community and reflects our belief in the transformative potential of collaboration and skill development. We are resolute in our mission to contribute to a thriving ecosystem where innovation and expertise intersect harmoniously.”

Interswitch’s engagement with The Dive 2023 is just a glimpse its sustained dedication to the product community.

Building upon the success of The Dive 2023, Interswitch is poised to make yet another substantial contribution to the Product industry as the headline sponsor for the upcoming Inspire Africa Product Conference, scheduled to take place in September 2023 in partnership with the renowned Silicon Valley Product Group (SVPG), affirming its commitment to catalyzing positive change and growth within the tech industry.

With Interswitch’s continued support, the firm is not only solidifying its position as a market leader but also nurturing an ecosystem that fosters innovation, collaboration, and excellence, demonstrating its holistic approach to driving industry growth and elevating product professionals across the continent.

Tekno Releases New Single “Peppermint”, Listen Here!

Tinubu Endorses Heritage Voyage of Return

Tinubu Appoints Mandate Secretaries For FCTA

President Bola Tinubu has expressed his support for the ‘Heritage Voyage of Return,’ a project aiming at reconnecting Afro-descendants with their African roots.

Tinubu stated in a statement issued by Ajuri Ngelale, special adviser to the president on media and publicity, that the program will not only reawaken societal historical consciousness but will also generate economic benefits.

“Reconnecting Afro-Brazilians with their African roots will be an iconic project that will rekindle our past and light up the spirit of our ancestors,” the president was quoted as saying.

“It will re-awaken memories of what happened many years ago.

“And it is a good thing that this is coming now at a time when we are working on expanding the frontiers of freedom and democracy in Africa.”

The delegation’s leader, Wale Adeniran, compared the effort to the Lagos Black Heritage Festival.

Adeniran further stated that the project will start in Brazil and travel through other African countries before concluding in Nigeria.

He went on to say that the organizers of the ‘Heritage Voyage of Return’ sought the assistance of Nobel laureate Wole Soyinka as well as the president.

Carolina Maira Morais, another part of the delegation, stated that “the project will integrate the two countries” because Brazil has over 126 million Afro-descendants.

She also revealed that Brazilian President Lula da Silva intends to visit Nigeria.

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NARD Calls Off Strike, Resumes Operations Nationwide

NARD Calls Off Strike, Resumes Operations Nationwide

The Nigerian Association of Resident Doctors (NARD) has called a halt to its nationwide strike and will return to work on Saturday.

Innocent Orji, the association’s national president, verified the development.

“We just suspended the strike. Work to resume 8 am tomorrow. We will review the progress made in two weeks.”

The move comes just days after the doctors called off a planned nationwide protest to press their demands.

The doctors, according to the NARD chief, are asking for eight items, including the recruitment of more people to replace doctors who have migrated or died.

“Our members are suffering. Nigerians are suffering too. When you don’t have the right number of doctors in the hospital, there is no way it is not going to affect the healthcare service delivery system.

“And nobody has come out to tell us that what we are saying is not true,” he maintained.

“The government on its own set up a ministerial committee that came up with a guideline since February this year, why hasn’t that guideline been circularised?” he asked.

He blamed the government of failing to meet the requests of the doctors.

Why You Should Not Ripen Your Fruits With Calcium Carbide
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Tinubu Vows To Revive Nigeria’s Economy

Nigeria Ready To Welcome All Citizens - Tinubu
President Bola Ahmed Tinubu

President Bola Tinubu told Nigerians on Friday that his administration will leave no stone unturned in its multifaceted efforts to revive the economy and make it operate for the greater interest of all Nigerians.

Ajuri Ngelale, Special Adviser to the President on Media and Publicity, revealed this in a statement.

He cited the President’s remarks during a meeting with the Board of Trustees of the All Progressives Congress (APC) Professionals Forum at the State House in Abuja.

“This economy must recover for the good of the greatest number of Nigerians, and we are seriously committed to seeing through a change for the better,” he told a group organized by former Bauchi State governor Isa Yuguda.

President Tinubu stated that every effort across sectors will be documented and frequently assessed for performance verification and public presentation in order to consistently ensure measured growth and better public enlightenment on policy outcomes.

