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Eid el Kabir Gift Ideas: Thoughtful Presents for Your Girlfriend, Boyfriend, and Loved Ones

Eid-El-Kabir Messages, Wishes, Prayers And Quotes For Family, Friends- Bizwatchnigeria

Eid el Kabir Gift Ideas: Thoughtful Presents for Your Girlfriend, Boyfriend, and Loved Ones

Eid el kabir is a joyous occasion that brings families and loved ones together. It’s the perfect time to show your affection and appreciation by exchanging heartfelt gifts. If you’re looking for inspiration, we’ve curated a list of Eid gift ideas that are sure to delight your girlfriend, boyfriend, or loved ones. From thoughtful gestures to meaningful keepsakes, these presents are bound to make their Eid celebrations even more special.

Eid el Kabir Gifts for Your Girlfriend

Jewelry: Consider a piece of jewelry that reflects her style and personality. A necklace with her birthstone, a delicate bracelet, or a pair of earrings can make a lasting impression.

Spa or Self-Care Package: Treat your girlfriend to a pampering session with a spa or self-care package. Include luxurious bath products, scented candles, and a cozy bathrobe to create a relaxing oasis at home.

Personalized Photo Album: Compile your favorite memories together in a personalized photo album. Add captions and heartfelt notes to make it a cherished keepsake she can treasure for years to come.

Subscription Box: Surprise her with a subscription box tailored to her interests. Whether she loves books, beauty products, or gourmet snacks, a subscription box delivers monthly surprises and shows that you value her hobbies.

Experience Gift: Plan a special experience that she will cherish. It could be a romantic dinner at a fancy restaurant, tickets to a concert or theater show, or a weekend getaway to a destination she’s always wanted to visit.

Eid el Kabir Gift ideas for Your Boyfriend

Tech Gadgets: If your boyfriend is a tech enthusiast, consider the latest gadgets or accessories. It could be a new smartphone, wireless earbuds, a smartwatch, or a gaming console.

Personalized Leather Wallet: A stylish leather wallet with his initials or a heartfelt message engraved on it is both practical and sentimental. It’s a thoughtful gift that he’ll use every day.

Outdoor Gear: If he enjoys the great outdoors, consider gifting him hiking or camping gear. A high-quality backpack, a durable tent, or a set of camping cookware will fuel his adventurous spirit.

Enthusiast’s Gift: If he has a specific hobby or interest, cater to it with a gift that aligns with his passion. It could be a new set of golf clubs, a book by his favorite author, or a music instrument he’s been eyeing.

Personalized Watch: A sleek and elegant watch engraved with a special message or his name is a classic gift that exudes sophistication and thoughtfulness.

Gift Ideas for Your Wife, Husband and Parents

Personalized Photo Frame: Capture a cherished moment in a personalized photo frame. Choose a picture that holds special meaning and pair it with a heartfelt message to express your love and appreciation.

Gourmet Gift Basket: Curate a gourmet gift basket filled with their favorite treats, such as chocolates, cookies, and gourmet coffee or tea. Add a personalized note to make it extra special.

Handmade Crafts: Handmade crafts have a personal touch and show your effort and creativity. Consider knitting a cozy scarf, painting a custom artwork, or crafting a unique piece of pottery.

A Book or Journal: For the avid readers or writers in your life, gift them a captivating book or a beautiful journal where they can pen down their thoughts and aspirations.

Donation in Their Name: Honor their values by making a donation to a cause they deeply care about. Choose a charity or organization that aligns with their passions and send them a certificate acknowledging the contribution.

Choosing the perfect Eid gift for your girlfriend, boyfriend, or loved ones is an opportunity to demonstrate your love and appreciation. From jewelry and personalized keepsakes to experiences and practical gadgets, these gift ideas will surely bring smiles to their faces and make this Eid a memorable one. Remember, the most important aspect of gift-giving is the thought and effort you put into selecting something meaningful and heartfelt.

Eid el Kabir Vacation: Check Out These Traffic-Free/Affordable Destinations in Nigeria

Eid-El-Kabir: FG Declares Wednesday, Thursday Public Holiday

Eid el Kabir, also known as Eid al-Adha, is a significant festival celebrated by Muslims around the world. It is a time of joy, feasting, and spending quality time with loved ones. One of the best ways to make the most of this festive season is by planning a getaway with your family and friends. Nigeria, with its diverse landscapes and cultural heritage, offers several traffic-free and affordable destinations that are perfect for an Eid el Kabir vacation. In this article, we will explore some of these destinations, ensuring you have a memorable and stress-free holiday.

Affordable Destinations in Nigeria For Eid el Kabir Vacation 2023

Badagry, Lagos State:

Located in Lagos State, Badagry is a historic town that holds great significance in Nigeria’s history. It was a major slave route during the transatlantic slave trade era. Today, it offers visitors a chance to explore the rich history and cultural heritage of Nigeria. Visit the Badagry Heritage Museum, the Slave Port, and the first-story building in Nigeria. Take a stroll along the beautiful beaches and indulge in local delicacies like coconut rice and fresh seafood. Badagry is easily accessible from Lagos, and you can expect a peaceful and traffic-free experience during the Eid holiday.

Erin-Ijesha Waterfall, Osun State:

Escape the city hustle and bustle by heading to Erin-Ijesha Waterfall, also known as Olumirin Waterfall. Located in Osun State, this natural wonder is a sight to behold. Surrounded by lush greenery and rocky terrain, the waterfall cascades down several levels, creating a picturesque landscape. Spend your Eid holiday exploring the trails and taking refreshing dips in the cool waters. The serene environment and absence of traffic make it an ideal destination for a peaceful getaway.

Idanre Hills, Ondo State:

For the adventurous souls seeking a unique experience, Idanre Hills in Ondo State is a must-visit destination. These ancient hills, listed as a UNESCO World Heritage Site, offer breathtaking views and an opportunity to connect with nature. Climb the steps carved into the hills and explore the historic sites, including the Owa’s Palace, Agbooogun Footprints, and the Thunder Water (Omi Apaara). Idanre Hills provide a serene and traffic-free environment, allowing you to immerse yourself in the beauty of nature during your Eid el Kabir holiday.

Yankari Game Reserve, Bauchi State:

If you’re a wildlife enthusiast, Yankari Game Reserve in Bauchi State is the perfect destination for your Eid getaway. Spanning over 2,000 square kilometers, this reserve is home to a wide variety of wildlife, including elephants, lions, baboons, and over 350 bird species. Embark on guided safari tours, explore the warm Wikki Springs, or relax in the luxurious Yankari Safari Lodge. The reserve offers affordable accommodation options, and the serene surroundings ensure a peaceful and traffic-free experience.

Obudu Mountain Resort, Cross River State:

Nestled in the Obudu Plateau of Cross River State, Obudu Mountain Resort is a breathtaking destination that combines natural beauty with modern amenities. The resort offers panoramic views of the surrounding mountains and valleys, and the weather is pleasantly cool all year round. Take a cable car ride to the mountaintop, go hiking along the picturesque trails, or relax in the natural swimming pool. Obudu Mountain Resort provides a serene and traffic-free environment, making it an excellent choice for an Eid el Kabir getaway.

