In order to provide the continent with access to its cutting-edge services, SeamlessHR has announced its expansion into a number of African nations.
The growth was officially announced at the most recent Africa Day celebration, where the company’s presence in Rwanda, Tanzania, Botswana, Ghana, Uganda, and Kenya was emphasized.
It claimed that choosing to enter those important African markets was consistent with its long-standing pledge to meet the individual needs of businesses on the continent.
It stated that the pan-African deployment improved its capacity to offer service locally and build trusting connections with customers in these nations.
“Through the lens of Africa Day, we are excited to highlight SeamlessHR’s pivotal role in driving digital transformation and innovation in African businesses,” said Deji Lana, SeamlessHR’s Chief Product Officer and Co-Founder.
In order to allow even more firms to overcome labor difficulties, open up growth opportunities, and ultimately boost productivity in Africa, we intend to increase our footprint in other African nations.
“Our goal was to build a pan-African service that cuts over boundaries, rules, and tax laws from the beginning.
“To improve overall business performance, we recognized the need for a unified solution that increases worker productivity. For this reason, we developed SeamlessHR as a SaaS to be flexible and applicable to organizations in different African countries”.
Lana highlighted that the organization continued to increase its reach and influence, and it remained steadfast in its goal to supporting African businesses through digital transformation.
Leading consulting firm Sages & Scribe will host a two-day summit on Employee Assistance Programs (EAP) with the goal of presenting creative ideas to improve staff productivity and performance.
The company said in a statement that the event would take place in Lagos on August 2-3, 2023.
It was said that the event’s goal was to address employee and individual psychosocial health outside of the scope of medical services and with the theme “Employee Wellness for Productivity and Performance.”
According to the statement, the EAP Summit seeks to examine workplace wellness, employee well-being, organizational performance, sustainability, worthwhile workplace perks, psychosocial risk assessment, and promote “Great Place to Work” and CSR in Nigeria.
Venerable Adelowo Adesina, managing consultant and chief executive officer of Sages & Scribes Consultants, stated: “Statistics have also showed that our nation Nigeria is among the lowest ranking in the pecking order in terms of human and industrial efficiency and performance.
The fact that Nigerian employees are worried, harassed, traumatized, and exhausted is evident. Imagine the experiences we all had during the currency exchange process. Consider the mental and emotional suffering the typical worker must have gone through. That should indicate to us as a country that we must start working to advance the health and wellbeing of our workers.
Adelowo went on to say that there would be ten general knowledge (interest) presentations presented at the next EAP Summit.
Additionally, he indicated that there would be professionally focused training on topics including stress management, work-life balance, addictions, substance misuse, and trauma management.
The announcement also stated that the Employee Assistance Professionals Association of South Africa, Employee Assistance Programme, Africa, Ghana, and the Nigerian Employers Consultative Association had all given their support to the EAP Summit.
To boost the economy, create jobs for Nigerians, and give the country foreign cash, the Securities and Exchange Commission, SEC, has teamed up with the Standards Organisation of Nigeria, SON, to produce standards of goods intended for export.
The commission revealed this in a statement on Tuesday and predicted that Nigeria’s agriculture sector will expand greatly in the coming years.
The agribusiness sector in Nigeria declined by 0.90 percent during the first quarter, according to the first quarter data from the National Bureau of Statistics which led to a fall in the GNP overall. The sector will be witnessing a fall in growth for the first time in seven years.
Lamido Yuguda, the Director-General of the SEC, revealed that the partnership with SON had led to the development of some standards and their exposure to other markets, with positive feedback.
Lamido claimed that the creation of these standards would open the door for the export of the goods to the global market, which in turn would strengthen the Nigerian economy.
The commission has been working hard to promote this sector, including agricultural and mineral products among others. Nigeria has a lot of promise in this sector.
“We are a very productive agricultural nation with a wealth of resources, but now the majority of them are sold in local markets with no sort of quality control, which causes a lot of our agricultural products to be rejected on the global market” Lamido stated.
“You can see that less developed nations may export their agricultural goods, particularly fruits. We produce some of the best fruits in the world, but regrettably, due to standardization concerns, we are unable to compete in this market”.
Lamido continued by saying that working with SON was a positive move. “It is just the beginning, but if we move forward, I think this has the potential to be very significant in the near future. In the foreseeable future, we anticipate a considerable increase in the agriculture sector”.
He further stated, “Since there are many opportunities in that industry, we are also working with the Ministry of Solid Minerals”.
However, there is a lot of mining by hand currently, so there needs to be cooperation between state governments and the Ministry of Mines to create some sort of standardization, ensure that those mining are granted government licenses, and ensure that this mining is taking place in a sustainable manner.
According to Lamido, the commission established a Technical Committee on Commodities Trading Ecosystem as part of its implementation of the Capital Market Master Plan. The committee’s responsibility is to identify issues with the current framework and create a roadmap for a thriving ecosystem.
