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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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NSCDC commandant convicted for employment scam as EFCC probes N7.5bn fraud allegations

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NSCDC commandant convicted for employment scam as EFCC probes N7.5bn fraud allegations

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has successfully prosecuted Mr. Christopher Oluchukwu, a commandant within the Nigeria Security and Civil Defence Corps (NSCDC), for his involvement in an employment scam, according to a statement by the anti-graft agency’s spokesperson, Demola Bakare, on Thursday.

Oluchukwu was convicted by the Katsina State High Court 3 after being accused of receiving significant sums from individuals under the pretence of securing jobs for their children within the NSCDC. Despite failing to fulfil his promises, he refused to refund the money to the victims.

The court found Oluchukwu guilty on all nine counts and sentenced him to five years imprisonment without the option of a fine. The sentences were ordered to run concurrently, and the judge directed that Oluchukwu’s sureties be arrested and detained for further investigation, as he had jumped bail.

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Meanwhile, the Economic and Financial Crimes Commission (EFCC) has launched a probe into allegations of a N7.5 billion fraud involving ten senior officers of the NSCDC, including Commandant General Ahmed Audi. The EFCC Chairman, Ola Olukoyede, wrote to Audi, inviting the officers for questioning, with the investigation scheduled to commence from May 2, 2024.

The fraud, allegedly involving several contractors and money laundering through Bureau de Change operators, is under investigation by the EFCC.

This development underscores the ongoing efforts to combat corruption within government agencies and ensure accountability and transparency in Nigeria’s public service sector.

NSCDC commandant convicted for employment scam as EFCC probes N7.5bn fraud allegations

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Tinubu gives new appointment to Minister of State for Petroleum

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Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo

Tinubu gives new appointment to Minister of State for Petroleum

President Bola Tinubu has appointed Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, as the co-chairman of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).

This is contained in a terse statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, on Thursday.

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It reads: “In line with his avowed commitment to establish a more efficient, targeted, and consistent approval process for unique oil and gas projects in the country, President Bola Tinubu has approved the appointment of Mr. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), as the Co-Chairman of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).

This is also to further ensure effective oversight of the gas aspect of the nation’s assets.

The President remains committed to unlocking Nigeria’s immense gas potential to stimulate industrial development, job creation, and sustainable economic growth.”

Tinubu gives new appointment to Minister of State for Petroleum

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Senate okays death penalty for drug traffickers

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Senate okays death penalty for drug traffickers

The Senate on Thursday passed a bill that upgraded the maximum sentence of life imprisonment to the death penalty for drug traffickers in the country amidst controversy over the voice votes.

The death sentence as a penalty for drug traffickers passed through the third reading, the 2024 NDLEA Act (Amendment) Bill.

The proposal was adopted when the Senate dissolved into a committee of the whole for clause-by-clause consideration of a report of the Chairman of the Committees on Judiciary, Human Rights & Legal Matters and Drugs & Narcotics National Drug Law Enforcement Agency (NDLEA) Act (Amendment) Bill, 2024, Senator Tahir Munguno.

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In a review of the penalty provisions of the amendment bill towards strengthening the operations of the agency, a proposed amendment to award a death sentence to drug traffickers rather than just a life sentence was raised by the Senate Chief Whip and Sen. Peter Nwebonyi Under clause 11.

When the matter was put to a voice vote, it appeared the nays had it. However, when the question was put on a second vote, the Deputy Senate President ruled in favor of the i’s. A slight uproar ensued as some lawmakers were displeased.

Senator Adams Oshiomhole expressed his displeasure over what he considered a hasty consideration and passage of the amended clause.

The Deputy Senate President rejected an objection by Senator Oshiomhole to reverse the ruling, insisting that it came late which is against the rules.

Senate okays death penalty for drug traffickers

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