Crypto Trades Drive Naira to New Low in Unauthorized Market

Nigerians accumulating cryptocurrencies to shield assets against a weakening naira have contributed to a slump in the fiat currency to a record low in the unauthorized market.
The naira weakened to 670 per dollar on Wednesday said Abubakar Mohammed, an operator of a bureau de change that tracks the data in Lagos, the nation’s commercial hub. This compares with 424.34 naira at the official spot market as of 9.22 a.m. local time, 58% cheaper than the rate in the black market, where the greenback is freely traded.
Africa’s largest economy operates a multiple exchange rate system dominated by an official rate, which is tightly managed by the Central Bank of Nigeria. There’s also an unauthorized black market, where the rates are largely determined by supply and demand, making it a fairer reflection naira’s value. A third, the crypto exchange rate, has emerged as Nigerians increasingly accumulate the digital asset due to scarcity of the local currency from official sources compounded by three devaluations since 2020.
More people are buying cryptocurrencies because they are losing confidence in the naira, Aminu Gwadabe, president of the Association of Bureau de Change Operators of Nigeria, said by phone. “The USD rate on the crypto floor is used in determining the value of the local currency,” Gwadabe said.
While financial institutions are banned by the central bank from facilitating cryptocurrency trades in Africa’s largest economy, many Nigerians still exchange the digital currency in in the peer-to-peer market where transactions are priced in dollars.
The greenback was quoted at 687.6 naira on Wednesday for peer-to-peer transactions, according to live data on the website of Binance Holdings Ltd., the world’s biggest crypto exchange, an indication the naira could weaken further in the unauthorized market.
People are buying dollars to purchase digital assets, Gwadabe said. “The USD buy rate on the crypto floor is moving at the same time with local rate,” he said.
The Binance platform shows Nigerians had conducted $103,691 of trades in digital currencies in the 24 hours to 10.36 a.m. local time in Lagos on Wednesday. Nigerians traded $185 million of Bitcoin on the platform in the first three months of the year, accounting for a quarter of transactions in the period on Paxful, a crypto trading platform.

Peepoo of God una good afternoon

Do not judge a book by its cover!!

I attended one PhD exit seminar at BSU and the student dressed this way to the presentation. The lecturers were all angry at him and began to rain insults. He stood crying as they said horrible things about him.

When they were done, he began "Standing before you today that I am defending my PhD Thesis is a miracle no one else can do except God. Today is the most special day of my life and I know I have to look my best. I actually did, I wore my best cloths. Standing before you is the son of a very wealthy man whose parents died in a motor accident when he was 9 years old and in primary 4. His late parents left him with 2 younger sisters. The eldest was 6 while the youngest was 4 when they died. All my parents had, was inherited by my father's younger brother and he threw us out of the house. There was no one to run to. We survived it and I promised myself, me and my sisters must get the best of education.

I went to a community school in Ushongo where I work on people's farms in the evening to feed my sisters and later worked in the construction site to make sure they both attended and graduated at Federal Government Girls college Gboko. My sister's sold fried yam and ice fish in Gboko and saw me through school in Uni Agric Makurdi. When I graduated, I thought a job will come and our lives will change. That didn't happen and my sisters insisted I go for M.Sc. I finished my programme at the University of Ilorin in 2017 came here for the scholarship while also insisting my sisters take their JAMB and enroll into the university. Yes, we have God fighting for us and they all passed and are admitted here in BSU. The eldest is in Geography while her kid sister is in Law. The load is all on me. Many of you my lecturers may not even know me because I am not always in class. The little I make goes for their school fees, feeding and accommodation. They have made sacrifices for me and I owe them this education. Profs., Drs, pls pardon me. I know where designer suits are sold in Modern Market but I have to appear before you this way because my sisters would drop out of this university if I do...."

