Naira will fall from N570/$1 to N400/$1 at black market if… – CBN ex-deputy gov, Moghalu - Newstrends
Connect with us

News

Naira will fall from N570/$1 to N400/$1 at black market if… – CBN ex-deputy gov, Moghalu

Published

on

Naira-dollar

A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, says the value of the naira will fall from N570/$1 to N400/$1 at the parallel market if there is a massive rush of dollars into the Nigerian market through export earnings.

Moghalu made this known in a PUNCH Live Interview on Thursday.

He said, “The reason we have the prices we have is that the official rate is perceived by the market not to be the real rate; that’s the fundamental reason why you have a huge gap of N410 at the official rate – Investors and Exporters’ Window – and then N570 in the black market. That is unbelievable.

“Normally, you will have a gap between the official rate and the parallel market but in our time, we made sure that that gap was not a lot – it wasn’t more than N10, N15, max N20.

“What is happening now shows that there is a very fundamental crisis in the Nigerian economy. And unfortunately, the economy does not respond to political commands, the economy does not respond to political statements, the economy does not respond to military orders; the market responds to its own dynamics – demand and supply.

“If you have a massive rush of dollars into the Nigerian market today, the price of the dollar would crash and the naira can come to N400 in the black market, you may be shocked.

“So, it is about going to fix what would bring in the quantity of dollars that would rebalance the equation.”

Punch News

News

UN Chief Calls Africa’s Security Council Exclusion Unfair, Outdated

Published

on

Secretary-General of the United Nations, António Guterres
Secretary-General of the United Nations, António Guterres

UN Chief Calls Africa’s Security Council Exclusion Unfair, Outdated

The Secretary-General of the United Nations, António Guterres, has described Africa’s continued exclusion from permanent membership of the UN Security Council as “indefensible”, calling for urgent reforms to reflect today’s global realities.

Guterres made the remarks while addressing world leaders, stressing that Africa—home to more than 1.4 billion people and a major focus of the Council’s peace and security agenda—remains without a single permanent seat in the UN’s most powerful decision-making body.

According to him, the current structure of the Security Council no longer reflects geopolitical realities of the 21st century and undermines the credibility and legitimacy of the United Nations.

“Africa is dramatically under-represented. This is not only unfair, it is indefensible,” Guterres said.

READ ALSO:

He noted that while Africa accounts for a significant proportion of issues discussed by the Council—including peacekeeping operations, sanctions, and conflict resolution—it remains excluded from permanent decision-making power, including the veto.

The UN chief reiterated his support for long-standing African demands for at least two permanent seats and additional non-permanent seats on the Council, in line with the African Union’s Common African Position on UN reform.

Guterres also warned that failure to reform the Security Council risks eroding trust in multilateral institutions at a time when global cooperation is most needed to address conflicts, climate change, terrorism, and humanitarian crises.

Calls for reform of the Security Council have intensified in recent years, with African leaders, alongside countries from Latin America and Asia, arguing that the current structure—largely unchanged since 1945—reflects post-World War II power dynamics rather than present-day global realities.

Despite widespread agreement on the need for reform, progress has been slow due to disagreements among UN member states, particularly the five permanent members who hold veto power.

 

UN Chief Calls Africa’s Security Council Exclusion Unfair, Outdated

Continue Reading

News

INEC May Adjust 2027 Election Dates Over Ramadan Concerns

Published

on

election in Nigeria

INEC May Adjust 2027 Election Dates Over Ramadan Concerns

The Independent National Electoral Commission (INEC) has acknowledged growing concerns over the timing of the 2027 general elections, which currently coincide with the holy month of Ramadan, and said it may seek legislative intervention if necessary to ensure full electoral participation.

In a statement released on Friday, INEC National Commissioner and Chairman of the Information and Voter Education Committee, Mohammed Kudu Haruna, said the commission is sensitive to public concerns and is consulting with stakeholders on possible adjustments to the election timetable.

The commission explained that the current schedule, developed in strict compliance with the Constitution of the Federal Republic of Nigeria, 1999 (as amended), the Electoral Act, 2022, and INEC’s own Guidelines and Regulations for the Conduct of Elections, 2022, sets Saturday, February 20, 2027, for the presidential and National Assembly elections, and Saturday, March 6, 2027, for the governorship and State Houses of Assembly elections. Party primaries are slated for May 22 to June 20, 2026.