“A committee made up of numerous stakeholders, including the SON, was formed to oversee the report’s implementation. The creation of a grading and standardization system in line with international best practice was mentioned as one of the report’s suggestions, he continued.
In addition to working with SON, Lamido stated that the commission was also engaging with the Federal Ministry of Solid Minerals and Mines, the National Insurance Commission, the Central Bank of Nigeria, and the National Insurance Commission to advance the industry in terms of capacity building, standard-setting, domestic advocacy, and advocacy on a global scale.
Edo State Governor Godwin Obaseki has reduced civil and public officials’ work days from five to three times per week.
This is one of the steps being taken to alleviate the pain caused by the Federal Government’s subsidy reduction strategy.
Kwara State had already taken the same step, by reducing the official work days.
Via a statement on Tuesday, the Edo state Governor said, “As a proactive government, we have since taken the step to increase the minimum wage paid to workers in Edo State from the approved ₦30,000 to ₦40,000, the highest in the country today.
“We want to assure you that we will continue to pay this amount, while we hope to increase it even further if more allocation accrues to our State from the Federal Government in view of the expected savings occasioned by the removal of the fuel subsidy.
“We know the hardship that has been caused by this policy which has radically increased the cost of transportation, eating deep into the wages of workers in the State.
“Therefore, the Edo State Government is hereby reducing the number of work days that civil and public servants will have to commute to their workplaces from five days a week to three days a week till further notice. Workers will now work from home two days a week.
“Similarly, for teachers and parents, their commuting to school will be reduced as the government is working on deepening the EdoBEST@Home initiative to create more virtual classrooms, thereby reducing the cost of commuting on parents, teachers, and pupils.
“The Edo SUBEB will provide details on this initiative in the coming days.”
According to its manufacturer GlaxoSmithKline, the European Commission has followed the American government in licensing the world’s first Respiratory Syncytial Virus vaccine, which should be used by persons 60 and older.
Tony Wood, chief scientific officer of GSK, stated in a statement that “this Arexvy authorization means eligible adults can be immunized against RSV disease for the first time.”
The United States approved the drug last month, while the vaccine is the culmination of a decades-long hunt to protect vulnerable people from the common illness.
RSV normally causes mild, cold-like symptoms, but can be serious for infants and the elderly, as well as those with weak immune systems and underlying conditions.
In extreme situations, it may result in pneumonia and bronchiolitis, an inflammation of the lungs’ tiny airways.
According to analysts, the market may be worth more than $10 billion in the following ten years, and similar products from other manufacturers, such as Pfizer and Moderna, are anticipated to follow soon.
GSK stated “RSV is a common, contagious respiratory virus that causes 20,000 in-hospital deaths in adults aged 60 and over in Europe each year.”
The Independent National Electoral Commission (INEC) has announced the final list of candidates for the governorship elections in Kogi, Bayelsa, and Imo states on November 11, 2023.
Mr. Festus Okoye, INEC National Commissioner and Chairman of the Information and Voter Education Committee, said the list was approved during a meeting conducted by the Commission on Tuesday in Abuja.
“The decision is in line with the provision of Section 32(1) of the Electoral Act 2022 which requires the publication of the list not later than 150 days to election day i.e. Friday 9th June 2023 following the period for voluntary withdrawal and substitution of candidates by political parties under Section 31 of the Electoral Act 2022,” the statement read.
“The final list has been uploaded to the Commission’s website and social media platforms. The same will be published in our State and Local Government offices in the affected States on Thursday 8th June 2023 ahead of the statutory deadline of 9th June 2023.”
According to the announcement, all 18 political parties in Kogi, 17 in Bayelsa, and 16 in Imo nominated candidates. The list also shows that two political parties in Bayelsa State, one in Kogi State, and none in Imo State are fielding female candidates.
INEC reminded political parties and candidates that the public campaign formally begins on Wednesday, June 14th, and finishes on November 9th, in accordance with the timeline and program of operations for the three elections.
Capt. Dapo Olumide, the acting Managing Director (MD) of Nigeria Air, has stated that the aircraft that flew in with the airline’s symbol ‘Nigeria Air’ was chartered from Ethiopian Airlines for the purpose of revealing the logo.
He stated that the plane was returned to Ethiopian Airlines following the unveiling.
This was declared by Olumide before the Senate Committee on Aviation.
During a discussion with Olumide, the Permanent Secretary of the Ministry of Aviation, Emmanuel Meribole, and leaders of aviation agencies, Committee members expressed reservations about the introduction of the national carrier.
Senator Biodun Olujimi, Chairman of the Senate Aviation Committee, questioned why the immediate former Minister of Aviation, Hadi Sirika, rushed to unveil a national carrier on the penultimate day of the Muhammadu Buhari government.
Nnolim Nnaji, the Chairman of the House Committee on Aviation, has also stated that the inauguration of Nigeria Air is a sham.
