NEWS

Naira Crashes In Value, Dollar Sells For N420

Published

7 years ago

March 13, 2020

The naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market on Thursday, Punch has reported. According to the President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general.

He said this caused speculations in the market which were not necessary. Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.

While noting that the dollar sold for as high as N400, he said sanity was gradually returning to the sector as it sold for N375 by the close of the day. According to him, the CBN had maintained stability at N360 in more than three years. He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions.

The ABCON president disclosed that the CBN wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over N5m for various offences. Another BDC operator who spoke with our correspondent said, “When we woke up on Monday, the exchange was still about N360, but all of a sudden, because of the fall in crude oil price, people were panicky.“Today, we still sold for up to N420 but the price was fluctuating.”

The CBN also expressed its displeasure on the issue in a statement, saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the CBN was on the verge of devaluing the Naira, and triggering panic in the FX Market.“These rumours are false, unwarr

The naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market on Thursday, Punch has reported.

According to the President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general. He said this caused speculations in the market which were not necessary. Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.

“The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.” While noting that the dollar sold for as high as N400, he said sanity was gradually returning to the sector as it sold for N375 by the close of the day. According to him, the CBN had maintained stability at N360 in more than three years.

He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions. The ABCON president disclosed that the CBN wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over N5m for various offences. Another BDC operator who spoke with our correspondent said,

“When we woke up on Monday, the exchange was still about N360, but all of a sudden, because of the fall in crude oil price, people were panicky.“Today, we still sold for up to N420 but the price was fluctuating.” The CBN also expressed its displeasure on the issue in a statement, saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the CBN was on the verge of devaluing the Naira, and triggering panic in the FX Market.

“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends,” it stated. It added, “We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.”

anted and calculated to serve their dubious and selfish ends,” it stated.

It added, “We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.”

Entertainment

G Sound Studio Presents Lagos Next Star Music Festival & Talent Hunt 2026

Published

6 days ago

October 12, 2026

Baba Blow

The Nigerian entertainment scene is set for another exciting celebration of music and emerging talent as G Sound Studio presents the Lagos Next Star Music Festival & Talent Hunt 2026, an event designed to discover, showcase, and support the next generation of music stars.

With its focus on discovering talent and providing practical creative opportunities, the Lagos Next Star Music Festival & Talent Hunt 2026 invites aspiring musicians to step forward and showcase what they can offer.

For artists seeking a platform to perform, build connections, and pursue greater recognition, the event could be an opportunity to put their talent in the spotlight.

Interested participants and attendees should contact the organizers directly to confirm registration requirements, prize conditions, and other event details ahead of the festival.

Organized under the theme “Where Talent Meets the Spotlight,” the festival aims to provide aspiring musicians with an opportunity to showcase their abilities, connect with the entertainment community, and take a step toward greater visibility in the Nigerian music industry.

One of the major highlights of the Lagos Next Star Music Festival & Talent Hunt is its talent competition, which offers opportunities for participants to compete for first, second, and third-place prizes.

According to the event promotional materials, winners can look forward to valuable career-support opportunities, including free studio sessions, free music production, free music promotion, and a free video shoot.

These opportunities could help upcoming artists improve their sound, strengthen their musical identity, and gain exposure as they work toward building sustainable music careers.

The event also encourages aspiring performers to take advantage of the platform to demonstrate their creativity, stage presence, originality, and musical potential.

Registration Details and Participationd 👇

Interested talents are invited to register for the competition. The advertised registration fee is ₦10,000.

Prospective participants are encouraged to contact the organizers through the official social media handles or the WhatsApp contact provided on the event flyer to obtain the registration form and confirm the participation requirements.

Registration and enquiries:

Instagram: @dmartin_opchial
Instagram: @gsoundoftheyearstudio
WhatsApp: +234 902 195 7914
Email: Dmartinprobeat@gmail.com

Beyond the talent hunt, the festival is expected to bring together music lovers, performers, creatives, and entertainment enthusiasts for an evening of live performances and networking.

The event flyer lists several performing artists, including Ovuemax, Mohyen, Sanny Gee, Kushflow 15, Diago, Evron Diver, Milli Moree, Pehgy, Sherico, Egbebomo, Younglucki, and Dmartinpro.

