naira

CBN signals end to official rate regime for naira

June 13, 2019 1:40 am

The Central Bank of Nigeria (CBN) may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated.

The development is signaling an end to the most criticised foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products.

If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg.

Yesterday, the …

Why Naira Marley is still in prison custody

Why Naira Marley is still in prison custody

June 8, 2019 6:41 am

Nigerian hip hop artist Afeez Eniola aka Naira Marley is still in prison custody more than a week after he was granted bail by Federal High Court in Lagos.

Justice Nicholas Oweibo set Naira Marley’s total bond at N2 million with two sureties in like sum on May 30.

Oweibo said the sureties must be a civil servant not below the grade 10 level and must have a landed property in a jurisdiction approved by the court.

Tony Orilade, Economic Financial Crimes Commission’s spokesman, in an exclusive chat with The Guardian said Naira Marley “was to be detained in Prison …

$48b forex inflows, $45b reserves stabilise naira

$48b forex inflows, $45b reserves stabilise naira

June 6, 2019 12:06 am

Rising dollar inflows through the Investors’ and Exporters’ (I&E) Forex Window and foreign reserves accretion have stabilised the naira in the official and parallel markets.

The I&E Forex Window has attracted $48 billion to the economy in 24 months, the Central Bank of Nigeria (CBN) showed in its updated report on the dollar inflows.

The report also showed that foreign reserves have risen to $45 billion.

With improved availability of foreign exchange, the exchange rate at the I&E Forex window has remained stable over the past two years at an average of N360/$, and the parallel market exchange rate has …

14 facts about Naira Marley’s trial

May 30, 2019 8:01 am

Nigerian musician, Azeez Fashola, aka Naira Marley, was arrested on May 10, 2019 alongside rapper, Zlatan Ibile, Rahman Jago, Guccy Branch and one other.

· He was arrested for alleged money laundering.

· Marley, known for his single “Issa Goal”, was slammed with 11- count charges.

· Marley stands risk of spending 7 years in jail if found guilty in accordance with Section 33 (2) of the Cyber Crimes (Prohibition, Prevention, etc) Act, 2015.

Read Also: Breaking: Court grants Naira Marley ₦2m bail

· Naira Marley who claimed to have been arrested 124 times in the UK appeared …

Breaking: Court grants Naira Marley ₦2m bail

Breaking: Court grants Naira Marley ₦2m bail

May 30, 2019 7:47 am

The Federal High Court in Lagos on Thursday granted a musician, Azeez Fashola (a.k.a Naira Marley), bail for N2millon with two sureties in like sum.

Justice Nicholas Oweibo ruled that one of the sureties must be on Grade Level 10 in the Federal or state employment.

The other surety must have a landed property within the court’s jurisdiction.

The judge directed the Economic and Financial Crimes Commission (EFCC) to verify the bail terms.

Justice Oweibo adjourned until October 22 for trial.

EFCC arraigned Naira Marley for alleged credit card fraud.

He was charged with 11 counts of violating the Cyber …

Ruggedman insists he didn’t snitch on Naira Marley

Ruggedman insists he didn’t snitch on Naira Marley

May 26, 2019 1:24 am

Nigerian rapper, Ruggedman has further restated his earlier stand that he did not snitch on embattled Nigerian singer, Naira Marley who was arrested by the Economic and Financial Crimes Commission (EFCC) some weeks ago in connection to internet fraud popularly known as yahoo yahoo.

Speaking about the allegations made against him by Kemi Olunloyo who claimed that he snitched on Naira Marley, the “Ehen” crooner stated that his lawyers will act if the controversial journalist fails to stop. He also disclosed that a letter was written to Olunloyo, asking her to “retract, cease and desist from further defamation of the …

Breaking: Court grants Naira Marley ₦2m bail

Naira Marley jailed

May 21, 2019 10:08 pm

Nigerian musician, Azeez Fashola (a.k.a Naira Marley) on Monday pleaded not guilty to an 11-count charge bordering on conspiracy, possession of counterfeit credit cards and fraud.

However, his bail request was not heard as he was ordered to be remanded in prison till 30 May.

The Economic and Financial Crimes Commission (EFCC) charged the musician before a Federal High Court in Lagos.

Also mentioned in the charge is one Yad Isril, who is said to be at large.

Following the not-guilty plea, EFCC counsel, Mr Rotimi Oyedepo, requested the court to give a date for commencement of the musician’s trial.…

Court remands Naira Marley as artiste’s fraud trial begins

May 21, 2019 12:56 am

A Lagos Federal High Court yesterday remanded popular musician Azeez Fashola aka Naira Marley in prison following his arraignment for alleged credit card fraud.

The Economic and Financial Crimes Commission (EFCC) preferred an 11-count charge against him.

He pleaded not guilty before Justice Nicolas Oweibo, who adjourned hearing in his bail application till May 30 .

Justice Oweibo said he would be in  custody until his bail application is determined.

The offence, according to  Section 33 (2) of the Cyber Crimes (Prohibition, Prevention, etc) Act, 2015, carries seven years imprisonment.

Some of the credit cards,  EFCC claimed, bore the names …

Ruggedman apologises for Naira Marley’s arrest

Ruggedman apologises for Naira Marley’s arrest

May 16, 2019 1:28 am

Since the news of the arrest of singer, Naira Marley by the Economic and Financial Crimes Commission on suspicion of connection to internet fraud better known as yahoo yahoo, many Nigerian youths have been laying blame on the doorstep of veteran singer, Rugggedman.

Prior to Naira Marley’s arrest, Ruggedman who is a police ambassador had been in an online debate with Naira Marley about the rightness or wrongness of cybercrime. Riuggedman had disagreed with Naira Marley’s view that yahoo yahoo is not a crime and yahoo boys should be glorified and celebrated rather than arrested and prosecuted.

Following Naira Marley’s …

Naira remains stable at ₦358 per dollar in parallel market

February 12, 2019 1:46 am

The Naira yesterday was stable at N358 per dollar in the parallel. However, the naira depreciated by 41kobo in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the window rose to N361.95 per dollar from N361.54 per dollar last week Friday translating to 41 kobo depreciation of the naira.

The depreciation was due to a 65 percent decline in volume of dollars traded which fell to $113.86 million from $328.4 million last week Friday.

(Vanguard)…

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