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Reactions as Aregbesola's allies attend Adeleke's inauguration .

Presence of the factional chairman of the All Progressives Congress, Rasaq Salinsile, whose group was backed by the Minister of Interior, Rauf Aregbesola, during the struggle for the Osun State leadership of the party, at the inauguration of Senator Ademola Adeleke as governor sparked reactions among members of the opposition party. Although Salinsile was not introduced among the dignitaries that attended the event, but pictures taken at the event showing him sitting with other attendees hit the internet on Monday. Another Aregbesola’s ally that attended the event was former Commissioner for Sports, Biyi Odunlade. Some other members of ‘The Osun Progressives’, a faction in the Osun APC, also attended Adeleke’s inauguration and displayed pictures taken at the event on various social media pages on Monday. Many that commented on the pictures, however, expressed displeasure to the action of the APC members that attended the event. Odunlade during an interview with The PUNCH on Monday conf...
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News NewsNational Live breaking news: AFP claims Medibank hackers are Russian cybercriminals; States record spike in COVID-19 cases; Australia marks Remembrance Day By Joe Attanasio - 1 hour ago The AFP says its intelligence points to Russian cybercriminals being behind the Medibank cyberattack which exposed millions of customers' details. WHAT YOU NEED TO KNOW Welcome to the 9News.com.au live blog for Friday, November 11, 2022. Prime Minister Anthony Albanese has confirmed Australian authorities know who is behind the Medibank cyberattack and what country they are from. Remembrance Day services will take place across Australia to remember those who gave their lives in war and conflict. And overseas US President Joe Biden will meet Chinese leader Xi Jinping face-to-face on Monday. - Prime Minister confirms authorities know who is behind the Medibank cyber hack  - Australia marks Remembrance Day - Joe Biden to meet Xi Jinping amid US-China tensions Friday, November 11 By Joe Attanasio1 hour ago That's where we'll leave our live breaking news blog for today, Friday, November 11. Here are the day's top stories: The AFP has claimed the hackers behind the devastating Medibank cyber attack are Russian cybercriminals. Commissioner Reece Kershaw announced this afternoon the "malicious" hack on the health insurer, which has seen private health information leaked on the dark web, is being carried out by a known organisation in Russia. A world-first trial of a male contraceptive injection, which acts like a "temporary vasectomy", is being undertaken with 25 men in Melbourne. A NSW judge is considering how long Chris Dawson will spend in jail for murdering his wife Lynette in 1982. Australia's eastern states are in for a soggy weekend. And a Victorian woman who lit a deadly fire, killing a young couple and their 19-day-old baby, will spend at least eight years behind bars. Thanks for reading, we'll be back again on Monday to bring you all the latest news updates. Until then, you can stay up to date at 9news.com.au and nine.com.au. AFP in contact with Russian law enforcement about Medibank hackers By Savannah Meacham 2 hours ago AFP Commissioner Reece Kershaw said the agency will be holding talks with Russian law enforcement about the individuals allegedly responsible for the Medibank hack. "It is important to note that Russia benefits from the intelligence sharing and data shared through Interpol and that comes with responsibilities and accountabilities," he said. His message to the criminals was: "We know who you are and the AFP has some significant runs on the scoreboard when it comes to bringing overseas offenders back to Australia to face the justice system". AFP Commissioner Reece Kershaw (Supplied) AFP claims Medibank hackers are Russian cybercriminals By Savannah Meacham 2 hours ago Australian Federal Police Commissioner Reece Kershaw has announced the "unacceptable" cyber attack on Medibank is being carried out by individuals in Russia. "Our intelligence points to a group of loosely affiliated cyber criminals who are likely responsible for past significant breaches in countries across the world," he said. He said the cyber criminals are operating like a business with affiliates and associates supporting them. Kershaw added other individuals involved in the "business" are based in other countries. "We believe we know, which individuals are responsible but I will not be naming them," he said. A police shooting, racist texts and a heartbroken community: The inquest into the death of Kumanjayi Walker By Olivana Lathouris 2 hours ago WARNING: Aboriginal and Torres Strait Islander readers are advised that this article contains an image of a person who has died, which has been used with the permission of his family. For two months, the shooting death of Aboriginal teenager Kumanjayi Walker has been the subject of a coronial inquest in Alice Springs. Inside a small courtroom, in