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Bird statue goes for $100,000 as Elon Musk auctions Twitter Hqtr items

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Twitter bird statue fetched $100,000 on Wednesday as the billionaire owner Elon Musk auctioned off furniture, decorations, kitchen equipment and more from the company’s headquarters in San Francisco, the United States.

An online auction of “surplus corporate office assets of Twitter” that lasted slightly more than 24 hours also featured a 10-foot neon light in the shape of Twitter’s bird logo.

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It brought in a winning bid of $40,000, Heritage Global Partners auction service confirmed, according to NDTV.

Among the 631 items were espresso machines, ergonomically correct desks, televisions, bicycle- powered charging stations, pizza ovens and a decorative planter shaped like an “@” sign.

In December, Musk said that severe cost cuts at Twitter had restored the company’s terrible finances as he set out to find a new CEO for his troubled social media platform.

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The billionaire told a live chat forum at the time that without the changes, including firing over half of Twitter’s employees, the company would have suffered $3 billion annually.

Musk said he had been “cutting costs like crazy” at the platform he bought for $44 billion.

Just weeks into his acquisition of the microblogging site firm, Musk sacked about half of its 7,500-strong workforce, generating concern that the company was inadequately staffed to carry out content moderation and spooking governments and advertisers.

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He said his strategy was to massively reduce costs while building up revenue, and that a new subscription service called Twitter Blue, which grants users a sought-after blue tick for a fee, would help reach that goal.

NDTV also reported that the service costs $11 a month in the US and is available on Apple’s iOS and Google’s Android mobile operating systems, according to a page on the company’s website.

Web subscriptions are also available for $8 per month or, at a discount, $84 per year.

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Twitter Blue is currently available in the US, Canada, the United Kingdom, New Zealand, Australia and Japan.

Musk-led Twitter has been divided by chaos, with mass layoffs, the return of banned accounts and the suspension of journalists critical of the South African-born billionaire.

The Tesla CEO’s takeover of Twitter also recorded a surge in racist or hateful tweets, drawing scrutiny from regulators and chasing away big advertisers, Twitter’s main source of revenue.

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External reserves fell by $64m in January

lawmaker, CBN
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External reserves fell by $63.62m in January, figures obtained from the Central Bank of Nigeria have revealed.

The CBN revealed in its data on movement of foreign reserves that the external reserves which ended December 30, 2022 at $37.08bn fell to $37.01bn at the end of January 30, 2023.

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Nigeria’s external reserves fell by $3.43bn in 2022 after dropping from $40.52bn as of the end of December 31, 2021.

Cordros Securities stated in its January report on ‘MPC to favour smaller rate hikes in the short term’ noted that local currency weakness remained intact.

It stated that, “Foreign investors remain on the sidelines given the lack of FX reforms, higher global interest rates and weak macroeconomic narrative.

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“In addition, CBN’s FX supply to the different FX market segments remains significantly below pre-pandemic levels. Meanwhile, the demand for the greenback remains high as market players continue to source for FX to fulfil and clear their outstanding obligations.

Consequently, since the last policy meeting, the local currency depreciated by 3.4 per cent to N461.25/$ at the official market as of 18 January 2023.

“However, given that the FX reserves remain within the CBN’s comfort level, we expect the Committee to highlight the need for the apex bank to maintain its periodic FX interventions and intensify its call to the fiscal authorities to amplify their efforts in ensuring higher crude oil production over the short-to-medium term.

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“Accordingly, the Committee will likely reiterate that the CBN should address the pressures on the local currency by boosting the FX supply for productive activities.”

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Naira under serious pressure, Fitch Ratings warns

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Global credit rating firm, Fitch Ratings has warned that Nigeria’s currency, the Naira is under serious pressure

Fitch in a report said this may further raise the possibility of a material devaluation following the presidential election in February 2023.

