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BREAKING: Naira Fall Again, As Exchange Rate Rloses At N1,603.80/$1

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The naira has suffered further depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, closing at N1,603.80/$1 on Thursday, July 25, 2024.

According to data from the FMDQ Securities Exchange, the naira depreciated by 1.07% from N1,586.71/$1 recorded the previous day.

It is also the lowest level since March 14, 2024, when it was N1,608.98/$1, as the naira breaks through the N1,600 ceiling.

The local currency traded at a high of N1,620/$1 and a low of N1,519/$1 on Thursday, amid demand pressure.

This crash comes barely three days after the naira posted impressive gains against the dollar, recording its best gains since March.

 

Declining FX turnover

Nairametrics further observed that there was a decline in foreign exchange (FX) turnover by 23.35% from $171.03 million to $131.09 million on Thursday.

This decline occurred despite the assurance by the Central Bank last week that “Over the next few weeks, the CBN will continue to support various segments of the official markets with liquidity.”

The assurance was contained in a statement from the apex bank, announcing the sale of $106.5 million as forex to 29 FX dealer banks.

That was the second time the CBN made FX sales to authorized dealers this month as the naira struggles with demand pressure.

In an attempt to stabilize the foreign exchange market, the apex bank sold $122.67 million to 46 authorized dealers about two weeks ago.

The CBN has also announced the approval of the sales of FX to eligible BDCs to meet the demand for invisible transactions in a decisive step to strengthen the naira on Thursday, July 18, 2024.

The bank announced that the sum of $20,000 is to be sold to each BDC at the rate of N1,450/$1. This rate represents the lower band of the trading rate at the NAFEM from the previous trading day.

Despite the efforts of the CBN to stabilize the local currency, the naira has faced severe depreciation this month.

The CBN earlier attributed recent foreign exchange market movements to corporate demand pressure and the seasonal summer uptick.

Nairametrics also reported that the bullish dollar index and summer vacation have led to a considerable increase in demand for foreign currencies, putting significant pressure on the naira.

SOURCE: https://nairametrics.com/

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SystemSpecs’ GMD, John Obaro, Advocates for Robust Digitalisation to Improve Governance Frameworks

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“Digitalisation is not merely a trend but a critical driver of accountability and operational excellence”

 

OLU JAMES RAPHEAL

 

Group Managing Director of SystemSpecs Holdings Limited, Dr. John Obaro has encouraged the public and private sectors to imbibe in digital solutions to drive transparency, efficiency, and stakeholder engagement.

Obaro said this during the 2024 Chartered Institute of Directors Annual Directors Conference in Lagos. He underscores the crucial role of digital transformation in enhancing governance across sectors.

In his presentation, on “Digitalisation and Governance: Leading with Accountability and Innovation,” offered actionable insights into how the Nigerian public sector and other organisations can harness digital solutions to drive transparency, efficiency, and stakeholder engagement.

Dr. Obaro addressed an audience of corporate leaders and directors on the need for robust governance frameworks that integrate modern technology to facilitate transparent decision-making, efficient service delivery, and improved public trust. He highlighted the transformative impact digital tools can have on governance by streamlining processes, enhancing accountability, and bridging communication gaps between organisations and citizens.

“The first thing is for people to get educated, and there are many free ways to gain a basic understanding of AI,” Dr. Obaro remarked. He emphasised that with these resources, anyone interested in AI can begin to build their confidence by experimenting with smaller-scale projects and eventually expanding into more complex applications. “For any organisation, look for one of your business areas and test it out. As you succeed, it helps build your confidence to delve into more intricate areas,” he explained, advocating a step-by-step approach to digital and AI adoption in governance.

Following his presentation, Dr. Obaro joined a distinguished panel that included Mrs. Funke Opeke, Managing Director of MainOne; Mrs. Olatomiwa Williams, Country Manager for Microsoft West Africa; and moderator Mr. Femi Williams, CEO of NewWaves Ecosystem, for an in-depth discussion on digitalisation’s implications for governance and economic advancement.

“Digitalisation is not merely a trend but a critical driver of accountability and operational excellence. By leveraging technology, we can improve service delivery, make data-driven decisions, and empower citizens to engage with governance more effectively,” Dr. Obaro stated. He further highlighted the success of Nigeria’s Treasury Single Account (TSA), which consolidated over 20,000 government accounts into a single structure, allowing for improved financial oversight and transparency.

The Annual Directors Conference attracted over 600 industry leaders, policymakers, and governance experts, each contributing perspectives on how technology can catalyse Nigeria’s governance and economic growth. Other speakers at the event echoed Dr. Obaro’s sentiments, emphasising that technology-enabled governance is essential for achieving sustainable development and fostering trust.

Dr. Obaro further highlighted SystemSpecs’ vision as a benchmark software institution. “When we set out, our vision had always been to be a software institution of reference, which remains our driver. Increasingly, we are moving AI into our operations, and in the coming weeks, we will release an updated version of Remita with a lot of AI embedded in it. This demonstrates our commitment not just to advancing our operations but also to delivering AI-empowered solutions to the world,” he said.

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Onga Customers Continue To Shine At the “Taste the Millions” Raffle Draw as Promo Extends To November

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The Onga Taste the Millions Promo has so far rewarded consumers with a whopping N100m in cash and prizes. Forty lucky winners each won N1m, 20 winners won N500,000, 40 people won N100,000, 160 people won N50,000, 300 people won N10,000, and 916 people won gas cookers and blenders.