“So far, we have taken some baby steps and pushed some aggressive positions,” Tinubu told APC professionals who had already expressed their support for the reforms.

“Foreign capital is a coward that does not move into unsafe areas, so with your successful interventions so far, we look forward to better security that will attract investors,” Yuguda added.

Why You Should Not Ripen Your Fruits With Calcium Carbide
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Haaland Helps Man City Dispatch Burnley On EPL Opening Day

Manchester City, the defending Premier League champions, started out strong against Burnley on Friday night with a 3-0 victory.

Erling Haaland improved on his goal-scoring performance from the previous season by scoring a brace, and Rodri’s own goal in the 75th minute sealed the victory.

The Citizens opened their account for the new campaign in just 185 seconds before the Norwegian dealt the newly promoted Clarets a blow they could never recover from.

After Rodri misjudged Kevin de Bruyne’s cross, Haaland pounced in the area, and after 36 minutes, the game was practically over thanks to his stunning left-footed effort into the top corner beyond Burnley goalkeeper James Trafford.

Burnley, roared on by a passionate home crowd, never gave up but City’s control grew more emphatic as the game went on, Rodri turning home the third with 15 minutes left after the home defence failed to clear a free-kick.

It all ended very comfortably for City, their night only marred by another injury for De Bruyne, who limped off after only 23 minutes to be replaced by summer signing Mateo Kovacic.

Burnley had Anass Zaroury sent off in injury time, after a video assistant referee review, for a dangerous lunge on Kyle Walker.

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Dollar Index Reduces By 1.6% In July- OPEC

OPEC Records Highest Oil Export Revenue In Almost 10 Years

According to the Organization of the Petroleum Exporting Countries (OPEC), gains from the prior month were erased in July as the U.S. dollar index fell by 1.6% month-over-month (m-o-m). In June, the dollar index barely climbed by 0.3% month-over-month for the second consecutive month. This was stated by OPEC in its August Monthly Oil Market Report.

The research said that the dollar declined even though the Federal Reserve raised interest rates by 25 basis points (bp) in July, while also describing the effects of inflation and the currency on oil prices. This, it claimed, highlighted a change in risk perception as investors’ view for the global macroeconomy improved and financial markets bet that the American economy would escape recession.

According to the OPEC report, Year-on-Year (Y-o-Y), the index was down by 5.2 per cent. The OPEC report said the dollar experienced mixed movement against major developed market currencies for a second consecutive month in July.

It said it recovered against the euro by 2.2 per cent m-o-m, but receded against the yen and the pound by 0.2 per cent and 2.2 per cent, respectively, over the same period. It said Y-o-Y, the dollar was up by 8.9 per cent and 3.0 per cent against the euro and yen, respectively; however, it was down by 7.1 per cent against the pound over the same period.

“In terms of emerging market currencies, the dollar declined for a second consecutive month in July against the rupee and the Brazilian real by 0.1 per cent and 1.1 per cent respectively, m-o-m.

“Meanwhile, it advanced against the Yuan for a second consecutive month by 0.3 per cent m-o-m,” the oil market report said.

It said Y-o-Y, the dollar was up by 3.2 per cent and 6.7 per cent against the rupee and yuan, respectively; however, it was down by 10.6 per cent against the real over the same period. It said the differential between nominal and real OPEC Reference Basket (ORB) prices widened m-o-m.

It said inflation (nominal price minus real price) went from negative 1.78 dollars per barrel in June to negative 3.11 dollars per barrel in July, a 76.7 per cent increase m-o-m.

It further stated that in nominal terms, accounting for inflation, the ORB price went from 75.19 per cent per barrel in June to 81.06 per barrel in July, a 7.8 per cent increase m-o-m.

It added that Y-o-Y, the ORB was down by 25.3 per cent in nominal terms. In real terms (excluding inflation), it said the ORB went from 76.95 dollars per barrel in June to 84.17 dollars per barrel in July, a 9.4 per cent increase m-o-m.

“Y-o-y, the ORB was down by 24.4 per cent in real terms,” it said.

Tekno Releases New Single “Peppermint”, Listen Here!