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The exchange rate between the naira and the US dollar traded for an average of N745/$1 on Wednesday, 1st February 2023, representing a 0.80 percent appreciation when compared to N751/$1 recorded in the previous trading session.

Similarly, the exchange rate at the cryptocurrency P2P exchange appreciated on Wednesday, 1st February 2023 to a minimum of N745.5/$1, from N752/$1 recorded on Tuesday’s trading session.

Meanwhile, the exchange rate at the investors and exporters (I&E) window closed at N461.5/$1, the same rate as recorded in the previous trading session.

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Fitch Ratings in a report, explained that the inability to reliably source United States (US) dollars on the official FX market has itself contributed to lower foreign portfolio investor (FPI) inflows, which will continue to put further pressure on US dollar availability.

Nigeria’s already-high structural inflation has been aggravated by global commodity price spikes, supply constraints and a weak naira, according to a Fitch Ratings note.

Nigeria’s headline inflation rate printed at 21.34 per cent in December 2022 after a 13 basis points slowdown from the previous month, causing inflation to reach a 17-year high.

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Analysts noted that Nigeria’s falling external reserves levels have contributed to US dollar shortages in the official FX market, as evidenced by the rapid depreciation of the Nigeria naira in the parallel market to NGN738/USD on 31 December.

Since then, the exchange rate at the open market has worsened to N750 per United States dollar in the open market where it is freely traded to users, while it traded at N462 at Investors, Exporters FX Window.

According to Fitch, the parallel market rate is therefore trading at a large discount to the official exchange rate, raising the possibility of a devaluation following the change in administration that will follow the presidential election in February 2023.

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Monetary policymakers, particularly in emerging markets, are challenged with marked pressure on their respective local currencies due to rising global interest rates and risk-off sentiments. Global investors rank the FX convergence of the naira in 2023 as a major policy shift that could incentivize investment flows.

Fitch expects US dollar scarcity to continue weighing on economic activity in 2023, compounding the effect of high inflation and rising interest rates on borrowers’ repayment capacity, while negatively affecting banks’ trade finance business and FC liquidity.

According to market participants, the CBN has accumulated a backlog of foreign currency demand from importers, estimated at about USD3 billion.

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In addition, the International Monetary Fund, IMF, hinted that there is an additional USD1.7 billion outstanding to foreign portfolio investors (FPIs), bringing the total backlog to almost USD5 billion.

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NNPC Takes Over Addax Petroleum Assets

NNPC
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The Nigerian National Petroleum Company (NNPC) Limited has taken over the assets of Addax Petroleum Development (Nigeria) Limited.

This is coming three months after the execution of the Addax Transfer, Settlement, and Exit Agreement (ATSEA) for the PSC Oil blocks, OMLs 123/124 & 126/137, operated by the company.

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NNPC Chief Corporate Communications Officer, Garba Deen Muhammad, in a statement on Tuesday, all closing obligations have been concluded and the Assets have been transferred to the Concessionaire, NNPC Limited.

“Consequently, NNPC has taken necessary steps to take over the assets and oversee a clean, amicable, and speedy exit for Addax Petroleum Ltd., operate the asset on interim basis as a first step and subsequently appoint a competent replacement PSC contractor while NNPC Limited continues to remain the Concessionaire of the assets in line with extant laws and regulations,” the statement partly read.

“Exit negotiations and formalities have been concluded and NNPC Ltd. in collaboration with the Office of the Attorney General of the Federation, NUPRC, NMDPRA, FIRS, EFCC, and the FCCPC have agreed on the clean and amicable exit for Addax by resolving all the PSC contractual issues, including litigations that culminated in the execution of a Transfer, Settlement, and Exit Agreement (TSEA) on the 1st of November 2022.”

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NNPC Ltd also announced the appointment of the Transition Team lead, Sagiru Jajere. NNPC Ltd said the much-needed investments will be deployed to the Assets while prudently conducting petroleum activities and creating value.

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