Ikogosi Warm Springs, Ekiti State:

Escape to the tranquility of Ikogosi Warm Springs in Ekiti State for a relaxing and rejuvenating Eid holiday. This unique natural wonder features warm and cold springs that merge without losing their individual thermal properties. Take a dip in the therapeutic waters, explore the surrounding lush greenery, and enjoy the peaceful atmosphere. The absence of heavy traffic ensures a stress-free experience, allowing you to unwind and connect with nature.

Nigeria offers a plethora of traffic-free and affordable destinations for your Eid el Kabir getaway. Whether you prefer historical sites, natural wonders, wildlife reserves, or serene resorts, there is something for everyone. Consider exploring Badagry, Erin-Ijesha Waterfall, Idanre Hills, Yankari Game Reserve, Obudu Mountain Resort, and Ikogosi Warm Springs for a memorable and stress-free holiday experience. Embrace the spirit of Eid, create lasting memories with your loved ones, and cherish the beauty and diversity of Nigeria’s hidden gems.

Bridging The Gap: Strategies For Businesses To Be More Sustainable For Tomorrow 

The world’s natural reserves are fast diminishing at a worrisome speed, almost two times quicker than mother earth can recreate. This figure is projected to be 2.3 times what is sustainable by 2050. Yearly, 50 million tonnes of e-waste contribute to this, which is tantamount to the size of all commercial aircraft ever made. 

Hence, achieving a sustainable environment is incumbent on implementing a circular business model like waste reduction, recycling, and regenerating products, and advocating sustainable production processes. Nonetheless, global economy is just 7.2% circular – implying that more ground needs to be covered. 

With an essential role expected of multinationals, organizations of every size and sector can still adopt circular business models. Considerably, SMEs are driving platform sharing and collaborative consumption much as start-ups, from the onset, are incorporating circular models. An excellent example of this seen in Nigeria, where business sustainability focus is circular as propagated by the Nigeria Circular Economy Working Group, a founding member of the Africa Circular Economy Alliance. 

Incidentally, HP is deepening sustainability with years of experience. Its operations’ journey, particularly, will be entirely circular, driven by services and products modifications. Below are few approaches to reference: 

Getting the Buy-in of the Considerate Consumer  

Customers are getting more aware today than ever. So, businesses that make circularity a priority will accomplish long-term environmental and commercial profits; and ultimately fulfil customer expectations. 

While circularity models need upfront funding, it helps to reduce outlays, optimize efficiency, and even discover new revenue sources. To further endear customer trust and loyalty, organizations must offer measurement tools that identify waste prevention and cost optimization mechanisms that help to establish enterprise superiority. 

Circular enterprise models also produce profitable results. For instance, our Sustainable Impact Strategy has been boosted by HP’s socio-economic components on climate-focused programs. HP’s alliance with NGOs to launch an ocean-bound plastics recycling program to help indigenous workers is yielding positives in Haiti. Now, these plastics are fused into HP products design aesthetics, encouraging circularity, and providing revenue and homegrown education opportunities. 

Start and continue with the environment as a priority  

As a rule, circular products are designed with environmental considerations from the start. Sustainable sourcing should be among the initial priorities, with concentration on ethical practices and ambitious but attainable goals. This ties in to ‘Circular Lagos’, a sustainability initiative of the Lagos State government which seeks to design economic value from waste recycling.

As reference case, HP, since 2016 has mandated all its brand papers to be derived from ecologically reusable or certified sources. It was extended to paper-based packaging in 2020 for home and office printers and supplies, PCs and displays. By 2030, HP’s goal is to become Forest Positive; thereby, eliminating deforestation for non-HP paper used in print services and product lines. 

What creates distinction in packaging is innovation. 100% compostable chitin-based materials are a new development, whereas 3D-printed moulded fibre tooling can drive eco-packaging at scale. Printing improvements, including printing directly onto product cargo boxes and using water-based inks most likely initiate supplementary benefits. HP’s goal is to eradicate 75% of single-use plastic packaging by 2025 compared to 2018―as of 2021, we were halfway there. Commendable Indeed!

Decrease waste, enhance lifecycle 

One vital aspect for electronic devices is energy usage, though this can be puzzling for consumers. Companies and institutions can help customers make valid choices. Also with comparison tools, manufacturers can assist with clear and accurate details on labels, packaging, along with marketing and brand collaterals.  

HP supplies are often highly valued for repairability, with institutions like iFixit providing reparability scores and self-repair (DIY) guides. Institutions can help in reducing request for fresh raw supplies by giving extended warranties and ensuring repair options. 

Clearly, sustainable customer experience can be improved with ‘as-a-service models’; whilst promoting circularity through company-led takeback; hence, responsible companies aim to be value facilitators via repair and reuse of supplies when customers are done with them. 

Significance of closed-loop recycling 

Closed-loop reutilizing plays huge part in circularity, and HP is loaded with initiatives to support it. A good case study is HP’s Planet Partners program that helps to ensure that ink and toner cartridges do not end up in landfills. Over a billion cartridges have been recycled through this program, a major landmark in 2023. Provisionally, HP’s Evocyle toner cartridges, made from closed-loop recycled plastic, are serving the sustainability goals of customers in France, Germany, and the UK. 

In the reuse of a much wider range of resources, we are also getting better. For example, you might find bio-derived content like coffee grounds in monitors or cooking oil in laptop covers. 

Partnership−a necessary paradigm for enterprise scaling  

A circular business model is vital. It’s hinged on team play and partnerships with strategic stakeholders – government, suppliers, merchants/dealers etc. Strengthening networks with NGOs, research institutes, and think tanks, also positions serious institutions above contemporaries. Lagos has entrenched the model by introducing initiatives which encourage community members to drop off used plastic bottles and containers at designated recycling points for reuse.  

To improve its fibre sourcing and certification programs, HP is collaborating with World Wildlife Fund and the Forest Stewardship Council.  

Regardless of where they are on their circularity journey, collaboration certainly benefits all types of companies. Participating in industry bodies, working with manufacturing partners, and ideas exchange with regulators and professional associations can help advance policy influencing, build consensus, and progress legislation. 

Institutions with established existing programs perhaps extend their impact by involving their business environment. Another reference now driving change at scale is HP’s Amplify Impact partner program, which has engaged over 3,500 partners worldwide. 

Envision the future 

A vision of a more regenerative and sustainable future is presented with the concept of a circular economy. It could boost the global economy by $4.5 trillion by 2030, if executed appropriately, with accountable sourcing and packaging, materials and products that remain in use longer, and closed loop recycling. 

Evolution to circularity is now a necessity with no option. To actualize it, we must immediately shift mindsets, embrace circular practices, and cultivate alliance and frameworks essential for success. Bountiful rewards sure await the businesses that leads the way.  

Nigeria, the leading importer of electrical and electronic equipment on the African continent which processes over half a million tons of discarded electronics each year, in January 2022, amended its national environmental regulations to tackle the country’s growing e-waste problem.  

So, whether you are just starting or already on the path ― the time is here and now to take the next big step. The future is indeed circular, and it’s up to businesses globally to make it come to fruition.  

