Akeem Reachnaija

Akeem ReachnaijaJune 20, 2018
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5min40

The total value of currency-in-circulation in the country reduced by N269 billion year-on-year to N1.668trillion as of the end of March thisyear, down from the N1.937 trillionrecorded in February 2018, the Central Bank of Nigeria (CBN)revealed in its latest money and credit statistics for March.

Currency- in- circulation refers to the total value of currency (coins and paper currency) issued during a given period, minus the amount that has been removed from the economy by the central bank.

Also, the data showed that banking sector credit to the private sectorreduced marginally year-on-year to N22.444 trillion at the end of March, compared to the N22.621 trillion it was as at the end of the previous month.

The central bank data showed that broad money (M2), which is made up of demand deposits at commercial banks and monies held in easily accessible accounts increased slightly year-on-year from N24.019 trillion the previous month, to N24.303 trillion at the end of the review month.

Similarly, narrow money (M1), which included all physical monies such as coins and currency along with demand deposits and other assets held by the central bank rose year-on-year to N10.913 trillion in the review month, as against the N10.731 trillion recorded the previous month. In the same vein, the data gathered from the central bank’s website showed that the amount of currency outside banks increased to N1.668 trillion, up marginally from the N1.571 trillion it was as at the end of February 2018.

Furthermore, it put the total amount of banks’ reserves with the central bankat N4.357 trillion as of the end of March, compared with the N4.160 trillion recorded at the end of the previous month.

In addition, demand deposits, which are funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution increased to N9.244 trillionin March, compared to the N9.160 trillion recorded the previous month, just as Quasi Money, which are highly liquid assets other than cash, that can be quickly converted, stood at N13.390 trillion in March, up from N13.288 trillion the previous month.

Analysts at FSDH Merchant Bank Limited had projected that banking sector credit to the private sector would rise this year. The firm held the view that the manufacturing sector would attract the highest credit this year, further adding that the uncertainties surrounding the fuel subsidy in the petroleum marketing sector may lead to a contraction of credit to that sector.

It noted that the improvement in the macroeconomic and business environment; improved consumers’ confidence; and the drop in the yields on the Nigerian Treasury Bills (NTBs) would be the main drivers of the expected credit growth.
“Our findings show that the agriculture sector in Nigeria is faced with many problems. Thus, the sector is unable to attract the required
credit.

“Some of the problems are: inadequate storage facilities; poor transport network; inadequate research to develop improved seedlings; and weak integration between the sector and the manufacturing sector in providing manufacturing inputs.”
The CBN Governor, Mr. Godwin Emefiele had assured Nigerians that the central bank would continue to explore measures that would see that
interest rates are supportive of domestic production.

According to him, the Bank would continue to fine tune measures to ensure and guarantee a stable exchange rate regime.
Emefiele had pointed out that with on-going recovery in economic performance, he was optimistic that improved outcomes would be recorded in the central bank’s work towards taming inflation, bringing down interest rates and guaranteeing exchange rate stability.


Akeem ReachnaijaJune 20, 2018
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1min80
The National Bureau of Statistics (NBS) has said that average price paid by consumers for automotive gas oil (diesel) increased by 0.65% month-on-month and 4.91% year-on-year to N205.67 in May 2018 from N204.35 in April 2018.

The NBS revealed this in its Automotive Gas Oil (Diesel) Price Watch report, May 2018.

The report stated that states with the highest average price of diesel were Taraba (N253.33) Gombe (N227.50) and Kebbi (N224.50). While states with the lowest average price per litre of kerosene were Bayelsa (N181.67), Ondo (N183.75) and Abia (N190.56).

Read: NIGERIA IMPORTED 6.81BN LITRES OF PETROLEUM PRODUCTS IN Q1 2018 – NBS

The National Bureau of Statistics (NBS) also disclosed that federal Nigerian National Petroleum Cooperation (NNPC) imported 5.67 bln litres of premium motor spirits (PMS), 954.47 mln litres of automotive gas oil (AGO), 66.914 mln litres of household kerosene (HHK) and 5122.067 mln litres of aviation turbine kerosene (ATK) into the country in Q1 2018.

Bringing total petroleum products imported in the first quarter of 2018 to 6,813,784,945 litres.


Akeem ReachnaijaJune 20, 2018
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1min70

NSE-listed group Access Bank raised, via its London-based subsidiary, a $158 million trade finance facility from 13 international banks.

Initially set at $100 million the amount was increased to $158 million due to higher investor interest.

The operation was coordinated by the multilateral institution African Trade Insurance (ATI) and the Dubai-based Mashreq Bank. According to analysts, this amount is one of the highest mobilized by a Nigerian bank following the foreign currency shortage in recent years.

Access Bank Uk, Commerzbank, London Forfaiting Company and Mashreq Bank were the financing’s main arrangers, jointly with some African banks. These include the Moroccan BMCE Bank of Africa, Mauritius Commercial Bank and State Bank of Mauritius.


