Man U Wonder Kid Rashford Signs New Deal To Extend His Stay Till 2020

Marcus Rashford has signed a new contract at Manchester United which keeps him at the club until at least June 2020 with an option to extend for a further year.

Rashford,18, came through the ranks of our academy and was handed a first-team debut for the Europa League game against Midtjylland.

He grabbed his opportunity with both hands by scoring twice, a feat he remarkably repeated three days later on his first league appearance against Arsenal. Marcus has made 17 appearances and scored 8 goals.

Executive vice chairman Ed Woodward said:

“Marcus is a naturally talented footballer with great potential. He has taken his chances well and has integrated into the first team very quickly.

I am delighted that Marcus has signed a new contract, he is at the right club to continue his development. He is still very young and we need to be patient but he is developing in the right way and we believe he has a great future ahead of him.”

Marcus Rashford said:

“I am delighted to have signed a new contract. I have always been a Manchester United fan, so to be playing in the first team really is a dream come true. I am grateful for having the chance to prove myself. To be able to play football at the biggest club in the world means everything to me and my family.”

Naira Crashes To ₦285/$1 At Interbank Market

Despite the Central Bank of Nigeria yet to roll out the details of the new flexible exchange rate policy, which is a monetary system that allows the exchange rate to be determined by supply and demand, the nation’s currency naira has switched to N285 to a dollar at the interbank market, The Guardian reports.

The policy, which throws naira into open market, paves way for one to walk into the bank and ask to buy forex at the market rate, hence, putting pressure on black market and Bureau de Change operators.

The new policy also means that banks and Bureau De Change (BDC) operators will have to source forex autonomously and sell according to market dynamics.

The interbank rate had run nearly at par with the official at N199 per dollar and N197 per dollar respectively before the pronouncements on the new foreign exchange measure.

The new rate represents about 43.2% increase from N199 to the dollar it previously traded, which according to analysts suggests that the market is gradually adjusting itself to the new direction, although the details are yet to be unfolded.

However, a look on the apex bank official website, www.cbn.gov.ng has shown the naira is still pegged at N197.

Meanwhile, President Muhammadu Buhari has given the CBN the go-ahead to introduce flexibility in the naira exchange rate.

Speaking in an interview on Nigeria Television Authority (NTA), Garba Shehu, the senior special assistant on media and publicity to President Buhari said: “The president is opposed to devaluing the naira, he has said so repeatedly. “He has given them leeway to introduce what he has called ‘flexibility in managing’ the currency’s value.” Buhari said at the weekend that he supported a stable currency, though he would keep “a close look at how recent measures affect the naira and the economy.” More details later.

FirstBank gets $13.745m Forex allocation from CBN

The latest returns on forex utilisation for FirstBank Nigeria Limited
have shown that the bank was allocated $13,745,768.19 by the Central
Bank of Nigeria (CBN) last week.
 
The returns published on Monday showed that FirstBank sold the
greenback to 678 customers.
 
FirstBank's biggest customers, according to the returns dated May 19,
were Dangote Cement Plc, which got $2 million for the importation of
machinery for its cement plants; Gulf Treasures Limited, which
purchased $1 million from the bank for the importation of gasoline;
and Kam Industries Nigeria Limited, which got $1 million also.
 
The bulk of the forex it sold was for the payment of school fees abroad.

Nigeria, eight nations to revive Niger Basin with $6.4m

The nine member-states of the Niger Basin Authority (NBA), Nigeria, Cameroun, Guinea, Mali Republic of Benin, Burkina Faso, Cote d’Ivoire, Guinea, Mali, Niger and Chad, are to commit $6.44 million towards reviving the Basin and improving the lot of the people living there in.

The funds are to also facilitate access to hydro-power and boost agricultural production in the region.

President Muhammadu Buhari, who disclosed this during the opening ceremony of the Council of Ministers meeting yesterday in Abuja, decried the deteriorating state of the basin hugely spurred by the combined effects of climate and human activities.

“This phenomenon is heavily compromising the future of the ever increasing population of the Niger Basin through the intensity and number of environmental, social and economic problems it is inducing,” he said.

