Thursday, 27 October 2016

Naira Continues Free Fall


Currency traders on Wednesday in Lagos
became apprehensive as the Naira
depreciated thrice in six hours at the parallel
market
The traders were meeting in clusters,
painstakingly trying to unravel the rationale
behind the sudden depreciation of the naira
after it had appreciated for about four weeks.
The Naira exchanged at N467 to the dollar as
at 4:30 p.m. after it traded for N455, and
N460 in a couple of hours on Wednesday
while the Pound Sterling and Euro closed at
N560 and N505, respectively.
The Nigerian currency, after weeks of
sustained appreciation, stabilised at N455 to a
dollar prior to its depreciation on Wednesday.
At the Bureau De Change window, the Naira
was sold at N385 to a dollar, CBN controlled
rate, while the Pound Sterling and the Euro
closed at N553 and N500, respectively.
The official interbank market was not
isolated from the depreciation fever as the
naira lost N1.78 to close at N306.78, from
N305 it posted previously.
Traders at the market could not offer
sufficient reason for the performance of the
naira at the parallel market.
But this is happening at a time when Abuja,
Kano and Port Harcourt are keying into the
First Bank of Nigeria and Travelex Forex
auction window.
Traders believe that the liquidity challenge
would ease off by Thursday after BDCs would
have bought Forex from Travelex in Lagos.
(NAN)
Read More »

Central Italy rocked by two earthquakes

No deaths reported after twin
earthquakes cause severe damage
in the area that was hit two
months ago.

The two earthquakes hit central Italy two
hours apart [TIZIANA FABI/AFP]

A series of strong earthquakes rocked a
wide area of central Italy, striking fear
among residents rattled by a deadly tremor
in August, but there were no reports of
casualties and few serious injuries.
The earthquakes toppled buildings and
injured dozens, according to initial
reports, hitting the same region that saw
nearly 300 people killed in August this
year.
The first 5.5-magnitude quake sent people
running out of their houses on
Wednesday, before the second, a more
destructive 6.1-magnitude one, struck two
hours later.
Rescuers working through the night and
in the rain were struggling to assess the
full extent of the disaster.
About five hours after the first quake,
Civil Protection department chief Fabrizio
Curcio said "tens" of people were reported
hurt but only four suffered serious, non-
life threatening injuries.
"The reports are not as catastrophic as we
feared," he said.
The quakes were felt in the capital Rome,
sending residents running out of their
houses and into the streets.
The second was felt as far away as Venice
in the far north, and Naples, south of the
capital.
"Many houses have collapsed. Our town is
finished," Marco Rinaldi, mayor of the
mountain town of Ussita, told Sky Italy
television by telephone.
"The second quake was a long, terrible
one," he said.
Temporary accomodation was offered to
residents who were unable to return to
their homes following the earthquakes
[TIZIANA FABI/AFP]
The US Geological Survey (USGS) registered
a first 5.5-magnitude quake at 19:10 local
time (17:10 GMT).
The mayor of Serravalle del Chienti,
Gabriele Santamarianova, said the quake
felt "like bombs were falling".
"We saw a cloud of dust, we don't yet
know what has fallen down. We'll see
once the sun comes up."
Castel Sant'Angelo mayor Mauro Falcucci
told Sky: "There is no electricity. There are
bound to be house collapses. On top of
this there are torrential rains."
In August, a 6.0-6.2 magnitude quake
flattened the mountain town of Amatrice -
70km from Visso - killing 297 people and
injuring hundreds of others.
The area is also not far from L'Aquila
where a powerful earthquake killed more
than 300 in 2009.
After the second quake, Italian television
channels broadcast images of collapsed
buildings and people standing dazed in
front of their toppled houses.
"It is not very easy to make assessments in
the dark and the weather is bad in the
whole region. We will have to see more
precisely in the light of day," said Curcio.
Amateur video footage on television
showed clouds of dust rising as parts of
buildings collapsed in some towns,
including Camerino in the Marche region,
where a bell tower fell on a building.
Massive boulders, some the size of cars,
fell on the main north-south road of the
Nera River valley that links mountain
communities.
The historic late 15th-century rural church
of San Salvatore in Campo, near Norcia in
the Umbria region, which had been
weakened by the August quake, collapsed.
For people unable to return home
immediately, civil protection arranged
accommodation in gyms and prepared to
reopen some of the tent camps which were
set up after the August earthquake.

Many residents prepared to spend the
night in their cars.
The village of Borgo Sant'Antonio near
Visso was also badly affected by the twin
earthquakes [TIZIANA FABI/AFP]


Italian television channels broadcast
images of collapsed buildings and people
standing dazed in front of their toppled
houses [ TIZIANA FABI/AFP]

Rescuers working through the night
and in the rain were struggling to
assess the full extent of the disaster
[Reuters]
Read More »

Nigerian leader Buhari asks for $30bn in foreign loans


Lagos - Nigeria's president Muhammadu Buhari
wants $30bn in foreign loans for infrastructure
and other projects over the next three years to
overcome a recession in Africa's biggest economy.
Buhari sent letters on Wednesday to Parliament
seeking approval to borrow $29.6bn — more than
the entire budget — for power, railways, roads,
education, health and water resources.
The African oil giant has been unable to secure
loans of $5bn to plug this year's budget deficit.
The World Bank reportedly is demanding further
reforms. In June, Buhari's government belatedly
floated the naira currency, losing 40% of its
value.
Nigeria is suffering a foreign currency crunch
forced by slumped oil prices and militant attacks
that have slashed petroleum production. Oil
provides 70% of government revenue.
Read More »

Two NYSC corp members to get married

Pre-wedding photos of former NYSC corp
members go viral.

Pre-wedding photos of two former NYSC corp
members have gone viral. The NYSC is
the National Youth Service Corps which is
compulsory for graduates for a year before
they find permanent work.
It’s not clear how they met but it’s obvious
the two are very much in love. The groom is
called Famous and he happily shared the
photos saying: “God bless the day I found
you.”

They are to get married on December 10th
and we can’t wait to see how great they look
on that day. This NYSC service year seems to
be a great place to meet the one. See more
photos of the couple below:
Read More »
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