By Emmanuel Asika, Country Head, HP Nigeria 

For Nigeria To Grow We Must Strengthen Rule Of Law, War Against Corruption – Abbas

Nigeria Emerges Second Most Cyber-secure Country In Africa

Nigeria Emerges Second Most Cyber-secure Country In Africa

Nigeria came in second place, with a cyber security index score of 74.68/100. Nigeria has the lowest number of compromised computers per 100,000 internet users (62) among all African countries studied, which contributes to its top ranking.

Infected computers with the Gamarue botnet open the door to hackers and make it easier for them to gain control of your company’s data and devices.

Nigeria also had the fourth lowest DDOS attacks per 100,000 internet users among all African countries studied, with an average of 21 attacks per 100,000 internet users.

Senegal was named the most secure African country for firms to allow employees to work remotely from, according to Indusface, with a cyber security score of 78.09 out of 100.

Compared to all other African countries analyzed, the country has the fewest DDOS assaults in Africa (9) and the fewest phishing sites per 100,000 urls (80), making businesses less concerned about sensitive information being stolen.

Top 5 most cyber secure countries in the world

RankCountryDDOS  attacks  per 100,000 Internet UsersPhishing  sites  per 100,000 urlsMalware  hosting sites  per 100,000 urlsCompromised  computers   per 100,000 internet users Cyber security score (/100)
1Honduras409012041389.55
2South Korea591005601388.85
3Japan121507302187.49
4Costa Rica4118027071284.81
5Guatemala1122030051684.47

According to recent data, 68% of high-growth enterprises worldwide have adopted a hybrid approach.

With businesses embracing remote or hybrid working, which offers advantages such as lower maintenance costs, increased flexibility, and a larger talent pool, cyber security knowledge is more important than ever.

With this in mind, Indusface is curious to discover the best secure countries for businesses to let their workers to work from, by developing an index score based on cybersecurity data such as DDOS assaults, phishing sites, and malware.

Malware hosting sites and compromised systems. Venky Sundar, Founder and President of Indusface, also shared six cyber security suggestions for small enterprises.

With an astonishing average of 5,588 compromised computers per 100,00 internet users, Tunisia ranks as the least cyber-secure African country with a cyber security index score of only 50.92.

Top 5 most cyber secure countries in the world

RankCountryDDOS  attacks  per 100,000 Internet UsersPhishing  sites  per 100,000 urlsMalware  hosting sites  per 100,000 urlsCompromised  computers   per 100,000 internet users Cyber security score (/100)
1Honduras409012041389.55
2South Korea591005601388.85
3Japan121507302187.49
4Costa Rica4118027071284.81
5Guatemala1122030051684.47

Honduras ranks as the most cyber-secure country for businesses to allow employees to remotely work from, with a total cybersecurity score of only 89.55 out of 100. Contributing to its top ranking is that it is home to one of the lowest average number of DDOS attacks and phishing sites in the world, making businesses more assured of their cyber security. 

In second place is South Korea, where there are only 13 compromised computers per 100,000 internet users which aids its overall cyber security score of 88.85/100. 

Another East Asian country, Japan ranks third as the most cyber-secure country in the world. With an overall cyber security score of 87.49, the country has the lowest DDOS attacks per 100,000 internet users (12) among the top 5 most secure countries. This is an important factor for businesses to consider as successful DDOS attacks could block your business sites and bring down all servers and connections you depend on. 

World Bank Gives Go Ahead For Nigeria’s $500m Loan
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T-Bills Rally On Sizeable Market Liquidity As Yields Fall

LBS Discloses FG's Targets With Naira Redesigning

After the weekend sell-off, bond investors are buying bonds again in the local government secondary market ahead of tomorrow’s primary market auction by the Central Bank of Nigeria (CBN).

Real liquidity in the financial system has pushed interest rates on short-term instruments higher. However, market investors are beginning to consider the multiple impacts of higher inflation and a weaker local currency on naira assets.

Last week, Nigerian treasury bills began a notable decline, with the average benchmark yield rising to 6.46% on Monday. However, the market remained relatively calm with minimal movements for the rest of the week. Overall, Futureview analysts told investors that the average benchmark yield this week rose 480 basis points (bps) to 6.22%.

Short-term interest rates fell to near record lows on Monday as local depository banks withdrew from CBN’s existing facilities to improve its liquidity profile.

Open repo and overnight rates fell to 2.00% and 2.80% respectively from previous levels of 2.90% and 3.40% respectively. analysts said in a note. >> Nigerian government bond yields rise to $7
At the close of trading on Monday, the average secondary market bond yield fell 11 basis points to 6.3% as market participants began to pay attention to long-term yields on government bonds. Cordros Capital Limited’s investor notes found that the average yield along the curve flattened out in the short- and medium-term segments, but after the 241-day maturity interest (-187 basis points), the long-term portion (-19 basis points) points). ) interval. #T-Bill rises after significant market liquidity and lower yields

Nigeria’s Debt Rises By N3.6trn To N49.85trn

World Bank Gives Go Ahead For Nigeria’s $500m Loan

The World Bank has stated that Nigeria is among a list of top 10 countries with high debt risk exposure.
The World Bank has stated that Nigeria is among a list of top 10 countries with high debt risk exposure.

The World Bank Group has approved a $500 million loan to help empower women in Nigeria. This was the second loan approved by the World Bank under new President Bola Tinub. This is match-up funding to the Nigerian Women’s Program originally approved in her $100 million funding on June 27, 2018.

A World Bank statement said, among other things, “The World Bank has approved US$500 million funding for the Scale-up of the Nigerian Women’s Program (NFWP-SU).” It will continue to assist the Nigerian government in improving the livelihoods of women. Women invest in Nigeria.

“The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”

The World Bank stressed the need for the government to address issues that inhibit women’s economic empowerment and hinder inclusive, low-carbon, and resilient economic growth.

It noted that women’s empowerment is essential to their ability to build resilience to climate change and, by extension, the resilience of their households and communities.

The World Bank Country Director for Nigeria, Shubham Chaudhuri, was quoted as saying, “We have seen promising outcomes from the parent NFWP which has helped to create economic opportunities for thousands of rural women through the Women Affinity Groups. NFWP’s model is helping to improve livelihood opportunities for women and enhancing their capacity to adapt to climate change and to participate in local administrations for policymaking related to community empowerment.

“Closing the gender gap in key economic sectors could yield gains of between $9.3bn and $22.9bn, we are optimistic that this scale-up will help Nigeria to move closer to bridging this gap.”

Also, the Task Team Leader for Nigeria for Women Project, Michael Ilesanmi, said, “The Program aims to mobilize poor and vulnerable women into different institutions and, using these institutional platforms, link them to markets as well as financial and non-financial services. By participating in women’s affinity groups, project beneficiaries will be able to build social capital and use it to access financial, political and economic capital, leading to social and economic empowerment. leads to ”

The NFWP is implemented in her six states, and she announced that she has provided assistance to over 427,887 members through the formation and strengthening of 20,506 of her women’s affinity groups.

In about two years, these WAGs have saved around 4 billion naira ($8.9 million worth), with a significant percentage of these funds constantly circulating as loans. To date, 835,573 community her members have benefited from her NFWP through various interventions.

