Naira has continued its appreciation streak at the parallel section of the foreign exchange (FX) market.

The local currency traded at N1,500/$ on Wednesday, representing a gain of 9.09 percent from N1,650/$ recorded on Monday.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,450 and the selling price at N1,500 — leaving a profit margin of N50.

At the country’s official window, the naira appreciated to N1609.51 against the dollar on Wednesday — a 1.67 percent increase from the N1,582.94/$ traded on Monday.

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said the naira is undervalued largely due to distortions by perpetrators in the foreign exchange market.

“As and when we come up with these distortions, we will take them off and throw them away and where there are distortions that come about as a result of bad behaviour, we will ensure that those who do it will face the music as a deterrent to ensure that others in future do not take that route,” Cardoso said.

He added that such perpetrators confuse the FX market.

A man, identified as Marcel Udeh from Umunneochi LGA of Abia State has been nabbed by the Police, for allegedly killing his son.

His son’s offense, according to a community source, was that he returned home and ate the last portion of food in a pot inside the family’s kitchen.

According to the story, Mr Udeh was enraged that his late son could enter the kitchen to take food without getting permission from his father.

In anger, he was alleged to have dashed into his room, brought out a gun and fired at his son, leading to the victim’s death.

Mr Marcel Udeh was promptly apprehended by members of the community who tied his two hands and placed him on the lifeless body of his child.

Another account of the incident claimed that the suspect used a sharp object on his son, leading to his death.

Udeh, who was begging for mercy, blamed his actions on the devil, saying that he regretted what he did.

When contacted, the Police Public Relations Officer (PPRO) of Abia State Command, ASP Maureen Chinaka confirmed that the incident was reported at the Umunneochi Division, adding that the suspect has been arrested.

Yes, we got a report at Umunneochi Division, the suspect has been arrested and the matter has currently been transferred to the SCID for discreet investigation and will be charged to Court afterwards”, said the PPRO.

IT was James Freeman Clarke, an American Church minister, theologian and author, who once famously said that: “A politician thinks of the next election; a statesman thinks of the next generation.”

Right now, Clarke and other like-minded philosophers would be turning in their graves as a majority of our political leaders have stuck to being just politicians, refusing to graduate to becoming statesmen who work for the good of the people, including the generations after them. And unless they see political power as a call to service, they are satisfied just with having their names attached to mean feats that do not positively impact generations beyond theirs.

That is why those who seek elective offices with the genuine intention of impacting the people usually leave legacies that would not only outlast themselves but also upon which generations after them can build and develop.

So, when the immediate past Governor of Abia State, Okezie Ikpeazu, took it upon himself in 2018 to intervene in the four-year imbroglio that stalled the Independent Power Project operated by Geometric Power that should have served Aba and its environs with uninterrupted 24-hour electricity, it was in response to his natural instinct to do everything within his powers to ensure that the people enjoyed the dividends of democracy even if such benefits would only eventually start yielding fruits after his tenure as governor.

He stated this much when he went on a tour of the multi-billion dollar facility installed by Geometric Power Project at the Osisioma Industrial Layout, alongside the promoter, Professor Barth Nnaji and other key members of the company on the February 23, 2022. At the tour, Ikpeazu had stated that the power project was “the fulcrum upon which the industrial development of Aba, Abia, and the South East will revolve“.

He then added: “Two years from today, the story of economic development in Aba and Abia State will take a completely different turn. Things will not remain the same again around here, and anyone who hasn’t concluded plans to have presence here is already late”.

Exactly two years after that statement, the entire state is agog with the prospect of that vision coming to fruition as the power project is due for commissioning today, February 26, 2024.

However, the journey to the development was not without its challenges. It was a road plated with thorns but which only a determined leader with a genuine concern for the people could help to overcome.

The Chief Emeka Offor-owned Interstate Electric Company Ltd was a core investor in the Enugu Electricity Distribution licence issued when the Federal Government unbundled the power sector. Prior to that time, the Federal Government had issued the licence for an independent power project to cover Aba and its environs to Geometric Power. However, this sale was, by omission, not disclosed to Interstate Electric Company at the time of issuing it the EEDC licence leading to tussles between the two power giants, that stalled the take off of the independent power project by Geometric for four years.

