slaawomirr:
Damnnn niggar
This country is just a joke
And the people in it are wicked, fake and tribalistic

I stopped pitying anyone and giving beggers money after this last presidential election
If election is to hold this evening despite suffering and complaints Nigerians will kill thier conscience and step into the polling unit with religion sentiment and tribalism again and again
What happens to the Jonathan subsidy removal protest
Where are the wole sonyinkas?


So these people don lose their voice
If you still pity Nigerians then you must get your head checked

We are not suffering in Nigeria and our politicians are not tormenting us

What is happening is that we the masses are tribalistic

E pain you say your agulu fraud no win

gidgiddy:


Don't expect to see those people champion any such movement while "their brother" is in power

Call your brothers and governors in the east to champion such movement and see if they… no they won’t because they’re eating from the largest and are praising the current president

NwaliE01:
Just 11km and we are doing ceremony.
What are we even learning from abroad that we travel every now and then?

He’s far better than those your governors who will build a two story building and be calling fanfare/ celebrating it. Even you people will celebrate them just because you like the party they’re from

hisexcellency34:
Bring down Price of Petrol and see prices of other commodities fall. But Tinubu is corn-fused and clueless

They should bring back subsidy abi

manutdrichie:
Repairing roads that are still good

He needs where to steal money since Fubara Rivers money has stopped coming

Each 3km road will now cost 60bn in the FCT

God will punish all of you in this country one by one

Shut up! Bad belle Obi people

DadojoReloaded:
There's something very fishy here. How is it possible that someone would enter into a freezer to drink sniper?

Moreover, hotels don't have freezer in their rooms.

Another question we need to ask is, did the lady check into the hotel room alone?

So many things not adding up, especially the freezer part!

Leave all that to the investigators

Racoon:
Kai! No hunger anywhere. Make una dey deceive una selves. The shege promax is still loading.

As if you’re living comfortably

Namaster:
Attack helicopters that would be operated by terrorists absorbed into the Nigerian Military.

Mumu Obid!ots we understand you. Keep wailing

JasonScoolari:
Wole Olanikpekus shouldn't be taken serious.

Nah you make we take serious

•Banks may sell over $5bn, says official, Cardoso faces Senate Tuesday over naira fall

Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.

The CBN, which made the disclosure in a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit.

According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them profit from the volatile movements of exchange rates.

The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.

In the circular titled, “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks”, the CBN raised concerns over the growing trend of banks holding large foreign currency positions.

The latest circular came barely 48 hours after the CBN released a circular, warning banks and FX dealers against reporting false exchange rates, among others.

The new development also came on the heels of the adjustment of the methodology used for the calculation of the nation’s official exchange rate by the FMDQ Exchange.

The review has pushed the Nigerian Autonomous Foreign Exchange Market rate (official exchange rate) from approximately N900/dollar to N1,480/dollar. The naira closed at 1,450/dollar at the parallel market on Tuesday.

The move which is aimed at unifying the official and parallel market exchange rates has been hailed by economists and other stakeholders.

They however challenged the CBN to clear FX backlogs estimated at over $5bn and also fund FX demands at the official market. This, they said, would forestall a situation whereby the parallel market rate would move away from the official rate again.

Apparently as part of the moves to fund FX request at the official window, the CBN in its latest circular released on Wednesday accused banks of holding excess foreign exchange positions.

As a result, the central bank gave lenders until February 1, 2024 (today) to sell off excess dollar positions.

The circulated, dated January 31, 2024, was signed by the Director, Trade and Exchange, CBN, Dr. Hassan Mahmud, and representative of the Director, Banking Supervision, CBN, Mrs. Rita Sike.

The circular read in part, “The Central Bank of Nigeria has noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP). This has created an incentive for banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks.”

To address these issues, the CBN in the circular issued prudential requirements that banks must follow. A key focus of these requirements is the management of the Net Open Position (NOP).

The NOP measures the difference between a bank’s foreign currency assets (what it owns in foreign currencies) and its foreign currency liabilities (what it owes in foreign currencies).

The circular mandates that the NOP must not exceed 20 per cent short or 0 per cent long of the bank’s shareholders’ funds.

This calculation, the apex bank said, must be done using the Gross Aggregate Method, which provides a comprehensive view of the bank’s foreign currency exposure.

Furthermore, banks with current NOPs exceeding these limits are required to adjust their positions to comply with the new regulations latest by February 1, 2024.

Additionally, banks must calculate their daily and monthly NOP and Foreign Currency Trading Position (FCT) using specific templates provided by the CBN.

The CBN also directed banks to maintain adequate stocks of high-quality liquid foreign assets, such as cash and government securities, in each significant currency.

According to the circular, all banks are required to adopt adequate treasury and risk management systems to provide oversight of all foreign exchange exposures and ensure accurate reporting on a timely basis.

Banks are expected to bring all their exposures within the set limits immediately and ensure that all returns submitted to the CBN to provide an accurate reflection of their balance sheets.”

