Connect with us

News

Naira falls to 485/$, BDCs warn speculators of losses

Published

on

 

The Nigerian currency weakened against the United States dollar on Friday at both the parallel market and the investors’ and exporters’ window.

The naira fell to 485 against the greenback at the black market from 484 on Thursday.

It weakened by 0.17 per cent to 412/$1 at the I&E window, according to FMDQ Group.

Last weekend, the Central Bank of Nigeria removed its official exchange rate of N379/$1 from the home page of its website.

The CBN had in August last year devalued the naira to 379/$1 from 360/$1.

Analysts at FBNQuest said the removal of the exchange rate might suggest that the unification of rates reportedly pledged to the International Monetary Fund ahead of the disbursement under the rapid financing instrument in April 2020 had materialised.

They noted that the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, was quoted in March as saying that the rate at the I&E window was the rate applied for the monthly distributions from the Federation Account Allocation Committee.

See also  ECOWAS divided as Burkina Faso, Mali join forces with Niger coup leaders, threaten war

“Since the rate of N379 applied to relatively few transactions, the weightier issue is the rate at which the CBN makes regular sales of fx to set groups of end-users such as the bureaux de change and that at the I&E window,” the analysts said.

Meanwhile, the Association of Bureaux De Change Operators of Nigeria said on Friday that foreign exchange speculators would lose over N100bn in the next one month as the CBN sustained massive funding for BDC operators.

The President, ABCON, Alhaji Aminu Gwadabe, was quoted in a statement as saying the CBN was committed to improving funding for over 5,000 BDCs nationwide in a new move to deepen market liquidity and protect the naira against speculators.

He linked the continued fall of the naira at the parallel market and I&E window to currency speculators hoarding dollars to profit from the currency crisis.

He said the speculators were creating artificial scarcity of the greenback in the market to cause more woes for the local currency.

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Dangote, modular refineries to pay naira for crude

Gwadabe said, “The ABCON and CBN have observed with disdain the speculative behaviour currently beclouding the market with the misinformation that the CBN has adopted I&E window as its official rate.

“The above information is not true because as operators, we still funded our accounts at our normal rates of N393/$ and not the I&E window rates for our operation this Friday.”

The ABCON boss said the CBN remained resolute with its partnership with the association and was looking at various options to induce liquidity in the sector.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

US releases identities of 24 Nigerians arrested for alleged fraud, money laundering

Published

on

By

The United States Department of Homeland Security (DHS) has released the names and photographs of 24 Nigerians arrested by immigration authorities in relation to alleged criminal offences, as the country continues its deportation operations.

According to the DHS, the suspects were arrested in different parts of the United States by Immigration and Customs Enforcement (ICE).

The alleged offences listed against them include wire and mail fraud, money laundering, drug-related crimes, identity theft, assault, forgery and cruelty towards a child.

In a statement announcing the arrests, the DHS said the publication was intended to show non-US citizens with criminal records who had been arrested by immigration enforcement officers.

“The U.S. Department of Homeland Security is highlighting the worst of worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement (ICE),” the statement reads.

“Under DHS leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations – starting with the worst of the worst – including the illegal aliens you see here.”

See also  Migration deal with UK will not dump foreign prisoners in Nigeria – Tunji-Ojo

The list released by DHS identifies the Nigerian nationals, the alleged offences associated with their arrests and the locations where they were apprehended.

The list published by the department identifies the Nigerian nationals, the offences associated with their cases and the locations where they were arrested.

Emmanuel Omowaiye was arrested for mail fraud in  Richmond, Texas.

Laurene Onwuka arrested for fraud and impersonation in Chantilly, Virginia.

Olusegun Shonekan arrested for wire fraud in Newark, New Jersey.

Olusegun Olaseni was arrested for amphetamine sale in Greencastle, Indiana.

Peter Ude was arrested for wire fraud; in Atlanta, Georgia.

