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Nigeria: CBN New Policy Firms Up Naira Value in Parallel Market
The Nigerian currency, Naira, yesterday reversed its two weeks depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar.
Meanwhile the Central Bank of Nigeria, CBN, has directed all banks’ Managing Directors to immediately close all Naira Ledger Accounts meant for receiving proceeds from the International Money Transfers Operators, IMTOs.
The Naira had earlier depreciated by N30 against the dollar, as the parallel market exchange inched closer to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020.
But the new rules introduced by the CBN on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the local currency.
As a result the Naira gained N10 against the dollar on Tuesday December 1st as the parallel market exchange rate dropped to N490 per dollar from N500 per dollar on Monday.
This trend continued yesterday morning, howbeit on a larger scale, as the parallel market exchange rate further dropped to N470 per dollar from N490 per dollar previous day, translating to N20 appreciation for the dollar. Thus, the naira had reversed the N30 loss against the dollar since November 20th, 2020.
The sharp appreciation of the Naira according to Aminu Gwadabe, President Association of Bureaux De Change Operators of Nigeria (ABCON) shows the effectiveness of the new CBN rule on the receipt of diaspora remittances.
He stated: “Certainly, those hoarding foreign exchange better sell now otherwise they will lick their wounds.”
Commenting further on how the new rule will impact dollar supply and the activities in the BDC subsector, Gwadabe said: “The monopoly of (banks) is broken and the policy will induce liquidity in the BDC subsector.
“Nigeria is expected to close the year with over $20 billion diaspora remittances despite the pandemic in 2020.
“The beneficiary is free to collect his proceeds in foreign currency cash and trade it in the BDC subsector which will lead to true price equilibrium in the market.”
Meanwhile, in a circular to all banks’ Managing Directors, the CBN noted that beneficiaries of IMTO were to receive their proceeds in foreign currency (dollar) or have it deposited in their domiciliary account in a Nigerian
The circular issued and signed yesterday by Director Banking Supervision, CBN, Bello Hassan and Director Trade and Exchange, CBN, Dr. Ozoemena Nnaji stated: “Following our Circular Ref. No. TED/FEM/FPC/GEN/01/011 of November 30, 2020, regarding operations of diaspora remittances, all banks are hereby directed to close all Naira Ledger Accounts opened specifically for the purpose of receiving IMTO proceeds with immediate effect.
“In addition, please note that IMTO beneficiaries/recipients are to receive their proceeds in foreign currency (USD) or have it deposited in their domiciliary account in a Nigerian bank. It is at the sole discretion of the recipients to either choose foreign currency cash or have the proceeds deposited into their domiciliary accounts in Nigeria. Please confirm compliance with this directive to the CBN by close of business today, December 2, 2020.”
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December 3, 2020
Lassa Fever killed 19 in Bauchi
No fewer than 19 persons have died of Lassa fever between January and November 2020 in Toro and Tafawa Balewa Local Government Area of Bauchi State.
This is as the state confirmed 22 positive cases of yellow fever in Ganjuwa LGA out of the 63 samples tested.
Executive Chairman of the State Primary Health Care Development Agency (BASPHCDA), Dr Rilwanu Mohammed, made the disclosure yesterday while giving a situation update of Lassa and yellow fever in the state.
Mohammed also said the state has already has received 4 million doses of yellow fever vaccine from the federal government adding that vaccination will be conducted in January 2021 with the target population of ages 1 to 44 who are vulnerable.
The BASPHCDA chairman added that efforts are on to ensure that the yellow fever outbreak did not spread to other LGAs in the state as well as neighbouring states of Kano and Jigawa.
He said further that the vaccination for yellow fever will be conducted in 19 LGAs in the state with the exception of Alkaleri which had its vaccination in 2019 due to the outbreak there.
Rilwanu Mohammed, however, lamented that the Agency is worried because of the apathy being exhibited by people who are refusing to be vaccinated in spite of the education and enlightenment programs embarked upon by the agency.
December 3, 2020
Bride with coronavirus marries groom through second-story window
Even a positive coronavirus test couldn’t stop this couple from getting married — albeit from a safe, Rapunzel-style distance.