one of the most remote regions of Australia, witnesses have given evidence that has sent shockwaves across the country. Zachary Rolfe has been found not guilty of the murder of Aboriginal teenager Kumanjayi Walker. (9News) READ MORE Sydney car parking space listed for sale for $150,000 By Lucy Slade2 hours ago A single car parking space in an apartment building has been put up for sale for $150,000 in the Sydney suburb of Mosman. The 17-square-metre car space and storage cage was listed by R&W, allowing non-residents of the building to be able to purchase the space. Real Estate agent Robert Simeon told 9News.com.au he had already received plenty of calls and interest in the listing. Car parking space listed for $150,000 in Sydney suburb. (Supplied) READ MORE House fire rages at Woody Point By 9News Staff 3 hours ago 'The best team won': SA Premier By Ollie Hague 3 hours ago Cricket fans flock to Adelaide By 9News Staff 4 hours ago World-first male contraceptive trial underway in Melbourne By Serena Seyfort4 hours ago A world-first trial of a male contraceptive injection, which acts like a 'temporary vasectomy', is being undertaken with 25 men in Melbourne. The ADAM study, which is being run at Epworth Freemasons in East Melbourne, involves hydrogel being injected into men's vas deferens (tubes that carry sperm) to block their sperm from leaving their testes. The hydrogel is expected to dissolve after approximately two years, when the men will then undergo the procedure again. The High Court has determined a sperm donor is a parent because he is involved in the child's life. (Getty Images/Science Photo Libra) READ MORE Australia's buried treasure problem: Cash hoarding is reaching worrying new heights By Chris Kohler 4 hours ago Cash hasn't disappeared from the economy. We just can't find the hiding spots. Right now, per person, there are 18 $100 notes and 38 $50 notes in Australia, according to the Reserve Bank. About $4000 each when you add up the smaller notes and coins. Most people have none, which means some people have a whole lot more than that. And the RBA has no idea where it is. "I don't have my share of these [cash notes] or know many people who do," Governor Philip Lowe said at a dinner in Hobart earlier this month. READ MORE ACCC does not oppose Australia Post's decision to hike letter postage prices By Savannah Meacham 4 hours ago The Australian Competition and Consumer Commission (ACCC) has not objected to Australia Post's proposal to hike the price of sending letters by 9.1 per cent. Australia Post has controversially revealed it wants to hike the basic postage rate on small letters from $1.10 to $1.20. The organisation also wants to increase the price on large letters up to 125 grams by 20 cents and large letters over 25 grams by 30 cents. People walking past an Australia Post retail outlet (Supplied) "We are satisfied that the proposed price increase is unlikely to result in Australia Post recovering more than the cost of providing the letter services," ACCC Commissioner Anna Brakey said. "The combination of declining letter volumes and an increasing number of delivery points around the country has increased the cost of delivering letters." "The ACCC acknowledges the current inflationary environment and cost-of-living pressures faced by Australian consumers, and we have considered the affordability impacts of the proposed price increase on consumers and small businesses." Brakey added the average Aussie sends 15 letters a year, meaning this price hike would cost about $1.50 annually. Three telcos fined $33.5 million over NBN speed claims By Karen Sweeney 4 hours ago Three broadband providers have been fined $33.5 million after failing to ensure some customers could achieve internet speeds they were paying for. Telstra will pay $15 million after action was taken by consumer watchdog, the ACCC in the Federal Court. The penalty was agreed between Telstra and the watchdog, and approved by Justice Mark Moshinsky on Friday. Telstra, TPG and Optus have collectively been fined $33.5 million after failing to tell customers they couldn't achieve the internet speed they were paying for. (Nine) READ MORE Fresh flood warnings for parts of NSW By 9News Staff4 hours ago Entire Spanish village with more than 40 homes on sale for $400,000 By Richard Wood4 hours ago An entire Spanish village comprising more than 40 homes, a church, school and other community facilities is on sale for just €260,000 ($401,000). Salto de Castro, in north-western Spain, is about a three-hour drive from the capital Madrid and has been uninhabited for 30 years. But it offers 44 homes, a hotel, a municipal swimming pool, a church, a school, and even a police barracks building, to entice prospective buyers, the BBC reports. The Spanish village of Salto de Castro is on sale for just over $400,000. (Photo: Idealista) (Supplied) READ THE FULL STORY. Large hailstones and heavy rainfall may lead to flash flooding in Melbourne By 9News Staff4 hours ago Victoria's opposition leader promises more breast cancer nurses ahead of state election By 9News Staff4 