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Naira continues recovery, strengthens to N950

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Naira continues recovery, strengthens to N950

The naira continued its rebound against the dollar on Friday, strengthening to N950/$ on the average in the parallel market.

This represents a N170 gain or a 15.18 per cent appreciation of the local currency compared to the N1,120 it traded for on Thursday. This is also the second day of recovery for the naira following a move by the Central Bank of Nigeria to clear some of its FX backlog on Thursday.

According to Bureaux De Change operators, who spoke to The PUNCH, the naira is still gaining as the market continues to react positively to the CBN’s move.

A trader who only gave his name as Awolu said, “The dollar is N950 today if you want to buy it.”

Kadri, another trader, stated that he currently buys at N900/$ but sells at N950. He declared, “Dollar is coming down. It is N900 if you want to sell. But is N950 if you want to buy.”

Taura, another currency trader, stated that the naira was N1,015/$ in his area. He told The PUNCH, “If you want to sell, it is N980. But if you want to buy it is N1,015.”

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Muhammad, added, “The naira is falling drastically. It is still failing. It is N970 now. The difference between buying and selling is N10.”

The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, affirmed to The PUNCH on Thursday that the CBN’s move to clear some of its backlog has been responsible for the firming of the naira.

He said, “Yes, this is because of the CBN’s move to clear its backlogs. There is a kind signal in the market. The CBN should continue to make clarifications.”

On Thursday, The PUNCH reported that the apex bank of the country had commenced the payment of outstanding matured FX forwards owed to various creditors.

Unconfirmed sources noted that three banks, namely Citi Bank, Stanbic IBTC, and Standard Chartered Bank, received full payment of debts owed from the CBN.

Naira continues recovery, strengthens to N950

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Tinubu jets out to France on three-day visit

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Tinubu jets out to France on three-day visit

 

President Bola Tinubu will travel to France today (Wednesday) for a three-day state visit at the instance of the French president.

A statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, confirmed this.

It said, “The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”

Onanuga said Tinubu and Macron would harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication,” he added.

“They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.”

The presidential adviser stated that the Nigerian first lady and her French counterpart would discuss solutions for empowering women, children, and the most vulnerable through the Renewed Hope initiative.

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Yahaya Bello reports to EFCC office with lawyers

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Yahaya Bello reports to EFCC office with lawyers

 

A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.

Bello went to the anti-graft office with his lawyers in the morning.

The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.

He was said to have been taken by some operatives of the agency and are currently being grilled.

This is  coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.

The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.

It stated that the 30-day window was still running for the summons earlier issued.

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Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct 

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Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct 

 

Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.

Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.

The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.

Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency

The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.

Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.

“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively

“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.

Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.

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