Lauren and Patrick Delgado were married last month at Lauren’s family home in Ontario, California, while Lauren was quarantining in a second-floor bedroom.
During the ceremony, which was documented by photographer Jessica Castellano, Lauren sat by an open window while Patrick stood below her outside.
The newlyweds told KTLA that they had rescheduled their ceremony three times because of the pandemic — they also had to significantly downsize their guest list and changed venues.
Finally, they scheduled the ceremony for Nov. 20, with only 10 guests.
Lauren and Patrick Delgado were married last month at Lauren’s family home in Ontario, California, while she quarantined on the second floor. (Jesscaste Photography)
That was the day their marriage license expired and with the county clerk’s office closed during the pandemic, they weren’t sure when they’d be able to apply for another one, according to a Facebook post from Castellano.
However, just three days before the ceremony, Lauren tested positive for COVID-19.
We were cautious throughout the entire time, making sure that we always wore our masks everywhere,” Patrick told KTLA. “When she got that positive test result, I’ll be honest, it took a massive toll on her.”
Despite Lauren’s diagnosis, the couple decided to make a few more changes and go forward with the wedding.
As they said their vows, they both held onto two ends of a rope instead of holding hands.
Just three days before their wedding, Lauren tested positive for the coronavirus. (Jesscaste Photography)
“I always dreamt of getting married,” Lauren told KTLA. “I would have never expected this is how it would turn out.”
Lauren and Patrick saw each other as a married couple for the first time after Lauren had spent 10 days in isolation, KTLA reported.
They told the television station that they’re still planning to have a big celebration — if the coronavirus is under control — on their one-year anniversary.
December 2, 2020
Man using live snake as face mask boards bus in England
A man was spotted using a live snake as a makeshift face mask on a public bus in England.
The unidentified man was taking the bus from Swinton to Manchester on Monday with the snake wrapped around his neck when another passenger snapped a photo of the bizarre moment.
A passenger, who wished to remain anonymous, said she first believed the man was only wearing a “funky mask” until the reptile started slithering over the handrails
The woman said she found the incident “really funny” and the other passengers didn’t seem bothered by the serpent.
“No one batted an eyelid,” she said.
Authorities said a snake is not a proper face covering during the COVID-19 pandemic.
“Government guidance clearly states that this needn’t be a surgical mask and that passengers can make their own or wear something suitable, such as a scarf or bandana,” a Transport for Greater Manchester spokesperson said in a statement, according to the outlet.
“While there is a small degree of interpretation that can be applied to this, we do not believe it extends to the use of snakeskin – especially when still attached to the snake,” the statement said.
In England, face masks are required on public transportation such as planes, trains, and buses to curb the spread of the coronavirus.
December 2, 2020
Police ID pastor accused of urinating on female Delta passenger: ‘He peed on me!’
Police on Tuesday identified the man accused of urinating on a fellow passenger during a Delta flight earlier this month as a pastor from Raleigh.
A police report obtained by the Winston–Salem Journal says Daniel Chalmers was arrested at the Detroit Metro Airport after the flight landed on Oct. 13.
According to the report, a passenger named Alicia Beverly, told police she woke up on the plane around 2:45 a.m. to find a man urinating on her.
Police said Beverly alerted the flight crew and the two were separated. When asked what had happened, Beverly reported replied: “He peed on me!”
When the man was asked “What did you do?” he reportedly said: “I peed on her, I thought I was going to the bathroom.”
After the plane landed in Detroit, airport police boarded the plane and Beverly told the officers what had happened. Police said the man initially denied her accusations, telling officers: “I’m a pastor, that is out of my character and I didn’t do it.”
When he asked for proof of the woman’s allegations, one of the officers told him that “the victims clothing was covered in his urine and the seat was as well.” He also told the man that he was “the only person standing on the aircraft and was observed standing directly over the victim.”
The officer said in his report that he observed “a small, visually apparent wet spot in the groin area of his shorts” and that he smells of alcohol and his eyes were bloodshot. The man also told police he was on medication.