Garba Shehu Reveals Why Buhari Postponed Subsidy Removal

HMD Global Announces Special Offers On Premium Nokia Devices To Celebrate Eid-el-Kabir In Nigeria

HMD Global, the home of Nokia phones, has announced an exclusive Sallah Celebration offer for customers in Nigeria. As the Eid-el-Kabir festivities approach, the company is offering incredible discounts on some smartphones under the Nokia brand renowned for quality and innovation.

These discounts will be available on the Nokia C30, Nokia G10, Nokia G20, and Nokia C10 smartphones which exceed expectations with their remarkable features including, exceptional battery life, and industry-leading security to enhance customers’ digital experience.

The Nokia C30, which features a large display, a battery that lasts up to three days, and a MicroSD card slot that supports up to 256GB is now available at discounted prices. The 3GB RAM + 32 GB internal storage version has been discounted to ₦62,900, while the 3GB RAM + 64 GB internal storage version is offered at ₦66,200.

The Nokia G10, known for its long-lasting battery life, now has its 4GB RAM + 64 internal storage devices available at ₦67,200; while the Nokia G20 known for its powerful AI imaging modes and OZO audio has its 4GB RAM + 64 internal storage devices available at ₦85,900. Lastly, the Nokia C10, notable for its superior build quality, can be purchased at discounted costs of ₦46,200 for its 1GB RAM + 32 internal storage devices and ₦47,900 for its 2GB RAM + 32 internal storage devices.

Device Specifications

Nokia C30: Unleashing Limitless Possibilities the Nokia C30, a hero device from the popular C-series, arrives with the largest battery and biggest screen ever seen on a Nokia smartphone. With a massive 6.82″ HD+ display, the Nokia C30 offers an expansive viewing experience that brings your content to life. Powered by a colossal 6000 mAh battery, this device provides up to three days of usage on a single charge. Capture stunning images with the impressive 13MP dual camera and stay protected with regular quarterly security updates for at least two years. The Nokia C30 embodies the perfect blend of affordability, reliability, and cutting-edge features.

Nokia G10: Unleash the Power Within the Nokia G10, part of the new G-series, establishes itself as a pack leader in the Nokia smartphone portfolio. Powered by AndroidTM 11, it guarantees monthly security updates for three years and two major OS upgrades. With its long-lasting 5050mAh battery, the Nokia G10 ensures you stay connected for days on end. Capture every moment with the 13MP triple rear camera and enjoy the immersive 6.5″ display for an enhanced visual experience. The Nokia G10 is a reliable companion that offers remarkable performance at an attractive price point.

Nokia G20: Trust in Reliability and Innovation the Nokia G20, also part of the G-series, combines durability, long battery life, and innovative features. With an impressive 48MP quad-camera, OZO Audio recording, and three days of battery life, this device unleashes your creativity and allows you to capture unforgettable moments. The 6.5″ teardrop display provides a stunning viewing experience, while the promise of three years of monthly security updates and two years of OS upgrades ensures your data remains secure. The Nokia G20 embodies the perfect balance of style, functionality, and endurance.

Nokia C10: Your Reliable Companion the Nokia C10 offers all-day battery life and a host of essential features that simplify your daily life. Running on Android™ 11 (Go edition), this device provides a faster, smoother, and safer experience. Its HD+ screen delivers crystal-clear visuals, making it perfect for watching videos or catching up on your favorite content. With its superior build quality, ergonomic design, and reliable performance, the Nokia C10 stands as a testament to Nokia’s commitment to excellence.

For Nigeria To Grow We Must Strengthen Rule Of Law, War Against Corruption – Abbas

Naira Rises By Improved FX Balance It I&E Window

EXPLAINER: What You Should Know About Naira Floating And Devaluation

The Nigerian naira spot rate ended Monday’s forex window for investors and exporters on healthy ground after the local currency’s weight against the US dollar fell over the weekend.

Quoted from the FMDQ exchange, the window for investors and exporters saw the naira trade at 768.17 naira to the dollar, up 0.26 per cent. Compared to N770.17 traded or greenbacked at the close of business on Friday.

Market exchange rates have almost converged. Due to trends in the forex market, players have expectations that interest rate harmonization will materialize fairly quickly. Nigerian banks are already asking individual account holders to convert their balances into their local currency at the current exchange rate. At exchange windows for investors and exporters, local currency traders reported that the open target rate closed at 750.83 naira to the dollar. Meanwhile, the exchange rate against the US dollar was 840 Naira, the highest rate ever recorded in overnight trading until it settled at 768.17 Naira.

According to foreign exchange reports, the naira was sold at a low price of 465 naira to the dollar in day trading. A total of $198.13 million was traded in the official window for investors and exporters on Monday

Meanwhile, in the parallel market, Naira fell by 0.39% from 770 Naira to 773 Naira, according to market data. Deposit banks have announced that depositors can now convert US dollars in their domicile accounts into Naira as interest rates converge. In addition, one-month and three-month forward rates are at low levels of N765.58 and N785.64 respectively, indicating minor losses, Cowley Asset Management said in a note. By contrast, traders said the one-year forward rate showed strength, rising by N7.96 to close at N870.78. Naira works to improve exchange balance in I&E window.

CBN Orders Banks To Regularly Monitor Political Appointees’ Accounts

FG To Create 1million Jobs In Digital Economy – Shettima

FG Did Not Apply To Join BRICS - Shettima

Nigeria, according to Vice President Kashim Shettima, intends to create one million jobs for youths in the digital economy.

Olusola Abiola, director of information in the vice president’s office, said in a statement on Monday that Shettima spoke when he received a delegation from the Republic of Korea.

Jang Sungmin, special envoy to Korean President Yoon Yeol, led the delegation.

Shettima stated that Nigeria and Korea have a strong bilateral relationship built on years of mutual trust and cooperation.

He stated that Nigeria is committed to strengthening relations with Korea, particularly in the areas of trade, technological transfer, and global peace.

“A lot of Korean companies are doing business in Nigeria, especially in the area of oil and gas. Six of our LNG trains were constructed by Korean companies,” Shettima was quoted as saying.

“We are fully committed to a very robust relationship between our nations. We need to learn a lot from Korea, especially in the areas of manufacturing and agriculture. You are a success story worthy of emulation by all developing nations.

“Many years ago in the 50s and 60s, the Korean GDP was at par with many African countries but today, Korea is among the developed nations. This is partly due to the leadership and commitment of the Korean people.

“We are willing to partner with you in the area of technology because, by 2030, there will be a 65 percent global talent deficit with the US, Russia and Brazil suffering a six million talent deficit. I believe Nigeria is in a unique position to fill in those talent deficits because ours is a young nation.

“Seventy-five percent of Nigerians are below the age of 35, so we are soliciting for your partnership and support in digital skills training for our young people.

“We want to create one million jobs in the digital world. India earned $ 120 billion last year from global outsourcing and we are in a unique position to take advantage of the opportunities in the sector.

“We need the skills set, we need the technology to drive the process and yours is a technology that we can embrace.

“The government will make it easier for Korean businesses and other foreign investors to do business in Nigeria,” he said.

“Korea has always supported us in the international fora and we have that obligation to reciprocate by supporting Korean businesses operating in Nigeria,” Shettima said.

