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Naira gains after record fall

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Naira gained against the U.S. dollar at the official market on Tuesday, extending the currency’s appreciation to two consecutive days after it fell to a record low last Friday.

According to data published by FMDQ, where forex is officially traded, naira which opened trading at N426.20 closed at N424.17 to a dollar on Tuesday.

This represents a N4.95 or 1.2 per cent increase from N429.12 recorded on Monday.

Before the close of business on Tuesday, naira reached an intraday high of N410.00 and jumped to a low of N444.00 before settling at N424.17 per $1.

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This is the strongest the currency has traded in the past three weeks. The weakest rate naira has exchanged this year was the N430.33 mark it closed on Friday last week.

Within the last six months, the currency has been hovering within the range of N417 and N430.33 benchmarks at the official market. week amidst forex scarcity.

Foreign exchange supply at the market on Tuesday skyrocketed by 301.3 per cent with $383.59 million recorded at the close of business against the $95.58 million posted in the previous session on Monday.
READ ALSO: Naira sees another big fall against dollar

However, the naira depreciated further at the parallel market, inching towards the N630 to a dollar rate.

At the Uyo street market, dealers exchanged the dollar at N620.00 and sold at N625.00 to a dollar on Tuesday.
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This is a N5.00 or 0.81 per cent devaluation from N615.00 $1 it stood in the past five business days.

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Outrage as Ezendigbo of Ibadanland confers chieftaincy title on Olubadan

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There has been an uproar as a self-titled Ezendigbo of Ibadan land and Oyo state, Alex Anozie, conferred an Igbo chieftaincy title of Ezi ogo ukwu Ndigbo on the Olubadan of Ibadan land, His Imperial Majesty, Oba Senator Lekan Balogun.

Anozie, who conferred the award recently in Ibadan, explained that Ndigbo on January 29, 2023 made history by gathering together to launch their almanac besides using the opportunity to honour their beloved great in-law, His Imperial Majesty, Kabiyesi Olubadan, with an Igbo title, which means a very good and great in-law of Ndigbo.

He recalled that on December 4,2022 during their Igbo day celebration at Liberty stadium, Ibadan, Ndigbo conferred on their daughter, Her Imperial Majesty, Joyce Balogun with an Igbo Chieftaincy title of Ada Oma Ndigbo nala Ibadan and Oyo state.

Anozie observed that Kabiyesi Olubadan is married to one of their beautiful daughters of Igbo origin from Onitsha adding that the marriage is wonderfully blessed with beautiful children while the couple are living together peacefully all these years as husband and wife.

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“With the authority conferred on me by my people Ndigbo in Ibadan and Oyo state since the year 1997, I hereby confer this title on our dear Imperial majesty, Oba Lekan Balogun”, he declared, “Everything we can do to keep moving on with the peaceful and progressive manner Ndigbo and Ibadan people and indeed Yoruba have been living together in Nigeria, we shall continue to do and encourage.”

However, this didn’t not sit well with Yoruba scholars and elders as such title was seen as an insult on the throne of Olubadan and the Yoruba race in general. Many were of the opinion that the self acclaimed Igbo king, a guest in Ibadan, overstepped his boundary by giving a title to the Olubadan kingdom, his host.

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“Àyà gbàngbà nílé onílé, hábà . Àlejò conferring a title on the King on his own land! This shows how stupid we appear to have become! A mà wá r’ógo o. They are playing politics here but it is rude and we have to separate issues and disallow our revered Oba being disrespected. Ọba kii joyè n’ilẹ̀ tiwa. Nobody can confer Chieftaincy title on any of our Ọbas no matter how tiny his town his. This lady should be scolded and made to publicly denounce this nonsense and apologise to Kábíyèsí,” one wrote.

“Abomination. Even a prince don’t take chieftancy title from other king,” wrote another.

“One “Anozie confers chieftaincy title on Olubadan.” Meaning an Anozie (whoever he may be & wherever he may be from) conferred a chieftaincy title on the paramount ruler of Ibadan! Other than the audacity, it is even procedurally and ethically unheard of, for a paramount ruler (equivalent to a King) to now be subjected to the indignity of being regarded as a lesser Chief of whoever! Abomination buruku niyen now! That’s the height of indignity that can be visited on a King! Abi after King, wetin remain?! Conferring our Olubadan with another minor chieftaincy title is akin to subjugation. The “conferer” has essentially assumed authority over the “conferee”. It’s simple!

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“That someone would even think of doing it is one thing, that the person now actually has the gut and effrontery to actualise it is quite galling. Arinfin gba niyen! It is the worst of slight and an affront to the Stool.

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“How do you demote a paramount ruler (King) like Olubadan and now call him one of your chiefs?!

“There was and is nothing noble behind that intention! It was a deliberate act of mischief calculated to ridicule the symbol of the people of Ibadan. Plain and simple!

“Where else have you heard of such ridiculous conferment?! What is bad is bad please.

“If the Olubadan can’t run the culprit out of Ibadan, let him at least reject such brazen insult with extreme prejudice! Arrant Nonsense!” a lawyer submitted.

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“Èèmọ̀!” wrote one indignantly.

While response is being awaited from the Olubadan palace over the development, the Yoruba people are concerned about the implication of allowing such action to go unpunished.

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Standard Chartered executives visit Wema Bank (Photo)

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From left to right: MD/CEO, Wema Bank Plc, Moruf Oseni, Executive Director, Standard Chartered Bank Nigeria, Olukorede Adenowo and Deputy Managing Director, Wema Bank Plc, Wole Akinleye, during a courtesy visit, to discuss business opportunities between both financial institutions, at the Wema Bank Towers this week.

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“If No Be Because Of Your Papa, Who Sabi You” — Peter PSquare Drags Seun Kuti

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Peter PSquare drags Seun Kuti, says nobody would know him if not because of his father.

Nigerian music star Peter Okoye of the duo PSquare has called out singer Seun Kuti on his social media.

In the past few hours, Peter Okoye and Seun Kuti got into a social media clash over the upcoming elections in Nigeria.

One of Peter’s posts that has got people’s attention, however, is that where he mentioned that nobody would know Seun without his father, the legendary Fela Kuti.

‘If no be because of your papa, Abeg who Sabi you?’, Peter writes.

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See his post below:

In another post, he said Seun needs to learn how to comport himself from his nephew Made Kuti.

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