Police identified the man as Daniel Chalmers. The Journal reported that Chalmers is the lead pastor at Love Wins Ministries in Raleigh, and a staff member at Catch the Fire Raleigh-Durham Church.
Chalmers was escorted off the plane and taken into custody. According to the report, Chalmers told the captain he planned to sue Delta Airlines for “defamation of character for their treatment of him.”
An FBI agent later interviewed Chalmers and cited him for simple assault before he was released.
In a statement to Fox News, Delta Airlines confirmed that “law enforcement officials met Delta flight 874 from Las Vegas to Detroit upon arrival on the morning of Oct. 13 due to an unruly customer.”
Before Chalmers was identified, speculation grew online about the identity or the urinating pastor. Last Friday, Will Graham, the executive director of the Billy Graham Training Center at the Cove and Associate Evangelist with the Billy Graham Evangelist Association, took to social media to dispel rumors that he might be the culprit.
December 2, 2020
Kentucky town elects dog as mayor: He’s ‘all ears’
The small community of Rabbit Hash, Ky., has elected a dog as its mayor.
This town’s election has gone to the dogs.
Wilbur Beast, a French bulldog, won the race with 13,143 votes, according to the Rabbit Hash Historical Society. That was the highest winning total ever for the position.
Wilbur Beast the French bulldog was elected major of Rabbit Hash, Kentucky. (Amy Noland) (Amy Noland)
He’s not the first “canine in chief” for Rabbit Hash. The Ohio River community of just a few hundred people has been electing dogs as its mayors for fundraisers since the 1990s.
Rabbit Hash is known for its historic general store that dates back to the 19th century, but it was destroyed in a 2016 fire. The store has since been rebuilt, and the mayoral “election” is a fundraiser in which each dollar donated counts as a vote for the candidate of the donor’s choice.
A spokesperson for Wilbur – his human, Amy Noland – told Fox News that they thanked both local supporters and others from around the world who gave him the vote of confidence.
“It’s an exciting adventure and a deeply meaningful cause to preserve the river hamlet town of Rabbit Hash, Ky.,” they said in a written statement. “The town welcomes visitors and will continue to provide fun events for all ages to come experience the nostalgia and charm we have to offer.”
More than 22,000 votes were cast, which the historical society said was the highest total ever for one of its elections.
Jack Rabbit, a beagle, and golden retriever Poppy finished in the top three candidates, and they will also serve as Rabbit Hash ambassadors, according to the historical society.
December 2, 2020
Be Patient With Military, FG Begs Nigerians
In the aftermath of Saturday’s killing of farmers by the Boko Haram terrorists in Borno State, the federal government has implored Nigerians not to lose hope in the capability and commitment of the military to defeating the terrorists.
Minister of Information and Culture, Alhaji Lai Mohammed, made the plea yesterday in Lagos during a meeting with online publishers.
Mohammed said Nigerians should continue to support the men and women in uniform who are fighting the terrorists with determination.
He described the killings as “an act of cowardice and savagery by a group of deranged terrorists,’’ adding that “it does not reflect the progress being made by the military against Boko Haram.”
Mohammed said, “Going after soft targets is an act of weakness and desperation by the terrorists who have suffered huge setbacks in the hands of the military in recent times.
“The modus operandi of a losing terror group is to go after soft targets in order to stay relevant and it’s not only Boko Haram that does that.
“In 2019, Al-Shabab attacked DusitD2 Complex in Nairobi, Kenya, killing more than 20.
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December 2, 2020
Northern Elders Forum says if Buhari were honourable he would resign over Borno attack
The Northern Elders’ Forum (NEF) has reacted to the attack of 43 rice farmers in Borno State who were beheaded by Boko Haram insurgents during a fatal attack on Saturday.
In a statement signed on Tuesday by Director of Publicity and Advocacy of the northern elders forum, Dr. Hakeem Baba-Ahmed, they called for the resignation of President Muhammadu Buhari, following the spate of insecurity in the country.
“The northern elders said In civilized nations, leaders who fail so spectacularly to provide security will do the honourable thing and resign,” the statement concluded”.
The Northern elders made the call while lamenting that the lives of Nigerians no longer have value under Buhari’s administration and thus added that the President should toe the path of honour and resign for failing to ensure the security of Nigerians.
