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VP Osinbajo To CBN: Harmonize The Official Naira Rate With The Parallel Market

VP Osinbajo

As the nation continues to grapple with the downward spiral of the naira, the number two citizen, Vice-President Yemi Osinbajo has challenged the Central Bank of Nigeria (CBN) to allow the naira to reflect the exact realities of the exchange market.

Presently, while Nigeria’s currency, the Naira, is exchanged for N411 to one dollar official exchange market, it is exchanged at N565 to one dollar at the parallel market – and it is generally believed that the latter figure is actually the true value of the naira.

VP Osinbajo, who was speaking during the midterm retreat of President Muhammadu Buhari’s second tenure, said the disparity between both rates is too wide and would leave foreign investors confused, if not deterred from bringing foreign exchange into the country.

“As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply. We can’t get new dollars into the system, where the exchange rate is artificially low.

“And everyone knows by how much our reserves can grow. I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view. Anyway, all those are issues that when the CBN governor has time to address, he will be able to address in full.”

He pointed out that the nation’s apex bank was competing with ministries, departments, and agencies of government and he urged them to stop the trend as they cannot afford to be in such competition with the fiscal side of the economy.

VP Osinbajo said:

“There must be synergy between the fiscal and the monetary authority. We must be able to deal with the synergy, we must handle the synergy between the monetary authority, the CBN, and the fiscal side. Sometimes, it appears that there is competition, especially on the fiscal side. If you look at some of the interventions, you will find that those interventions are interventions that should be managed by ministries.

“The Ministry of Industry, Trade and Investment should handle MSMEs interventions, and we should know what the CBN is doing. In other words, if the CBN is intervening in the MSME sector, it should be with the full cooperation and consent of the ministry of industry. Sometimes you will get people who are benefiting more than once because we simply have no line of sight on what is going on, on one side.”

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Davido pays N2 million per haircut – Singer’s Barber Reveals

Nigerian afrobeats superstar Davido Adeleke, popularly known as Davido, pays as much as N2 million every time he gets a haircut, according to his long-term barber, Kufre Nnah.

Kufre made the revelation in a social media post, in which he shared a picture of himself working on Davido’s hair.

The Barber, who runs his business as Kayz Place, also revealed that he’s been Davido’s Barber since he was 12, when he used to pay only N200 to get a haircut.

Disclosing that Davido now pays him N2 million per haircut, Kufre admired the singer and appreciated him for being a part of his journey over the years.

Kufre’s post, which also had pictures showing Davido’s haircut up close, was captioned:

“I started cutting Davido’s hair when he was just 12 years old, when he used to pay me 200 Naira. Today, he’s paying 2 million for a haircut…what a journey! So proud to have been part of his story from the beginning. Big thanks to you, brothe,r for trusting me all these years. Your success is truly inspiring.”

Recall that earlier this weekend, on Saturday, Davido was out showing up for another long-term associate, his manager Asa Asika, at his traditional wedding where he was on groomsmen duties.

In his heartfelt speech at the ceremony held in Lagos, Davido recounted how he and Asa worked hard together to build their music empire from absolutely nothing.

Davido hailed Asa for being more than just his manager, saying he’s his ‘shield,’ his sanity, and his brother in every battle.

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PDP Crisis Worsen as NEC set to decide fate of Rebel Members

Party elder Chief Bode George has warned that the Peoples Democratic Party (PDP) may expel some prominent members at its upcoming National Executive Council (NEC) meeting on May 27. In an interview on Channels Television’s Sunday Politics, George said the NEC was prepared to take decisive action against members who no longer adhere to party rules or its founding principles.

“Those who cannot abide by the rules and regulations of the party, we can throw them out,” he said.

George criticised some party members for placing personal interests above public service.

What is democracy? It’s all about the management of the resources of the land for the benefit of the people. That is not what they have done now,” he lamented.He stressed that the NEC would hold a closed-door session to confront internal issues head-on.

“We should tell ourselves some serious home truths and come back to the position as laid down by the founding fathers of our party,” George said.

Since the 2023 elections, the PDP has been grappling with deep internal divisions.

Instead of consolidating as a viable opposition to the ruling All Progressives Congress (APC), the party has struggled with disloyalty and factionalism.

A flashpoint in the crisis is the conduct of some high-profile PDP members who have openly backed APC President Bola Tinubu.

Chief among them is the Minister of the Federal Capital Territory and former Rivers State Governor, Nyesom Wike, who recently declared his support for Tinubu’s 2027 re-election bid, despite remaining in the PDP.

This stance has drawn sharp criticism from the party, with some members accusing the leadership of overlooking blatant acts of disloyalty

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Ex-US President Biden diagnosed with aggressive prostate cancer

Former President Joe Biden has been diagnosed with an aggressive form of prostate cancer that has metastasized to his bones, according to a statement released by his personal office on Sunday, May 18.

The 82-year-old was evaluated last week after experiencing increasing urinary symptoms, leading to the discovery of a prostate nodule.

A biopsy confirmed a Gleason score of 9 (Grade Group 5), indicating a highly aggressive form of the disease.

“While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive, which allows for effective management,” the statement noted.

According to CNN, Biden and his family are reviewing treatment options with his medical team. A source familiar with his schedule confirmed that he is spending the weekend at his home in Wilmington, Delaware.

The announcement comes just days after Biden’s team acknowledged that he had undergone evaluation for a small prostate nodule. Medical experts not involved in his care offered context on the seriousness of the diagnosis.

“Prostate cancer is very common. As we get older, most men are going to have little cancer cells in them,” said Dr Jamin Brahmbhatt, a urologist and robotic surgeon with Orlando Health.

However, Biden’s Gleason score signals a more severe prognosis.

“A Gleason score of 9 means it’s the most aggressive form of prostate cancer,” explained Dr Benjamin Davies, a professor of urologic oncology at the University of Pittsburgh Medical Centre.

It remains unclear where the former president is receiving treatment at present. However, efforts to request further details are underway.

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