For Nigeria To Grow We Must Strengthen Rule Of Law, War Against Corruption – Abbas
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Electricity Customers Increase By 210,000

Electricity Customers Increase By 210,000

The National Bureau of Statistics (NBS), in its latest data on the power sector, has stated that the number of electricity customers in Nigeria grew by 210,000 in the first quarter of 2023.

“Total customer numbers in Q1 2023 stood at 11.27 million from 11.06 million in Q4 2022, showing an increase of 1.89 per cent,” it said.

On a year-on-year basis, the NBS report said that customer numbers in Q1, 2023 rose by 5.99 per cent from 10.63 million reported in Q1 2022.

Similarly, it stated that metered customers stood at 5.31 million in Q1 2023, indicating a growth of 3.61 per cent from 5.13 million recorded in the preceding quarter.

“On a year-on-year basis, this grew by 10.86 per cent from the figure reported in Q1 2022 which was 4.79 million. In addition, estimated customers during the quarter were 5.96 million in Q1 2023, higher by 0.40 per cent from 5.93 million in Q4 2022.

Also, on a year-on-year basis, it stated that estimated customers increased by 1.99 per cent in Q1 2023 from 5.84 million in Q1 2022.

Revenue collected by the Distribution Companies (Discos) during the period, it stated , was N247.33 billion from N232.32 billion in Q4 2022.

On a year-on-year basis, revenue generated in the reference period rose by 20.81 per cent from N204.74 billion recorded in Q1 2022, NBS stressed.

It added that electricity supply was 5,852 (Gwh) in Q1 2023 from 5,611 (Gwh) in the previous quarter. However, on a year-on-year basis, electricity supply declined by 1.74 per cent compared to 5,956 (Gwh) reported in Q1 2022

Meanwhile, the Nigerian Electricity Regulatory Commission (NERC) has stated that it issued 50 new power generation and metering permits in the last quarter of 2022, with a combined capacity of 56.50mw.

In its latest report, NERC pointed out that it also approved 13 mini-grid permits and 14 registration certificates for mini-grids with individual capacities below 1MW.

It also granted approval for the amendment/renewal of seven captive power generation permits with an aggregate capacity of 65.36MW.

NERC further said applications from seven meter installers, three meter manufacturers and two meter importers were also approved by the commission in Q4 2022.

For Nigeria To Grow We Must Strengthen Rule Of Law, War Against Corruption – Abbas

Abbas Vows To Bridge Gender Gap In Parliament

The Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has stated that Nigeria will not progress unless the rule of law and the fight against corruption are strengthened.

He stated that the law must be applied in such a way that both the “big and the small” are treated equally in order to provide everyone with a sense of justice and fairness.

Over the weekend, Speaker Abbas spoke at a reception hosted by the Nigerian High Commission in London.

“In Nigeria, some people do whatever they like. You can commit any crime and go scot-free depending on the size of your pocket or the people you know. That has to go.

“Unless we are able to strengthen our rule of law to make it in such a way that it affects both the big and the small, and it doesn’t look at the face of whoever is committing an offence, we will never go anywhere,” he said.

While speaking on the war on corruption, Abbas stated that the country’s anti-corruption drive must be strengthened in order to make meaningful progress.

He claimed that one of these methods would be to examine workers’ living wages in order to raise them in order for them to be “honest and transparent” in their dealings.

Abbas said: “We need to also intensify the war against corruption. No society in this world can ever thrive and be what it wants to be if corruption is the order of the day. But I agree that for you to fight corruption, there are some things you need to do.

“Let’s take the example of the UK experiment or the Western world. Fundamentally, what they did was to sit down and say let’s look at what an average worker would need to be paid as salary. Come up with a living wage that will take care of the basics of a person such that he won’t be looking outside his lawful income.

“Today, if you’re a labourer in London, you will be paid enough for you to go and pay your rent, take care of your basics and still be able to have a fairly good living. With that kind of incentive, you don’t need to go and borrow, you don’t need to go and beg, you don’t need to go and steal.”

He stated that the current Nigerian condition is such that “an average worker earns less than what somebody can use to buy fuel to fill his car tank, do you still want that man to be honest and transparent?

“For us to wage a war on corruption, we need to create an enabling environment where each and every one of us will be able to operate transparently without having to steal, without having to intimidate, without having to go and beg or to borrow. That is the beginning of the reform.

“If we can get the rule of law working, we will be able to work on the reforms necessary for fighting corruption. In fighting corruption, we also need to create an enabling environment where an average worker should be able to earn enough to live with his family.”

Dollar To Naira Exchange Rate Today (Tue. Jun. 27, 2023)
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Garba Shehu Reveals Why Buhari Postponed Subsidy Removal

Garba Shehu Reveals Why Buhari Postponed Subsidy Removal

Garba Shehu, a former spokesperson for ex-President Muhammadu Buhari, has disclosed why the former president postponed subsidy removal in a statement on Monday.

Shehu via the statement said, “Why did it take the new Tinubu/ Shettima presidency weeks to remove the petrol subsidy when Buhari didn’t do so for years fails to ask the right question.

“The massive electricity subsidy. The fraudulent fertilizer subsidy. Hajj/Christian Pilgrim subsidies. Remember them?

“The diesel subsidy. The aviation fuel subsidy. LPFO. Kerosene. Cooking gas and the other subsidy policies we found in place, and put them firmly on the ground. Remember them?

“For those with short memories, many of those subsides were all in place when president Buhari was elected to office in 2015: all those in place were gone by May 2023 – including the annual fertilizer subsidy that weighed 60-100 billion Naira (that’s trillion naira in about 10 years – yes you read that right) heavy on the federal budget each year.

“So no, Buhari didn’t remove the petrol subsidy – but in vitally important stages he removed every other budget-busting, egregious, economic-growth-crushing subsidy along the way.

“So far I have refrained from answering these repeated questions on the removal in Nigeria of subsidies on Premium Motor Spirit, PMS and that arising from the dual rates of the Naira in the Central Bank and the parallel market: Why did Buhari “fail” to do these?

“First of all, my thinking is that instead of the former President answering this question, it is the Party, the All ProgressivesCongress, APC that is best suited to speak and failing to do this, we are forced to say what will follow here.

“Secondly, we are mindful of the fact that with a Tinubu/Shettima presidency now in place and for which there is a “New Sheriff in Town.”

“We do not want to distract them from the onerous tasks facing them and the nation. Neither is it our wish to take the spotlight away from them in any way.

“In terms of the timings of the decisions to remove fuel subsidy and unify the currency, the Tinubu/Shettima administration has done overwhelmingly well. Even more importantly, they have been most dexterous in managing the aftermath of the decisions by successfully avoiding any crisis.

“To this extent, our wish and prayers are that fellow countrymen will continue to support the new leadership in these very laudable decisions and, in particular, for the Labour leadership and civil society to work with them to ensure that the palliative efforts as promised are successfully implemented.

“The decision to remove subsidies, as in our case – and we believe in all situations – was not for the President to take all by himself.

“That’s why it’s important to remind ourselves – and all those who have conveniently forgotten – that Buhari administration had been on this pathway from the very beginning in 2015.