Reacting further, the Northern elders added that the attack on the farmers was greeted by the most insensitive response by spokespersons of the President who gave a lame excuse that farmers had not sought permission from the military to harvest produce upon their attack.
The statement by the Northern elders reads thus in full; “Northern Elders Forum (NEF) joins Nigerians in expressing outrage at the killings of farmers in Borno State and many other people on a daily basis in many parts of the North. Our voices have been raised without pause for a long time against pervasive insecurity in our region.
“These particular killings have been greeted by the most insensitive response by spokespersons of the President. The lame excuse that farmers had not sought permission from the military to harvest produce merely exposed the misleading claims that our military had secured vast territories from the insurgency.
“Under this administration, life has lost its value, and more and more citizens are coming under the influence of criminals. We do not see any evidence of a willingness on the part of President Buhari to honour his oath to provide security over Nigerians.
“In civilized nations, leaders who fail so spectacularly to provide security will do the honourable thing and resign,” the statement concluded.
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December 2, 2020
The shocking reason why Apple was so gung-ho about its 5G iPhone
Verizon and Apple are teaming up on another sales pitch for the 5G iPhone 12 — and this time,they’re aimingat business customers.The two companies held an event Thursday to showcase several ways businesses could benefit by using the iPhone 12 with 5G.5G has higher bandwidth than existing networks, making it possible to have many more wireless devices performing data-intensive activities, like video streaming, in one small area such as a factory floor.The firms also announced an aggressive discount for companies that swap their entire “fleet” of mobile devices and switch to iPhone 12s on Verizon (VZ) 5G, waiving all upfront costs, and charging no monthly feesfor iPhone 12 minis.The announcement highlights the importance of business-to-business sales for device makers and network operators. Apple’s October event unveiling the iPhone 12 was focused heavily on consumer applications.”This makes it simple, it makes it easy, it makes it affordable for enterprises to accelerate their transformation because of the power of 5G from Verizon and the device from Apple,” Tami Erwin, CEO of Verizon Business, said in an interview
November 27, 2020
TikTok owner gets another week to sell its US business
TikTok’s deadline to finalize a US buyer has been extended for the second time in less than a month.The Trump administration on Wednesday gave the short-form video app’s Chinese owner, ByteDance, until December 4 to conclude a proposed takeover deal by Oracle and Walmart, according to a spokesperson for the Treasury department.”The Committee on Foreign Investment in the United States (CFIUS) has granted ByteDance a one-week extension…to allow time to review a revised submission that the Committee recently received,” the spokesperson said.In an executive order this summer, Trump set November 12 as the hard deadline for ByteDance to divest TikTok, which has more than 100 million users in the United States. But as the deadline came and went, confusion reigned over what consequences might be in store for TikTok. Trump’s executive order did not say that TikTok would be banned if it missed the deadline; in fact, it outlines no consequences at all.Earlier this month, the US government quietly extended that deadline by two weeks to this Friday, November 27, and has now kicked the can further down the road.
India bans more Chinese apps as tensions remain highTikTok did not immediately respond to a request for comment.Trump has labeled TikTok a danger to national security — a claim the company has denied and cybersecurity experts doubt — he issued another executive order in August that would have made it illegal to have any business dealings with the company.The US Commerce Department tried to enforce that order by attempting to ban downloads of the app in September. The agency also said that by mid-November, internet companies would be banned from carrying TikTok’s traffic.Both of those measures have been temporarily blocked by federal judges after TikTok and TikTok content creators sued in separate cases to prevent them from going into effect.
TikTok gives parents more control over what their teens can view and post ByteDance’s proposed solution to the order, the deal with Walmart and Oracle, would see TikTok reorganized as a new, global company headquartered in the United States, with US investors accounting for a majority of the new company’s ownership.Trump tentatively approved that deal in September when it was announced. But the arrangement has yet to be finalized by the US government. (It would also still need to be greenlit by Chinese regulators.)For now, until next Friday, TikTok users will still be able to access the app while the Trump administration’s ban remains suspended due to litigation.
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