Naira strengthens against dollar in black market

The Nigerian currency which seemed poised for a run of depreciations at the parallel market following the new development in the country’s downstream oil sector, crashed further on Friday, May 13, ending the week at N360 per dollar.
Nevertheless, the currency maintained its value at the official CBN peg, exchanging at N199 to the dollar despite report on Sahara Reporters that the naira now sells for N290 and N360 at CBN.

The naira is expected to remain flat but rather stable this week ahead of the rollout of the foreign exchange policy of the Central Bank of Nigeria.

The Nigerian currency which seemed poised for a run of depreciations at the parallel market following the new development in the country’s downstream oil sector, crashed further on Friday, May 13, ending the week at N360 per dollar.





Nevertheless, the currency maintained its value at the official CBN peg, exchanging at N199 to the dollar despite report on Sahara Reporters that the naira now sells for N290 and N360 at CBN.





fact check today, May 16, shows that the naira has strengthened against the dollar and now sells for N343 to the greenback as against the N360 rate on Friday. This was disclosed by one of our Bureau de change sources.

our BDC source in Katsina said: “The naira now trades at N343 to a $1. There is rush for dollars following government’s decision to throw open permission to import and sell Petrol Motor Spirit (PMS), to any interested Nigerian entity.”

The president of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, also revealed that the pressure on the naira would continue to be strong but the value is expected to be relatively stable as the market awaits the decision of the apex bank.




He said: “There has been calm after the initial announcement which saw the naira drop to N360, which it is at now, and is expected to remain so until the CBN announces their plan.”

Meanwhile, you can check out our bureau de change market here for the most authentic forex rates.

Female NYSC member takes steps to reduce Unemployment and promote Entrepreneurship in Nigeria.

A female corps member  Bamido Idowu  is trying to solve the problem of unemployment in Nigeria and promote small and medium scale enterprises by creating a website www.bamwase.com




Bamwase serves as a market place for jobseekers, businesses, employers and customers.
Job seekers create profile that would be seen by prospective employers and recruiters and businesses create business profile that would be seen by intending customers and other businesses.


While speaking with Bamido Idowu the CEO of Bamwase she said the idea was birthed when she heard entrepreneurs complain about lack of employees and customers for their businesses and also noting how jobseekers in her circle struggle so hard to get jobs.




Bamwase seeks to correct that, as not only are jobs posted daily free of charge by intending employers   from all over Nigeria for job seekers to apply to, there is also the added advantage of getting a part time job or doing freelance jobs like running errands and doing task for a fixed fee determined by the job seeker subsequent to being fully employed.


Businesses can promote their products and services by creating a business profile that can be seen by intending customers and other businesses, contracts and tenders are posted daily by individuals, companies and government agencies for businesses to submit quotations.Bamwase also helps businesses in advertising their goods and services via social media, ad banner, bulk sms ,blog post, email marketing.



“We hope that soon Bamwase would expand outside the shores of Africa and be a known as the one stop shop for Africa’s labor market, where you can get any individual or business to do any kind of job in Africa”

Social media etiquette for Nigerian businessmen

Social media has proven to be an essential tool for numerous businessmen in Nigeria as it is changing the way customers and businesses interact. Some people have even created whole businesses solely over the internet with the help of social media and are very successful.




While most of these businessmen who find themselves in position where they have to network through sites like Facebook, LinkedIn, Twitter and Google+, do not undergo formal training on how to use the social media, they have come to realize that the way they conduct themselves on the platforms plays a key role in how they and their business if perceived.


Unfortunately, most of these businessmen are still unclear as to the best practices as well as the social media etiquette they need to imbibe to survive in the field. In that regard, Jovago.com, Africa’s No.1 online hotel booking service offers 5 social media etiquette rules to help that Nigerian businessmen navigate social media with grace.


Pick an appropriate screen name

The name that you pick for your handle must be something that represents you and your company well. The screen name serves as you identity and it is the first thing that most people who connect with you relate to. Ensure that whatever you chose send a clear message, is succinct and most importantly, relatable.  Try to avoid using nicknames, abbreviations or slangs not even remotely related to your business.  

Ensure you compose and proofread posts, updates or tweets before publishing them

As a businessman, you must understand that your activities on the social media directly reflect on your business. Ensure you check every post for grammar and spelling errors before you post them, also, make sure the information you are sending out is genuine and can be verified. Building trust and authenticity are key when relating with customers or connecting with stakeholder online.

