The naira appreciated to 1,339.33/$ at the close of trading on the official window on Monday, gaining 9.68 per cent over Friday’s 1,482.81/$.

According to FMDQ data, which houses the Nigerian Autonomous Foreign Exchange Market, the daily turnover dropped to $180.80m from $556.25m on Friday, indicating a 67.50 per cent decline.

At the official market, the naira traded at an intraday high of N1,501 and an intraday low of N1,310 to the dollar on Monday.

At the black market, the naira traded at N1,520, indicating a 1.32 per cent depreciation from N1,500 exchanged on Friday.

The local currency on Friday closed flat against the dollar, ending the week marginally strong at the official foreign exchange market after weeks of weakening, a situation that the Central Bank of Nigeria Governor, Olayemi Cardoso, termed seasonal fluctuation.

He said this at the post-Monetary Policy Committee meeting press briefing last Tuesday in Abuja.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply freely functioning market system,” Cardoso said.

Meanwhile, the demand for foreign exchange by individuals and companies seeking to do importation and other forex-related activities fell 42 per cent year-on-year, the latest data from the CBN has shown.

An analysis of the total sectoral utilisation of foreign exchange revealed that 19 sectors and services received $21.12bn forex allocation in 2023.

The figure was, however, a 41.9 per cent or $8.87bn reduction from the $29.98bn disbursed to the industry players in 2022, according to the quarterly statistics report by the CBN.

Forex allocation refers to the process through which the CBN distributes foreign exchange to various sectors of the economy, including individuals, businesses, and government agencies, based on certain criteria and priorities.

In June 2023, the CBN adopted a floating exchange rate system for the naira, unifying all forex market segments, consequently leading to a notable depreciation of the domestic currency against the US dollar and other global currencies.

The Nigerian Electricity Regulatory Commission (NERC) says international electricity consumers owe $51.26 million for electricity exported in 2023.

NERC made this known in its quarterly report released recently.

Under international treaty, Nigeria sells electricity to neighbouring countries like Benin Republic, Togo, and Niger.

According to NERC, special and cross-border customers include Mainstream-NIGELEC and Odukpani-CEET (from Togo), while Paras-SBEE and Transcorp-SBEE from (the Republic of Benin).

Another category under the international market is the bilateral customers.

NERC said bilateral power consumers did not remit N7.61 billion to Nigeria in 2023.

Bilateral customers are customers that purchase electricity directly from generating companies (GenCos) without a middleman (e.g., bulk trader).

There are currently 16 bilateral customers.

BREAKDOWN OF ELECTRICITY DEBT

In the first quarter of (Q1) 2023, international customers failed to remit $16.11 million while bilateral consumers failed to remit N827 million.

“None of the under-listed international customers made any payment against the cumulative $16.11 million invoice issued to them in 2023/Q1: Paras-SBEE ($3.46 million), Transcorp-SBEE ($3.85 million), Mainstream-NIGELEC ($5.48 million) and Odukpani-CEET ($3.32 million),” the commission said.

“Out of N842.38 million invoice issued by MO to all the eight bilateral  customers in the NESI (Nigeria Electricity Supply Industry), only North South/Star Pipe made a remittance of N15.38 million against its invoice of N24.69 million.”

In the second quarter of the review period, the unsettled remittances dropped to $11.97 million and bilateral customers’ debt stood at N2 billion.

“In 2023/Q2, out of the four international customers serviced by market operators (MO), only Transcorp-SBEE made a payment of $1.43 million against an invoice of $2.13 million issued for services rendered in 2023/Q2,” NERC said.

“The three other international customers did not make any payment against the $11.97 million invoice issued to them by the MO for services rendered in 2023/Q2.

“Cumulatively, bilateral customers made a total payment of N816.66m against the cumulative invoice of N2.845 billion issued to them by the MO for services rendered in 2023/Q2.”

Also, in Q3, international customers failed to remit $11.16 million. 

No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties.

This is an addition to the long list of ongoing disengagements in the apex bank.

This adds to the list of 117 staff sacked by the bank between March 15 and April 11, 2024.

The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff.

Impeccable sources who are staff of the bank confirmed the sack on Friday, saying that those sacked are not less than 200.

They revealed that affected persons include older directors who were not affected by the last round of retrenchment.

One of the sources simply stated, “It is true and confirmed.”

The staff member who could not disclose further details for fear of victimisation added that the move has caused apprehension among staff of every cadre as the management has not specified any criteria for the decisions.

Another source confirmed the information, indicating that additional dismissals are expected in the months ahead, spread out across staggered phases.

The official said, “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sack is coming in staggered phases and that is why we can’t confirm the number yet. But it is not less than 200.

“The sacked persons include directors, and other cadres but the ones that are easily known are the directors. Some of the batch of old directors that were not affected during the last round of sacks are now affected.”

The sack letter obtained by our correspondent and issued by the Human Resources Department on May 24, 2024, said the policy was to reorganise the organisation for effective operations.

The letter, lacking a signature read, “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational and human capital restructuring process.

“As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, 24th May 2024.

“Your final entitlements will be calculated and paid to you in due course. Thank you”

In February, at least 1,500 members of staff of the apex bank of Nigeria were redeployed from the headquarters located at Central Area to its Lagos office.

At the time, the CBN said the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

It added that it was also in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.

A memo issued to staff read, “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimise the operational environment of the Bank.

“This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office space”.