READ ALSO:

However, INEC noted that these dates overlap with Ramadan, a period of fasting, prayer, and religious observances for Muslims, which could affect voter turnout and participation, particularly in predominantly Muslim areas. The commission emphasized that any adjustment to the timetable will remain consistent with constitutional and statutory requirements.

“The commission wishes to assure the public that it remains sensitive to all legitimate concerns that may impact electoral participation and the overall conduct of elections. In view of these representations, INEC is currently undertaking consultations and may, where necessary, seek appropriate legislative intervention,” the statement read.

Several political figures have already expressed concerns. Former Vice President Atiku Abubakar called on INEC to reconsider the February 20 date, citing potential disruption of voting during Ramadan. Former presidential aide Bashir Ahmad also urged the commission to review the schedule to avoid disenfranchisement of Muslim voters.

The commission reaffirmed its commitment to conducting transparent, credible, and inclusive elections. It promised to keep the public informed of any adjustments to the election timetable arising from consultations with political parties, civil society, and religious stakeholders.

The debate over the 2027 election schedule highlights the challenges of balancing constitutional timelines with religious and cultural sensitivities, underscoring the importance of ensuring accessible and fair elections for all Nigerians.

INEC May Adjust 2027 Election Dates Over Ramadan Concerns

Continue Reading

News

2027 General Elections: INEC Announces February 20 for Presidential Poll

Published

on

Independent National Electoral Commission (INEC), Chairman Prof. Joash Amupitan
Independent National Electoral Commission (INEC), Chairman Prof. Joash Amupitan

2027 General Elections: INEC Announces February 20 for Presidential Poll

The Independent National Electoral Commission (INEC) has officially fixed February 20, 2027 for Nigeria’s presidential and National Assembly elections, while governorship and State Houses of Assembly elections will be held on March 6, 2027.

INEC Chairman, Joash Ojo Amupitan, announced the dates on Friday during a media parley at the Commission’s national headquarters in Abuja, describing the move as the formal commencement of the 2027 general elections process.

According to the INEC chairman, the release of the Notice of Election and the comprehensive timetable complies with provisions of the 1999 Constitution of Nigeria and the Electoral Act 2022, which require the Commission to publish election notices ahead of the polls.

“It is with a deep sense of constitutional responsibility and commitment to democratic consolidation that the Commission today formally releases the Notice of Election and the Timetable and Schedule of Activities for the 2027 General Elections,” he stated, adding that any earlier unofficial announcements of election dates were misleading and did not originate from INEC.

READ ALSO:

Amupitan disclosed that the tenure of the President, Vice President, governors, and deputy governors — except in off-cycle states — will expire on May 28, 2027, while the National and State Assemblies will be dissolved on June 8, 2027. He noted that the timeline provides sufficient room for political parties to conduct primaries, submit nomination forms, and organise campaigns in line with electoral regulations. Campaigns, he added, must end 24 hours before election day, as stipulated by law.

The INEC boss warned political parties to strictly comply with the approved schedule, stressing that the Commission would enforce the law where necessary. “Political parties are strongly advised to strictly adhere to the timelines. The Commission will not hesitate to enforce compliance with the law,” he said.

He also reaffirmed INEC’s commitment to deploying technology to enhance transparency in the 2027 general elections, updating the national voters’ register, strengthening collaboration with security agencies, and expanding voter education nationwide.

Calling for peaceful conduct, Amupitan urged political parties to organise credible primaries, shun violence and inflammatory rhetoric, and uphold internal democracy. He also appealed to candidates, supporters, civil society groups, the media, and citizens to play constructive roles throughout the electoral cycle.

“As we commence this national exercise, I assure Nigerians that the Commission is fully prepared and determined to deliver elections that reflect the sovereign will of the people,” he added.

With the formal release of the INEC 2027 election timetable, stakeholders are now expected to begin full-scale preparations for Nigeria’s next general elections.

2027 General Elections: INEC Announces February 20 for Presidential Poll

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending