News
Dollar falls as yuan leads charge in risk-on trades
The dollar fell against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency.

China’s yuan rose to a four-month high against the greenback, extending recent gains as investors of all stripes increase positions in Chinese stocks due to growing signs of a recovery in the world’s second-largest economy.
Lingering worries about the spread of the coronavirus could keep some currency pairs in a tight range, but the dollar’s losses are gradually increasing as sentiment favours riskier bets on long-term economic growth.
“Rising stocks and a dip in Treasury yields are slight negatives for the dollar, but the market can’t move too far because we still have to worry about the virus,’’ said Minori Uchida, Head of Global Market Research at MUFG Bank.
“A lot of major U.S. economic data have been positive, so this will be less of a trading factor going forward.
“People are looking for cues from stocks, yields and hedging costs.’’
Against the euro, the dollar fell 0.3 per cent to $1.1365, reaching a one-month low.
The euro could get a further boost later in the day as Germany is scheduled to release export data.
Economists expect shipments from the euro zone’s largest economy to rebound sharply in May from a large decline in the previous month.
The greenback also fell to a three-week low against the pound at $1.2637.
Sterling edged up to 89.97 pence per euro EURGBP=D3.
The dollar fell to a four-month low of 0.9365 Swiss francs on Thursday.
The dollar was little changed at 107.27 yen.
Chinese shares continued their recent rally and surged to a five-year high during the Asian session.
Futures pointed to further gains in European equities, highlighting the enthusiasm for risk-on trades.
Investors are also looking to U.S. weekly jobless claims later on Thursday, but the dollar looks set to remain on the back foot until then.
The onshore yuan burst past the closely watched level of seven to reach an almost four-month high of 6.9820 per dollar.
China’s currency has been a star performer as investors shrug off diplomatic tension between Washington and Beijing to focus on China’s improving economy and its attractive technology sector.
The yuan has risen around 2.7 per cent from a seven-month trough against the dollar set on May 27.
While some investors are reluctant to take big positions before the traditional summer holiday season amid uncertainty around the coronavirus pandemic, analysts said sentiment favours more U.S. dollar declines.
This is as investors try to look past a recent spike in coronavirus cases in some countries.
Elsewhere in currencies, the Australian dollar (AUD=D3) rose to a one-month high at $0.695.
Highlighting the greenback’s woes, the New Zealand dollar (NZD=D3) rose to $0.6590, the highest since late January. (Reuters/NAN)
News
Dangote Refinery, national asset every Nigerian must defend — BAVCCA President declares
President of the Bloggers and Vloggers, Content Creators Association in Nigeria (BAVCCA), Ikechukwu Chukwunyere, has charged Nigerians on the need to protect Dangote Refinery, describing it as a “national asset that every citizen must protect, nurture, and defend against any form of sabotage or doubt.”
Chukwunyere made this declaration on Wednesday at BAVCCA’s National Secretariat in Abuja, following a visit by a 15-man delegation of the association to Dangote Industries in Lagos.
Adding that the visit to the Dangote Refinery was more than a familiarization tour but “a pilgrimage to witness firsthand the embodiment of Nigerian ingenuity, resilience, and vision.”
According to him, the team’s interaction with Dangote Industries’ Vice President, Mr. Edwin Devakumar, provided deep insight into the sacrifices and determination behind what he described as one of Nigeria’s greatest industrial achievements.
While recalling Devakumar’s powerful testimony about believing in Alhaji Aliko Dangote’s vision for the refinery, even when many investors doubted its feasibility.
“Despite the doubts from potential backers, Mr. Devakumar provided crucial support, backing Alhaji Dangote’s dream every step of the way,”
Chukwunyere said. “Alhaji Dangote himself made extraordinary sacrifices, selling most of his assets to fund the project amid those investor doubts.”
He said the refinery, valued at over $20 billion, was “a testament to this unyielding faith” and a model of how personal commitment can turn vision into reality.
Quoting Devakumar, he said Aliko Dangote’s motivation was rooted not only in business ambition but in a “deep prioritization of Nigerians’ well-being.”
“This passion fuels his endeavors, placing the welfare of our people at the heart of every decision,” he added.
The BAVCCA President noted that despite setbacks such as the closure of the Arewa Textile Industry in Kaduna, Dangote “persevered, keeping his vision alive against all odds.”
He described the refinery as the largest in the world, with the capacity to refine 650,000 barrels of crude oil per day, set to expand to 1.4 million barrels daily. The project, he said, has created over 65,000 jobs, saved billions in foreign exchange, and generated an estimated $55 billion in annual revenue potential.
Chukwunyere also highlighted the achievements of the Dangote Fertilizer Plant, which he said has “an impressive production capacity of 3 million metric tonnes per annum of urea,” positioning Nigeria as a key player in global agriculture.
During the visit, Chukwunyere said he personally expressed appreciation to the Dangote Group on behalf of BAVCCA and recounted the association’s efforts in defending the refinery against social media misinformation.
“We amplified the truth, countered misinformation, and rallied public support to ensure this vital project was not undermined,” he stated.
In response, he said, the Dangote Vice President “expressed his pleasure with the bloggers’ efforts and commended the good work being done by our community.”
The BAVCCA leader also announced that the association’s forthcoming national conference, scheduled for October 31 in Abuja, would highlight “the achievements of the Dangote Refinery, showcase the visionary behind it—Alhaji Dangote—and celebrate the transformative role of such initiatives in Nigeria’s development.”