Why You Should Not Ripen Your Fruits With Calcium Carbide

Why You Should Not Ripen Your Fruits With Calcium Carbide

Some people go through different means in order to ripen their fruits or the fruits they want to sell without caring about the side effects of the health of the consumers.

While some people will cover their fruits with clothes or keep them in a dark and warm environment, some will use Calcium Carbide.

Calcium carbide also known as Calcium Acetylide is a greyish-black lump or crystalline chemical substance with a garlic-like odour. It is used to generate acetylene gas, as a reducing agent, and is used in steel manufacturing and metal cutting.

Fruits are high in vitamins and minerals, and they help to avoid vitamin C and vitamin A deficits. People who eat fruits as part of a healthy diet are less likely to develop chronic diseases.

However, the use of artificial ripening chemicals or products cause a great damage and take away the benefits of the fruits.

Why You Should Not Ripen Your Fruits With Calcium Carbide

Calcium carbide can affect the neurological system by inducing prolonged hypoxia. It causes symptoms like headache, dizziness, high sleepiness, memory loss, cerebral oedema, numbness in the legs and hands, general weakness, cold and damp skin, low blood pressure and seizure.

Consuming such artificially ripened fruits could result in sleeping disorders, mouth ulcers, skin rashes, kidney problems and cancer.

The National Agency for Food and Drug Administration and Control (NAFDAC) has advised Nigerians to avoid eating fruits that have been ripened with calcium carbide.

Mojisola Adeyeye, the director-general of NAFDAC, issued the warning during her keynote lecture on Thursday in Uyo, Akwa Ibom, at a media sensitisation workshop on the hazards of drug hawking and fruit ripening with calcium carbide.

According to the director-general, NAFDAC has begun efforts around the country to eradicate the threat of using chemical substances to ripen fruits.

“Consumption of fruits containing these impurities may cause cancer, heart, kidney and liver failure.

“They may also cause frequent thirst, irritation in mouth and nose, weakness, permanent skin damage, difficulty in swallowing, vomiting, skin ulcer and so on.

“Higher exposure may cause undesired fluid build-up in lungs (pulmonary oedema).

“Acetylene produced by calcium carbide affects the neurological system and reduces oxygen supply to the brain and further induces prolonged hypoxia.

“The impurities are hazardous to pregnant women and children and may lead to headache, dizziness, mood disturbances, mental confusion, memory loss, cerebral oedema (swelling in the brain caused by excessive fluids), sleepiness, and seizure.”

How can you tell?

The artificially ripened fruit can be identified. Fruits such as tomato, mango, and papaya will have uniform skin color, and in the case of banana, the fruit will be yellow while the stem will be dark green. The fruits would also be blander and have a shorter shelf life.

Also, if the fruits are available before their season, they may have been artificially ripened. Washing and peeling fruits before eating can help to reduce the danger of calcium carbide. Standard laboratory analysis can also be performed to determine whether they are polluted.

Treasury Bills Yield Balances As Money Market Rates Drop
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Treasury Bills Yield Balances As Money Market Rates Drop

LBS Discloses FG's Targets With Naira Redesigning

On Thursday, the Treasury bill market saw a chilly trading session as investors continued to consider the effects of falling spot rates on the auction rollover on their portfolios. The Central Bank of Nigeria (CBN) decreased financing costs on Wednesday by lowering market rates despite increases in interest and inflation rates.

Increased demand for Nigerian treasury bills at the CBN auction is supported by a healthy level of liquidity in the financial system, providing a chance to lower the price of rolled-over bills.

Liquidity levels closed high before the market opened for the auction as major money market rates fell as a result of the lack of demands on the financial system. According to FMDQ Exchange data, the open repo rate fell by 23 basis points.

The average yield on Nigerian Treasury bonds remained constant at 7.3% as a result of limited trading activity in the secondary market. Trading activity on the bond market was negative as the average yield increased by 2 basis points to 13.5%.

The average yield increased in the short (+4 bps) and mid (+4 bps) portions of the benchmark curve, respectively, as a result of profit-taking on the JAN-2026 (+19 bps) and APR-2029 (+10 bps) bonds. On the other hand, the long end’s average yield closed unchanged.

“Profit-taking activities were observed across short- and mid-dated securities, particularly the debt due on 22 JAN 2026, which caused the average secondary market yield to increase and reach 13.06%.”