When marketing, use a first name



Yes. You are on the social media for business, and you

want to keep it  all professional, but you need to keep in mind that connecting with people on the social media is very different from booking office appointments or making calls. If your intent is to grab the attention of the customers and actually get them respond back to you, you need to make your connection more personable. Doing your research and using the person’s first name is a good way to start.

Connect with people with whom you have a link

The social media is open and allows most users to connect to anyone who uses the same platform, no matter their class, field or location. As a business man, this may seem like a good opportunity to reach out to as many people as possible, especially people who you may not know, but you feel can take your businesses to greater height or make a good purchase from you.. Please fight the temptation.  Do not approach strangers and ask them to be friends with you just so you can then try to sell them on your products or services. Doing so will ensure that you quickly lose credibility and that is not in any way good for business.

Do not be reactive



If you are determined to have your business succeed on the social media, you need to put a pin on your emotions and find a way to check yourself while communication with others, especially when you are locked in an argument and you see yourself getting sucked in. While it is important to address every issues or complaint relating to your product  or service, be careful the words you use as your words and actions can be saved and dredged up down the line. Also ensure that your responses are rational and constructive so that you do not develop a reputation as a hot head.


Ndem Nkem
Travel/Tech Writer

Meet Bamido Idowu whose company Bamwase is empowering jobseekers and small business owners in Nigeria

Tell us a little about yourself?

I  was born and raised in Port Harcourt, to a business man as a father and my mother is a teacher but also dabbles in business, My parents were blessed with 6 children and i am the third child and 2nd daughter. I am a legal practitioner with a law degree from the University of Abuja,

So how do you combine being a lawyer and a business woman?

Actually it has not been easy there is a popular saying  that “you can’t serve two masters soon one is going to suffer” so right now i am 100 percent dedicated on building the Bamwase brand though i  still have some outstanding legal obligation to clients 



Of all the businesses why did you decide to go into the internet business?

The internet has always been a fascinating place to escape to right from the time i knew the internet existed. The only problem my parents had with me while growing up was The internet problem in a time where the internet was an unknown to most Nigerians, i spent all my time at a cyber cafe which was far from home and i frequently get lost in that world that i lose track of time until the close of day so i kept many late nights which got me into so much trouble at home. So when the time came for me to go into business it was logical it would have something to do with the internet.

What prepared you for the world of business?

When i was 15, I was the president of the Junior Achievement of Nigeria and that prepared me for the challenges of the The business world and ever since then i have been into various business venture. The best teacher in life is experience, so for as long i can remember i have been into various ventures and i have recorded many failures and i grew from those experiences

where do you see your business in the next ten years?

In the next ten years Bamwase should be a household name from all over the world making life easier for people and empowering businesses and professionals  all over the world. 




Don't forget to visit www.Bamwase.com and register

Bamwase:bringing opportunities to your doorsteps

PHOTOS: Ark Global Publication Launch

Ark Global Publication is one of the fastest growing Printing Publication in Lagos Nigeria, registered and it's the most prominent in Yaba College of Technology established few years ago.

Owned by Ogunbanjo Michael Opeyemi  and Adeshina Remilekun Moses.

It was officially lunched on 26th of March 2016.

The company deals with any type of Printing - Offset Printing, Banners, Screen Printing, Vehicle Branding, Graphics Design, Outdoor Advertising, General Prints and much more.

For more info.:
Whatsapp: +2348181785489,       Phone: +2347086676479
E-mail: arkpublications2012@yahoo.com,ogunbanjomike2012@gmail.com
Instagram: arkglobal
Twitter: @arkglobal4

Photos Credit: Adebisi Peters and Nifemi O.

Naira Weakens Slightly Against Dollar At Parallel Market

The naira weakened slightly against the dollar at the parallel market on Friday as it exchanged at N321 to the dollar.
The News Agency of Nigeria (NAN) reports that the Nigerian currency lost N1 to the dollar from N320 rate on Wednesday.
The naira also fell against the pound sterling and the Euro on Friday to N452 and N362, respectively from their previous rates of N450 and N360.
The naira still maintained N197 to the dollar at the official CBN segment of the market.
Traders said that activities in the market were still low due to late implementation of the 2016 budget.
They said that the budget would indicate the direction of the economy in 2016. (NAN)

Sales are On! Turn Up at the Jumia Online Birthday Party

Hurray! Jumia is 4 today and we’re having an online party: we celebrate, you get the gifts!