He made this statement after meeting with aviation stakeholders who mostly denied knowledge of the launch.
Meanwhile, the Ministry of Aviation stated that Nigeria Air was merely unveiled and not launched.
Responding to the Committee, Capt Dapo Olumide stated that Nigeria Air was presented at the time to demonstrate to Nigerians that the initiative was not a fluke.
RESOLUTION OF THE HOUSE OF REPS COMMITTEE ON AVIATION
The Committee after careful evaluation of the issues on deliberation is totally dissatisfied with the actions of the former Minister of Aviation, Sen, Hadi Sirka in going ahead to flag off the operations of Nigeria Air despite a standing Court injunction against such, and without any provision for sustaining the operations of the airline.
We are equally irked by the role played by Ethiopian Airline in this whole process. It does not speak well of the excellent brotherly relationship existing between our two nations.
A careful review of the process indicates the exercise to be highly opaque, shrouded in secrecy, shoddy and capable of ridiculing and tarnishing the image of Nigeria before the international community.
We want to put on record, that the Committee and indeed the National Assembly had no role in the purported launch of Nigeria Air or anything related thereof.
While the Committee and indeed the parliament is not opposed to Nigeria having a National Carrier, as a matter of fact having a National Carrier is highly desirable to us as a people and Nigeria, as a nation. However, such a process should be transparent and all embracing.
We, as a Committee, would not accept any attempt by any individual or group of individuals or organization to hide under the project and siphon our commonwealths.
Consequently, the Committee hereby resolves to:
Direct the Federal Ministry of Aviation and its partners in the Nigeria Air project to immediately suspend flights operations and every other actions with respect to the Nigeria Air;
Urge our new President, Bola Ahmed Tinubu, GCFR the President and C-in-C, to as a matter of urgency constitute a high-level Presidential Committee to undertake a holistic Review of the Processes of the whole Nigeria Air project, and advice the government on the way forward.
Ensure that all individuals, or groups, or organization involved in the controversial shenanigan named “Nigeria Air Take-Off” are brought to book, prosecuted and sanctioned.
Linkage Assurance Plc has released its financial results for last year, in which it recorded positives in all performance indices in its business outing for the year ended December 31, 2022.
The company said this was achieved amidst the tough operating environment it waded through in the financial year 2022.
The company during the period recorded a gross written premium (GWP) of N12.98 billion, as against N11.16 billion in 2021, a 16 percent increase.
The underwriting firm said it was able to effectively manage its risks during the review year, announcing N506.162 million underwriting profit, showing growth of 120 percent when compared with the figure in 2021.
Linkage Assurance also said it strengthened its bottom-line with Profit Before Tax (PBT) of N2.696 billion, and Profit After Tax closing at N2.567 billion.
With full maximisation of its investment returns, Linkage Assurance saw income from investment boosting bottom-line stronger after a successful underwriting year.
Total assets at the end of the review year stood at N39.998 billion, a 3 percent increase from N38.710 billion in the previous year.
Managing Director/CEO, Linkage Assurance Daniel Braie commenting on performance of the Company said the underwriting firm had continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.
He said the Company was focused on maximising its potential in key segments of the market where it plays strongly and would continue to ensure it creates value for its teaming shareholders.
“As an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme. Our theme for 2023 is “Consolidation”, and this informs our strategic intent along the four pillars of Business growth, Operational excellence, financial excellence, and Customer & People.”
Braie said the company had identified strategic focus, which would guide it as compass in the quest to navigate through the highly competitive insurance market to increase market share in the most profitable sectors and offer excellent customer experience to all its clients.
Earth pollution is the term used to describe the deterioration and contamination of the environment, primarily brought on by human activity. It negatively impacts many different facets of the globe, including ecosystems, human health, and the earth’s general wellbeing.
It’s crucial to remember that pollution is a complicated issue with a wide range of causes and effects, and that the impacts might change based on the kind and level of pollution. Following are some general drawbacks and impacts of pollution on the environment.
Earth Pollution Effects
Environmental Pollution: Pollution can cause environmental damage by contaminating the air, water, and soil, which threatens ecosystems and biodiversity. It can damage habitats, disrupting food chains, and cause the extinction of various plant and animal species.
Air Pollution: Air pollution is caused by emissions from industrial activities, moving automobiles, and burning fossil fuels. Humans may have respiratory troubles, cardiovascular conditions, and other health problems as a result of this. By emitting greenhouse gases, it also affects climate change.
Water Pollution: Water pollution is caused by industrial waste, agricultural runoff, and poor chemical disposal. This has an impact on aquatic life, lowers the quality of the water, and renders it unsafe for human consumption. Additionally, it may damage coastal communities and destroy marine habitats.
Soil Degradation: Chemical, pesticide, and industrial pollution can pollute soil, rendering it unusable for farming and rendering it infertile. This has an effect on food production and may lead to the disappearance of arable land.