“Removing subsidies for the Naira and PMS was cued and put on hold. Look for example in the Petroleum Industry Act. The important decision was kept for a better time.

“It could not have come at a time when tensions were high in the country and no responsible leader would have added fuel to the fire,” Garba Shehu said.

Stanbic IBTC Bank Offers Guidance To Businesses On Trade Finance Solutions
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Eid-El-Kabir: FG Declares Wednesday, Thursday Public Holiday

Eid-El-Kabir: FG Declares Wednesday, Thursday Public Holiday

The Federal Government has proclaimed June 28 and 29 as Eid-El-Kabir holidays in 2023.

Oluwatoyin Akinlade, a Permanent Secretary in the Ministry of Interior, stated as much.

“The Federal Government has declared Wednesday June 28th and Thursday June 29th 2023 Public Holidays in commemoration of this year’s Eid-el-Kabir celebration and heartily felicitates with the Muslim Ummah at home and in the diaspora,” the statement read.

Akinlade urged Muslims and other Nigerians to “make sacrifices for the development and growth of our communities and our great country, Nigeria.”

The permanent secretary expressed optimism that the season’s prayers and sacrifices would restore the country’s long-desired peace and unity.

“We are hopeful that the prayers and sacrifices that come with this great celebration as well as the message of Eid-ei-Kabir will bring about peace, unity and progress in Nigeria,” the statement concluded.

Shettima Decorates, Salutes New Customs Boss
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Dollar To Naira Exchange Rate Today (Tue. Jun. 27, 2023)

Dollar To Naira Exchange Rate For 8th Dec 2023

Dollar to naira, on Tuesday, June 27, 2023, opened at N760.50 at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate closed at N763.00 .

This would mean that the Nigerian currency dropped in value against the United States dollar, as the foreign exchange (forex) trading closed at ₦768.17 per $1 on Monday, June 26.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last exchanged between ₦763 and ₦768 with an average of ₦765.50 in the black market in the state.

It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective bank.

Stanbic IBTC Bank Offers Guidance To Businesses On Trade Finance Solutions

Output Returns To Growth, But Cost Pressures Limit Demand - Stanbic IBTC

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, offers insightful guidance to businesses on their trade finance solutions as a valuable resource to optimise operations and boost profitability.

The financial institution emphasises that its trade finance solutions can assist businesses in managing risks, improving cash flow, and increasing efficiency in international trade.

During a guest appearance on 99.3FM Nigeria Info’s 3T Impex AfCFTA Trade Discourse show recently, Ifeoma Abdul, Manager, Trade Finance at Stanbic IBTC Bank PLC emphasised the importance of acquiring trade finance strategies for traders looking to improve their bottom line. By leveraging these solutions, businesses can achieve their financial objectives more effectively and efficiently.

According to Abdul, trade finance refers to the financial instruments, products, and services that facilitate international trade transactions between buyers and sellers. It mitigates the risks involved in international trade, often involving multiple parties, currencies, and legal systems.

Trade finance can take many forms, including letters of credit, bank guarantees, documentary collections, and export credit insurance. These financial instruments help to ensure that exporters get paid for their goods while importers are protected against non-delivery or non-payment.

Trade finance also includes services such as supply chain finance, which provides working capital to suppliers, and factoring, which allows businesses to sell their accounts receivables to a third party in exchange for immediate cash.

Overall, trade finance enables businesses to engage in global trade by reducing the risks and uncertainties involved in cross-border transactions.

Abdul urged investors to prioritise professional financial solutions for trade transactions due to the inherent challenges and risks. She described Stanbic IBTC Bank as Nigeria’s leading trade banking franchise, with a diverse client base, including local corporates, multinationals, and government entities.

The bank delivers world-class solutions and outstanding service, making it a trusted partner in trade finance. Stanbic IBTC Bank also deals with several trading currencies, which enables easy transactions. The most prominent is the US dollar.

Abdul further highlighted payment platforms like the Pan-African Payment Settlement System (PAPSS). PAPSS is a payment and settlement system designed to facilitate trade in Africa by enabling efficient, low-cost, and secure cross-border transactions.

The scheme aims to address the challenges of high transaction costs and delays associated with cross-border trade in Africa, which have hindered the continent’s economic development. PAPSS is expected to enable faster and cheaper cross-border payments, increase transparency and reduce the risk of fraud.

With its expertise and products, Stanbic IBTC Bank enables businesses to expand their global reach and succeed in international markets. The bank’s commitment to supporting its clients in this area has made it a trusted partner and Nigeria’s leading trade banking franchise.

Abdul encouraged investors seeking professional financial solutions to engage in cross-border trade to read the Africa Trade Barometer report which provides realiable data and insights on African markets and economies for business owners looking to start or scale up in the trade export sector.

To read the full Africa Trade Barometer report, click here

For guidance on trade finance solutions and enquiries, email us at CallMe@stanbicibtc.com

Covenant University Ranks Best Varsity In Nigeria, Top 7 In Africa 
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Shettima Decorates, Salutes New Customs Boss

Shettima Decorates, Salutes New Customs Boss

Vice-President Kashim Shettima has honoured Adewale Adeniyi, the new Comptroller General of the Nigeria Customs agency (NCS), calling his appointment by President Bola Tinubu as a morale booster for officials in the agency.

Shettima appreciated Adeniyi for “restoring professionalism” to the service in a statement issued on Monday by the Director of Information, Office of the Vice President, Olusola Abiola.

“Now, every Customs officer can aspire to occupy the pinnacle of his or her profession,” the Vice President said at a brief ceremony witnessed by the Chief of Staff to the President, Mr Femi Gbajabiamila at the Presidential Villa.

He said, “In the last 8 years, the Nigeria Customs Service has gone through a period of transition. In some areas, we recorded progress – we made remarkable progress in E-Customs; we made a lot of breakthroughs in capacity building.

“But the Customs Service can still live to its full potentials when we bring in more innovation to drive Customs operations. These are the kind of things we are looking at in the years ahead.”

See the full statement below:

VP SHETTIMA DECORATES NEW CUSTOMS BOSS, SAYS APPOINTMENT MORALE BOOSTER FOR SERVING OFFICERS

*We will leverage technology, deploy innovation to drive new Customs operations – CG Adeniyi

The Vice President, Sen. Kashim Shettima has decorated the new Comptroller General of the Nigeria Customs Service (NCS), describing the appointment of Mr Adewale Adeniyi by President Bola Tinubu as morale booster for officers in the service.

Sen. Shettima stated this today in a brief ceremony witnessed by the Chief of Staff to the President, Mr Femi Gbajabiamila at the Presidential Villa.

According to the Vice President, “congratulations for bringing professionalism back to the Nigerian Customs Service. Now, every Customs officer can aspire to occupy the pinnacle of his or her profession.

“I wish you well, on behalf of the President and Commander-In-Chief of the Armed Forces, Congratulations, once again,” the VP added.

Speaking to journalists shortly after the decoration ceremony, Mr Adeniyi expressed gratitude to President Bola Tinubu for appointing a serving officer as the head of the agency, assuring him and Nigerians of a more effective and innovation driven Customs Service.

