<p><img width="515" height="359" src="https://www.naijanews.com/wp-content/uploads/2019/10/Mr.-Bismarck-Rewane.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Many Businesses May Collapse Over Energy, FX Crisis – Rewane" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2019/10/Mr.-Bismarck-Rewane.jpg 515w, https://www.naijanews.com/wp-content/uploads/2019/10/Mr.-Bismarck-Rewane-300x209.jpg 300w" sizes="(max-width: 515px) 100vw, 515px" /></p>
<h2>Renowned economist, <a href="https://www.naijanews.com/topic/bismarck-rewane/">Bismarck Rewane,</a> has dismissed claims suggesting that Nigeria's currency is cursed, instead explaining that the naira is merely undergoing a transition.</h2>
<p>Speaking on Channels Television’s Politics Today, the Managing Director of Financial Derivatives Company Limited addressed concerns amid widespread discussions about the naira's devaluation and the Central Bank of Nigeria's recent clarification that there are no plans to convert domiciliary account holdings worth $30 billion into naira.</p>
<p>Rewane acknowledged the challenges facing the Nigerian economy but emphasized that the situation with the naira does not have a one-size-fits-all solution.</p>
<p>He said, <em>“No, I don’t think the naira is jinxed. It is just a currency in transition. And you can see that in 2016, it was N499 per dollar. As of this afternoon (Monday), it was N1,468. It had dropped to N1,531 per dollar sometime last week and started finding its way back.</em></p>
<p><em>“So, we have tough days ahead. But the point is that you have to look at it in the context of the currency in transition to weigh its fair value.</em></p>
<p><em>“Some of the problems are structural, some are transit. So we have to understand it in that context. But you know that the fundamental problem with the naira is that any country that has high inflation and cost of living crisis will always have a weak currency.</em></p>
<p><em>“To address that, you have to look at it from a broad perspective. It is not one silver bullet that can solve all problems.”</em></p>
<p>Rewane added that,<em> “For instance, in 2004, it was $1.70 that will give you one pound. Today, it is about $1.27 that gives one pound. We have three types of systems.</em></p>
<p><em>“We have the fixed, floating and management exchange rates. In the world, 38 per cent of the currencies are called flexible exchange rates. Another 35 per cent is what you call the floating rate.”</em></p>
<p>The post <a href="https://www.naijanews.com/2024/02/06/naira-in-transition-not-jinxed-rewane/">Naira In Transition, Not Jinxed – Rewane</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
Renowned economist, Bismarck Rewane, has dismissed claims suggesting that Nigeria’s currency is cursed, instead explaining that the naira is merely undergoing a transition.
Speaking on Channels Television’s Politics Today, the Managing Director of Financial Derivatives Company Limited addressed concerns amid widespread discussions about the naira’s devaluation and the Central Bank of Nigeria’s recent clarification that there are no plans to convert domiciliary account holdings worth $30 billion into naira. Rewane acknowledged the challenges facing the Nigerian economy but emphasized that the situation with the naira does not have a one-size-fits-all solution. He said, “No, I don’t think the naira is jinxed. It is just a currency in transition. And you can see that in 2016, it was N499 per dollar. As of this afternoon (Monday), it was N1,468. It had dropped to N1,531 per dollar sometime last week and started finding its way back.“So, we have tough days ahead. But the point is that you have to look at it in the context of the currency in transition to weigh its fair value.“Some of the problems are structural, some are transit. So we have to understand it in that context. But you know that the fundamental problem with the naira is that any country that has high inflation and cost of living crisis will always have a weak currency.“To address that, you have to look at it from a broad perspective. It is not one silver bullet that can solve all problems.” Rewane added that, “For instance, in 2004, it was $1.70 that will give you one pound. Today, it is about $1.27 that gives one pound. We have three types of systems.“We have the fixed, floating and management exchange rates. In the world, 38 per cent of the currencies are called flexible exchange rates. Another 35 per cent is what you call the floating rate.”
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<p>The Labour Party governorship candidate in Lagos State, Gbadebo Rhodes-Vivour (GRV), has described the emergence of the second-term win of the state governor, Babajide Sanwo-Olu as illegitimate. Rhodes-Vivour submitted that it was what he describes as “Agberocracy” that produced the governor for his second term re-election. The Labour Party flag bearer in Lagos State took […]</p>
<p>This article was originally published on <a rel="nofollow" href="https://www.naijanews.com">Naija News</a></p>
<p><img width="615" height="400" src="https://www.naijanews.com/wp-content/uploads/2024/03/Dani-Alves-1.jpg.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2024/03/Dani-Alves-1.jpg.webp 615w, https://www.naijanews.com/wp-content/uploads/2024/03/Dani-Alves-1.jpg-300x195.webp 300w" sizes="(max-width: 615px) 100vw, 615px" /></p>
<h2>Barcelona court granted bail to ex-Brazil defender Dani Alves on Wednesday, following the payment of a €1 million fee.</h2>
<p>After being found guilty of sexual assault in February, Alves was given a four-and-a-half-year prison sentence, having already served more than a year of his term.</p>
<p>Following the appeal filed by his lawyer, Ines Guardiola, and a hearing on Tuesday, the 40-year-old has been released until a final resolution is reached on the appeal.</p>
<p>The requirement for Alves is to hand in his Spanish and Brazilian passports and to remain within Spain, agreeing to weekly court check-ins.</p>
<p>Additionally, he is required to comply with a restraining order that prohibits him from approaching within 1,000 meters of his victim, her residence, workplace, or any other location she frequents.</p>
<p>The ruling issued on Wednesday grants a three-day appeal period to the defense, the victim's legal counsel, and the prosecution.</p>
<p><strong>Naija News</strong> had earlier reported that the Brazilian star was <a href="https://www.naijanews.com/2024/02/22/breaking-ex-barcelona-star-dani-alves-sentenced-to-four-years-in-jail/">sentenced</a> on February 22, following a conviction for raping a young woman at a Barcelona nightclub in December 2022.</p>
<p>The case against Alves was built on the testimony of the victim, who recounted her experience from behind a screen to maintain her anonymity.</p>
<p>She described a violent encounter in which Alves forcibly had sexual relations with her in the nightclub’s private bathroom, despite her pleas for him to stop.</p>
<p>This testimony painted a vivid picture of the victim’s “<em>anguish and terror</em>” during the incident.</p>
<p>The defence’s argument suggested that the victim had shown interest in Alves while they were dancing at the nightclub, insinuating a mutual “<em>sexual tension</em>.”</p>
<p>However, the court’s 61-page decision firmly stated that such an interpretation did not imply consent for any subsequent actions.</p>
<p>The post <a href="https://www.naijanews.com/2024/03/20/rape-conviction-dani-alves-granted-bail-of-e1-million/">Rape Conviction: Dani Alves Granted Bail Of €1 Million</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