hours ago Vic on alert for dangerous hail, storms By 9News Staff 5 hours ago Prime Minister Anthony Albanese confirms authorities know who is behind the Medibank cyber hack By Savannah Meacham 5 hours ago Prime Minister Anthony Albanese has confirmed Australian authorities know who is behind the Medibank cyberattack and what country they are from. Albanese said he has authorised the Australian Federal Police commissioner to disclose where the attack came from and who is behind it. "We know where they're coming from, we know who is responsible, and we say that they should be held to account," Albanese said. READ MORE Police appeal to locate missing Queensland girl By 9News Staff 5 hours ago Melbourne woman jailed for 13 years for killing young family in house fire By Emily Woods5 hours ago A Victorian woman who lit a deadly fire, killing a young couple and their 19-day-old baby, will spend at least eight years behind bars. Jenny Hayes, 48, faced the Supreme Court in Melbourne on Friday, where she learned her fate after pleading guilty to three counts of arson causing death over the December 2020 fire. Abbey Forrest, 19, her partner Inderpal Sohal, 28, and their baby daughter Ivy died from carbon monoxide poisoning in the blaze, which Hayes lit in retribution after a man wronged her. Jenny Hayes is accused of killing a family of three in their Point Cook home. (Supplied) READ MORE Large parts of Queensland to be struck by thunderstorms By 9News Staff 5 hours ago The Suburban Rail Loop: Will it be built and do Victorians want it to be? By Serena Seyfort 5 hours ago Some say a new 90-kilometre trainline will be a "game-changer" for Victoria, but investment in the hugely expensive and long-term project feels like "a kick in the guts" for others. Construction work on the Suburban Rail Loop (SRL) is three months in to what will be a decades-long stint. But whether the project will continue on track - or at all - is hinged on the outcome of the Victorian election on November 26. Ahead of the election, 9news.com.au has taken a look at the situation surrounding the SRL, and what Victorians and a transport expert think about the project. READ MORE NSW COVID-19 numbers wrap; cases, hospitalisations rise By 9News Staff 6 hours ago Sydney woman killed after 'tragic accident' on the way to work By Savannah Meacham 6 hours ago A woman is dead after being knocked over by her colleague's car on the way to work in Sydney's west. Lilia Dizon, 69, was outside her home in Hebersham around 5am this morning when her colleague arrived to pick her up. When Dizon went to get into the passenger side of the car, police believe the vehicle accidentally rolled back and knocked the 69-year-old onto the road where she hit her head and died. Lilia Dizon was killed after being struck by her colleague's car in Hebersham, Sydney. (9News) READ MORE Blaze remains out of control at Pimpama By 9News Staff6 hours ago Adorable therapy pony visits Bellinger hospital By 9News Staff 6 hours ago WWI link between Karl and Alex ancestors revealed By Tom Livingstone 6 hours ago Karl Stefanovic and Alex Cullen have learned an incredible connection their great-grandfathers may have shared during one of Australia's greatest wartime battles. Alex knew his ancestor Henry Hosken Morshead had studied religion and was a minister when he signed up to serve as a chaplain in World War I in 1916. But ancestry.com.au DNA expert Brad Argent revealed something heartbreaking the Today newsreader never knew before about his great-grandfather. (Today/Supplied) READ MORE Dead alligator found swallowed whole inside massive python in US By 9News Staff 6 hours ago Scientists in the US got a stinky surprise when they opened up a massive python to discover its last meal. The Burmese python appeared to have something in its stomach but the researchers were hard put to guess what. So, while filming, they decided to open the big snake up. Scientists in Florida were shocked to find a mostly intact alligator inside a massive Burmese python. (CNN/Rosie Moore) READ MORE Texas woman who killed pregnant woman and cut out unborn child sentenced to death By CNN6 hours ago A Texas woman convicted of killing a pregnant woman and then taking her unborn baby, who also died, has been sentenced to death in the US. A Bowie County jury last month found Taylor Rene Parker guilty of capital murder in the deaths of Reagan Michelle Simmons and her baby, after about an hour of deliberations, the district attorney's office previously said. The same jury was then tasked with choosing her sentence, with the alternative to death being life in prison without parole. Online court records show the jury handed down the death sentence Wednesday. CNN has reached out to Parker's attorney for comment. This undated booking photo provided by the Bi-State Detention Center in Texarkana, Texas, shows Taylor Rene Parker. Parker, accused of killing a woman to steal her unborn baby to present as her own, went on trial for capital murder, Monday, Sept. 12, 2022. (Bi-State Detention Center via AP) (AP) READ MORE Vegetation fire burns