Newton Jemide was arrested for wire fraud, conspiracy and mail fraud in  Fort Dix, New Jersey.

Shedrack Umukoro was arrested for money laundering, Yazoo City, Mississippi.

Olasoji Akinbode was arrested for fraud and impersonation in Kearny, New Jersey.

Oluwatosin Afolabi was arrested for fraud, Conroe, Texas.

Alameen Adetunji Tokosi was arrested for drug possession in Chicago, Illinois.

See also  Don’t blame God for Nigeria's problems – Obasanjo

Joshua Ipoade was arrested for wire fraud in Atlanta, Georgia.

Michael Orji was arrested for weapons violation, fraud, identity theft, wire fraud, false citizenship and money laundering in Oxford, Wisconsin.

Ahmadu Apooyin was arrested for drug-related offence in Baltimore, Maryland.

Teslim Kiriji was arrested for money laundering in Yazoo City, Mississippi.

Onomen Uduebor was arrested for identity theft in Seattle, Washington.

Charles Ochi was arrested for money laundering in white Deer, Pennsylvania.

Daniel Eta was arrested for wire fraud in White Deer, Pennsylvania.

Ifeanyi Ibennah was arrested for cruelty towards a child in Tampa, Florida.

Kazeem Runsewe was arrested for wire fraud in Thomson, Illinois.

Fatiu Lawal was arrested for wire fraud in Lompoc, California.

Justin Akubueze was arrested for money laundering in Orem, Utah.

Moyinoluwaseun Okeowo was arrested for larceny, forgery and concealing stolen property in Orlando,
Florida.

Babajide Oluwaseun Faseyi was arrested for assault in Alden, New York.

Bright Eigbedion was arrested for money laundering in Lompoc, California.

See also  Petrol, naira scarcity: Tinubu calls for calm, says opposition plotting to undermine democracy

Continue Reading

News

Ogun 2027: Adebutu faults INEC over exclusion from governorship candidates list, tells supporters to remain calm

Published

on

By


Oladipupo Adebutu, the Peoples Democratic Party (PDP) governorship candidate in Ogun State, has faulted the decision of the Independent National Electoral Commission (INEC) to leave out his name from the list of governorship candidates.

Adebutu, in a statement addressing the development, said he remained a registered member of the PDP and had completed the necessary registration and documentation within the stipulated period.

“I have not at any point left the PDP, and my commitment to our great party remains unwavering,” he said.

According to him, the governorship primary that produced him as the party’s candidate was conducted with INEC officials present as observers, adding that relevant documents were submitted for verification, certification and confirmation.

The PDP candidate said the circumstances surrounding the exclusion raised concerns, particularly as other party candidates contesting for the House of Assembly, House of Representatives and Senate had appeared on INEC’s published lists.

Adebutu said the Ogun State PDP had expressed concern over what it described as undue pressure from the ruling All Progressives Congress (APC) on INEC, adding that the party would pursue the matter through appropriate channels.

See also  JUST IN: CBN plans new measures to stabilise naira, says speculators may incur losses

“We will pursue this matter through the appropriate channels and insist that due process is respected,” he said.

He also alleged that the party had faced attempts to frustrate its campaign, including restrictions on its billboards, attacks at campaign grounds and harassment of members.

According to him, such challenges would not deter the party from participating in the democratic process or seeking the support of voters across the state.

“No amount of intimidation should prevent the people of Ogun State from having a fair opportunity to choose leaders of choice,” Adebutu said.

He urged PDP members, supporters and residents of Ogun State to remain calm while the party takes the necessary steps to address the omission.

“The party has spoken, and the necessary steps are being taken to address this matter. I remain confident that it will be resolved, and I assure you that I will not abandon the struggle to bring the leadership and relief our people deserve,” he said.

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Dangote, modular refineries to pay naira for crude

Adebutu described the party’s ambition as a broader effort to improve the welfare and development of Ogun State, rather than a struggle centred on an individual.

