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The Nigerian naira dramatically recovered on Wednesday to 405 per dollar, less than 24 hours after the Central Bank of Nigeria (CBN) monetary policy committee (MPC) meeting.

In Abuja, the naira is currently trading between 405 to 410 per dollar, while the British pound is going for 520/523 — all at the parallel market.

For Lagos, Nigeria’s commercial capital, traders are selling at 415 per dollar, and buying at 410. The pound and euro were also going for 530 and 460 respectively.

On Tuesday, after the CBN MPC voted to keep existing monetary policies, Godwin Emefiele warned speculator that the bank had all it takes to sustain its prevailing interventions.

He said those who think the policy actions were not sustainable, are on the wrong side of the bet.

“I am happy, indeed very gratified that those interventions have proved very positive. We’ve seen the rates converging and we are strongly optimistic that the rates will converge further,” he had said.

“The fact that we have done this consistently for almost four to five weeks should tell everybody or those who doubt the strength of central bank to sustain this policy that they are taking a risk and they will lose in this bid to want to place a wrong bet on the direction that we are going.

“The direction is that there is a determination to see to the convergence of those rates and with what we have seen so far, we are very optimistic that those rates will converge.

“It is a program and I am happy to say that the program is looking good, in fact beyond our expectation and those who remain on the sideline doubting the level of CBN’s ability to sustain this policy are on the wrong side of the bet.”

BIG STORY

GTBank Fashion Weekend Returns for the 5th Year, Holds Nov. 14 – 15, Call for Exhibitors Now Open

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Foremost financial institution Guaranty Trust Bank plc has confirmed that the 5th edition of Africa’s premier fashion event, the GTBank Fashion Weekend, will hold on Saturday, November 14, and Sunday, November 15, 2020.

The two-day event will feature fashion-leaders and industry experts from around the world, whilst providing hundreds of indigenous small fashion businesses with the opportunity to expand their online presence, reach new markets, and position their businesses for sustainable growth.

Themed “The Future of Fashion Retail,” the 2020 GTBank Fashion Weekend event will feature a hybrid of online and physical experiences, including Online Master Classes, an Immersive Online Shopping Experience with Free Delivery Nationwide, and a Runway Show.

In line with its vision of Promoting Enterprise, the Bank will provide an e-commerce platform that will allow hundreds of small businesses connect with thousands of consumers that are online, whilst providing fashion lovers with an immersive online shopping experience. The Bank will provide custom-built online retail stalls for free and, at the same time, fully sponsor all promotional activities to drive visibility and sales for all the fashion brands that will be a part of the 2020 GTBank Fashion Weekend.

In addition to its innovative fashion retail experiences, the 2020 GTBank Fashion Weekend will feature a series of online masterclasses facilitated by renowned fashion industry experts.
A “must-attend” for entrepreneurs and fashion enthusiasts, the masterclasses have been designed to deliver the same quality in content and engagement as previous years, through interactive webinars that will focus on exploring new and exciting ways to build and sustain fashion brands in these times and the future.

The Runway Show will also keep its place at the 2020 GTBank Fashion Weekend. Designed with current realities in mind, the Runway Show will feature a carefully curated ensemble of bold and enthralling fashion statements by Africa’s Finest Fashion Brands, delivered in a socially distanced environment.

Commenting on the 2020 GTBank Fashion Weekend, the Managing Director and Chief Executive of GTBank, Segun Agbaje, said; “Fashion is more than just art or endeavour, it is a way of life, and as we make adjustments to how we live in these new realities, we are also reimagining how we create value for small businesses, the local fashion industry and our customers through the GTBank Fashion Weekend. This year, key parts of our fashion experience will go online, but the focus remains the same; to drive the growth of our fashion industry by promoting enterprise for small businesses in the sector.”

He further stated that “At GTBank, we will continue to lend the full weight of our franchise to safeguarding lives and livelihoods not only by leading the fight to curtail the Covid-19 outbreak, but also creating and championing initiatives that help businesses and individuals thrive.”

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BIG STORY

Ondo 2020: Mimiko Is Not My Friend, He Remains My Bogus Enemy For Life —- Akeredolu [VIDEO]

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As the date for the Ondo State gubernatorial election draws closer, Governor Oluwarotimi Akeredolu has described his predecessor and former governor Olusegun Mimiko as one of the main enemies standing against his re-election bid on October 10.

Governor Akeredolu stated while featuring live on the Channels TV popular programme, ‘Politics Today’ which was monitored by our correspondent.

Recall that the former governor Mimiko, at the weekend in Ile-Oluji, Ile-Oluji/Okeigbo Local Government Area of the state during the campaign tour of Agboola Ajayi, described his friend and successor in office, Akeredolu, as a disappointment to the good people of the state, saying APC and Akeredolu run an anti-people government in the state.

But Akeredolu, while replying, described Mimiko as a “bogus enemy (sic)”, saying it is better for both of them to separate and go on their separate ways.

The governor, who is seeking re-election, alleged that Mimiko has politically betrayed him as a friend.

Akeredolu said: “I took him (Mimiko) as a friend but I doubt if truly he is my friend. I am not somebody that hides feelings. Reference to him as my friend may probably not be right. To me, he is a bogus enemy and I think he remains so I think for life.

“It is better for us to separate and go our ways because with a friend like him, you don’t need an enemy, so you don’t play this high level of betrayal in politics.

“For me, I am not interested in his own politics, if he thinks he is playing politics, he is fooling himself but for me am not human and I can tell you today that both of them, former Chief Judge of Ondo State, Sehinde Kumuyi and Mimiko are my bogus enemies and they will remain forever. I know God will forgive me, I know that am going to survive it and they will regret the action for life.”

 

Video Credit: Channels TV

 

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BIG STORY

We’ve Not Been Informed Of Any Tariff Hike Suspension From NERC —- Discos

Gbemileke Ajayi

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Power distribution companies said on Monday that they had not received any directive from the Nigerian Electricity Regulatory Commission on tariff suspension.

The Discos are confused about the decision of the Federal Government and labour unions as regards the reversal of the hike in electricity tariff, an investigation has shown.

Senior officials of power distribution companies said on Monday that they were awaiting the NERC to come up with a new tariff plan to be implemented within the two weeks as agreed by the Federal Government and labour unions.

It was also gathered that up till 7 pm on Monday, no order had been released by the NERC to Discos as touching the matter.

It was also gathered that the Discos told the regulator that it would take three to four days for them to change their billing/vending platforms and revert to the old tariffs.

“There is no communication yet from the regulator on that matter and I wonder how that can be implemented because right now, it is causing confusion in the power sector,” a senior official of a Disco in the northern region, who spoke on condition of anonymity, said.

Also, sources at the commission confirmed that although there had been prolonged meetings on the matter at the NERC headquarters in Abuja, no order had been sent out to Discos as of 7 pm on Monday.

“The whole thing is a bit complicated now. There have been a series of meetings about it since (Monday) morning,” an official at the NERC, who pleaded not to be named, said.

The official added, “But up till this time (7 pm) that you are speaking with me, no order has been issued on this matter to power distributors.”

A top official of one of the Discos who was at the meeting said the regulator had yet to tell them exactly what to do.

The Chairman, NERC, James Momoh, neither picked calls nor replied a detailed text message sent to him by our correspondent on the matter.

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