The red carpet is scheduled to begin at 6:00 PM, while the main show is scheduled for 8:00 PM.

With a combination of emerging performers, a competitive talent showcase, and music industry opportunities, the festival is positioning itself as a platform for aspiring artists looking to take their next step.

Event Details At A Glance 👇

Event: Lagos Next Star Music Festival & Talent Hunt 2026
Presented by: G Sound Studio
Date: Saturday, November 28, 2026
Red carpet: 6:00 PM
Main show: 8:00 PM
Venue: De City Lounge, 108 Badore Road, opposite Regal Star School, Badore, Ajah, Lagos
Registration fee: ₦10,000, as advertised
Talent hunt prizes: First, second and third-place prizes, with additional creative opportunities advertised for winners

Stay connected to Blow Naija Media for more entertainment news, music updates, artist features, and events from across Nigeria.

Entertainment

Emersonnoni Unveils Bold Promo Shots as He Prepares Next Musical Chapter

Published

3 weeks ago

September 30, 2026

Baba Blow

Rising Nigerian Afro-Pop artist Emmanuel Oghenekevwe, widely known as Emerson and now requesting to be addressed as Emersonnoni, has released a fresh set of promotional photographs ahead of his next musical project.

The visuals mark a confident step forward for the Ughelli South, Delta State native, who has been steadily building momentum since the February 2026 release of his single Ask Of Emerson (featuring Snazzygrin).

That track, produced by Gluck Beatz and written by Oghene Kevwe Emmanuel, showcased his blend of Afro-Pop energy, storytelling, and contemporary Nigerian sound.
With the new promo images, Emersonnoni appears to be setting the tone for a more defined personal brand.

Entertainment

MAIDEN MOEISHA CREATIVE EXPERIENCE HOLDS THIS FRIDAY

Published

3 weeks ago

September 25, 2026

Baba Blow

MAIDEN MOEISHA CREATIVE EXPERIENCE HOLDS THIS FRIDAY

Utibe Utuk

All is set to host a gathering of artists,innovators,creative entrepreneurs,young talents,students and industry professionals as the MOEISHA Creative Experience 2026 takes center stage.

The event, which brings together diverse voices and ideas around art,technology,culture and the future of the creative economy is scheduled for Friday,September 25th from 4pm,toprovide a platform for participants to connect,share ideas,showcase their creativity and explore emerging opportunities at the intersection of art,innovation and technology at Ibom LED Centre.

A major feature of the gathering will be the official launch of The Moeisha Foundation,an initiative focused on empowering young women and fresh school leavers with creative skills and opportunities in digital entrepreneurship.

The foundation is expected to provide opportunities for young people to develop practical skills,discover their creative potential and explore sustainable pathways within the growing digital economy.

Beyond the celebration of creative expression,the MOEISHA Creative Experience is designed to promote networking,collaboration and knowledge sharing among participants from different areas of the creative industry.

The event will take place at Ibom LED,Ibom E-Library,Ibb Way,Uyo,Akwa Ibom State,with free entry for participants. Artists,students,young entrepreneurs,industry professionals and lovers of culture are expected to attend the gathering.

Some of the speakers and panelists to grace the event are Mandu Akpekong (Public Speaker), Sukmama Akpanusong (Tech Entrepreneur),Utonne Ekefre (CEO Latonne Signature) and Emmanuel Udosen (CEO Coddatech Nigeria Ltd), with performances by Udo Mariam, Psc Ben, Ferric Wondaz, Carlos Umoh and Evelyn Praiz to spice up the evening.

The convener,Mekmfonabasi Essien,an artist,creative visionary and curator,said in a chat with this reporter penultimate week that the event was conceived as an avenue to bring people together and create opportunities for meaningful connections within the creative space.

According to her,for a creative community like Uyo,which continues to explore new ways of turning talent and ideas into opportunities,the MOEISHA Creative Experience 2026 provides an avenue for participants to connect,create and discover new possibilities.

She called on young people in Akwa Ibom and neighbouring cities to take advantage of the gathering,describing it as a networking hub capable of opening doors for greater collaboration and creative partnerships.