Climate Change: Global warming and climate change are both caused by pollution, particularly the production of greenhouse gases. Rising temperatures, severe weather, sea level rise, and other environmental changes are the result of this, which have a significant influence on ecosystems and communities.
Limitations In Resolving Earth Pollution
Complex Interconnections: It might be difficult to successfully manage pollution issues since they are frequently entangled with socioeconomic variables. Including industry, agriculture, transportation, and waste management, solutions need for a comprehensive and integrated approach.
Lack Of Knowledge: Many individuals might not completely comprehend the effects of pollution or the actions they might take to lessen it. Effective action depends on boosting education and raising public knowledge about pollution and its effects.
Political And Economic Factors: Reducing pollution frequently necessitates making challenging policy choices and juggling economic and environmental objectives. Due to competing goals and short-term economic reasons, political will, international cooperation, and the adoption of sustainable practices may encounter challenges.
Technology’s Limitations: Although technology is essential for reducing pollution, some solutions are either under development or too expensive to be applied widely. To get around these restrictions, advancements in green technologies, renewable energy sources, and waste management techniques are required.
Enforcement And Compliance: It can be difficult to effectively enforce laws and pollution control measures, especially in areas with poor governance and scarce resources. For effective pollution control, regulatory frameworks must be strengthened and environmental standards must be followed.
In conclusion, individuals, communities, governments, and industries must work together to address Earth degradation. We can lessen the effects of pollution and work toward a cleaner, healthier Earth by adopting sustainable activities, encouraging renewable energy sources, putting pollution control systems in place, and supporting environmentally friendly legislation.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N461.68 per $1 on Monday, June 5.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦753 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 banks.
The Commission of Representatives has declared the launch of Nigeria Air a ‘fraud’ following the confession by Captain Dapo Olumide, acting chief executive of Nigeria Air, that the plane with its logo had been flown by Ethiopian Airlines rented for this purpose. logo announcement.
Olumide told the Senate Aviation Committee that the airline still does not have an operating license for full flight operations, saying the processes are still in the early stages. Following the disclosure, the Senate Aviation Committee criticized Nigeria’s announcement, saying the project was shrouded in secrecy.
In a meeting with Permanent Secretary of the Ministry of Aviation Emmanuel Meribole; Acting CEO, committee members expressed apprehension about the launch of the national airline. During the meeting, the Chairman of the Senate Aviation Committee, Senator Biodun Olujimi, questioned why former aviation minister Hadi Sirika was in such a hurry to announce the national airline on the last day of Muhammadu’s administration. Buhari.
Captain Olumide said the plane used to launch Nigeria Air was a charter flight from Ethiopian Airlines and that after the launch, the plane returned. The chairman of the House Committee on Aviation, Nnolim Nnaji, said the launch of Nigeria Air was a fraud.
The Committee, after carefully assessing the issues in the discussion, was completely dissatisfied with the actions of the former Aviation Minister, Sen, Hadi Sirka, who decided to report the Nigerian Air activities in an irregular manner. subject to a permanent injunction by the court. arrange. to support airline operations. “We are also not satisfied with the role Ethiopian Airlines has played in this whole process. This doesn’t say much about the wonderful brotherly relationship that exists between our two nations.”
A careful examination of the process revealed that the exercise was opaque, shrouded in secrecy, shoddy and capable of mocking and tarnishing Nigeria’s image to the international community.
We would like to acknowledge that the Commission and indeed Congress had no role in the alleged launch of Nigeria Air or anything related to it. While the Commission and indeed Parliament have no objection to Nigeria having a national airline, in practice it is highly desirable for us as a national airline to have a national airline. people and for Nigeria as a country. However, such a process must be transparent and inclusive.
As a committee, we will not accept any attempt by any individual or group of individuals or organizations to conceal the project and extract our common assets. Accordingly, the Commission decided to order the Federal Ministry of Aviation and its partners in the Nigeria Air project to immediately suspend flight operations and all other actions against Nigeria Air;
Urges our new President, Bola Ahmed Tinubu, President of GCFR and C-in-C, to urgently establish a High-Level Presidential Committee to conduct a comprehensive review of the processes of the entire project. the Nigeria Air project and advise the government on the roadmap to be followed.
They seek to ensure that any individual, group or organization involved in the controversial scheme called “Nigerian Air Takeoff” is brought to justice, prosecuted and punished.
Olumide said the plane is being used pending the completion of the necessary procedures for the airline to operate. He said his mission was to get an airline operator certificate for the airline, not necessarily to run the airline, but to get a license to fly.
“The aircraft that came in and left was a legitimate charter flight. Anyone of us here if we have a destination wedding in Senegal, we can charter an aircraft.
“You don’t need to have a licence to do that, you just charter an aircraft, an aircraft you paid for it, it will be brought here, take your passengers and off you go.
