New music: Olamide-postion yourself

like you know the latest Album on air is BGEL(Baddest Guy Ever Liveth).Here is an exclusive track from the album titled Position Yourself,i so much love this track.Download and share ur thoughts
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DailyNews: Cbn defends naira with $18.7bn

The Central Bank of Nigeria has defended the naira with $18.7bn at the Wholesale Dutch Auction System between April and November 4 in a bid to save the currency, an investigation by our correspondent has shown.

Calculations from data obtained from the CBN website on Thursday showed that the bank offered $18.7bn to currency dealers in 59 auctions in the seven-month period.

The data showed that the central bank sold the highest amount of dollars in the month of July, offering $3.3bn, the highest in the year.

The CBN had in July hiked the cash reserve requirement for public sector deposits to 50 per cent from 12 per cent in a bid to tighten liquidity and shore up the value of the naira, but has failed to stem the currency’s decline.

Prior to that, in June, the naira declined 0.4 per cent to N159.45 per dollar, hitting the highest since September 24, 2012.

The data also showed that the bank offered to the public $2.8bn in the month of September, making it the second highest in the year, while it offered a total of $2.6bn in the month of October.

However, the CBN on October 2, replaced the WDAS with the Retail Dutch Auction System because of the ineffectiveness of the former in order to address hitches in the foreign exchange market.

The Head, Global Research Africa, Standard Chartered Group, Ms. Razia Khan, said the WDAS was abused because it allowed banks to collate bids for clients and make a single forex bid.

However, under the RDAS, banks will place bids for clients who qualify to buy forex at the official auction.

“This change will allow the authorities to monitor more accurately various sources of forex demand and any potential duplication of forex demand in the system. Banks will remain responsible for all documentation requirements,” she added.

Our correspondent gathered that the CBN had, in a couple of months back, resumed direct intervention by selling dollars to end-users in the market.

It was gathered that the regulator took the decision in order not to devalue the naira.

There had been speculations that the CBN would devalue the naira, thereby fuelling an excessive demand for the dollar.

A reliable source in the CBN had told our correspondent, “The CBN has resumed intervention by selling dollars to end-users. The bank has a dealing whereby it sells to the WDAS, but very rarely sells to end-users directly.

“If the market is tight, it can sell or buy from end users, but it is uncommon. The implication is to increase supply and make the naira appreciate.”

The CBN Governor, Mr. Lamido Sanusi, had said that he would do everything possible to defend the naira and ensure its stability, including using the nation’s foreign reserves to achieve the purpose.

He said after the last Monetary Policy Committee meeting in Abuja, “As far as the naira is concerned, we have always said we are committed to its stability. I have not heard any economic argument that there is any economic value in devaluing our currency. My view and that of the CBN is that if we need to tighten money, use some of our reserves to support the economy, we will. No central bank governor will say he will support the currency at all costs.

“But we want to be very clear that there is no country that allows its currency to just be determined by the market. We are not looking for a stronger currency; neither are we looking at a weaker one. People want to pay fees and investors want to know if they will have returns on investments.

“We will use the reserves, we will use interest rates, we have gone through difficult months; hopefully, the next few months will not be difficult. We will not allow the naira to be weakened and we are committed to that.”

We Officially Announce The Departure of Wande Coal From Mavin Records-Says'Mavin Records Management

mavin

After much speculation about the conflict between talented singer, Wande Coal and super-producer, Don Jazzy, details have finally emerged, albeit from the MAVIN camp on the reasons behind the bitter split.

The crack between the two parties was apparently opens wider after Wande Coal’s release of a track ‘BabyFace’ which Don Jazzy alleged was a stolen effort going ahead to make public his version of the same song.

This elicited a response from the former MAVIN artiste, Wande Coal who accused Don Jazzy of not supporting his ambition and wishing for his failure.

Wande Coal had pitched tent with Don Jazzy after the bitter split between latter and co-founder of the now defunct Mo’Hits music label, D’banj.

Read the full MAVIN statement of below:

“It is with deep regret that we officially announce the departure of recording artist Wande Ojosipe, popularly known as Wande Coal, from Mavin Records due to irreconcilable differences.

Over the past few months, Mavin Records has made a concerted move to
consolidate its position in the Nigerian music industry. Mavin has pursued a renewed ethos to raise its standards of quality and professionalism to a world-class level. Wande’s vision has not aligned with ours and a few months ago all parties mutually agreed that a separation would be the best course of action.

Legal parties on both sides have spent the past six months trying to reach an amicable solution in terms of musical property rights. However the decision by Wande Coal to release ‘Baby Face’ purportedly as his own material is a direct breach of intellectual property law and compelled an immediate clarification on our part.

Both Mavin Records and Wande Coal have enjoyed a remarkable run in the course of their working relationship. It is unfortunate that conflicting priorities contributed to the premature curtailment of a hitherto fruitful accord.

Mavin Records reaffirms its goal to constantly provide high quality music to our fans and introduce new and exciting talent into the industry.

We wish Wande Coal the best of luck in all his future endeavours.”

From Club to grave,sad story of a young lady who died after Night party with boyfriend

What seems like a normal night out for Afia and her boyfriend also turned out to be her last.

Afia (pictured above) went clubbing with her new boyfriend and after night of drinking a partying her boyfriend drove her to her grave.

Eyewitness at the club said the pair were drunk when they left the club Around4am while making their way home Afia’s boyfriend drove into a tree, Afia who was not wearing seatbelt somehow came of the widescreen to the street and the moving car ran over her head.

When the police finally arrived the accident scene, they arrested the guy for drink driving and Afia was pronounced dead.

The guy was been held the police did confirm the incident and also said it unlikely the guy will be charged with Afia’s dead.

This happened in Ghana…

Such is life…sad*

Fresh:Tania Omotola moves in with Wizkid

She might go on Twitter to deny this report because she once said she would not move in with Wizkid until he marries her, but it's fact! Tania practically lives with Wizkid now. Her tweet in August below.

People who know them very well will readily tell you that the lovebirds, who met over five years ago, are live-in-lovers. Tania still has her own place though and stays there once in a while, but her main place of residence is her boyfriend Wizkid's place in Lekki. It's my job to know these things. lol…ladies Shaaaa!!