“Our cause is bigger than any individual. It is about the dignity of our people, the progress of our state and the right of Ogun people to determine our own future,” he said.

Reaffirming his commitment to the party’s campaign message, Adebutu said, “OGUN FOR OGUN is more than a slogan. It is a call for leadership rooted in our people, responsive to our needs and committed to our welfare.”

He concluded by urging supporters to remain focused and resolute, declaring: “The journey to a better Ogun continues.”

Continue Reading

News

12 killed, over three hundred injured as terror group attacks Saudi Arabia airport

Published

on

By



Twelve people were killed, while 309 others were injured following a deadly attack on the Riyadh’s international airport in Saudi Arabia by suspected Yemen’s Houthis.

The attack, reportedly the deadliest on Saudi soil in more than a decade, has prompted the Saudi-led coalition to vow on Sunday a decisive response against the group.

The coalition described the attack as a “full-fledged war crime” that a diplomatic source attributed to a missile.

The attack came during an unprecedented wave of Houthi strikes on the kingdom since a truce in the group’s long-running war with Yemen’s Riyadh-backed government unravelled in July.

The spiralling violence has raised the possibility of a wider escalation, with US President Donald Trump signalling Washington could join military action against the fighters.

A passenger told AFP they witnessed a strike in the airport’s domestic terminal.

“I was on gate 403,” the witness said. “I saw 401 hit, I saw injured in front of my eyes. Everyone was running.”

See also  Plane crash-lands in Abuja

According to reports, four Saudi citizens were among those killed in the attack, as well as two Bangladeshis, one US citizen, one Egyptian, one Jordanian, one Syrian, one Palestinian and one Sudanese, the kingdom’s civil aviation authority said in a statement.

It said some of the 309 wounded were in serious condition.

Operations at the airport were suspended following the attack and authorities said damage assessments were ongoing.

The attack prompted health officials to activate a rare mass call-up of doctors to deal with the “serious emergency situation”, a medical source said.

Two doctors said that several pilgrims headed to Mecca were among the wounded.

Schools in Riyadh switched to remote learning for the second time in a month.

Parents in the capital received emails Sunday seen by AFP, citing an order from the education ministry, saying “all schools in Riyadh will switch to distance learning for the entire week”.

“The cowardly terrorist attack by the Terrorist Houthi Militia… which resulted in deaths and injuries among civilian passengers and airport staff, constitutes a full-fledged war crime,” coalition spokesman Major General Turki al-Malki said in a statement on X.

See also  Newspapers Headlines Today: Tinubu urges Nigerians to elect leaders that would make a difference

Earlier, the coalition said it had intercepted missiles targeting Saudi Arabia and destroyed launch platforms.

The Houthis claimed a series of attacks targeting the airport on Thursday that killed three people and damaged a plane, though they did not immediately take responsibility for any new strikes on Saturday.

Saturday’s attack was the deadliest in the kingdom since May 2015, when a suicide bombing by the Islamic State (IS) jihadist group killed 21 worshippers in a Shia mosque in the eastern Qatif governorate.

The civil war in Yemen flared back to life in July after a four-year, UN-brokered truce collapsed, months into a wider Middle East war that has rocked the region and roiled energy supplies and markets.

Saudi Arabia leads an international coalition that has supported Yemen’s government militarily since 2015 and is now being drawn deeper into its impoverished neighbour’s conflict.

Asked on Saturday whether he had changed his mind about joining Saudi strikes on the group, Trump said: “We may.”

See also  Fuel, Naira scarcity protests: One dies, another injured in soldiers shootout in Ibadan

He said he would be speaking with Saudi Crown Prince Mohammed bin Salman, calling what happened in the kingdom “not acceptable”.

US media outlets have reported that previous Saudi requests for US military assistance in dealing with the Houthis have been rebuffed.

Continue Reading

Trending News