Akeem ReachnaijaJune 20, 2018
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3min140
Nigerian Anas! University Student Chased Out Of Exam Hall For Dressing Like Ghanaian Masked Journalist

There is definitely nothing wrong with striving to look and behave like your role model but when that person always wears a Mask and you are a student, this may be a difficult task to sustain.

A student journalist landed in trouble for attempting to look like his role model Anas Aremeyaw Anas, the famous Ghanaian Masked investigative reporter.
The student who is a 200 level student of Department of Mass Communication, Chukwuemeka Odumegwu Ojukwu University, Anambra State, Nigeria, walked into the hall for his exam with a mask covering his face just like Anas.

The boy who says Anas the Ghanaian masked journalist is his idol and role model insisted that he must take one of his exams looking like the journalist he wants to be like in future. His classmates were stunned when they saw him looking like the journalist he keeps telling them he would like to follow his footsteps.
The joke ended when examiners walked into the hall and saw him sitting like a student-masquerade. They immediately ordered him to leave the class or they will invite the school security. As he delayed one of his colleagues dragged him up and pushed him out of the class because he was delaying the commencement of their class exam.

The photos were captured by someone whom the Masked Student had told to snap him as he sat in class looking like his role model. That joke was short-lived as he was chased out of the hall still wearing the mask while Some of his classmates laughed hysterically.


Akeem ReachnaijaJune 20, 2018
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2min120

The Federal Government is making final preparation to disburse $322 million fund repatriated from the accounts of former Head of State, late General Sani Abacha in Switzerland to Nigerians.

The National Coordinator of the Open Government Partnership (OGP), Nigeria and Special Assistant to the President on Justice Reforms, Juliet Ibekaku-Nwagwu disclosed this recently in an interactive session with newsmen.

Ibekeaku-Nwagwu said under MoU with Switzerland the funds would be paid directly into the accounts of the poorest Nigerians through their various accounts for two years and identification numbers to be made available on the website being developed by the National Social Investment office and the World Bank.

She solicited the patience of Nigerians, explaining that the agencies working on the modalities would brief the public on June 28, adding that the process for the payment will be transparent for civil society and the media to monitor.

She said despite oppositions against the MoU from within and outside government, the Attorney General of the Federation (AGF), Abubakar Malami (SAN) and his team have pursued President Muhammadu Buhari’s agenda of ensuring that the $322m was returned for deployment in the social safety nets project, which would make targeted transfers to the poor and vulnerable households.

“The poorest members of the community will be registered online, and before you make any payment, they must have an ID number so that every payment would be tracked. No amount will be paid out without a joint signature between Nigeria and the World Bank and without identification of individuals,” she said.

Ibekeaku-Nwagwu said President Buhari’s commitment to the Open Government Partnership during the London Summit in 2016 has enhanced transparency and accountability in government budgeting and contracting, adding that “If there is anything we have achieved its about getting Nigerian citizens to become conscious about what is happening with their money.”


Akeem ReachnaijaJune 20, 2018
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2min90
Man closes supermarket he opened for bae who wants him no more

After making several attempts to sustain his romance, a man has closed down a supermarket he opened for girlfriend who does not act like one.

Having suffered too much heartbreaks, a man has closed down a supermarket he opened for a girlfriend who no longer shows interest in their romance.

The boyfriend reportedly got tired of a lack of attention from his bae, a Ghanaian actress, Fella Makafui.

Ghanaian actress Fella Makafui lost a supermarket for not showing enough interest in her romance.

A source close to the actress confirmed that her committed partner has rented four apartments in favour of the nonchalant girlfriend.

He reportedly got angry following Makafui’s uninterested response following a question about a car parked in front of her residence.

“This is the fourth apartment the same guy has rented for her.

“What got him even furious is that recently, he saw a four-wheel drive in the house and when he asked of the owner, Fella gave him a cheeky response and so he decided to end everything and that is why he is shutting the shop, which he rented for her,”


Akeem ReachnaijaJune 20, 2018
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4min90
Chicken curry sauce is one of those rich and delicious sauces made with chicken, corn flour, chicken broth and mixed veggies, it is super tasty and it goes well with anything staple (rice Potatoes, spaghetti, macaroni).

This chicken sauce is best prepared with boneless chicken; however, you can boil your whole chicken and then take out the bones if you can’t fine chicken breast near you.

Chicken curry sauce will never disappoint you no matter how you prepare it. The steps below show you how to prepare chicken curry sauce with mixed vegetables watch the video for detailed explanation also share with your loved ones.

