The naira has appreciated by N75.4 against the US dollar in a single day to bounce back in the foreign exchange market.

FMDQ data showed that the naira appreciated to N1,072.74 per dollar on Wednesday, compared to N1,148.14 recorded on Tuesday.

This represents a 6.56 per cent appreciation on a day-to-day basis.

Similarly, the parallel market appreciated to N1,040 per dollar in the parallel market on Wednesday from N1,100 per dollar on Tuesday.

The naira recorded an N60 gain against the dollar on the black market.

The development comes barely 24 hours after the naira recorded its first depreciation since March 2024.

The NIN, a unique identifier assigned to each citizen, has gained prominence in recent years as the cornerstone of various government initiatives aimed at enhancing security, governance, and service delivery.

The National Identity Management Commission (NIMC) has said 95 million Nigerians need to enrol for the National Identification Number (NIN).

This was revealed by the Head of Corporate Communications at the commission, Kayode Adegoke, on X over the weekend.

According to him, for NIMC to meet the 200 million target by 2025, 95 million Nigerians need to register for the NIN.

Data from the National Population Commission (NPC), said the population of Nigeria in 2023 was 223,804,632, a 2.41 per cent increase from 2022. The commission also puts the population in 2022 at 218,541,212, a 2.41 per cent increase from 2021.

“As of today, over 105 million NIN have been issued to Nigerians and legal residents. We want to assure Nigerians that within the next one or two years, we will reach our target of enrolling all Nigerians,” he said.

However, to reach its target of 200 million enrollments by 2025, an additional 95 million Nigerians need to register.

The NIN, a unique identifier assigned to each citizen, has gained prominence in recent years as the cornerstone of various government initiatives aimed at enhancing security, governance, and service delivery.

The NIMC spokesperson said the commission remained steadfast in its commitment to achieving universal enrolment in the NIN system by 2025.

Adegoke noted that following Abisoye Coker’s appointment as the director-general of MIMC, she recognised the need to streamline the modification and enrolment processes.

He added that a self-service platform was developed, enabling Nigerians, both locally and abroad, to make necessary modifications such as changing names, dates of birth, email addresses, and phone numbers from the comfort of their homes or offices, using various devices, including iOS and Android-based devices.

Adegoke emphasised the convenience of the self-service modification portal, urging Nigerians to take advantage of this innovative solution.

He highlighted the evolution of the process, noting that in the past, applicants had to visit NIMC offices for data corrections.

The Federal Government has eventually complied with the demands of domestic crude oil refiners and other operators in the sector, as it declared on Monday that indigenous refineries can now buy crude oil in naira or dollars.

It also declared that the total crude oil and condensate reserves in Nigeria increased to 37.5 billion barrels as of January 1, 2024, with a life index of 68.01 years.

The government disclosed this through the Nigerian Upstream Petroleum Regulatory Commission at a briefing in Abuja, where it unveiled the new template for domestic crude oil supply obligation.

It stated that in compliance with the provisions of Section 109(2) of the Petroleum Industry Act 2021, the NUPRC in a landmark move, had developed a template guiding the activities for Domestic Crude Oil Supply Obligation.

“The commission in conjunction with relevant stakeholders from NNPC Upstream Investment Management Services, representatives of Crude Oil/Condensate Producers, Crude Oil Refinery-Owners Association of Nigeria, and Dangote Petroleum Refinery came up with the template for the buy-in of all.

“This is in a bid to foster a seamless implementation of the DCSO and ensure consistent supply of crude oil to domestic refineries,” the Chief Executive, NUPRC, Gbenga Komolafe, told journalists in Abuja.

Responding to a question on the currency of transaction for crude oil purchase, as approved in the new template, Komolafe stated that it would be either in naira or dollar, adding that naira transactions would free the pressure on the country’s foreign exchange rate.

The NUPRC boss also pointed out that the template had become effective because all necessary parties had signed up for it.

He said, “The PIA intends to make the implementation (of crude oil obligation) very easy for the parties, both for the producers and refineries. So the answer simply is that the currency for the transaction would either be in naira or dollar. That is the simple answer.