Cowry Asset told investors that the 10-year borrowing cost also experienced an uptick, recording a yield of 13.43% compared to 13.37%. Conversely, the 20-year and 30-year bonds exhibited stability, retaining yields at 14.90% and 15.12%, respectively.

Elsewhere, FGN Eurobonds faced appreciation across most tracked maturities, reflecting renewed bullish sentiment. Similarly, the average secondary market yield saw a marginal decrease to 10.41%.

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DMO Lists N360bn FGN Bonds For Subscription

Next President To Inherit ₦77trn Debt - DMO

The Federal Government of Nigeria (FGN) has launched N360 billion in bonds for subscriptions through the Debt Management Office’s monthly auction schedule for August 14, 2023.

The first is a N90 billion April 2029 FGN bond with a 14.55 percent annual interest rate, according to an offer circular made public by the DMO. (10 years after closing). According to MarketForces Africa, the organization has generated more than N4 trillion for the Nigerian government in the previous seven months.

The second offer, according to the auction calendars, is a June 2033 FGN bond with a N90 billion face value and an interest rate of 14.70 percent annually. The ten-year reopening

Additionally, there is the N90 billion, 15.45% annual interest rate, June 2038 FGN bond. (15 years after closing) The June 2053 FGN bond, similarly valued at N90 billion and with an interest rate of 15.70% annually, is the final offer. thirty-year reopening

Following a minimum subscription of N50 million, they are offered for N1,000 per unit and in multiples of N1,000 thereafter. The DMO states that bidders will pay a price proportional to the yield-to-maturity bid that clears the volume being auctioned plus any accumulated interest on the instrument for re-openings of previously issued bonds (where the coupon is already established).

It was indicated that although the bullet payments (principal sum) would be made, interest would be paid semi-annually.

“They qualify as securities in which trustees can invest under the Trustee Investment Act

“They qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other investors.

“They are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange. All FGN bonds qualify as liquid assets for liquidity ratio calculation for banks, ” it said. DMO Opens N360bn FGN Bonds for Subscription Naira

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NGX Makes N565bn Profit As DANGCEM, FBNH Rally

SEC Warns Nigerians Against Investing In FinAfrica, Poyoyo

After losing N622 billion, the Nigerian Exchange (NGX) recovered as investors bought back previously sold equities including Dangote Cement and FBNH.

After a significant record loss the day before, according to data from the local exchange, purchasing activity in blue-chip stocks including DANGCEM, FBNH, and 21 other companies increased market capitalization. According to the NGX record, the year-to-date return increased slightly to 27.23% as a result of the renewed shopping for deals that took place during the intraday trading session.

Stockbrokers said in their individual market updates that the market index or All-Share Index increased by 1,037.43 basis points, or a gain of +1.62%, to close at 65,204.82. Market activity increased given the day’s trading trend. Total trading volume and value both grew by +51.74%. and +119.49% respectively.

In an email to investors, Atlass Portfolios Limited said that 5,531 trades totaling over 361.20 million units valued at $5,743.64 million were completed. With FBNH accounting for 38.85% of all trade activity, it was the most actively traded stock in terms of volume.

The top 5 on the volume table were completed by the Tier-1 bank, FIDELITYBK (5.97%), UNIVINSURE (5.18%), TRANSCORP (4.80%), and UBA (3.63%).

According to market statistics, FBNH accounted for 45.43% of the total value of trades on the exchange and was the stock that was traded the most. The stock with the largest price increase among advancers was CHELLARAM, up 10.00 percent. SCOA (9.35%), DANGCEM (+9.34%), THOMASWY (+9.32%), CORNERST (+9.09%), and eighteen other companies lagged behind the firm.

Seventeen stocks depreciated despite a bullish momentum recorded. CAP was the top loser, with a price depreciation of -10.00% each, to close at ₦19.80. ACADEMY (-9.36%), DANGSUGAR (-6.63%), GLAXOSMITH (-6.60%), CHAMS (-5.05%), and WEMABANK (-4.30%) also dipped in price.