Ingredients for chicken curry sauce

• 1 kg chicken breast
• 1 cup carrots, chopped
• ½ cup peas
• 1 cup green beans
• 2 medium onions
• 2 medium tomatoes
• 4 cloves garlic, minced
• 1 tables spoon thyme
• 1 ½ tables spoon curry powder
• 3 scotch bonnets peppers
• 3 stock chicken tock cubes
• 2 tablespoons corn starch
• 2 green bell peppers
• 2 red bell peppers
• Salt to taste


Steps on how to prepare curry chicken sauce for rice

1. Rinse carrots, green beans, bell peppers and onions, slice/chop them into nice shapes and set aside.
2. Rinse chicken into a wide pot, season it with curry, thyme, ½ parts of onion, pepper, garlic and salt.
3. Add water to slightly cover the chicken and place on high heat to cook until tender
4. While the chicken is cooking, dissolve the corn flour with a little water (you want it runny like custard) and set aside.
5. Once the chicken is cooked, separate it from the broth and cut into smaller pieces, (you can try pulling the flesh from the bones if you
don’t like it with bones).
6. Place a pan on heat, add 3 tablespoons of cooking oil to it and add onions, garlic and sauté for 30 seconds or until fragrant.
7. Add the chopped tomatoes and sir-fry for 2minutes until soft, add the chopped carrots, green beans and cook for 2 minutes.
8. Add the bell peppers, green peas and stir-fry until the vegetables are all soft. Season the veggies with 1 stock cube, salt, thyme and 1
teaspoon of curry powder and stir the content properly to combine.
9. Leave the content to cook for few minutes on medium heat, bring the chicken stock into it, you can increase it with water if your stock is
small and bring to a boil.
10. Return the cooked chicken to the sauce and add the dissolved corn flour to the content and stir well, the sauce will begin to thicken as it
boils. Lower the heat and leave it to simmer slowly while you serve.
11. Chicken curry sauce goes well with white rice you can serve it as you like. Bon Appétit


Akeem ReachnaijaJune 20, 2018
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5min80

The Muslim Rights Concern (MURIC) has asked the Christian Association of Nigeria (CAN) to either endorse or disown ‘This is Nigeria’ video by Folarin Falana, aka Falz the Bahd Guy.

The Muslim body had announced that it will no longer approach the court to seek a ban on the video.

In a statement on Tuesday, its Director, Prof Ishaq Akintola, urged CAN to declare its position on the matter.

“We have no other option than to openly ask the Christian Association of Nigeria (CAN) if it is behind this move. Is CAN leadership aware of this segregational campaign? Did CAN initiate it or did it just endorse it? Should we also believe rumours of CAN’s surreptitious meetings with high ranking foreign diplomats in unholy hours of the day? Is CAN aware of the security implications of such meetings? Is CAN with Nigeria or against Nigeria? Et tu CAN? It had better not be.

“What kind of people are we that we continue to drag ourselves backwards while the rest of the world is going forward? Election campaign should be issue-based. Religion is not given any room in politics in other climes. Why should we be looking at the faith of a candidate and not his pedigree, his integrity and his antecedence?

“It is a pity that CAN still pushes primordial sentiment like religion to the front burner when advanced countries only consider credibility and ability to deliver. Why is it that CAN cannot tolerate Muslim leadership after Muslims have tolerated Christian leadership for so long?” He asked.

The Islamic human rights outfit also wondered why Muslims should not be allowed to rule for the same long period that Christians had been in office.

“It is on record that of the 16 wasted years of PDP rule, a Muslim (former President Umaru Yaradua) only ruled for two years and he died in office. Christians ruled for 14 years (ex-President Olusegun Obasanjo: 8 years and Goodluck Jonathan: 6 years). So why can’t you live and let live?

“Even as divisive and destructive as it is, the idea of Christians voting for Christians only still remains naïve and utopia. Who told CAN that it can install a Christian president with an all-Christian vote? It is a mirage. CAN is day-dreaming. What if Muslims also ask their fellow Muslims not to vote for any Christian candidate? What do you think will happen? But we will not descend so low. We will not ask Muslims not to vote for Christian candidates. Whoever is behind this video and the anti-Muslim campaign in general is promoting anarchy,” it added.

The organization argued that “Nigeria is a heterogeneous, multi-religious and multi-cultural project which belongs to nobody and it is bigger than any section. For any progress to be made, Muslims and Christians as well as all ethnic groups, it said, have to sink their differences.

“We all have to work together. Nigeria is a wrong candidate for ‘possessing your possession’ slogans.”

Akintola admitted that Nigeria was blessed with good Christian candidates and credible Muslim candidates.

He urged Nigerians to create an enabling environment for the emergence of such good candidates. Narrowing the search to any particular religion or ethnic group, he argued, is not only self-defeating but also counter-productive.

“In a nutshell, we reiterate our conviction that we do not believe in religious politics. We Muslims are prepared to peacefully coexist with our Christian neighbours in Nigeria. We urge Muslims to get their PVC and vote for both Christian and Muslim candidates of their choice. The only proviso is that such candidates must be reformers and game changers, not looters, kleptomaniacs and politicians in the daytime but armed robbers at night,” he said.