“And that is what we did. but in this case, it was to unveil the Logo of Nigeria Air. Ever since 2018, all you have ever seen about Nigeria Air were pictures, drawings not the real aircraft, and we thought it was time to show what the real aircraft will look like also to let shareholders see,” Olumide said.
He added: “We have institutional investors, they are not in aviation but they are putting their money for 10 to 15 years, so they need to see what the actual aircraft will look like.
“So we brought it in here to show them what the aircraft will look like, then the social media dimension came into it. For us to get that licence which is my mandate, we must among other things have three aircraft before the NCAA will give us a licence and those three aircraft must be Nigerian registered aircraft.
“So when this aircraft came on a chartered flight, everybody said we have launched Nigeria Air, there are learned people in the aviation industry who could have countered that when social media came out, but they chose not to.”
The Nigerian Stock Exchange (NGX) halted losses on Tuesday as buying sentiment among equity investors pushed the market into the green. The stock market opened the week on a negative note after a gain of about 1.6 trillion naira was reported last week.
As a result, indexes of market activity rose +0.42%, brokers told investors in their respective market reports, indicating year-to-date returns also improved. improved by 9.34%. After depreciating about 9 billion naira on Monday, equity investors made a total of 126.18 billion naira amid a fresh rally in the Nigerian stock market.
Data from the Nigerian Stock Exchange showed the All-Share Index up 231.76 basis points, up +0.42%, to close at 56,038.85. In a market report, stockbroker Atlass Portfolios Limited’s market performance declined as both total volume and total trading value for today fell -12.72% and -70 respectively, sixty four%.
According to data from the Lagos Stock Exchange, about 322.49 million units worth N5,824.46 million were traded in 6,165 transactions. UBA is the most traded stock by volume, accounting for 14.62% of total trading volume.
Following this pan-African lender are ACCESSCORP (12.58%), GTCO (9.38%), FIDELITYBK (7.38%) and JAPAULGOLD (5.23%). volume class.
AIRTELAFRI is the most traded stock by value, with 30.18% of total exchange traded value. ETRANSACT leads the Advanced chart for today with a price increase of 10.00% each, followed by ETERNA (+9.85%), CORNERST (+9.52%), PHARMDEKO (+9.52) %), FTNCOCOA (+9.23%) and 23 others .
Market data showed 23 decliners, of which JOHNHOLT was the big loser, with a drop of -9.88% to close at ₦1.55. MULTIVERSE lost 9.54%, UACN lost 5.08%, FCMB fell 4.35% and TRANSCORP lost 0.67%.
However, market breadth closed positive, recording 28 advancers and 23 decliners. Additionally, the market sector performance closed on a positive note, with three of the top five market sectors all up. The Oil and Gas sector led the way with an increase of 1.02%, followed by the insurance sector (+0.57%) and the consumer goods sector (+0.21%). The banking and industrial sectors fell -0.05% and -0.02%, respectively.
Overall, the stock’s market capitalization increased by ₦126.18 billion, +0.42% growth, to close at ₦30,513.48 trillion from ₦30,387.30 trillion yesterday.
The Nigerian Treasury Bills (NTB) market once again recorded chilly results as local depository banks, asset/fund managers and other market participants turned their attentions to the session. Central Bank of Nigeria (CBN) midweek auction.
As a result, the average of Treasury bill instruments remained flat after a persistent decline. NTB’s yield curve falls as the buying temperature in the secondary market falls. Banks maintained balance during the week as liquidity in the market remained high.
CBN will offer market participants the opportunity to apply for Nigerian Treasury Bonds to raise more than N180 billion in a primary market auction scheduled for today – Wednesday. According to traders, the level of liquidity in the financial system will affect investor demand or registration as market participants wait for a catalyst that will cause yields to rise again after interest rates rise. adjusted benchmark interest rate and inflation rose.
High double-digit inflation rates reduce the real return on investment in assets and the yield in naira. Fixed-income stock market assets remain exposed to fluctuations in the inflation rate.
According to market analysts, financial system liquidity fell slightly by 2.7% to 370.70 billion naira. Strong levels of liquidity kept interbank rates unchanged. The overnight lending rate was unchanged at 12.0% as the liquidity in the system closed to a net buy. Repo opening interest rate remained unchanged at 11.63%.
In the Nigerian Treasury bill segment, trading was mixed as market participants remained on the sidelines ahead of Wednesday’s auction results. The market recorded thin trades that did not affect yield curve shifts. As a result, the average secondary market return on Treasury bills closed at 6.35%.
Amid calm volatility in the foreign exchange market, the Nigerian naira has been trading steadily against the US dollar (U.S.) on the investor and exporter window, as traders continue to analyze different exchange rates.