Everyone was shocked and heads down. A lady Doctor couldn't hold her tears. She had to stop him from telling his story and asked the sisters should pack into her house in town no one is occupying since she is staying in the Staff Quarters.

The guy defended his Thesis perfectly and everyone in the hall stood up clapping for him and admiring his strength, courage and resilience.

Stories behind many looks will shock us. As this brings some of us to tears, please promise right now and say it, "Henceforth, I will not judge anyone by his or her appearance because I do not know their story". Reading things like these should inspire change in us to help as much as we can, make sacrifices for people around us. It makes life worth living.

Elon Musk's father has claimed he was approached by an unnamed South American company to donate sperm to create more people like his son.

The 76-year-old told The Sun: "I've got a company in Colombia who want me to donate sperm to impregnate high-class Colombian women because they say, 'why go to Elon when they can go to the actual person who created Elon?'."

Errol Musk recently revealed he had a second child with his 35-year-old stepdaughter.

The father of the world's richest man has previously said "the only thing we are on Earth for is to reproduce" and that he would be keen to have more kids.

"If I could have another child I would. I can't see any reason not to," the elder Musk said, adding that if he'd thought about it "Elon or Kimbal wouldn't exist."

#elonmusk #lifestyle

Psquare new music

Police confirm lady who set her husband ablaze in Osun has also taken her own life.

Ifeoluwa Bamidele, the young lady who made the news after set her husband, Bolu, ablaze in their home in Koka village, in Obokun Local Government Area of Osun State on Sunday, July 17, has committed suicide.

Reports claim Ifeoluwa set Bolu on fire after she found out he welcomed a child with another woman. Their marriage was barely a year old.

This tragic development was confirmed by the spokesperson of the Osun state police command, SP Yemisi Opalola.

SP Opalola said efforts to reach Mrs. Bamidele who initially went into hiding in Ekiti state yielded results on Thursday after she was able to get a Non-Governmental organization to mediate.

Opalola said Ifeoluwa opened up that she was in Aramokoko and she then instructed some personnel to go and get her from where she was.

”It was when they picked her they saw she was behaving funny. They asked her what happened. She confessed that she taken a poisonous substance before she left Ekiti. We rushed her to WesleyGate hospital. They tried all they could so that she can vomit all the substance. They later discovered that it had been long that she took it and it had destroyed her internal organ. That was how she died”

Nigerian singer Yemi Alade has been denied a visa to perform in Canada over fears she might not leave the country.

According to Le Devoir, the French-language newspaper published in Montreal and distributed in Quebec and throughout Canada, reports that the afro-pop superstar will be unable to perform at a festival’s final closing concert on Sunday.

The 33-year-old Singer is said to be one of the headliners of the Festival international Nuits d’Afrique. Commenting on the development, Suzanne Rousseau, the festival co-founder, said the visa denial was due to “financial reasons, and for fears that the group wouldn’t leave Canada.”

The Festival’s co-founder also lamented that the process of applying for a visitor’s visa has been difficult for “at least five years.”

In her words;

“Finally, we got an answer saying the musicians were refused, saying they have to guarantee that they have enough financial means that will make them go back to their country”.

Uniformed men alleged to be EFCC officials, ra!d students lodge at Alakahia, Port Harcourt.

Rivers State Governor; Nyesom Wike, has rewarded players of state owned club, Rivers United, with the sum of $20,000 (over 12 million naira) each, for winning the Nigerian Professional Football League, NPFL.

The win which was the club’s first in its history follows a league season where they led the league table for most part of the season and finished with 77 points, ten points better than second placed team Plateau United.

The ceremony took place at the Rivers State Government House, Port Harcourt and had the Governor was in attendance where he took photos with the team.

Governor Wike also conferred on each member of the team the Governors Medal Service Award (GMSA).

The team, as part of the reward, will also embark on a two weeks pre-season training in Madrid, Spain.

He also promised a further $40,000 if they make it to the group stage of next season’s CAF Champions League.