In that regard, the market breadth closed positive, recording 23 gainers and 17 losers. In addition, the market sector performance closed positive. This was indicated by the fact that three of the five major market sectors surged. The breakdown showed that the Industrial sector grew by 4.80%, followed by the Insurance sector (+0.60%), and the Banking sector (+0.19%).

Meanwhile, the Consumer goods sector was down by (-0.55%). The Oil & Gas sector closed unchanged. Overall, equities market capitalisation advanced by ₦564.84 billion, representing a growth of +1.62%, to close at ₦35,483.72 trillion the previous day.

Tekno Releases New Single “Peppermint”, Listen Here!

Naira Falls To All-Time Low Of N950/$ At Parallel market

EXPLAINER: What You Should Know About Naira Floating And Devaluation

On Thursday afternoon at the parallel market, the naira hit a record low of N950 to 1 USD. Compared to the N897 it traded for earlier this week, the amount implies a loss of N53, or 5.9 percent.

Operators of Lagos-based bureaux de change (BDC) who talked with TheCable said that there is a significant demand for foreign money in the street market. The street vendors, sometimes referred to as “abokis,” set the price of a dollar at N935 for purchase and N950 for sale, leaving a profit margin of N15.

The local currency is now being purchased at N920 per dollar and sold for N940 per dollar, according to currency merchants in Ogun state’s Agbara region.

“Dollar is scarce now. The rate keeps going up and I don’t even know why. Despite that, people are still coming to buy the little they can get,” Aliyu, A BDC operator in the market, told TheCable.

The local currency lost 3.28 percent of its value versus the dollar in the investors and exporters (I&E) window on Wednesday, according to FMDQ OTC Securities Exchange, a platform that monitors foreign exchange transactions in Nigeria. It closed at N782.38/$.

Before it closed at N782.38, the exchange rate for the day’s trade reached a high of N800 to the dollar. At the I&E window on Wednesday, deals totaling $60.26 million were registered.

The scope of the foreign currency market was interrupted by significant adjustments that the Central Bank of Nigeria (CBN) implemented in mid-June. The unification of all FX market sectors (enabling the local currency to freely float) and the reinstatement of the “willing buyer, willing seller” principle stand out among the measures.

Since the government unified the exchange rate windows, the naira has consistently experienced fluctuations at the official window and a surge in depreciation at the black market.

Last month, the Economist Intelligence Unit (EIU), an arm of The Economist of London, predicted that the Nigerian government would go back to a system where they have more control over the exchange rate.

The UK-based platform said the move would be taken to try and stop the naira from losing its value much further.

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S’East Governors Committed To Fighting Insecurity

S'East Governors Committed To Fighting Insecurity

South-East governors have reaffirmed their commitment to combating insecurity in the region, saying they will work with the Federal Government (FG) and other stakeholders to achieve this goal.

Imo State Governor Hope Uzodimma stated this on Thursday, during a closed-door meeting of the region’s governors at the Enugu State Government House.’

“The Forum firmly resolved to fight insecurity decisively in the region individually and collectively, in partnership with the Federal Government and other Stakeholders,” the governor, who is the Chairman of the South-East Governors’ Forum, said.

“We commend the security agencies for their cooperation thus far and encourage them not to relent.

“We wish to state categorically that the perpetrators of the insecurity in our region and their sponsors are criminals and should not be seen as legitimate agitators.

“Therefore, upon arrest, they should be dealt with in accordance with the laws of the land. The Forum resolved to hold the security and economic summit on a date to be announced soon”.

Governors Peter Mbah of Enugu State, Charles Soludo of Anambra, Alex Otti of Abia State, and Francis Nwifuru of Ebonyi all attended the meeting on Thursday.

Hundreds of attacks in the South-East region have been blamed on the outlawed Indigenous People of Biafra (IPOB) organization or its armed wing, the Eastern Security Network (ESN).

IPOB, which seeks a separate state for ethnic Igbo people, has repeatedly denied culpability for the violence.

‘No Negotiations With Terrorists’ – Katsina Gov
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‘No Negotiations With Terrorists’ – Katsina Gov

'No Negotiations With Terrorists' - Katsina Gov
Dikko Radda, Governor of Katsina State

Dikko Radda, Governor of Katsina State, stated on Thursday that his administration will not deal with terrorists in the state.