Amongst the star winners, was Anthony Boulos from Zaria, whose joy was off the roof after winning a whooping sum of N1m naira. He said “I am so happy this money will go a long way’’.

Past Lucky Winner of N1m, Musa Atawod receiving his Cash Award at the Redemption Centre

Other winners who won N1m and N500,000 during week 5’s raffle draw are; Abu Damari, Kabiru Hussaini, Ibrahim Baba, Hatimu Saidu, Maryam Ibrahim, Comfort Sampson Okon and Nkechineyre Osine One of the winners, Aminat Ishola, who won a brand-new gas cooker, carried a contagious smile, expressing her gratitude to Onga, “Everyone knows the price of a gas cooker now, so to win this for free, Onga has blessed me and my family.”

The event was attended by representatives from the National Lottery Regulatory Commission, the Federal Competition and Consumer Protection Commission, and the Lagos State Lotteries and Gaming Authority, to monitor the draws for transparency.

Adebola Williams, Marketing Director, Promasidor Nigeria, reiterated the company’s commitment to put smiles on the faces of Nigerians. In her welcome address, she expressed satisfaction with the ongoing success of the promo so far, stating: “For 10 years, Nigerian homes have used Onga Seasoning Cubes in their homes and given us the privilege to enrich their meals, so you can tell this is something we’re extremely happy to do. Based on the feedback we have gotten; a lot of customers have requested that the promo be extended. We’re going to do just that because we are looking forward to making more Nigerians Millionaires.”

One of the Lucky winners of Gas Cooker receiving her prize at one of our Redemption Centers

Explaining how others can join the circle of winners, Oshuntoye, Culinary Category Manager, Promasidor Nigeria said, “To stand a chance to win is simple, just buy one pack of Onga Beef or Chicken 90 cubes or two packs of Onga Beef or Chicken 50 cubes, exchange the empty packs for a scratch card at any of our collection centres, scratch to reveal a unique code, and send the code to 1393 to stand a chance to win’’.

The Onga Taste the Millions promo will continue to run until the end of November 2024, offering consumers ample opportunities to participate and win N250 million worth of cash and prizes, including household items such as cookers and blenders as well as airtime. For more details and updates on winners, consumers can follow Onga on social media (IG:@onga_nigeria, FB: @Onga Nigeria, YT: Onga Nigeria, TikTok: Onga.Nigeria) or visit www.ongamillionspromo.com.

 

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Cowbell Rewards Consumers in Ongoing N150 Million “Sooo Creamy Sooo Gooood Promo”

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Cowbell begins to reward lucky consumers in its ongoing Cowbell Sooo Creamy Sooo Gooood Promo, with over N150 million worth of prizes for grabs. At the raffle draw held in Lagos, with media present, one of the lucky winners Fausat Abdul Ganiu won the cash prize of N1 million.

Expressing her excitement, Fausat, said, “I am surprised and grateful for this win. Thank you, Cowbell, for this life-changing opportunity.”

Francois Gillet, CEO of Promasidor Nigeria, expressed his enthusiasm for the initiative. “We’re excited to see so many winners emerging across the country. The “Sooo Creamy Sooo Gooood Promo” gives us an opportunity to connect with our consumers in a meaningful way. Cowbell has remained a brand with a symbol of trust, quality and consistency for over three decades, we will continue to commit to innovation.

Adebola Williams, Marketing Director Promasidor Nigeria, added, “The promo we started two weeks ago has produced six lucky millionaires winning N1m each, we’ve also had winners of other cash prizes. The promo is open to customers across the country till the end of November.  This promo allows over 300 thousand customers the opportunity to win the cash prizes and earn airtime. This promo has been amazing, with thousands of consumers already participating. There’s still time to join in and win big!”

She also highlighted the simplicity of participating in the promo. “Once you buy and enjoy 10 sachets of Cowbell 12g or 1 refill pouch of Cowbell 320g, take the empty promo sachets to the nearest collection centre. They’ll give you a scratch card which contains a code. Send the code to 1393, to qualify for the raffle draw’’.

According to Susie Onwuka, Head Lagos Office, Federal Competition and Consumer Protection Commission; noted that the draw is monitored by the regulatory body, and it is done live and transparent.

Representatives from the National Lottery Regulatory Commission and Lagos State Lotteries and Gaming Authority were also present at the live draw.

Donatus Ukpai, Category Manager for Dairy at Promasidor Nigeria, spoke on the benefits of Cowbell. “Cowbell is more than just a tasty and affordable dairy; it’s packed with essential nutrients like Vitamin B9, which supports brain development. Our VitaRich formula ensures that every glass of Cowbell provides nourishment for families. It’s not just about the physical benefits; but the joy and confidence that comes with taking care of your loved ones.

In the ongoing Cowbell Soo Creamy Sooo Gooood Promo, 112 lucky winners will win N50,000 each weekly, 18 winners to win N75,000 each weekly, 10 winners to win N200,000 each weekly, 5 winners to win N500,000 each weekly and 3 winners to win N1M each weekly, while over 300 thousand winners will win recharge cards. The promo is scheduled to last till the end of November.

For more details on how to participate and for updates on winners, consumers can follow Cowbell on social media or visit www.cowbell.ng

Follow Cowbell on social media (IG: @cowbellmilk; FB: Cowbell Nigeria; YT: Cowbell Milk) for a peek into the incredible experience.

 

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