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

Published

3 years ago

May 22, 2021

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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.

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“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.

READ Naira falls to lowest level in over four years

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.

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: FG requires $10bn yearly, to revive power sector – Minister

Published

2 hours ago

April 30, 2024

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1. Minister of Power, Adebayo Adelabu, has said $10 billion is needed yearly for the next ten years to revive the nation’s power sector and nip in the bud the challenges bedeviling it. The minister said this when he appeared before the Senate Committee on Power for investigative hearing over the recent electricity tariff hike by the Nigerian Electricity Regulatory Commission, NERC.

2. Former Super Eagles winger, Finidi George, has been named senior men’s national team’s new head coach by the Nigeria Football Federation, NFF. The 52-year-old former Real Betis and Ajax Amsterdam attacker was given the reins after the NFF Board approved the suggestion of its Technical and Development Committee, according to a statement released on Monday, April 29.

3. Justice Emeka Nwite of the Federal High Court in Abuja has issued an interim order empowering the Economic and Financial Crimes Commission, EFCC, to freeze about 1,146 bank accounts belonging to individuals and companies. The EFCC claimed it was investigating the affected accounts over allegations of unauthorised dealing in foreign exchange, money laundering and terrorism financing.

READ Naira falls low, exchanges for 580 to the dollar

4. The Joint Admissions and Matriculation Board, JAMB, has released the 2024 Unified Tertiary Matriculation Examination, UTME, results. The examination, which began on Friday, April 19, ended today, Monday, April 29.

5. Some supporters of the All Progressives Congress, APC, stormed the Secretariat of the ruling party in Abuja on Monday to register their displeasure with those allegedly plotting anarchy in the party. The protesters alleged that some external forces were behind the recent purported suspension of the National Chairman of the party, Abdullahi Ganduje.

6. A High Court in Kano State, on Monday, fixed May 16, 2024, for ruling on whether the court will allow service through substituted means to respondents in the case between the Kano State government and former governor, Abdullahi Ganduje and eight others. Ganduje, his wife, Hafsat and son, Umar and five others are defendants in the suit.

7. National Chairman of the ruling All Progressives Congress, APC, Dr Abdullahi Umar Ganduje, has described the New Nigeria Peoples Party, NNPP, as a party of failed politicians. Speaking while addressing a coalition of support groups who were at the APC national secretariat on a solidarity visit, he alleged that NNPP leaders were sponsoring protest as part of efforts to remove him as APC helmsman.

READ FULL LIST: NJC recommends 11 justices for elevation to supreme court

8. A Competition and Consumer Protection Tribunal, CCPT, sitting in Abuja, on Monday, restrained MultiChoice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on May 1.

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Tribunal stops MultiChoice from increasing DStv, Gotv subscription rates

Published

9 hours ago

April 29, 2024

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A competition and consumer protection tribunal (CCPT) in Abuja has stopped Multi-Choice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on May 1.

A three-member tribunal led by Saratu Shafii gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel to Festus Onifade, the applicant.

The tribunal, in the ruling, restrained Multi-Choice from going ahead with the impending price increase pending the hearing and determination of the motion on notice filed before it.

“The 1st defendant is hereby restrained from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the motion on notice,” Shafii ruled.

Shafii also directed all parties in the suit to appear before the tribunal at 10 a.m. on May 7 for the hearing and determination of the motion on notice.

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Onifade, a legal practitioner, filed the suit marked CCPT/OP/2/2024, against Multi-Choice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC) on Monday.

On April 24, Multichoice Nigeria announced an increase in the cost of subscriptions for its DStv and GOtv packages.

The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.

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How to check 2024 JAMB UTME results

Published

10 hours ago

April 29, 2024

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The Joint Admissions and Matriculation Board (JAMB) has released modalities for the checking of the 2024 Unified Tertiary Matriculation Examination (UTME) results via SMS.

For candidates who took part in the 2024 UTME organised by JAMB, the examination body said the results of the exercise can be checked following some simple steps.

“Candidates are advised to use the phone numbers they used to register to text UTMERESULT to 55019/66019. There is no need to approach any CBT centre or cybercafé to check results,” JAMB said.

“The following are the responses to be expected hence, a candidate with a result will receive the message: ‘Dear ‘Candidate X’, your result is as follows (and the details will be provided).’”