at Pimpama, Queensland By 9News Staff 6 hours ago KFC Germany apologises for advertising a Kristallnacht promotion By CNN7 hours ago KFC Germany has apologised for an "unacceptable" message sent to customers on Wednesday, which appeared to tie a sales promotion to the annual commemoration of Kristallnacht. KFC app users in the country received a message encouraging them to mark the day with crispy chicken and cheese from KFC, according to Twitter users who shared screengrabs of the message in German. The initial message was apparently followed by another, saying the first was an error. Kristallnacht, often translated as "Night of Broken Glass," refers to a series of violent raids by the Nazi regime on Jewish businesses, homes and synagogues in 1938. KFC apologised for the message (dpa/picture alliance via Getty I) READ MORE Remembrance Day service takes place in Sydney By 9News Staff 7 hours ago Remembrance Day service takes place in Sydney. NSW Premier Dominic Perrottet (9News) Remembrance Day service takes place in Sydney (9News) Remembrance Day service takes place in Sydney (9News) 'Enigma of the deep': Rare beaked whale washes ashore at Lennox Head By Joe Attanasio 7 hours ago Wildlife teams have been left stunned by an incredibly rare 700 kilogram find at a northern New South Wales beach earlier in the week. Crews from NPWS Marine Wildlife said they were in "the right place at the right time" when they stumbled upon the carcass of a beaked whale at Lennox Head on Tuesday. The "enigmas of the deep" are hardly ever seen alive and spend most of their life "way out in the open ocean", feeding in deep water around ocean canyons and mounts. 'Enigma of the deep': Rare beaked whale washes ashore at Lennox Head (NSW National Parks ) READ MORE Nine to remain home of tennis in Australia until at least 2029 under new deal By Brett Graham7 hours ago Nine will remain the home of tennis in Australia for at least another seven years after striking a new deal with Tennis Australia. The five-year extension is on top of the two years remaining on the existing deal, meaning Nine's relationship with TA will run through until at least 2029. In an announcement to the ASX, Nine boss Mike Sneesby said the deal covers exclusive rights to the Australian Open, the lead-up tournaments around the country, as well as the Davis Cup and Billie Jean King Cup. "We are pleased to announce the extension of the partnership between Nine and Tennis Australia," he said. "Tennis attracts both a broad and very passionate following, and is a perfect fit with Nine's schedule, audiences and advertisers." The deal is worth approximately $85 million per year over the term of the contract. Nine and Stan Sport is also the home of the other three major championships, Roland Garros, Wimbledon and the US Open. FULL STORY HERE Russia and Ukraine each likely suffered 100,000 troops killed or wounded, US general says By CNN7 hours ago Russia has suffered more than 100,000 killed and wounded soldiers as a result of the war in Ukraine, the top US general said overnight — and Ukraine is probably looking at similar numbers. US Joint Chiefs Chair General Mark Milley, speaking at an event at The Economic Club of New York, called Russia's invasion of Ukraine a "tremendous strategic mistake" for which the country would pay "for years and years and years to come." Chairman of the Joint Chiefs of Staff Gen. Mark Milley speaks during a Senate Armed Services Committee hearing on the conclusion of military operations in Afghanistan and plans for future counterterrorism operations, Tuesday, Sept. 28, 2021, on Capitol Hill in Washington. (AP Photo/Patrick Semansky, Pool) (AP) The war, which began in February, has caused a tremendous amount of human suffering, Milley said, including between 15 million and 30 million refugees and about 40,000 Ukrainian civilians killed. Milley said there may be a chance to negotiate an end to the conflict if and when the front lines stabilise during winter. But if negotiations never materialised or failed, Milley said the US would continue to arm Ukraine, even as outright military victory for either side looks increasingly unlikely. Spikes in virus cases for NSW and Victoria By 9News Staff8 hours ago New South Wales and Victoria have published their latest coronavirus figures, with both states recording a spike in cases over the past seven days. NSW reported 19,800 new cases of COVID-19 for the seven days until Thursday, November 10. That's a jump from 12,450 cases the week before. Victoria recorded 16,636 new cases for the same period - up from 10,226 cases. The latest case numbers for NSW and Victoria came after Queenslanders were urged by the state government to wear masks in crowded settings after a spike in cases. The state's fourth COVID-19 wave is expected to peak before Christmas. Soggy weekend ahead with rain band stretching from NSW to Tasmania By Adam Vidler8 hours ago Australia's eastern states are in for a soggy weekend with a rain band measuring almost 2000km stretching from outback New South Wales to Tasmania. Warmer sea temperatures off