He said “In the last 8 years, the Nigeria Customs Service has gone through a period of transition. In some areas, we recorded progress – we made remarkable progress in E-Customs; we made a lot of breakthroughs in capacity building.

“But the Customs Service can still live to its full potentials when we bring in more innovation to drive Customs operations. These are the kind of things we are looking at in the years ahead.”

Continuing, Adeniyi said “we are going to be professional in our approach, there are a number of key stakeholders that we are going to be working with, it is a very onerous task but we are going to be working alongside other stakeholders and partners that we have identified.”

“We intend to come up with innovations that will carry along all partners and stakeholders. We are going to leverage technology and innovation to break new grounds in Customs operations”

Olusola Abiola
Director Information
Office of the Vice President
26th June 2023

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Covenant University Ranks Best Varsity In Nigeria, Top 7 In Africa 

Covenant University Ranks Best Varsity In Nigeria, Top 7 In Africa 

Covenant University, a prestigious private varsity has emerged as the best university in Nigeria and ranked top 7 in Africa according to the recent Times Higher Education’s (THE) Sub-Saharan Africa University Rankings for 2023.

The prestigious Times Higher Education (THE) just released its inaugural Sub-Saharan Africa University Rankings for 2023, with Covenant University ranking seventh.

While the University of the Witwatersrand in Johannesburg, South Africa, was named the continent’s best university, Covenant University is the only Nigerian representative among the top ten.

Top 10 Sub-Saharan Africa universities 

University of the Witwatersrand South Africa 1 
University of Johannesburg South Africa 2 
Muhimbili University of Health and Allied Sciences Tanzania 3 
University of Pretoria South Africa 4 
Makerere University Uganda 5 
University of the Western Cape South Africa 6 
Covenant University Nigeria 7 
UGHE – University of Global Health Equity Rwanda 8 
Ashesi University Ghana 9 
Ardhi University Tanzania 10 
Data was obtained from THE 2023

The pioneering new ranking highlights the strongest universities in Sub-Saharan Africa across a comprehensive range of performance indicators covering five pillars: ‘access and fairness’, ‘Africa impact’, ‘teaching skills’, ‘student engagement’ and ‘resources and finance’.

The Sub-Saharan Africa University Rankings, produced in partnership with Mastercard Foundation, ranks 88 universities from 17 countries in the region.

Nigeria has the most universities in the ranking with 37, followed by South Africa with nine, Ghana and Kenya have seven each and Somalia and Uganda have five each.

The ranking provides a rich source of data on the differences between public and private universities. Of the 88 ranked universities, 59 (67%) are public, 21 (24%) are private not-for-profit and eight are private for-profit (9%) and seven of the top 10 universities are public.

Public universities received an average overall score in the rankings of 50 and charged students a median of £966 per year. By comparison, private institutions scored an average of 43, with not-for-profits charging £1,922 and for-profits charging £3,291 annually.

Public providers scored higher, on average, across four of the five pillars: access and fairness; Africa impact, resources and finance and student engagement. Private universities generally perform better on teaching and employability skills.

Public universities tend to have considerably more students than private ones averaging more than 18,000 students compared with an average of about 3,500 for private universities and public universities are, on average, almost twice as old (28 years) as private universities (18 years).

A key component of the ranking is a unique student survey accounting for their experiences, which shows students in private universities are generally more satisfied with their experience compared with their public counterparts when judging the facilities, their Interaction with peers and the faculty, employability, course quality and teaching engagement.

Phil Baty, Times Higher Education’s chief global affairs officer, said: “This unique pioneering ranking, which was developed specifically for, and led-by, African education organisations, marks a really significant moment for higher education in the continent.

“It clearly demonstrates the broad and diverse strengths of a wide range of universities and numerous previously unknown differences between public and private universities, which is further illuminated by the results from the student survey.

“We hope this ranking will help African universities celebrate and showcase good practice, benchmark themselves against peers, and identify key areas where they can improve. Collectively, we hope it helps universities to collaborate to address the challenges the continent faces.

“We also hope the ranking will be a valuable tool for the millions of parents and prospective students who are increasingly looking for authoritative information about what a university education will give them.”

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Nike Shoes: A Footwear For Success and Aspiration

When it comes to footwear, there are only a few brands that exude the same sense of accomplishment and aspiration that Nike does. Synonymous with victory and greatness, the infamous Swoosh Her symbol has made Nike Her shoes a symbol of victory for people around the world.

From seasoned competitors to design enthusiasts, the demand for Nike shoes goes far beyond utilitarian attributes. See why Nike shoes are a powerful symbol of victory and personal achievement.

Fabulous Legacy:

Nike’s thriving history is tied to the success of its great competitors. From Michael Jordan’s gravity-defying leap to Serena Williams’ unparalleled dominance, Nike has helped make a name for itself. When people wear Nike shoes, they connect with this glorious heritage and are driven to compete to push the boundaries of their imagination.

An unprecedented run:

Nike has consistently pushed the boundaries of engineering to create shoes that improve execution. Whether it’s the responsive cushioning of the Discuss Max array, his groundbreaking Flyknit innovation, or the energetic stance of the VaporMax, Nike is constantly raising the bar. Our commitment to creating shoes that enable athletes to do their best resonates with those who strive to win for the good of their rights.

Famous projects:

Nike shoes feature a distinctive style that consistently blends fashion and utility. With clean lines, bold colors and signature icons, his Nike shoes are instantly recognizable. Wearing Nike shoes shows insight and an eye for timeless planning. The brand’s ability to combine execution and design has earned it cult status, making Nike shoes a must-have for design fans and trendsetters alike.

Celebrity Support:

Nike has cemented its position as a winning icon through its association with powerful competitors and celebrities. From collaborations with LeBron James, Cristiano Ronaldo and Serena Williams to the infamous campaign with Colin Kaepernick, Nike has catered to those who embody confidence, hard work and achievement. This endorsement creates a strong connection between Nike footwear and the quality it takes to win, influencing the way consumers judge the brand.

Social Relevance:

Beyond sports, Nike has established itself in popular culture. The brand’s shoes have undoubtedly been used in films, music recordings and streetwear designs. From the classic Jordan shoes of “Space Jam” to the dynamic Air Force 1 of hip-hop music recordings, Nike’s shoes have become a fundamental part of his social expression and street fashion. This social relevance includes claims as images of victory and status.

Nike shoes have gone beyond trivial shoes to become powerful symbols of victory, purpose and personal achievement. The brand’s heritage of excellence, commitment to progress, famous undertakings, celebrity endorsements and social significance have made Nike shoes more than just a trademark.

They speak of their interest in this monster, their drive for personal victory, and their conviction to push boundaries. Nike shoes inspire people to chase their dreams and embrace their potential. Wear Nike shoes together and experience the winning image they embody.

Dollar To Naira Exchange Rate Today (Mon. Jun. 26, 2023)

Investors’ Portfolio Transactions Drop To N1.04tn

Following political uncertainty, low return on investment amid double-digit inflation among, other factors, domestic and foreign investors’ portfolio transactions on the Nigerian Exchange Limited (NGX) dropped by nearly 31 per cent to N1.04 trillion in first five months of 2023 from N1.51trillion in first five months of 2022.