“But we all know that if the transaction is carried out in naira, that itself will free the pressure on the exchange rate. That will help the exchange rate. So that is the intent and besides, the overall intent of the Petroleum Industry Act is to develop our midstream, which is a very laudable provision of the PIA.”

In the currency of payment section of the new template, it was stated that “the payment shall be in either United States dollar or naira or both. Where the payment is in both currencies, the payment split shall be as agreed in the SPA between the producer and the refiner.”

On February 26, 2024, The PUNCH exclusively reported that modular refineries in Nigeria were facing the threat of shutting down operations following their inability to access foreign exchange for the purchase of crude oil, a commodity priced in United States dollars.

Nigeria has 25 licenced modular refineries with a combined capacity of producing 200,000 barrels of crude oil daily.

Although not all of the plants are currently operational, the report stated that the functional ones were increasingly finding it difficult to purchase crude due to the foreign exchange crisis in the country.

The facilities, which produce Automotive Gas Oil, popularly called diesel, Dual Purpose Kerosene or kerosene, naphtha and black oil, were finding it hard to make the refined products available to oil marketers for distribution to consumers.

Operators of the plants explained that the scarcity of dollars had made it almost impossible for dealers to purchase crude oil, as the modular refinery players and oil marketers demanded the sale of crude oil in naira from the Federal Government.

The modular refinery operators, who spoke under the aegis of the Crude Oil Refinery Owners Association of Nigeria, lamented at the time that the Federal Government had not been able to keep its part of the bargain concerning the provision of feedstock to local crude oil refiners.

The Publicity Secretary, Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, had stated that modular refineries might close shop if nothing was done to ameliorate the situation.

CORAN is a registered association of modular and conventional refinery companies in Nigeria, while modular refineries are simplified refineries that require significantly less capital investment than traditional full-scale refineries.

Idoko said, “The purchase of crude oil in dollars is currently the major challenge to modular refineries. We buy crude in dollars and sell our refined products in naira, and this is a major challenge. And apart from that, where do you get the dollars to pay for the crude?

“You heard the Manufacturers Association of Nigeria crying out recently about the dollar saga. We have requested that crude oil be sold to us in naira. And when you do this, you ease the pressure on the naira and this will make our diesel cheaper.

“It will encourage more investors to build and patronise the local refineries. If you take petroleum products off the foreign exchange market, you would have helped the naira by 60 per cent.”

Crude reserves rise

At the briefing on Monday, the government revealed that the total crude oil and condensate reserves in Nigeria increased to 37.5 billion barrels as of January 1, 2024, with a life index of 68.01 years.

It also announced an increase in the country’s gas reserves, as this moved up to 209.26 trillion cubic feet as of January 1, 2024, while its reserves index life was put at 97.99 years.

Komolafe said, “I am pleased to present to you an overview of the nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2024, as follows: 1. Crude oil and condensate reserves stand at 31.56 billion barrels and 5.94 billion barrels respectively, amounting to a total of 37.50 billion barrels.

“2. Associated gas and non-associated gas reserves stand at 102.59 trillion cubic feet and 106.67TCF respectively, resulting in total gas reserves of 209.26TCF. The reserves life index is 68.01 years and 97.99 years for oil and gas respectively.”

Komolafe stated that positive gross additions to oil and gas reserves of 1.087 billion barrels and 2.573 trillion cubic feet respectively were recorded.

“Given the above, and in furtherance of the provisions of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r) (of the Petroleum Industry Act) and other powers enabling me in this respect, I declare the total oil and condensate reserves of 37.50 billion barrels and total gas reserves of 209.26 trillion cubic feet as the official national petroleum reserves position as of January 1, 2024,” he stated.

Before the latest increase announced by the government, Nigeria’s total crude oil and condensates reserves as of January 1, 2023, was 36.96 billion barrels, while its total associated gas and non-associated gas reserves as of January 1, 2023, was 208.83 trillion cubic feet.

Nigeria has been looking for new sources of oil by exploring what are called frontier basins. These are areas where little or no exploration has been done before.