According to data from the FMDQ platform, the exchange rate remains at 464.67 naira per dollar on the Investor and Exporter FX window. Demand for the greenback was accompanied by a reasonable level of foreign exchange in the market, keeping rates steady for the second day in a row. Even so, traders expect the naira to depreciate.
Although this is undesirable due to the low economic temperature, some investment banking firms argue that the local currency is still overvalued. Last year, the Nigerian naira lost 10% of its value after the apex bank allowed last-minute censorship of the forex window for investors and exporters.
Recent developments in the forex market show that the apex bank is uncertain about the rate direction after selling US dollars at a higher rate to market participants in its auctions.
Last week, the apex bank spot rate was adjusted to N630, indicating a devaluation of the local currency. However, the monetary authority denied that the naira had been devalued.
The development has seen both supply and demand adjust moderately, with dollar trading volume matching existing currency liquidity. But data shows that the naira was sold as high as 645 naira in the United States, as reported by Reuters. President Bola Tinubu has previously hinted at the need for proportional convergence.
The local currency was unchanged in value on Monday, while the indicated opening rate closed at 464.96 naira against the dollar on Tuesday.
The 467 naira to dollar exchange rate was the highest recorded in the transaction the day before when it stood at 464.67 naira. The naira is sold for as low as 460 naira for one dollar in intraday trading. According to data from trading platform FMDQ, a total of $186.02 million was traded at the official investor and exporter window on Tuesday.
The currency pair (forex) is largely controlled by swings in the dollar, but technical analysis has helped spot the latest reversal. The US Dollar Index (DXY) is expected to trade well in the 103.50-104.50 range today, ING Economics’ Chris Turner said in a note.
Meanwhile, USD/JPY was bearish early Tuesday. The intraday drop followed a string of daily losses after the dollar hit a six-month high of 141 yen on May 30. Interestingly, this price has become resistance in a long-term parallel channel since January 16. Now that the technical part has been taken into consideration, what is causing this pair to crack in the real economy?
Signs of weakening of the US economy began to appear. The services sector fell significantly last month, although a very good jobs report pushed shares higher on Friday. Also, GDP data from Japan is released on Thursday.
Against this backdrop, forex trades are generally in favor of the dollar, while the greenback is falling. EUR/USD is sprouting just above the intraday straight line, after peaking at an intraday high of $1.0732. GBP/USD is targeting a break of a two-day losing streak, trading at $1.2430.
The RBA’s Sudden Rise Offers Dollar Food for Thought
The Reserve Bank of Australia surprised with a 25 basis point increase, citing the opposite risk to inflation and the trade-off that delaying rate hikes could be costly.
This could raise expectations of a similar move by the Bank of Canada tomorrow and the Fed to be belligerent next week – which could disappoint the Dollar bears. Watch Poland’s tariff meeting
The European Open Dollar is slightly lower and about 0.5% below yesterday’s high. The US data calendar is currently fairly flat for the rest of this week and the market could hold its ground for next week’s May CPI data and the June 14 FOMC meeting.
The surprise price increase of the Reserve Bank of Australia (RBA) last night made people think before this FOMC meeting.
After pausing its strong rally in April, the RBA added another 25 basis points, citing heightened inflation risks and – like many central banks around the world – frustration with core inflation. does not decrease any faster.
The RBA’s decision to restart the tightening cycle could draw attention to tomorrow’s Bank of Canada (BoC) meeting after pausing rate hikes at the March and April meetings.
Tomorrow’s BoC rate hike by 25 basis points (currently priced at 43% probability) is likely to cause ripples in major bond markets around the world and could hold the dollar bid. with the idea that the Fed may be closer to an uptrend than originally thought. So, with the Dollar being lightly offered today, analysts believe that investors may be reluctant to rebuild dollar short positions until the double-risk CPI/FOMC event. will be fixed next week.
Cryptocurrency prices crashed following the United States (U.S.) Securities Exchange Commission lawsuits slammed on Binance for illegal activities. Prices of major assets trickle down in the face of uncertainties that force retail investors to trade early exits.
In the last 24 hours, investors have pulled around $780 million from crypto exchange Binance, data firm Nansen said on Tuesday. The reaction came a day after the U.S. Securities and Exchange Commission sued the world’s biggest crypto exchange. Nansen said that Binance’s U.S. affiliate exchange registered net outflows of $13 million in the same period.
Binance Exchange and its CEO, Changpeng Zhao, was sued on a 13-count charge. BTCUSD has seen a massive 3.8% slump in its price, pushing the digital currency asset to $25,782.71.
SEC crackdown has launched major uncertainty into an already polarized crypto ecosystem. The global crypto market cap is $1.09 trillion, a 3.66% decrease over the last day, according to data from coinmarketcap.com.
The total crypto market volume over the last 24 hours is $45.92 billion, which makes a 70.93% increase.
The total volume in DeFi is currently $3.37 billion, accounting for 7.34% of the total crypto market 24-hour volume. The volume of all stablecoins is now $43.28 billion, accounting for 94.25% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 45.75%, a decrease of 0.08% over the day.