In a bid to ensure that such an important project did not go into extinction, given its strategic benefits to the people and area as an industrial, technological and commercial hub of not just Abia State but also that of the entire South- East and beyond, Ikpeazu took it upon himself to intervene and initiated several meetings between Geometric Power and Interstate Electric Company Ltd with a view to amicably resolving the matter in the overall interest of the people. He further escalated the issue with the then Vice President, Professor Yemi Osinbajo, and after several follow-up meetings, the matter was amicably resolved.

However, with the four-year hiatus caused by the dispute, the financial obligations of Geometric to the project had risen as a result of depreciation to equipment, galloping interest rates on loans, inflation, etc. It got stuck again.

Short of the humongous finance needed to resuscitate the project, the only way out was to seek more loans. But having been exposed to loans running into millions of dollars already, it would be near-impossible to secure fresh loans for the project unless there were water-tight guarantees. But Ikpeazu would not give up. He went with the Geometric team led by Prof Barth Nnaji to the headquarters of African Export-Import, AFREXIM, Bank in Cairo, Egypt, and to South Africa, to help facilitate the loans needed to get the project back to life again, and gave guarantees in his capacity as Governor of the host state.

These steps were taken by the then governor despite the difficulties and intricacies involved in the entire process because of his belief that governance must transcend leaders who must have the next generation in mind while implementing policies and projects, and creating the needed favourable environment for private ventures to not only survive but also to thrive in their domains. He was ready to weather the storm with Geometric, and pull all plugs just to have that private investment revived, for the people and generations after. It was for such reasons as this that Ikpeazu rightly earned the befitting title of a ‘Transgenerational Leader’ among Abians.

Abians cannot discount the efforts of Ikpeazu to ensure that the project was revived without which there would possibly not have been a project to commission today. Abians can also not discount the fact that Ikpeazu’s guarantee as governor helped to facilitate the AFREXIM Bank loan that eventually saved the project from going into extinction.

So, as Aba and its environs become the first vicinities in Nigeria to start enjoying 24-hour uninterrupted power supply from today, February 26, we must not forget the critical players who made it happen, chief among whom are Prof Barth Nnaji and Dr Okezie Victor Ikpeazu. Posterity will surely be kind to both leaders!

The operatives of the Nigeria Security and Civil Defence Corps, Anambra State Command on Monday, embarked on a “rigorous” show of force, massive deployment and area dominance in and around various flashpoints across the state.

The state commandant of the NSCDC, Olatunde Maku, said during the exercise that the objective is to protect the lives and property of residents.

The NSCDC also stressed that the deployments were also to protect critical national assets across the state to strengthen the state’s security in continuation of its anti-sit-at-home confidence-building patrol embarked upon by the Command.

Maku added that the deployment and visible patrolling of personnel are aimed at ensuring that Anambra residents are adequately protected and secured to carry out their legitimate businesses on Mondays.

The Monday sit-at-home exercise was introduced in 2021 across the South-East region by the Indigenous People of Biafra to protest against the rendition and continuous detention of its leader, Mazi Nnamdi Kanu.

Although the IPOB group has said it has suspended the exercise, the people continue to observe it due to fear of attack by hoodlums who have used the exercise to unleash various attacks on businesses and properties, thereby forcing the people to comply.

On Mondays, both commercial and economic activities are always at a standstill whereby markets, motor parks, petrol filling stations, schools and other critical public enterprises remain shut on the day.

Commenting on the essence of the exercise, Maku said, “It is to build confidence for a seamless return to business on Mondays across the state and reassure the public that NSCDC in synergy with other security agencies have occupied the public space to send strong signals to misguided elements that it would not be business as usual because the Command will deny them any opportunity to perpetuate crime in the state.

“We have reviewed the current security situation in the state, and reinforced our operations with a robust patrol system that can checkmate any amoebic modus non-state actors might use to oppress members of the public.

“We are determined to protect lives and property, maintain effective serenity, and suppress the antics of the underworld personalities. The deployment of personnel saw the area domination of operatives at various critical national assets and banks across the state.”

According to him, officers deployed for this assignment are under the strict instructions of the state commandant to be “civil, professional and firm” in the discharge of their duties, abide with the Standard Operating Procedure and the Rules of Engagement.