Some of the basins being explored include the Anambra Basin, Benue trough

Bida basin, Chad basin (Nigerian section), Dahomey basin, Sokoto basin Deep and Ultra-deep offshore Niger Delta.

The Federal Government hopes that these basins will contain significant reserves of oil and gas. However, there have been some controversies about how much money should be spent on exploration, and how the benefits should be shared.

Notwithstanding the concerns, there is the potential that these basins could help to increase Nigeria’s oil production and boost its economy.

Meanwhile, while commenting on the significance of the reserves, Komolafe said the figures showed the abundance of crude oil and gas that the country could produce within a stipulated period, adding that Nigeria boasts 33 per cent of gas reserves in Africa.

Ekaka14:

Don't mind Jackson and Noni.....especially that Jackson...I just pray his days in Chelsea shirt are numbered so a new coach can loan him out...hate his nonsense

The Association of Bureaux de Change Operators of Nigeria has expressed support for the Central Bank of Nigeria’s directive to banks to stop the use of domiciliary accounts as collateral for naira loans.

President of ABCON, Aminu Gwadabe, revealed the association’s stance in a statement on Thursday, pointing out that the directive would not only boost liquidity in the currency market but also strengthen the nation’s buffers.

The PUNCH on Monday reported that the CBN in a circular titled ‘The use of foreign-currency-denominated collaterals for naira loans’ with ref number: BSD/DIR/PUB/LAB/017/004 directed banks in Nigeria to stop the use of foreign currencies deposits as collateral for naira loans.

The apex bank prohibited the practice and gave the banks three months to end all such transactions.

Speaking on how the practice of companies using their non-oil export domiciliary accounts as collateral for naira loans, Gwadebe said, “We are bewildered that some companies and manufacturers with huge billions of dollars balances in their non-oil export Dom account source their FX needs in the official window and use same for naira loans.

“We therefore advise for the review of the guidelines on holding currencies on non-oil export accounts to a maximum of 48 hours, to borrow from the South African policy on the operations of non-oil exports dom account proceeds. The CBN should also not make applicants of huge billions of dollars holding in their non-export oil proceeds dom accounts eligible for FX request at both the NAFEM and NAFEX windows.”

Gwadebe also called for an upgrade of CBN policies on BDC operations to legislation so as to boost investor confidence.

“We urge the CBN to upgrade its policies and circulars to legislation regarding the impending BDCS new reforms to give comfort and guarantees to would be investors in the transformation of the BDC industry’s sub sector and allowing only the existing stakeholders the grandfather’s right for merger and acquisition to meet the expected reviewed financial requirements as suggested by ABCON,” he said.

The ABCON boss said that, as a body, ABCON and its members have resolved to continue engaging all stakeholders to deepen, liberalise the retail end of the market for price discovery, market efficiency, transparency, accretion of buffers and healthy balance of payments.

“We express our profound gratitude to the management of the CBN for its reconsideration and reinstatement of our sub sector as third leg of the market to counter hoarding and speculation with faster results than expected. The BDCs, though unfortunately perceived sometimes as crude but effective, will always remain the potent transmission mechanism tool of achieving the apex bank’s mandate of price stability and liquidity in the market.

“We therefore urge the CBN to continue to drive and expand its thought mechanism to maintain the feat so far achieved in more than 15 years; as we have not only achieved the convergence of both rates, but market calmness and confidence of the public and foreign investors,” he said.

The CBN recently sold $10,000 dollars to eligible BDCs at the rate of N1101/S1.

The apex bank warned that the BDCs must not sell at a spread of more than 1.5 per cent above the purchase price.

No fewer than 17 Deputy Governors have been booted out of office in the last 24 years, checks by The Nation has revealed.

Phillip Shaibu, sacked Deputy Governor of Edo State, became the 17th to be removed from office since Nigeria’s return to democracy in 1999.

For Shaibu, it was a long trek to freedom and a long-drawn battle to remain afloat in Edo’s political space.

Over the years, some Deputy Governors have been impeached for political reasons that somehow amount to gross misconduct.

Section 188 of the Constitution of the Federal Republic of Nigeria 1999, provides for the removal of governor or Deputy Governor from office through the process of impeachment.