The House of Representatives (reps) has called the reported inauguration of Nigeria Air towards the end of former President Muhammadu Buhari’s government a sham.
Nnolim Nnaji, Chairman of the House Committee on Aviation, termed Nigeria Air’s debut a fraud as the primary partners in the contract between the Federal Government and Ethiopian Airlines denied knowledge of the launch.
The Ministry of Aviation stated that Nigeria Air had merely been presented and had not yet been launched, which the committee regarded as an attempt to distract lawmakers’ attention.
Members of the committee were taken aback when NAMA revealed that the plane flying Nigerian flags was on a chartered journey to Nigeria.
There is a chill around me. Droplets of cool moisture make my skin tingle. Though we are packed tightly, we do not feel the heat that ordinarily characterizes such constricting conditions.
We have the huge blocks of ice thrust in our midst and resting on our heads, to thank for this. I can feel the weight pressing down on me. But I am made of tough stuff, I will not break.
Every now and again, the lid comes off. The warm hand of a human, reaches inside, deftly swinging out one of us to its fate, leaving the rest a little bit more room in the box to manoeuvre and ease even if temporarily, the weight of ice. But soon enough, albeit rather slowly, the ice starts to melt away, allowing us float for a while in an ice-cold pool of water.
Finally, it’s my turn. Lifted out, I land with a plop in an outstretched hand. Aggressively, he tears at my skin with his teeth. I yelp in pain, but it is drowned out by the loud sucking noises from his mouth and throat, my body squeezed in his palm, as I am forcefully emptied of my essence to quench his thirst in huge consistent gulps; getting only a moment’s respite when he pauses to let out a loud burp!
No sooner have I taken a deep breath, than he continues with the squeezing and sucking, till I’m tossed onto a roadside heap of dirt, sludge and waste, part of whom are my aged kith and kin.
Before dusk, I am joined by more members of my family, used, and discarded without a care in the world. We congregate on the heap, dirt-ridden and abandoned like the half-eaten carcass of a deceased animal. Often, a vehicle comes along, the force of air from the speed blowing some from the heap and onto the road.
Heavy rubber tyres roll over these unfortunate ones, squelching and crushing them almost beyond recognition. I sigh in sympathy. It could be me under the weight of those tyres, I guess I’m lucky, but then I’m not. My destiny should be decided by much more than luck.
Suddenly I get a whiff of it. The unmistakeable scent of petrichor, trailing from a distance. Gradually it fills the air, courting it like a persistent suitor, a gentle breeze its prognosticator and envoy. I feel the dust rise from the ground like a blast of confetti and cover me as a blanket. It gets more intense.
Nearby, I hear the honking of cars, pedestrians scramble in a frenzy, there is a sense of urgency everywhere. They’re in a hurry to find shelter before the rain comes pelting down. But we are too tired to move in our own strength. So, we lie there, till hope is rekindled in the form of a whirlwind. It comes on the tail of the draft, sweeping us off our feet.
I enjoy the moment, the sudden and gusty atmospheric shift. As we’re swept up, I dance around, revelling in the attention as some children excited at the prospect of rain, scramble to catch me mid-air.
Windswept, we all land in the carriage to what will be our final resting place. It’s deep, it’s murky, it’s dark, wet, and heavy. But we land there anyway, each of us with a splash or a thud in the gutter, as we struggle for floating space, my heavier friends not so lucky. Yuck, this place stinks! But it appears we have no choice; our fate is sealed. Is this it, is this how quickly it ends? Useful only for a moment; discarded for a never-ending lifetime?
More of our peers will join us as the days go by and the rains intensify. We will gather round and sit as we wait to see what becomes of us. But for now, the clouds are heavy, the skyline a dull grey hue and hope of rescue is fading. So, I know the rain will pour, forcefully and brazenly trying to shove us out of the way, as it makes its journey into the waterways.
But we will sit tight, we won’t budge; we have nowhere to go. We have strength in numbers – 2,250 tons of us rendered homeless each day in just one city, is no joke! The flowing water would have to find another path, or if it must, sweep us into the lagoon, except that those who find themselves yonder, will soon be accused of murder.
Murder of creatures that have made the ocean their home for ages. It is bad enough existing without purpose, but to be labelled a murderer, a much worse fate.
But not all of us have had the same destiny. Not all of us were born without a plan. There are humans who have taken to reviewing the process of creation, ensuring that the birth and all that goes into it, guarantees that we emerge sustainable, less of a threat to the earth and functional for a lifetime.
Yes, news has also reached us of our distant relatives. Some of them are lucky enough to be rescued by the socially responsible and environmentally conscious. Their lives have been transformed by the initiative of those who care; humans focused on driving environmental stewardship.