Radda was speaking during a special prayer session organized by the state government to seek divine intervention against insecurity in the face of the state’s economic difficulties.

“We don’t have plans to give amnesty to terrorists, but we are ready to accept them if they are ready to embrace peace and lay down their arms,” he said.

“This event is not all about prayers, but also for the clerics to step down our message to their various communities to see to the end of the lingering security issues in our dear state and by extension, the country in general.

“We need the cooperation of each and every member of the public to ensure that information is provided to us so that we can fish out the terrorists and criminals terrorising the residents.

“We must support our security agencies with information on the movements of the terrorists and their collaborators,” Radda maintained.

Governor Radda promised Katsina citizens of his government’s commitment to provide palliatives to mitigate the effects of the hike.

According to Radda, a committee has been formed to ensure that only the most vulnerable people receive palliative care.

He also stated that the Federal Government (FG), led by President Bola Tinubu, is developing steps to alleviate the impact of the elimination of gasoline subsidies.

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Reckless Exploitation Of Natural Resources Leads To Political Turmoil – Falana

Reckless Exploitation Of Natural Resources Leads To Political Turmoil - Falana

Femi Falana, a prominent legal expert and human rights campaigner, has thrown light on the troubling tendency of coups within the Economic Community of West African States (ECOWAS).

The Senior Advocate of Nigeria (SAN) described “reckless exploitation of natural resources” as one of the main driving causes behind the disturbing political turmoil and the emergence of unlawful changes in government in a communiqué issued on Thursday.

Falana underlined that external influence and involvement, particularly from former colonial administrations, along with unrestrained extraction of the region’s huge natural resources, has maintained economic inequities.

Such differences, in turn, have fueled public frustrations and complaints, fostering an environment susceptible to coups and power struggles.

Falana said, “We have confirmed that another principal cause of change of governments in West Africa is the reckless exploitation of the natural resources of the member states of the ECOWAS by former colonial regimes and their allies.

“Such exploitation is compounded by the control of the national economy by the World Bank and International Monetary Fund. The implementation of the anti people’s policies of the foreign forces has continued to increase the poverty of the entire people of the region.

“Out of frustration with civilian governments, unemployed youths and victims of human rights abuse usually troop to the streets to celebrate coup plotters. The ECOWAS leaders should end the crude exploitation of natural resources and empower the people to control the commonwealth of member states in accordance with Article 21 (1) of the Charter which provides:

“All peoples shall freely dispose of their wealth and natural resources. This right shall be exercised in the exclusive interest of the people. In no case shall a people be deprived of it.”

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Tekno Releases New Single “Peppermint”, Listen Here!

Tekno Releases New Single “Peppermint”, Listen Here!

Nigerian recording artist and record producer Tekno, has on August 11, 2023 released his highly anticipated new single, “Peppermint.” Listen to it HERE.

Produced by Egar Boi, this captivating track showcases Tekno’s exceptional musical prowess.

With “Peppermint,” he once again proves his ability to create infectious and genre-defying music that resonates with audiences worldwide.

The song effortlessly blends elements of Afro-Pop, capturing Tekno’s distinctive melodic sound and showcasing his unique production style.

His ability to effortlessly fuse cultural influences with his unique musical style has made him a force to be reckoned with in the international music scene.

Peppermint lyrics

Jo la so e dey pepper me
(jo,jo, jo,jo,jo, jo)
Jo la so e dey pepper me so
Jo la so e dey pepper me so
Jo la so e dey pepper me so
I dont mind if I risk it all for you
(yo yo yo, yo yo yo, yo yo yo)
Since to one, I don wait til the after two.
(yo yo yo, yo yo yo, yo yo yo)
Jo la so, gong aso, e na ba oso,
nne me osisa.
Jo la so. Take action
when I give it I dont stop,
when I give it I dont stop,
and I cant stop, cinemato ooo
Jo la so e dey pepper me
(jo,jo, jo,jo,jo, jo)
Jo la so e dey pepper me so
Jo la so e dey pepper me so
Jo la so e dey pepper me so
Fire can cool ya peppermint,
Fire can cool ya peppermint,
Give it to them back to back steady
Fire can cool ya peppermint,
Folake whine steady
Fire can cool ya peppermint,
Uwon Uwon
Bi mo se n ko Orin wan si fe jo si
go down, go down,
make we go gaga
make we go Gaga
no time
dance to my riddim,
make you move body
Kporokoto kpomkpom kpo laso
Make you chop my coleslaw e cinemato
Jo la so e dey pepper me
(jo,jo, jo,jo,jo, jo)
Jo la so e dey pepper me so
Jo la so e dey pepper me so
Jo la so e dey pepper me so
Jo la so e dey pepper me
(jo,jo, jo,jo,jo, jo)
Jo la so e dey pepper me so
Jo la so e dey pepper me so
Jo la so e dey pepper me