Prolonged foreign exchange scarcity, and hike in the Monetary Policy Rate by the Central Bank of Nigeria (CBN) had been taking their toll on the Nigerian economy and the stock market, which is the barometer of the economy.

As a result, the stock market has witnessed mixed sentiments in transactions in the first five months of the years.

In the period under review, domestic investors that comprised of retail and high network investors transactions in the stock market dropped to N945.02 billion, a decline of 28 per cent from N1.3 trillion in the corresponding five months of 2022, while foreign investors’ participation in the stock market closed the first five months of 2023 at N99.34 billion, significantly dropping by 51 per cent from N201.29 billion in first five months of 2022.

However, investors’ confidence was restored in May 2023 when Independent National Electoral Commission (INEC) final declared President Bola Tinubu the winner of the 2023 Presidential elections.

The equities market hit the biggest single-day gain in two years, rising by 5.23 per cent on May 29 as investors reacted positively to President Tinubu’s “no more fuel subsidy and immediate unification of exchange rates” comments.

Tinubu had also stated that his administration would be targeting a higher Gross Domestic Product (GDP) growth, create jobs, work towards a unified exchange rate and ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.

This resulted in a huge bounce as the total value of transactions executed by domestic investors outperformed transactions executed by foreign Investors by 76 per cent.

In May 2023, the total amount of transactions on the Exchange grew to N322.92 billion in the month of May as against N191.21 billion in the previous trading month, thus representing a 68.88 per cent increase.

Further analysis of the total transactions executed between the current and prior month (April 2023) revealed that total domestic transactions increased by 56.37 per cent from N182.74 billion in April to N285.76 billion in May 2023.

Similarly, total foreign transactions increased significantly by 338.72 per cent from N8.47 billion (about $18.31 million) to N37.16 billion (about $79.88million) between April 2023 and May 2023.

Analysts had predicted that a successful 2023 general elections in Nigeria would further increase foreign portfolio outflows n the stock market.

The Managing Director, Morgan Capital Securities Limited, Mr. Rotimi Olubi, had noted that domestic investors would be the key players responsible for the movement of the market and liquidity.

“The federal government will need to focus on making reducing the leakeages associated with the current subsidy/under recovery regime,” he said.

Olubi said that inflation was expected to rise further following a direction reversal in December 2021 where inflation rose after an eight-month downward trend.

Commenting on FX reform policies, CEO, Wyoming Capital and Partners, Tajudeen Olayinka said the reforms mean the market would see more foreign inflows and steady improvement to foreign reserves.

“Let me state clearly that CBN has not devalued the Naira, it only gave an indication that it would allow market to function henceforth. The essence is to allow law of one price to prevail over and through the market, in a way to allow convergence of rates and stimulate desirable capital inflows. It is also an indication that government intends to run a comprehensive adjustment program that could make the economy move steadily towards attaining internal equilibrium, while at the same time putting up appropriate policies and measures that will make the economy restore external equilibrium. Fuel subsidy is gone. Foreign exchange subsidy is gone.

“Desirable capital inflow is expected from this unfolding adjustment program. Let me also add that Capital Market will remain a major source of funding long-term capital requirements by firms and governments, as cost of capital in the economy moderates to a much lower level and capital formation increases to a new level that could create decent jobs and drive down inflation.”

He urged the new government and CBN to first and foremost eliminate the already known source(s) of exchange rate divergence, to be able to encourage a sustainable convergence of rates across markets.

He said, “Again, and as I mentioned to you previously, all economic agents will initially experience short-run adjustment pains, and later, more desirable long-run gains and normal prices. President Tinubu is starting well, and we should encourage him to do more. If you have not invested in the stock market at this time, you might need to wait for IPOs, as more public companies approach the market for listing and capital raising.”

Meanwhile, in over a 16-year period, domestic transactions decreased by 45.30 per cent from N3.556 trillion in 2007 to N1.945 trillion in 2022 whilst foreign transactions also decreased by 38.47 per cent from N616 billion to N379 billion over the same period.

Also, total domestic transactions stood at N945.02 billion, whilst total foreign transactions closed the month under review at N99.34 billion.

Further analysis revealed that institutional investors outperformed retail Investors by 38 per cent while a comparison of domestic transactions in the current and prior month (April 2023) revealed that retail transactions increased by 19.29 per cent from N74.19 billion in April to N88.50 billion in May 2023.

Similarly, the institutional composition of the domestic market increased significantly by 81.72per cent per cent from N108.55 billion in April 2023 to N197.26 billion in May 2023.

Sokoto Gov Condemns Blasphemy Of Prophet Muhammad

Sokoto Gov Condemns Blasphemy Of Prophet Muhammad

Sokoto Gov Condemns Blasphemy Of Prophet Muhammad

Ahmed Aliyu, the governor of Sokoto State, has declared that anyone who commits ‘blasphemy’ against the Islamic Prophet Muhammad bin Abdullah shall face harsh punishment.

The announcement was made by the governor in a statement signed by his spokesperson, Abubakar Bawa, who also warned against any conduct capable of “degrading the personality of Prophet Muhammad SAW, especially in a state like Sokoto, which is predominantly a Muslim-dominated community.”

His warning came only seconds after a mob stoned to death a butcher named Usman Buda on Sunday at a place called Abattoir in over blasphemy allegations.

According to Ahmad Rufai, a Sokoto police spokesperson who verified the killing, “we got a distress call in the morning around 9:20 a.m. that a mob attacked one person by name Usman Buda, at Abattoir in Sokoto.” He was accused of insulting the prophet Mohammed.

“On reaching the scene, people there took to their heels leaving him in bloodshed, seriously injured. We rescued him and took him to hospital. Unfortunately, later in the day he passed away.”

Some of Buda’s closest market partners who attempted to rescue him were also hurt by the fanatics and are now seeking medical treatment.

In response to the development, the governor, through his spokesman, Bawa, stated that all inhabitants must respect and defend the prophet’s dignity and personality.

The statement read, “Sokoto State Governor, Dr. Ahmed Aliyu, has called on the people of the state to remain calm and law-abiding at all times.

“The governor cautioned the people against any act capable of degrading the personality of Prophet Muhammad SAW, especially in a state like Sokoto, which is a predominantly Muslim-dominated community.

“Dr Aliyu said that Sokoto people have so much respect and regard for Prophet Muhammad SAW, hence the need for all the residents to respect, protect his dignity and personality.

“I want to call on the people of Sokoto State to avoid taking laws into their own hands and instead report any alleged crime or blasphemy to the appropriate quarters for necessary action.

“Our religion does not encourage taking laws into one’s hands, so let us try to be good followers of our religion,” he appealed.

According to Aliyu’s spokeswoman, the governor has cautioned would-be troublemakers to reconsider, stressing that Sokoto is not the place for them.

Bawa said, “He added that the present administration will not take the issue of blasphemy lightly, and will deal decisively with anyone found guilty of any act aimed at degrading the personality of Prophet Muhammad, peace be upon him, in line with the provision of Islamic laws.

“The governor assured the people of the state of his administration’s commitment to guarantee the safety of lives and property of all law-abiding citizens.

“The governor also warned would-be troublemakers to have a change of mind, adding that Sokoto is a wrong place for them.”

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