While expressing concerns at the security situation within the basin and the entire West and Central African region, Buhari noted that the implementation of the Operational Plan NBA would provide job opportunities for the youths in the areas of agriculture, livestock, fisheries and conservation of the basin’s natural resources.

He said by so doing, the institution would contribute to the fight against idleness and lack of future prospects for the youths which could lure them into extremism as observed over the years.

Represented by the Minister of Environment, Hajiya Amina Muhammed, the President said the investment outlay was developed with the active participation of representatives of all member- countries for select 350 investment and capacity building actions for the benefit of countries and the basin’s secretariat.

In his remarks, the Chairman of NBA Council of Ministers and Nigeria’s Minister of Water Resources, Suleiman Adamu, stressed the need for member- countries to contribute at least 10 per cent for the funding of the operational plan, adding that a new sharing formula had been formulated.

Recall that the Basin was established in November 1980 to “promote cooperation between member-countries and ensure an integrated development of the Niger Basin in the areas of hydraulics, energy, agriculture, livestock, fisheries as well as fish farming, forestry and logging.

Banks To suspend cross border transactions on ATM cards - EFFC

Banks may have decided to suspend international transactions on Naira and Dollar denominated ATM cards in protest of harassment of staff by the Economic and Financial Crimes Commission (EFCC).

Indications to this emerged last week, when a bank announced a temporary shutdown of Mastercard International transactions.

“Please be informed that all international transactions on your MasterCard Naira and Dollar (Debit, Prepaid) will be temporarily declined, effective May 26, 2016 due to the current volatility in the foreign exchange market.

“However, your Naira denominated cards can still be used for local transactions on PoS Terminal, ATM and online for Nigerian retailers”, the bank informed its customers.

A bank executive who spoke on condition of anonymity said that the development was in connection to the harassment of bank staff over the exchange rate charged for international transactions on naira debit cards.

He said that the bank’s decision to shut down Mastercard international transactions was to prevent arrest or further arrests of its staff by EFCC. “That is what you get when you have the EFCC arresting banks’ staff and the CBN not doing anything to defend the banks,” he said, adding that, “You will see more of such actions from other banks as time goes on.” In a letter written to the CBN last month, banks complained that, EFCC has been going to banks and arresting staff of banks stating that card rate for cross border transactions should not be more than the CBN rate plus a margin of N0.50 Titled, “Harassment of banks by the Economics and Financial Crimes Commission over charges on FX Card Rates,” the letter stated, “As you will recall sir, the Central Bank of Nigeria does not sell foreign exchange (FX) to banks for settlement of international cards schemes for the cross border spend on our Naira debit card, most banks have had to be sourcing FX from autonomous markets.

At several meetings of the CBN with Deposit Money Banks, it was reiterated that we need to protect the scarce FX of the country and limits were placed on cross border spend of naira debit ($300/ day for ATM withdrawal and a total of N50,000 p.a for ATM and PoS purchase per card). One the measures adopted by banks to discourage the abuse of usage was the card rate as most banks PTA/BTA at the CBN rate.

Any customer of a bank travelling with appropriate document can access the PTA window at $4,000 per quarter. Deposit Money Banks set the card rates based on a daily market competitor scan, thereby leaving market forces to dictate what the banks can charge their customers.

“As the sole regulator of banking practice in Nigeria, we hereby request the CBN to urgently take steps to clarify to the EFCC that the banks have been allowed to offer the product solely on a market determined basis. This has become unavoidable in order to forestall further harassment by the EFCC”.

[Video] Falz Ft. Olamide & Davido – Bahd Baddo, Baddest

Falz the Bahd Guy releases visuals for his smash hit “Bahd Baddo Baddest” which features YBNL’s Olamide and HKN’s Davido.

The Video was directed by Unlimited L.A and shot in Lagos. Enjoy!

Watch Falz Ft. Olamide & Davido – Bahd Baddo, Baddest Video Below:-

RCNR Entertainment crew Present Official Video for Kay_Ennyg hit single "below " Video Directed by Sodeeqstar Watch & download below!!!

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Tuesday, 31 May 2016