Here are the major headlines for Friday, July 29, 2016

* N4.7 billion fraud: I transported poll funds for Obanikoro, says ex-aide

* Vehicle prices rise over forex scarcity, high duty

* Cultists shoot retired police officer, son

* We will talk with leaders, say Ijaw leaders

*Internet fraud: AAUA suspends student arrested by EFCC

* Ize Iyamu didn’t make me governor, says Oshiomhole

* Sokoto uncovers 13,000 ghost workers in LGAs

* l almost fled to Cameroon during Jonathan’s regime – Lamido

* l didn’t receive N3 trillion allocation as governor – Amaechi

* Residents, motorists lament slow work pace on Lagos-Ibadan Expressway

* Man rapes church member after her birthday party

* Bricklayer abducts two children, sells three year old for N1, 500

* MPR: Banks raise interest rate on existing loans

* Mikel denies donating $30,000 to Olympic Eagles

* For many months l didn’t know my husband had died – Lady Aguiyi-Ironsi

* Military descend on Arepo vandals in Operation Awathe

* Buhari not APC President but father of all Nigerians – Ita Giwa

* PDP clear Anenih of anti-party activities

* N481 billion budget: Heads to roll in National Assembly

* Video: Toyin Aimakhu in tears, alleges scam over #Save Mayowa

* July 29, 1966 coup: Africa’s bloodiest coup d’etat

* Video: Pope Francis falls in Poland

* El Rufai sacks top civil servants over land, hajj matters

* Police hold emergency meeting over killings, insecurity in Lagos

* EFCC on wild goose chase in Ekiti, says Fayose

* Economic hardship: Help beg Nigerians, Buhari tells clerics

* Aborted coup: Turkey demands closure of 17 Turkish schools in Nigeria

* Drug trafficking: Indonesia executes three Nigerians by firing squad

* Buhari sacks health agency DGs

* Reduce taxes to save economy – NACCIMA, MAN urge FG

* Naira appreciates to N322/$1 on interbank market

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BOOM: Nigeria’s External Reserves Drops To Lowest In 11 Years

Nigeria’s foreign exchange reserve fell to $25,780,765,483 (25.78 billion) as of August 16, the lowest we have seen since 2005. The drop was down 2.11% from a month ago. The Nations external reserves dropped below $26 billion for the first time on the 5th of August 2016 after it closed at about $25,971,610,949. In fact, the external reserves has dropped by about $480 million dollars in August alone compared to just $100 million in the whole of July. Ironically, the current balance of $25.9 billion is worth about 80% more than what it was in Naira following the depreciation of the naira after it was floated. The CBN has in the past few days ramped up sales of dollars at the interbank in the hope that it will create liquidity in a market that is yawning gape to swallow forex after nearly almost two years of intense rationing by the CBN. The Naira weakened to its lowest ever at the interbank after it closed at about N362.5/$1 in midday trading. The Naira will eventua...

Alert: Naira Gains A Massive 5% Against the Dollar

The exchange rate rebounded on Friday to close at N308 at the official interbank market. The local currency gained about 5.2% reversing the N325 it closed with on Thursday. According to reports, the gains was mostly due to a sale of forex by the Central Bank of Nigeria providing enough liquidity to meet the demand currently in the market. The naira has closed at an all time low of N364 to the dollar on Thursday following a surge in demand. The central bank has been selling dollars almost daily to boost liquidity and support the naira. Join our BBM channel for instant updates : C0030863D

Emefiele gives insight, on what to Expect during his second term

The newly re-appointed Governor of the Central Bank of Nigeria, Godwin Emefiele, over the weekend enumerated the things intends to accomplish during his second term in office. Emefiele enumerated his plans while speaking to journalists at the University of Nigeria Nsukka (UNN), on the sidelines of the institution’s Special Convocation which took place on Friday. The CBN Governor gave delivered a lecture at the event. Driving down inflation: According to Emefiele, he intends to focus on policies that would drive down the country’s inflation rate, improve price stability, and drive economic growth. Emefiele’s Stern Warning: The CBN Governor further disclosed that he plans to work with his team to drive down imports and encourage exports. He also used the occasion to issue a stern warning to those who meddle with policies aimed at achieving economic stability, telling them that they will be caught and punished by law. Mr Emefiele’s second term plans came just a few days after ...

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