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Nigeria’s naira fell on Monday as the local spot currency market struggled with a scarcity of US dollars, traders said. One dealer at a top-tier Nigerian bank quoted the naira at 395-402 per dollar in the over-the-counter market from 392-394 naira in the previous session. Others quoted the naira at 397.21 to the dollar. Traders said few deals were executed between banks as rising demand for dollars from importers and foreign investors seeking to repatriate funds piled pressure on the naira, Reuters report. Nigeria’s currency has been losing ground on spot and derivatives markets, mirroring weakness on the black market, where it trades more freely. The naira dropped to a record intra-day low last week on the spot market and has been quoted at 480 naira to the dollar on the black market since last month, against the official rate of 381 naira, set in July and backed by the central bank. The central bank nearly doubled open-market Treasury yields last week to lure investors af

File Photo: Herdsmen. The Fulani residents at Eggua in the Yewa-North Local Government Area of Ogun State have returned to their bases after a mob burnt houses and Kara market in the community. Last week, the mob took advantage of the visit of the Yoruba rights activist, Sunday Adeyemo, aka Sunday Igboho, to the area over the killings of farmers by Fulani herdsmen. File Photo: Herdsmen. The mob set ablaze the houses belonging to the Eggua Seriki of Fulani and others and the Kara market. One person reportedly lost his life after the violence. But it was gathered on Monday that the fleeing Fulani herdsmen who are residents of the area were back to their bases, Punch reports. It was gathered that the Fulani herdsmen went back to their houses and Kara market after getting the police assurance in the state of protection of lives and property. The state Police Public Relations Officer, DSP Abimbola Oyeyemi, who spoke with our correspondent on the telephone said,” “They didn’t r

The Senate impeachment trial of former President Donald Trump is set to begin on Tuesday, as several key details regarding the duration and structure of the trial remain unsettled, according to reports.  Lawyers for both sides submitted pre-trial briefs on Monday ahead of this week’s proceedings regarding the former president’s role in the January 6 attack on the US Capitol building. During his final days as US president, the House of Representatives voted to impeach Trump 232-197 on one impeachment article: “incitement of insurrection.”  The Senate trial focuses on Trump’s role in inciting Capitol Hill on January 6, which resulted in five deaths and dozens of arrests. Immediately before the riot, Trump spoke to followers in Washington, DC, at a gathering to falsely denounce 2020 election fraud in an attempt to disrupt Congress from confirming President JoeBiden’ss win.  Following the day’s events, Trump’s Twitter account was temporarily or permanently suspended among other

A Nigerian man living in Georgia has been arrested and had his first appearance in federal court in Atlanta on charges of laundering the proceeds of romance scams that targeted victims in the Eastern District of North Carolina and throughout the United States. According to court documents seen by SaharaReporters, Oluwadamilare Kolaogunbule, aka “Dare” opened, maintained, and controlled multiple bank accounts, referred to as “drop accounts” that were used to receive, move, and obscure criminal proceeds, including funds derived from romance scams.  FBI A romance scam refers to a scheme in which scammers create fake profiles on Internet dating sites to identify victims, form fraudulent romantic relationships with them, and then exploit them for profit.   According to the allegations in the indictment, co-defendant Samuel Ugberaese, a/k/a” “Putsammy” a Nigerian national, and his co-conspirators, used romance scam techniques, including false stories and promises, as a means to de

President Joe Biden President Joe Biden has issued a presidential memorandum aimed at expanding protection of the rights of lesbian, gay, bisexual, transgender and queer and intersex (LGBTQI) people worldwide, including potentially through the use of financial sanctions. Nigeria’s anti-gay laws have been increasingly criticised by global rights groups, which have categorised the country as overtly homophobic. President Joe Biden skynews Despite international pressure, ex-President Goodluck Jonathan signed the Same-Sex Marriage (Prohibition) Act in January 2014, prescribing between 10 to 14 years in prison for cohabitation between same-sex sexual partners, public show of same-sex relationship, registration, operation or participation in gay clubs, societies and organisation, amongst others. As a predominantly conservative country, it is unlikely that Nigeria would revisit its anti-gay marriage law to strengthen bilateral relations with the United States. However, the Biden