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Mavin Records Signs New Artiste Lifesize Teddy

Mavin Records Signs New Artiste Lifesize Teddy
lifesize teddy

Lifesize Teddy, a new female musician, has joined Mavin Records’ list of musical talents.

Don Jazzy, the CEO of Mavin Records, made the announcement on his social media handle earlier this week.

Don Jazzy introduced the musician as a rapper, poet, vocalist, and composer.

The Mavin Records’ boss said “Unveiling a new artist is a reminder of how an artist have let themselves go through the laid down process of the Mavin academy, the testament of our faith in them and the coming together of our hardwork.

“With the power vested in me by the Supreme Mavin Dynasty it’s my pleasure to introduce you to Mavin’s latest signee. Rapper, poet, singer and songwriter Lifesize Teddy. Pls follow and welcome Lifesize Teddy.”

Lifesize Teddy has dropped her EP which Don Jazzy via his social media handle urged the public to listen to.

Lifesize Teddy’s song ‘Hypnotic’
Interswitch Advocates For Advanced Digital Payment Solutions To Boost Cross-Border Transactions
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Interswitch Advocates For Advanced Digital Payment Solutions To Boost Cross-Border Transactions

Revolutionizing Tax Collection: Interswitch Leads Digital Charge At Nigerian Revenue Summit

Interswitch, Africa’s leading integrated payments and digital commerce company, has emphasized the need for more innovative solutions to effectively address issues hindering the growth of intra-continental trade.

This submission was made by Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay) during a panel session at the recently concluded 2023 Zenith Bank International Trade Seminar held at the Civic Centre, Victoria Island, Lagos.

According to Lawal, he noted that the prevailing issues limiting cross-border payments can be solved through advanced digital payment platforms that enable seamless intra-continental transactions.

He acknowledged the prevailing issues affecting cross-border payments, positing that existing infrastructure can be improved to create opportunities for businesses within Nigeria to transact with businesses beyond the borders of the country.

He said, “Businesses can achieve greater strides by embracing digitization. This opportunity cuts across private businesses, government parastatals and financial institutions. Digitization is critical for designing platforms for Small and Medium Enterprises (SMEs) in the export business to enable them complete transactions successfully with little to no constraints.”

The seminar themed, “Nigerian Non-Oil Export Industry: The Present, The Future”, also identified the impact of Nigeria’s service industry, with a focus on the creative and technology sectors and their impact to the country’s development.

Speaking on the critical significance of these sectors, Lawal emphasized the need for fortified public-private partnerships to drive growth in Nigeria’s service industry which has consistently played a substantial role in the country’s overall Gross Domestic Product (GDP). He noted that Nigeria was a high exporter of technological expertise and that a significant investment in technology-focused companies would augment the sector’s contribution to the economy.

As part of the collaboration between the government and private sector players, Lawal highlighted necessary interventions that would support the growth and development of the service sector including training workshops, the promotion of innovative systems, and conducive policy implementation.

In the same vein, Lawal stressed the need for more robust investment vehicles targeted at the country’s fintech sector to drive tremendous growth in Nigeria.

In his welcome address, Dr Ebenezer Onyeagwu, Group Managing Director/CEO, Zenith Bank Plc, underscored the need for Nigeria to recognize its huge potential as a continental powerhouse, shifting its focus from oil products to non-oil commodities to derive value for the economy.

He called for the need to tap into the country’s rich resources and to establish production bases that will support development, to create a ripple effect on a continental level.

The trade seminar drew major stakeholders from both public and private sectors who expounded on the way forward for Nigeria and Africa at large.

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