the northern and eastern coast are prompting higher rates of evaporation, meaning more moisture-heavy air is building over Australia, Weatherzone reported this week. Yesterday saw a band of rain and storms fall from Bourke to southern Tasmania, the weather service said, and there's more to come in the coming days. A 2000km rain band spreading from NSW to Tasmania. (Weatherzone) Signficantly, some of the forecast rain to come over the weekend is set to fall in already-flooded areas. The NSW SES said today it was preparing for a busy weekend. "Localised heavy falls with thunderstorms about the southwest slopes are possible over the weekend. There is a potential of flash flooding and renewed river rises." NSW currently has 92 warnings from the SES in place, including 11 at emergency level. Southern NSW and northern Victoria are forecast to receive the heaviest falls this weekend. FULL STORY HERE Nine secures tennis rights agreement By 9News Staff8 hours ago Victoria reports 16,636 new COVID-19 cases, 41 deaths for past week By 9News Staff8 hours ago NSW records 19,800 new COVID-19 cases for past seven days By 9News Staff9 hours ago Remembrance Day services in capital cities By 9News Staff9 hours ago Remembrance Day services around Australia on November 11, 2022. (Nine) Melbourne motorists warned of delays after Monash Freeway collision By 9News Staff10 hours ago NSW home buyers can now opt to pay land tax under new law By Richard Wood10 hours ago From this weekend, New South Wales first home buyers will have the option to opt out of paying stamp duty after new property laws were passed by state parliament overnight. Under the legislation, buyers can choose between paying a land tax rather than costly stamp duty. The new property tax scheme will cost the government more than $720 million over the next four years. It will not be fully up and running until January 16, but any first home owners who buy property this weekend will be able to apply for a refund on their stamp duty before moving to the annual tax. Property tax reform has been long championed by NSW Premier Dominic Perrottet who said the new law would be a "game changer" for first home buyers, helping families get on the property ladder. FULL STORY HERE Spike in 'rapid rain bursts' over Sydney By 9News Staff10 hours ago New research has revealed short-duration extreme rainfall bursts have increased over Sydney in the past 20 years. The study, published in the journal Science, said sub-hourly rainfall increased by more than 20 per cent per decade in the Sydney region during the previous two decades. Rapid rain bursts are very heavy rainfalls lasting less than an hour – often just 10 minutes. There is heavy rain at Mosman on Sydney's North Shore. (Photo: Nick Moir) (Nick Moir) They can be a part of a larger storm or form independently. Rapid rain bursts can cause a huge amount of water to build up rapidly over a small region. This leaves almost no time for water to sink into the ground or be carried away by rivers and urban channels such as gutters and stormwater drains. The result can be flash flooding in urban or mountainous areas, experts say. Another 241 Medibank customers have sensitive health data exposed By Trevor Long, 9News Staff11 hours ago In the early hours of this morning the person or group claiming to be the Medibank hackers released more information from the breach onto the dark web along with a claim that they are in fact "true" to their word. It is the third release in three days from the hackers, this time revealing the private health records of 241 Australian on an online ransomware forum. The data file in this instance targets a particular medical diagnosis related to alcohol, and the victims are from all across Australia. A computer and phone display pages from Medibank Private in Sydney, Tuesday, Nov. 8, 2022. Health insurer Medibank on Monday ruled out paying ransom for stolen customer data while a purported hacker responded on Tuesday by setting a 24-hour deadline for the release that data including personal medical histories. (AP Photo/Rick Rycroft) (AP) It follows the release the night before of highly sensitive information regarding customers' facing the termination of non-viable pregnancies. Medibank has continued to follow expert and government advice, which has been to not pay the ransom. Today's release of data takes the total number of personal healthcare details released to 741, out of the estimated 480,000 Medibank say have been accessed by the hackers. FULL STORY HERE Australia marks Remembrance Day By 9News Staff11 hours ago Today is Remembrance Day, when Australia commemorates members of its armed forces who have died in wars, conflicts and peacekeeping operations. The sacred day marks the end of fighting in World War I on the Western Front on at 11am on November 11, 1918. Today's Remembrance Day National Ceremony at the Australian War Memorial will be broadcast live on television, as well as being live-streamed on the memorial's Facebook page. The Sydney Opera House has been decorated with the symbolic red rose for Remembrance