The process consists of a written allegation of gross misconduct against the accused person who has a right to defend himself. If his defence succeeds, he is expected to be left off the hook; if not, he is removed from office.

The said section 188 spells out in detail, the procedures and steps to be taken to consummate the process.

Here are Deputy Governors that have been impeached since 1999:

Femi Pedro (Lagos)

Iyiola Omisore (Osun)

Kofoworola Bucknor-Akerele (Lagos)

Chris Ekpenyong (Akwa Ibom)

Abiodun Aluko (Ekiti)

Biodun Olujinmi (Ekiti)

Late Garba Gadi (Bauchi)

Peremobowei Elebi (Bayelsa)

Sani Abubakar Danladi (Taraba)

Jude Agbaso (Imo)

Sunday Onyebuchi (Enugu)

Ali Olanusi (Ondo)

Eze Madumere (Imo)

Simon Achuba (Kogi)

Rauf Olaniyan (Oyo)

Mahdi Aliyu Gusau (Zamfara)

Philip Shaibu (Edo)

Among these, only the late Garba Gadi (Bauchi); Peremobowei Elebi (Bayelsa); Sani Abubakar Danladi (Taraba); Sunday Onyebuchi (Enugu); Ali Olanusi (Ondo), Jude Agbaso (Imo); Eze Madumere (Imo); Simon Achuba (Kogi) and Mahdi Aliyu Gusau (Zamfara) have successfully obtained court orders setting aside their impeachments.

Unfortunately, none of the removed Deputy Governors could go back to his or her office for some reasons.

Malawian:

Una get luck say rain fall that day.

My friend, you are very funny oooo, so it's because of the rain, that's why you can't beat us

Arsenal are lucky that day.

The Federal Government, on Friday, insisted on the 240 per cent hike in tariff payable by power consumers in the band ‘A’ category despite calls for its reversal. It also revealed that the subsidised power pricing regime would be for the short term, with a transition plan to achieve a full cost-reflective tariff within a period of three years.

However, the decision did not go down well with the Nigeria Labour Congress, which told the Federal Government to prepare for the consequences of the tariff hike, which it described as wicked and unpopular, stressing that since the government preferred to listen to the World Bank and International Monetary Fund, it should be ready to face the consequences.

The Head of Information, NLC, Benson Upah, told one Saturday PUNCH, “We did say earlier that this tariff hike is insensitive and unpopular. So if the government elects to continue with the hike or persists in something that is evil, I’m sure it is equally prepared for the consequences of that evil.

“The manufacturers are saying this is going to hurt businesses and make the environment more hostile, and we also said so. There is no place in the world where high power tariffs have supported manufacturing. Not even in the developed world.

“So, it completely beats our imagination for the minister to have the audacity to say that the policy would continue. What this means is that the minister and the President are not in charge. It is saddening that the minister elected to pursue an unpopular policy.”

Upah added, “It shows that the minister and the President are not in charge. The people in charge are the World Bank and the IMF. They are the ones driving this highly injurious policy.

“So, our leaders should be prepared for the consequences of this highly injurious policy. That is what I’ll say about this issue for now.”

Manufacturers and the organised labour had kicked against the hike in tariff payable by about 1.9 million consumers, which was approved and announced by the Federal Government on Wednesday.

Subsidy on electricity was withdrawn completely from the tariff of consumers on the band A category, which constitute about 15 per cent of the total 12.82 million power consumers across the country.

The government announced the hike in electricity tariff at a press briefing in Abuja by NERC, adding that those affected would pay N225 per kilowatt-hour, up from the previous rate of N68/kWh, representing about 240 per cent increase.

The government stated that the decision took effect on April 3, 2024.

But the Organised Private Sector, NLC, and the Trade Union Congress kicked against the hike in tariff for power users and demanded that the decision be reversed.

They argued that the hike in tariff would send manufacturers out of business, worsen inflation and stifle small and medium enterprises, adding that there was no place in Nigeria currently enjoying up to 20 hours of power supply daily.

Felabrity:
As bad as Chelsea is, I don't think any top team don beat them this season