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Nigeria’s forex market posts dollar trades at near record low

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Nigeria’s interbank forex market traded $540,000 in early deals at 375 naira per dollar, near a record low exchange rate hit last November, Thomson Reuters data showed on Monday.

The local currency traded at a record low of 375.50 to the dollar last November on the official interbank market before it reversed losses.The interbank market traded a total of $3.77 million at multiple exchange rates on Monday, the data showed. It was quoted at 305.25 per dollar at 09:51 GMT.

Traders said banks were selling dollars bought from international money transfer agents to retail customers at 375. In February the central bank effectively devalued the naira for private individuals, offering to sell them the currency at around half the premium charged at the black market, in a bid to narrow the spread on the unofficial market.

The currency was quoted at 465 on the black market, 1.5 percent down from Friday’s close, as pressure was starting to pile up in that market segment despite a series of central bank intervention on the official market to boost liquidity.

On Monday, the central bank asked lenders to set up tellers for retail customers to buy and sell dollars in order to ensure access to hard currency. The regulator also asked banks to process demand for retail forex users within 48 hours.

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Davido kicks as producer Napji calls him out over unpaid royalties

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Davido, the Nigerian singer, has reacted to a claim by Napji, the music producer, that he has yet to complete his payment for “royalties and publishing”.

In an X post on Tuesday, the producer claimed the singer has yet to pay him fully for producing three songs off his 2020 album ‘A Better Time’.

Napji, who claimed to have produced ‘Fem’, ‘Jowo’, and ‘Sunlight’, added that he would release more details soon.

“I am Napji, producer behind Fem, Jowo and sunlight on @davido album (A better time) which was released 13th November 2020,” he wrote.

“I was paid an advance of 500 thousand naira for each of the songs. I will be releasing more information as I seek to collect my royalties & publishing.”

In his reaction, Davido, who neither denied nor confirmed the claim, hurled insults at Napji.

The Afrobeats star had faced similar accusations in the past.

In August 2023, Alabi Adetutu, the Nigerian model, accused Davido of owing her for her role in ‘Wonder Woman’ visuals.

In 2022, Dammy Krane, the singer, also called out Davido to pay him for his contribution to the hit song ‘Pere’.

Krane said despite co-writing the 2017 hit song — which featured Rae Sremmurd and rapper Young Thug — “Davido is yet to pay my outstanding fee”.

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Tyla praises Tems for opening door of global recognition for female artistes in Africa

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Tyla, the South African singer, says Tems, the Nigerian songstress, paved the way for global recognition of female African artistes.

The music stars recently joined forces on ‘No.1’, a song off Tyla’s self titled album.

In a recent interview on Kiss Fresh FM, Tyla described Tems as an “amazing” singer who opened doors for African female artistes globally.

She also expressed gratitude for the opportunity to collaborate with her.

“Amazing. Tems is so talented. She is literally a force. I am so honoured to have worked with her. She has opened so many doors for us,” she said.

“We made such a beautiful song with such a beautiful message. It is a song for the girls and it is made by the girls.”

In 2023, Tyla revealed Tems inspires her as an African artiste.

In response, Tems graciously accepted the accolades, and expressed confidence that Tyla is similarly empowering young South African girls through her music.

“Man, it is an honour, I am very very, 100% sure that she’s inspiring many many many many South African babe, many girls around the world as well”, she said.

Both artistes have continued to enjoy fame globally for their talents.

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Music producer Dr Roy calls out Mercy Chinwo over unpaid debt (Video)

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A Nigerian music producer identified as Dr Roy in a video breaks into tears as he narrates his ordeal while working with gospel singer Mercy Chinwo.

The middle-aged Nigerian music producer tearfully calls out gospel singer Mercy Chinwo over unpaid debt.

Dr Roy made this call out while featuring as a guest on the audio-visual podcast “The Honest Bunch: hosted by media personality Nedu and co-podcasters.

According to Dr Roy, he used to work with gospel singer Mercy Chiwno till 5 am then wake up by 7 am everyday in a back to back manner.

Speaking further, Dr Roy asserts that he produced, Excess Love, Omekannaya, Regular, Receive it and more for Mercy Chinwo and she never paid him.

Dr Roy further breaks into tears while on the podcast as he stressed that he was working hard while with Mercy Chinwo thinking he would make millions to feed his family but she left her with nothing but unpaid debt.

He noted that there was a time he informed Mercy Chinwo that his father had a stroke and she should assist him but she responded by saying “Make I no worry, he would be fine.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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