He emphasized that content creators have a patriotic role to play in defending national investments.
“Dangote Industries is not just about refining petroleum; it’s about refining our nation’s future—creating jobs, boosting our economy, and reducing dependency on imports,” he said. “Every Nigerian—bloggers, vloggers, content creators, citizens—must rise to protect Dangote Industries.”
Chukwunyere reaffirmed BAVCCA’s commitment to “lead this charge, using our platforms to educate, inspire, and unite,” while calling on Nigerians to honor the sacrifices of Alhaji Dangote and the faith of leaders like Devakumar.
“Join us at our conference on 31st October, and let’s build a Nigeria where national assets like Dangote Industries thrive unhindered,” Chukwunyere concluded.
News
Hon. Munira Applauds Governor Uba Sani for Signing Bill Establishing New College in Lere
By: Fabian Apechihin
In a major educational breakthrough for Kaduna State, Governor Uba Sani has signed into law a bill establishing the Kaduna State College of Agricultural Technology and Environmental Sciences in Lere Local Government Area.
The landmark bill was sponsored by Hon. Munira Suleiman Tanimu, the member representing Lere East Constituency in the Kaduna State House of Assembly. The new institution aims to equip young people with modern skills in agriculture, technology, and environmental management — key areas for the state’s sustainable development.
Expressing her delight, Hon. Munira said:
“I am overjoyed to announce that Governor Uba Sani has signed my bill into law. This college in Lere will empower our youth with practical knowledge in agriculture and environmental protection. It will open doors to innovation and help our communities thrive.”
She noted that the college will serve as a hub for research and practical training, boosting agricultural productivity and addressing pressing environmental challenges in the region.
“Agriculture remains the backbone of Kaduna’s economy, and this institution will help modernize the sector while creating new opportunities for our young people,” she added.
Hon. Munira also reaffirmed her commitment to effective representation and progressive legislation:
“We will continue to champion laws that make real, positive impacts in people’s lives. The future is bright, and together, we will build a better, stronger Kaduna State.”
She extended her appreciation to Governor Uba Sani for his visionary leadership and unwavering support for education and rural development.
Residents of Lere and across Kaduna have welcomed the development with excitement, describing the new college as a beacon of hope for the youth and a catalyst for growth in the state’s agricultural and environmental sectors.
With the creation of this new college, Kaduna State takes another bold step toward improving education, empowering its citizens, and building a greener, more prosperous future.
News
Soludo’s Alleged Threat to Jail Catholic Clergy After Re-election Sparks Controversy in Anambra
By Fabian Apechihin
A report claiming that Anambra State Governor, Prof. Charles Chukwuma Soludo, plans to jail Catholic bishops, priests, and other clergymen after his re-election has stirred heated debate across the state.
However, Rev. Fr. Raphael Onyekwelu, PhD, Chaplain to the Governor, has dismissed the report as “baseless, ridiculous, and malicious,” describing it as the work of desperate political opponents trying to pit Soludo against the Church.
In a statement issued on Sunday, Fr. Onyekwelu said:
“Our attention has been drawn to a fabricated, malicious, and unsigned piece currently circulating on Facebook and other social media platforms, falsely alleging that His Excellency, Prof. Charles Chukwuma Soludo, CFR, intends to ‘take on the hierarchy of the Church, especially the Catholic Church,’ after winning the forthcoming November 8, 2025 governorship election.”
He said while such falsehoods would normally be ignored, the campaign season had created fertile ground for misinformation and propaganda.
“This is an election period, and desperate politicians are churning out fake news to deceive the public and cause division. It is laughable that they first admit Soludo is likely to win, and then try to manufacture lies to undermine his relationship with his Church — the Catholic Church,” he stated.
Fr. Onyekwelu noted that the alleged statement did not specify any wrongdoing by the Church to warrant such “imaginary arrests,” calling the entire report “a pitiable fabrication.”
He reaffirmed that Governor Soludo, a devout Catholic, holds the Church in the highest regard and recognizes its crucial role in promoting moral values, education, healthcare, and community development.
“Governor Soludo is a proud and practicing Catholic who cherishes the Church’s partnership in governance and social transformation, in line with Catholic Social Teaching. He deeply appreciates the clergy and their contributions to the moral and socio-economic progress of Anambra State,” he added.
Fr. Onyekwelu emphasized that the governor remains committed to working closely with all religious bodies to advance peace, development, and good governance in the state.
“Under Soludo’s leadership, Anambra continues to experience transparent, people-centered governance anchored on faith, service, and shared values. As the governor often says, ‘Government, Church, and People — together we shall continue to build a peaceful, prosperous, livable, and God-fearing Anambra State,’” he concluded.
-
Uncategorized5 years agoFG, states urged to harness flooding for ranching, others with technology – Agbaje
-
Headlines10 years agoBreaking: EFCC seals Borno House of Assembly, as Hon members take to their heels
-
News11 years agoNigeria Security Operatives Stage Manhunt For Homosexual Perpetrator
-
News9 years agoHow 21-year-old Girl fled community over accusation of lesbianism
-
News10 years agoYobe Gov Moves Against Deputy
-
Opinion6 years ago7 signs she has friend zoned you
-
Technology4 years ago
Online job placement company headhunts women
-
Headlines9 years agoBorno Dep Gov Abducts Another Church Leader