Day. (Nine) Commemorative services are being held at memorials, schools and community centres today. As part of the commemorations, the Sydney Opera House has been lit with the symbolic red poppies. Stay with us for Remembrance Day coverage throughout today. FULL STORY HERE Joe Biden and Xi Jinping to meet face-to-face amid high tensions By CNN11 hours ago US President Joe Biden will meet Chinese leader Xi Jinping face-to-face on Monday, their first in-person encounter since Biden took office and one that will offer a clarifying opportunity for the world's most important bilateral relationship. "The leaders will discuss efforts to maintain and deepen lines of communication between the United States and the PRC, responsibly manage competition, and work together where our interests align, especially on transnational challenges that affect the international community," White House press secretary Karine Jean-Pierre said in a statement. Joe Biden and Xi Jinping will meet on Monday, November 14, 2022, on the sidelines of the Group of 20 Summit in Bali, Indonesia. (AP) "The two leaders will also discuss a range of regional and global issues." Up for discussion will be a sharing of each leaders' respective views of the US-China relationship, which has deteriorated in recent months after Beijing reacted with fury at House Speaker Nancy Pelosi's visit to self-governing Taiwan. Australian Prime Minister Anthony Albanese has also expressed interest in meeting with Xi at G20, although nothing has been announced. FULL STORY HERE Good morning By Richard Wood11 hours ago Australia is today marking Remembrance Day to commemorate those who have died and served in military service. Services will be held around the nation this morning. Early today the person or group claiming to be the Medibank hackers released more information from the breach onto the dark web. And overseas, it has been announced US President Joe Biden will meet Chinese leader Xi Jinping face-to-face on Monday, their first in-person encounter since Biden took office. Stay with us throughout today for all the breaking news, including live press conferences. 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Home News Sports Metro Plus Investigations Videos Politics Business HealthWise Editorial Columns Podcast Forex crisis: Traders lose as naira rebounds to 720/dollar 11th November 2022 Oyetunji Abioye  and Sami Olatunji Kindly share this story: The naira has rebounded by 20.8 per cent to 720/dollar at the parallel market, findings by The PUNCH have shown. The development came two weeks after the local currency came under severe pressure at the black market, following the announcement by the Federal Government to redesign the naira. The naira which fell consistently throughout last week against the United States dollar tumbled to an all-time low of 910/dollar last weekend. However, the currency began a rebound against the greenback on Monday, after a week-long clampdown on foreign exchange dealers in Abuja, Lagos, Kano and other major cities by the personnel of the Economic and Financial Crimes Commission. EFCC officials had arrested over 90 Bureau De Change operators across major cities in the country over allegations of currency hoarding and aiding politically exposed Nigerians and other criminal elements in money laundering. The naira which was bought and sold on the streets of Lagos and Abuja between 735/dollar and 745/dollar about two weeks ago began a free fall shortly after the decision of the Federal Government to redesign the local currency. On Monday, however, the naira rebounded and was bought and sold between 850/dollar and 860/dollar. The national currency gained significantly and steadily on Tuesday and Wednesday and closed at 720/dollar on Thursday. Financial analysts and forex dealers who spoke to our correspondents attributed the development to market sentiment and the activities of the EFCC personnel. The clampdown on forex dealers was said to have forced several BDCs into hiding, a move that reportedly made many politically exposed persons and currency speculators hold back in their demand for the greenback. There had been a huge demand for the dollar at the parallel market in Lagos, Abuja and other cities. Speaking with our correspondents on Thursday, a BDC operator at the Murtala Muhammed Airport, Lagos, Mustafa Abdullahi, noted that he bought the local currency for 715/dollar and sold it for 720/dollar. He said several BDCs had gone into hiding following the EFCC clampdown, adding that the demand for the greenback had dropped significantly. “Many of our people have lost hundreds of millions of naira due to the fall. Many of them bought the dollar when it was over N800. Now the US  currency has started falling and they are losing several millions. I personally lost millions of naira.” Seriki Muhammed, another BDC operator at the Lagos airport, said he also bought the greenback for 717/dollar and sold it for 721/dollar on Tuesday. Muhammed told our correspondent that some BDCs were licking their wounds because some had bought over $500,000 at about 820/dollar in anticipation of further loss in naira value. “We are in a big trouble unless the dollar rises again. Many of our people bought so much dollar, hoping it would gain further,” he told one of our correspondents. A currency dealer in Allen Avenue, Ikeja, Lagos, simply identified as Gambo Bello, said he was buying and selling the US currency for N715 and N720. Related News Naira may depreciate to 475 against dollar, says Rewane Abubakar Hamid,  a BDC operator in Abuja, told one of our correspondents that he bought the US dollar for N716 and sold it for N719. Also, Zakari Mohammed, a BDC operator in Lagos Island, told our correspondent he was buying and selling at N718/dollar and N722/dollar. However, the President, Association of BDC Operators of Nigeria, Aminu Gwadabe, said market sentiment and the news of the naira redesign drove the market in the past two weeks. He said the rebound of the naira had made many currency speculators lose millions of naira.  According to him, many forex dealers did not know the naira would rebound too soon. He said, “I can say the surveillance by the EFCC and other factors affected the market.  However, I can say that some global factors also affected the market aside from the local issues in Nigeria. Don’t forget that countries like Saudi Arabia, Russia and China are taking some steps that are currently affecting the dominance of the dollar. “But locally, I can say certain sentiments made the naira rebound and these have led many speculators to lose millions of naira. Many took a position at N800/dollar and now they are worried the currency is now N720/dollar. This was why there was some resistance in the market today with many BDCs not willing to sell their dollar at a lower amount. People who kept the greenback are now bringing it out because of certain market sentiments.” The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, noted that there had been a decline in the rush for dollars after the announcement of the naira re-designed. According to him, this decline might have led to the rebound of the naira. He said, “It is a very volatile situation. The immediate reaction to that pronouncement triggered some rush to convert to dollars. That round of reaction is already beginning to die down. That’s a possible factor. Once that initial rush has subsided, it is possible that the pressure on the dollar reduced.” He also noted that the recent rumour about some expiring dollar bills might have contributed to the rebound of the naira. However, Yusuf noted that there were still a lot of uncertainties and the situation was still volatile. He also said that the recent arrest of some BDC operators likely did not add to the rebound. Yusuf further noted that there was a possibility that a number of speculators were cautious and aware of the volatile situation, which might have prevented them from any losses. He, however, said that sometimes one loses and sometimes one wins when speculating. A development economist, Dr Aliyu Ilias, noted that the naira might likely still decline, especially with the coming election. He also said that the economy had yet to be stable and the rebound might not last for long. Kindly share this story: All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Contact: theeditor@punchng.com JOIN THE CONVERSATION BREAKING NEWS: Nigerians can now play the US Powerball $1,000,000,000 Jackpot, The Draw is tonight! Click to Play Top News Buhari’s ‘no house in UK’ comment angers netizens February 19, 2022 Obi investment in Anambra next to nothing – Soludo Farmers kick as CBN halts Anchor Borrowers Programme’s funding Lagos, P’Harcourt likely to witness ‘weather catastrophe’ – FG News Sports Metro Plus Politics Featured Latest News Business Business & Economy Opinion Entertainment Auto Famous Auto Punch Barka Da Sallah Barrier Breakers Breaking News Brexit Columns Corona Anti-corruption Biafra Boko Haram Case Review Court News Court Trivia Campus Champion Celebrity City round Interview Panorama Opinion Special Features Spice Technology Famous Parent Education Cartoon Columns Diaspora Advertise with us Subscribe Subscribe punchng.com © 1971- 2022 Punch Nigeria Limited About us Advertise with us Contact11th November 2022

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Bella and Sheggz are at it again on BBN

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  BBNaija housemates cum couple Bella and Sheggz are at each other’s throats again, following a misunderstanding they had last night after he lifted up carelessly. Mr and Mrs Ikoyi as they are fondly called has always fought over disrespect from one party to the other, with constant threats from Sheggz to leave the relationship. Last night, Sheggz lifted Bella up in front t of the rest of the housemates, without the knowledge she had no underwear on. Sheggz insists he had no idea that was the case, although he was absolutely careful in lifting her up, knowing she had a short dress on. Bella did not seem to be having it, and that’s how it all started. #Aishscarf#
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