These cousins of ours are carefully selected and taken for a complete makeover to ensure they do not end up like most of us. They say it feels like an overhaul that makes them reusable and even transformed into other forms of utility, the entire lifecycle painstakingly considered in the birth process. It’s a movement, a phenomenon and they call it recycling.
If only we could find our way to those places, we would, but it will take the initiative of more humans to get us there. So, the question lingers, will we get there some day or is this a pipe dream?
One thing that is true and certain is that time will tell. We have no choice but to stay put, holding onto hope, till someday, someone pays attention. Then our lives may be transformed through the magic called recycling, demonstrating that the earth is truly all we can save. But for now, hope springs eternal in the polyethylene breast.
On Tuesday, Lagos State Governor Babajide Sanwo-Olu inaugurated the 10th Lagos State House of Assembly, emphasizing the benefits of cultural diversity and the prosperity of its people.
The governor said during his proclamation speech, “As we look to the future, let us remind ourselves of the importance of cooperation, dialogue, and mutual respect.”
“The Executive and the Legislature are partners in this democratic journey. Our shared goal is to create a Lagos where everyone thrives, where opportunities abound, and where our cultural diversity propels us forward.”
Sanwo-Olu stated his willingness to collaborate with the 10th assembly in order to develop effective policies and foster a climate in which every Lagosian’s goals and dreams can be realized.
Sanwo-Olu’s full speech
SPEECH GIVEN BY THE GOVERNOR OF LAGOS STATE, HIS EXCELLENCY, MR. BABAJIDE OLUSOLA SANWO-OLU AT THE PROCLAMATION OF THE 10TH LAGOS STATE HOUSE OF ASSEMBLY ON TUESDAY, JUNE 06, 2023 AT THE LAGOS STATE HOUSE OF ASSEMBLY IN ALAUSA, IKEJA
Protocols.
Distinguished Ladies and Gentlemen, Honorable Members of the 10th Lagos State House of Assembly.
Today, we come together to commemorate a momentous occasion, the proclamation of the 10th Lagos State House of Assembly. This ceremony symbolizes not just the continuity of our democratic journey, but also the vital role of legislative power in our system of governance.
The legislature, an indispensable pillar of our democracy, plays an essential role in the journey we have embarked upon. It is the embodiment of the hopes and aspirations of our people, a crucial partner in the quest for good governance, and a custodian of our shared democratic values.
This Assembly is a testament to the strength of our democracy and the commitment of Lagosians to the pursuit of excellence.
Lagos State has always been a citadel of resilience and dynamism, leading the path in innovation, development, and cultural diversity. As we embark on this new journey, we are reminded of our shared commitment to bolster the prosperity of Lagos State and improve the lives of every Lagosian.
As we inaugurate this Assembly today, you will also be conducting the election of the Speaker and other principal officers, a constitutional function that further demonstrates the strength of our democratic values. It is a significant event, reminding us that the principles of fairness, respect for majority rule, and protection of the rights of the minority are the bedrock of our democracy.
I want to assure you all that as your Governor, I stand neutral in the selection process. My interest lies in how we can work together, irrespective of who assumes what role, to fulfill our shared responsibilities to the people of Lagos State. Each one of you, regardless of position, brings unique value and perspective to this assembly, and it is through our collective efforts that we will achieve the extraordinary.
The emergence of the Speaker and other principal officers is a decision entrusted to you by the constitution. I trust that you will carry out this duty with the highest level of integrity and respect for democratic principles.
As we look to the future, let us remind ourselves of the importance of cooperation, dialogue, and mutual respect. The Executive and the Legislature are partners in this democratic journey. Our shared goal is to create a Lagos where everyone thrives, where opportunities abound, and where our cultural diversity propels us forward.
I stand ready to work with the 10th Assembly, collaborating to drive impactful policies, and fostering an environment where the hopes and dreams of every Lagosian can be realized.
As we embark on this journey together, let us remember the words of John Quincy Adams, “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” I believe in the leadership that will emerge in this 10th House of Assembly. I am confident that our collective efforts will usher in an era of unprecedented growth and development for Lagos State.
God bless you all, and God bless Lagos State.
Mr. Babajide Olusola Sanwo-Olu Governor of Lagos State June 6, 2023
Nigerians spent ₦514.7 million to watch their favourite cinema movies in May 2023.
Disclosing this figure, the Cinema Exhibitors Association of Nigeria (CEAN) reported that the money spent to watch cinema movies last month represents a decline of ₦52 million when compared to the ₦566 million tickets sold in the preceding month.
“A total of 197,242 patrons also bought tickets at the box office in May showing a decline of 23,539 when compared with the 220,781 tickets sold in April.
”For the month of May, we were able to generate N514,653,363 with 197,242 viewers admission,” CEAN stated in its report.
Why Nigeria’s box office sales dropped
BizWatch Nigeria understands that this development may be unconnected to the cash crunch that left several people stranded, poor network service to transact, and limited film releases.
