Business
Nigerian Man Takes $500,000 Cash to Deposit in a Bank, Causes Stirs
A Nigerian man caused a stir in one of the new-generation banks when he went to deposit $500,000, approximately N200 million. The picture of the unidentified man circulated on social media has left many asking ‘God when.
A breach of Money Laundering Act?
The picture was taken in an unknown bank in Nigeria and has left many bewildered about why such an amount of dollars would be hoarded or kept by an individual.
It is not clear if the person had violated the money laundering act as Nigeria grapples with dollar scarcity which previously led to the crash of the naira. Last week, the Central Bank of Nigeria reportedly pulled $1.8 billion from the external reserves to shore up forex liquidity, leading to a decline of the reserves.
One person responded: “Don’t envy him. Do you know if he might be a kidnapper, terrorist or bandit? They are the ones rolling in ransom dollars now”
Another said: “Continue to pretend. The money you asked someone to deposit into your Dorm account and instructed him to send pictorial evidence of payment.”
The recent glut of dollars in the market has been identified as the reason for the sudden appreciation of the naira. Analysts believe that many who hoarded the dollar in or converted their naira into dollars are flooding the markets with the US greenback.
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Abbas Yishau, a journalist with Radio Now in Kano, told Legit.ng that many hoarders are scared that some denominations of dollar bills beyond certain dates will be rejected.
According to Yishau, the rumour that the US cautioned that some of its denominations printed on certain years, especially those below 2021, won’t be accepted has spurred many into flooding the markets with the dollar. A currency trader in Lagos, Ishaya Abdul, said that currently, there are so many dollars in the market. He said many forex traders are disposing of the dollars as the purported threats by the US swirl around. He said:
“What is happening now is that most FX traders are releasing the dollars they have hoarded in the past. Right now, the dollar is crashing very fast.”
If there will be any time the naira will fall, Abdul said the current move by the Central Bank of Nigeria (CBN) to redesign banknotes is also partly why many are dumping the dollar and the naira in the market.
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Abdul said:
“After the CBN is done with the naira redesign, we will likely see the naira stabilise again. Already, the naira is devalued by CBN, so the sudden strength is probably artificial,” Abdul said.
The CBN has set December 15, 2022, as the date for introducing new naira notes and January 31, 2023, as the date for the cessation of old naira notes.
Claims the US would reject dollar bills below 2021 in 2023 is untrue
Legit.ng reported that the news comes amid fears that the Central Bank of Nigeria (CBN) plans to redesign certain banknotes denominations and render old ones useless and unacceptable by the end of January 2023. Due to the plans by the apex banks, there is a frantic rush for the US dollar as more Nigerians, especially those who have hoarded the local currency, seek to exchange them for the US dollar. According to the news, the US government has warned Nigerians and other nationals that it would not accept older dollar bills below certain years, especially the ones printed in 2021.
Business
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.
Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.
Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.
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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.
News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.
For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Business
As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed
As controversy over Maersk-FG port investment rages, Onanuga says no $600m deal signed
The Nigerian government and a shipping giant, Maersk, have not signed any investment agreement, Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, has said.
Onanuga was reacting to the controversy surrounding the reported sealing of a $600 million deal for the development of the nation’s seaports.
He said there was only talk “of possible investment in Nigeria” by Maersk.
Interestingly Onanuga had hinted about the deal in a tweet said to have been pulled down after the social media backlash.
After President Tinubu’s discussion with Maersk’s Chairman Robert Uggla on April 28, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, the presidency had released a statement announcing that the shipping company had pledged to inject $600 million into the Nigerian seaport industry.
“Danish shipping company, A.P Moller-Maersk plans $600m investment in Nigeria. Danish shipping and logistics company A.P Moller-Maersk has disclosed a planned investment of $600 million in Nigeria to accommodate more container shipping services in Nigerian ports,” Onanuga wrote on X.
In a statement, Tinubu’s spokesperson, Ajuri Ngelale, also said “President Tinubu meets Chairman of Danish shipping giant Maersk, secures $600 million investment in Nigerian seaport infrastructure.” He quoted Uggla as saying, “We believe in Nigeria, and we will invest $600m in existing facilities and make the ports accommodating for bigger ships.”
In response to this. Maersk officials have denied any such agreement and stress no deals have been signed.
Onanuga in a new report by TheCable, an online news platform admitted no agreement on investment had been reached by the two parties.
“I think the statement issued by Maersk did not talk about a deal. There was no deal according to that statement that I read.
“However, there was talk of investment,” the special adviser said.
“No document or agreement was signed, so there was no deal. But there was talk of a possible investment in the country.
“So, go and read the statement again. They never said any deal was signed between the Nigerian government and the Dutch company. There was nothing like that.”
Onanuga however said the shipping company did not expressly deny that there was an investment talk.
He said people are “unnecessarily giddy over nothing.
Business
Naira gains N28.15 against dollar, trades N1,390/$
Naira gains N28.15 against dollar, trades N1,390/$
The Naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for Naira.
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The percentage increase is significant when compared to the previous trading date on Monday, April 29.
The local currency experienced about two weeks steady fall by exchanging at N1,419 to a dollar.
The success story was replicated in the volume of currency traded, as the total daily turnover increased.
The daily turnover stood at 225.36 million dollars on Tuesday up from 147.83 million dollars recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,450 and N1,200 against the dollar.
Naira gains N28.15 against dollar, trades N1,390/$
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