Finally, the CBN warned banks that non-compliance with the NOP limit would result in immediate sanction and suspension from the foreign exchange market.

In the half of 2023, First Bank, UBA, Zenith, Access, and GTB reported a combined N1.38tn in forex revaluation gains.

The apex bank at the time issued a directive instructing commercial banks to resist using their foreign exchange revaluation gains for dividends and operational expenditures. It noted that “Banks that exceed the NOP prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application.’’

A top bank executive, who spoke on condition of anonymity, said the new circular would force banks to sell off excess dollar liquidity exceeding $5bn.

The top banker said, “Just as some Nigerians prefer to keep their money in dollars because naira is not a good store of value, banks also hold excess dollar liquidity to make gains. They do their own at institutional level. What the CBN is saying with this new circular is that, you cannot hold excess dollar liquidity again. Any foreign exchange you are holding must be committed to something, a transaction or obligation you can proof. Banks have made a lot of revaluation gains. Some banks, I believe, got approval under the last administration to hold more dollar than the requirement. The idea is that if banks sell all these excess dollars, there will liquidity and the exchange rate will stabilise. Foreign investors will come in.”

Naira trades

Meanwhile, the naira closed at N1,455.59/$ at the official window on Wednesday, according to the FMDQ Securities Exchange. This is a 1.82 per cent appreciation from the N1482.57/$ it closed trading on Tuesday.

At the parallel market, it lost N61 to trade at N1,511/$. A Bureau De Change operator, Malam Ibrahim, told The PUNCH, “For now, we are selling between N1,511/$ and N1,512/$. Earlier today, the dollar was sold between N1,535/$ and N1,540/$.”

Another operator said he could only sell at N1,510/dollar. However, a source at the market informed our correspondent of a ‘no sales policy’ to be implemented by the BDC union tomorrow.

The source said the decision was taken today after serious deliberations on how to reduce the fall of the naira.

“Nobody is coming to market tomorrow. We want to close the market because honestly, the naira is just crashing anyhow. This was caused by some media reports this week that the dollar was now selling for N1,500 even though we were still selling at N1,400. Now everybody is blaming black market operators and that’s why we decided that the market will remain closed tomorrow,” the source said.

“We will resume next tomorrow, and the rate should be less than N1,400/$,” the source added.

On the cryptocurrency peer-to-peer market, the naira was trading for N1,495.1/$ on Binance’s P2P platform as of the time of filing this report.

The naira is recording its worst week on the official market following the move by FMDQ Securities Exchange to revise the methodology used to set the exchange rate. According to a market notice, this new calculation will attempt to narrow the gap between the official and parallel rates of the naira.

It said, “This revision aims to address recent fluctuations and challenges encountered in the Nigerian Foreign Exchange (‘FX’) Market.”

It added, “These revisions are focused on enhancing the accuracy and reliability of the NAFEX and NAFEM rates determination process, with a focus on data availability and integrity involving a rigorous data validation process, including tolerance checks which shall be applied by FMDQ Exchange, subject to internal policies and procedures.”

Senate summons Cardoso

Meanwhile, the Senate, on Wednesday, through its Committee on Banking, Insurance and Other Financial Institutions, summoned the Governor of Central Bank of Nigeria, Olayemi Cardoso, to appear before it on Tuesday next week to answer questions on the state of the economy and the naira’s fall in the forex market.

The Committee, chaired by Senator Adetokunbo Abiru (APC Lagos East), met on Wednesday when the naira plummeted to over N1,500/dollar and resolved to summon the CBN governor on the way out.

The naira at the official window on Tuesday, fell at an all-time low of N1,482 to $1.

The local unit had closed at 1,348 against the greenback on Monday after the FMDQ Security Exchange reviewed the methodology used for the calculation of its rates.

Speaking with journalists after the meeting held behind closed-doors at the National Assembly, Abiru said the state of the economy, especially the inflation index was of great concern to the lawmakers.

He said, “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.

“We are all living witnesses of what is going on. Underlining the major issue of the economy is the way the inflation index has been and of course, it is a major concern to us.

“We have deliberated among ourselves. Critical issues were addressed and we believe that the next line of action is to summon the CBN governor on Tuesday at 3 O’clock to brief us properly on the state of the economy.

“That we have resolved and will communicate to the governor of the CBN after which we will have further communication with members of the press.”

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: theeditor@punchng.com

santopelele:
The dumbest man ever, your country is burning and you are in another man's country shining your teeth like ekuke

The dumbest but he’s your president. You wey smart are no where to be found. You’re in a rat hole. Mumunatu

Chicagograduate:
I have noticed that most of the markets and houses that were burnt down by MC oluomo miscreants at night,and those ɗestroyed by the APC led government of Lagos State are areas where they lost the presidential and governorship election.
This is a political witch-hunting.