We have partnered with Verve, MTN & Air France/ KLM to bring you a birthday sale-abration to remember. Be our guest and treat yourself to our discounts of up to 80% Off, unbelievable flash sales on top brands like Samsung + Panasonic, and an exciting website Treasure Hunt sponsored by Air France/ KLM, all in the Jumia Birthday store.

From today, Tuesday, 5th until Thursday, 7th of April, 2016. 8 AM today!

Reports from our Commercial Team indicate that the Infinix Hot 2 sold out in minutes during our first flash sale. Watch out for other incredible flash sales on Samsung TVs, Infinix Hot 2, Tecno Droipad, Panasonic TVs, Asus laptops, loads of fashion items and more every 3 hours starting from 9am to 6pm.

And here comes the icing on the cake – 10 Airline tickets are up for grabs at 50% OFF to any destination that Air France & KLM flies to in the world. Here is how you play: simply look for the voucher, click on BUY NOW, and proceed to checkout. Voila! A confirmation will be sent to you.

This is not a party to miss, and rest assured that all of your favourite brands have RSVP’d ‘YES!’ and are at the party.
As part of our anniversary celebrations, we have also launched the Jumia Play for the Team Games on Social Media! The trick is to hit 5000 likes on Facebook and 1000 retweets on Twitter to force the price of an Infinix Hot Note to crash to ______! .

Hurry now! Download the Jumia app today or subscribe to our newsletter to take advantage of the Jumia birthday flash sales.

Buhari, Oil Workers Meet To Tackle Petrol Scarcity

 



President Muhammadu Buhari has held a meeting with the leaders of the NUPENG and PENGASSAN behind closed doors in the Presidential Villa, Abuja to promote peace and harmony in the oil and gas sector.
Briefing reporters after the meeting on Wednesday, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said the meeting reviewed the oil industry and looked at how to end the petrol scarcity.
He said that the President, who had headed the sector before, shared some of his thoughts and possible solutions to the challenges.


Dr Kachikwu told reporters that the government was looking to see how it could get foreign exchange input to help in cushioning the crisis of petroleum supply.


“The President and I discussed extensively this morning and we talked about how to allocate more crude because His Excellency will rather have less crude, but having individuals in the society not suffer than have more crude and have them continue to suffer.
“We are going to put a new model to enable us increase the pace and actually get measures, as part of the crude that we are entitled to, to apply some of those to bringing in more product so that the role of the NNPC will go back to what it has the capacity to do.
“If we do that, I will expect that over the next two months we should see quite frankly, an elimination of this,” he explained, referring to the petrol scarcity currently being experienced across the oil-rich nation.


“Make Nigerians Smile Again”
He further said that the government’s strategy in tackling the shortfall of supply was to reserve some refined products.
“Whatever is produced in the refinery will not go for sale. We are going to put that into strategic reserve.
“The key problem here is, because there is no reserve, anytime there is a gap in supply it hits us,” he stated.
The President is said to have tasked the workers in the oil sector to be agents of change and to ensure they take change on its head and make it happen.


The National President of Nigeria Union of Petroleum and Natural Gas (NUPENG), Igwe Aghaeze, said they discussed the issue of the petrol scarcity and the Petroleum Industry Bill at the meeting.
“We discussed how the oil sector will bounce back economically and make Nigerians smile again.
“Keenly we talked much more on the issues of the corruption in the oil and gas sector vis-a-vis the product allocations which we (NUPENG and PENGASSAN)  are trying to do together.


He said that the President assured the unions that they would be part of the restructuring that would be made to address the issues and ensure that scarcity is out of Nigeria’s fuel service stations.
On his part, the President of Petroleum and Natural Gas‎ Senior Staff Association of Nigeria (PENGASSAN), Olabode Johnson, also recognised the fact that the President was not new in the sector and expressed optimism that he was capable of introducing the magic wand that would change the ugly situation.


Nigerians will be watching and waiting to see the queues disappear completely in a country said to be one of the biggest oil producers in the world.
It is only then that they will believe that the meeting had a fruitful deliberation.