Naira: Presidency distances Buhari from CBN disobedience of S'Court order – Newstrends
Connect with us

Business

Naira: Presidency distances Buhari from CBN disobedience of S’Court order

Published

on

The Presidency on Monday absorbed President Muhammadu Buhari of any blame in the Central Bank of Nigeria’s noncompliance with the Supreme Court order on the validity of naira notes.

Presidential spokesman Garba Shehu said this in a statement, saying Buhari never asked the CBN to disobey the Supreme Court judgment.

He also rejected the impression by some commentators that Buhari lacked compassion, stressing that no government had introduced policies to help economically marginalised and vulnerable groups like the present administration.

Indeed, the Presidency said Buhari had not been a micromanager and had never directed any disobedience of court order or prevented any government institutions including the CBN and the Attorney General of the Federation from performing their basic functions optimally.

The statement read in part, “It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,

“Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.

“Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.”

The Presidency’s reaction came 10 days after the Supreme Court extended the validity of all old naira notes till December 31 2023.

The Supreme Court faulted the naira redesign policy by the Central Bank of Nigeria (CBN), declaring the naira notes swap implementation invalid and an affront to the 1999 Constitution.

Despite the order, cash scarcity continued nationwide with commercial activities being frustrated.

Amid the cash crunch and the silence of Buhari, many suggested that the CBN Governor Godwin Emefiele was acting on the President’s directive not to obey the Supreme Court.

The Presidency, however, distanced Buhari from the scarcity of cash and the noncompliance with the Supreme Court order.

It stated, “The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law,” Shehu said.

“In any case. it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.”

Shehu insisted that Buhari’s directive after the meeting of the Council of State is that the CBN must make all needed cash available for circulation.

“It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts,” Shehu said.

“He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.

“The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.”

 

 

 

Business

Naira exchanges N1,650/$ in parallel market

Published

on

Naira exchanges N1,650/$ in parallel market

Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.

Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.

READ ALSO:

Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.

 

Naira exchanges N1,650/$ in parallel market

Continue Reading

Business

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

Published

on

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.

The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.

READ ALSO:

Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.

Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.

 

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

Continue Reading

Business

Warri refinery: Marketers hopeful of further petrol price drop

Published

on

Warri refinery

Warri refinery: Marketers hopeful of further petrol price drop

There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.

This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).

The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.

This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.

The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.

Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

READ ALSO:

Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

He said though the repairs on the facility were not 100 per cent complete, operations had commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).

The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.

It’s good for business, prices may reduce – Marketers

Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.

Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.

“The market becomes more competitive and we are diversifying supply,” he said.

On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”

National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”

Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.

“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.

Warri refinery: Marketers hopeful of further petrol price drop

Continue Reading

Trending