Keep foaming from the both side of your mouth

Pierohandsome:
The loser has lost and suddenly realized the importance of relationship with Kwankwaso. If he had won at supreme Court, will he be talking of relationship

Wetin concern una with politicians. Make una no kill una self because of them, they’re friends and you followers turn una sef to enemies because them. Be wise

I am into building materials like: iron rods of different sizes , marine boards etc....
I will be so glad if i can get order of supply from the likes of you.

Iron rods of:
8mm, 10mm, 12mm, 16mm, 20mm, 25mm

Both in local, Tiger and TMT

email- seyiadenek@gmail.com
Phone/WhatsApp- 08051794777

Dreal1247:
He doesn't know that if the Governor joins the APC, his control over the party in the state will be badly threatened.

Tell him nah since you know better… otondo

nairavsdollars:
The people voted for Ombugadu, not that rogue called Sule. They should keep protesting

You go soon go join them for prison

Lutherblaq:
Stupid visit from a ape

I doubt if you have papa

cenaman:
Give tilumbu 20yrs to rule he wont change anything, rather he will take us 20yrs backward. Give him $1k worth of white powder and watch him turn it to multi millions dollars in a month.

You’re just wailing

Feintline:
Reno is 50 and is still an unreasonable chap.
A 50 yr old than talks like a 15yr old.

I use to think the guy was a brilliant chap. All of sudden , from no where it was as if his brain was uprooted and replaced with ogiri or white powder substance.

He does not even believe in his nuggets.

He’s far reasonable than PO who lies uncontrollably

Malroux:
Our president.

Why is your so called president not tackling insecurity in the east

gare:


Carry your love and suffer head go, keep and loving in suffering

Keep hating. Hatred do consume

dawnomike:
Following the post COP28 footsteps of the UAE.

UAE is passing the use out gradually and not abruptly the way uncle Sanwo wanna do his.

Is UAE an authority on how to phase this plastic and styrofoam out? Why do you guys always try to compare Nigeria with other countries in whatever suit you

The Nigerian Navy Ship Beecroft Patrol Team in collaboration with the Forward Operating Base Badagry, has said they arrested a wooden boat with over 800 jerrycans of 30 litres Premium Motor Spirit, close to the boundary between Nigeria and Benin Republic.

In a statement signed on Saturday by the NNS Beecroft Base Information Officer, Sub-Lieutenant H. A Collins, the arrest was made on Friday.

The statement quoted the Commander, Commodore Kolawole Oguntuga, as saying that the boat, which was sailing seaward 80 nautical miles from the shore, was intercepted by the NNS Beecroft Patrol Team in collaboration with the Forward Operating Base Badagry.

He said, “In a feat of maritime security prowess, under the ongoing Operation Water Guard, the Nigerian Navy Ship Beecroft Patrol Team in collaboration with the Forward Operating Base Badagry, under the strategic leadership of the Commander Nigerian Navy Ship Beecroft and Maritime Component Commander, Operation AWATSE, Commodore Kolawole Oguntuga, successfully intercepted a huge wooden boat, laden with over 800 jerricans of 30 litres each containing products suspected to be PMS.

“The boat was sailing seaward 80 nautical miles from the shore very close to the boundary between Nigeria and Benin Republic. The arrest was made in the early hours of Friday, January 19, 2024.”

CharleyBright:



Hmmm.
Don't be a miscreant and support the bad handiwork of Tinubu and then start counting your chickens before they hatch. It will shock you.
The North will fight back. I know them well enough.
They will dump APC and jump into NNPP enmasse in the North knowing LP and PDP with still erode APC in the south.
No region can win election on its own.
Two region need to support each other to win election. Tinubu APC cannot woo the SE to get their vote, he can only try to woo the north like he did in 2023. But if the north deny him the support, Otilor.

NNPP nah party or does it still exist

Fineman2:
Joe Biden is a hypocrite and double faced man, he should stop pretending, we all know he doesn't care about Palestinians

Actions speak louder than words


He has also given Mr netanyahu the audacity to talk to him anyhow

From time immemorial Israel pm’s has always talk to the US president anyhow incase you don’t know

Racoon:
Bloody hypocrite! So what was the same Soyinka thinking when he agreed to serve as FRSC boss in the Babangida government that also nullified the popular June 12 election of 1993 that robbed MKO Abiola of his God-given mandate?

Having advocated for the disastrous Buhari's presidency despite knowing his antecedents, kongi till today has never apologized for that error or commented on the corrupt nature of Tinubu including his CSU certificate forgery, identity theft, bullion vans saga, and the gbajue perpetuated by him and INEC in the 2023 elections. It is Peter Obi matter he carry for head. All because it is an ethnic affair.

Ethnicity consume you there

accordadoga21:
Hehehe

These people are always bitter.

Who are they to tell the president what to do?

Everything is not Nzogbu Nzogbu.

EFCC is still on investigation.

Let them go and tell “this is the president we voted for” maybe he can exercise his power