“The confidence building attracted the opening of more banks from last week’s reportage of two banks to five banks this week, with full operations ongoing.

“The success of the operation is an indication that members of the public are tired of being forced to sit at home, we appealed to the people to assist the Command with vital information on the movement and activities of any suspicious person or group of persons who might pose danger to their security within their respective neighbourhood.

“We encouraged the people to go about their respective legitimate business as the operation would be sustained to revive the crumbled economic activities in the state and keep the unwanted miscreants off the state,” Maku stated.

The exercise, which covered all the banking facilities, business offices, and critical assets in the state, commenced from bank areas at Regina Ceili Junction, through the Central Bank of Nigeria, to Eke Awka Market and Ziks Avenue, Awka, where most of the financial institutions are cited.

He said that workers in the teaching sector will maintain the five days a week work schedule and the state government will ensure additional transport support for them.

The governor further stated that as part of measures to ease the economic challenges on residents, civil servants from level 1-14 will begin to work three days a week.

He added that the state government will open Sunday Markets in at least 42 identified markets where residents will be able to buy food items at a discounted price.

”You will only need able to buy items worth up to N25,000,” he added.

socialmediaman:


Peter Obi won 95% of the votes in Anambra. That's besides the point.

The person I quoted was talking about how people in other states voted, and I reminded him that people from other states, especially the most urban cities, voted for Peter Obi as well, not just people in Anambra.

I believe my comment needed just a little common sense to be understood.

Bookhub:
in Nigeria only igbos and fulanis have spirit of nationalism they understand Nigeria better than any ethnic group these two are very self preservative than any other the rest are just mugu,if igbos are killed the way plateau people are being killed it could have beimg another bloody civil war,the fulanis just want to entire north and one southwest state with sea access and its a done deal

Goodvibes007:
How Ibos have always played slave to the Fulani.👇

1960 Azikiwe Saurdana (they outsmarted Zik and gave him a ceremonial president position) - Fulani/ibo

1979: Shagari/Ekwueme - Fulani/Ibo

1993: Tofa/Ugo - Fulani/Ibo

2003: Buhari/Okadigbo - Fulani/Ibo

2007: Buhari/ Ezeoke - Fulani/Ibo

2019: Atiku/ Peter Obi - Fulani/Ibo

Notfogotten:
Only in Nigeria.

Sometimes, you ask yourself, how did we get here as a people.

Sultanofpiglets:
How can people that rebuilt an economy destroyed by war be dullards?

You maintain a DEATH zone relic called IBADAN and you shamelessly cry foolishly when smashed with POTENT facts that expose the uselessness of a region with fallen demons as gods. Spits

DECLAN2015:


U speaking gibberish
Is people that do not know u that give importance to u.
Igbo are the most clannish and egocentric people around.
No tribe is perfect but it ll be highly hypocritical to to characterize people with your bias

socialmediaman:


Obi won Tinubu and Atiku in Abuja and Lagos, the most urban cities with the most educated population who are knowledgeable enough to read and know whether he performed well in Anambra or not.

By the way, what do you think influenced Tinubu supporters to vote for Buhari twice (twice not once), and then vote for Tinubu who was struggling to be coherent during the campaigns?

Nigeria’s remittances inflow and exports to the United Kingdom are being threatened by the recession the UK suffered in the second half of last year, analysts have said.

A recession is two consecutive quarters of contraction. The UK is Nigeria’s second-largest source of remittances after the United States.

Analysts say this situation could worsen foreign exchange liquidity challenges for Africa’s biggest economy as diaspora remittances are one of its major sources of FX, and the UK is one of the country’s top trading partners in terms of exports.

“The impact is multifaceted. With a recession in the UK coupled with a somewhat elevated unemployment rate and disinflation, remittances inflows into Nigeria might suffer some setbacks,” Temitope Omosuyi, investment strategy manager at Afrinvest Limited, said.

He said Nigeria’s key exports to the UK might also be negatively affected as aggregate spending takes a hit.

“But on the positive side, imports into Nigeria from the UK could become relatively cheaper in terms of GBP (British pound). However, the magnitude of the depreciation in naira might make this unnoticeable,” Omosuyi added.

Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin.

According to the World Bank, remittances can help alleviate poverty, improve nutritional outcomes, and are associated with increased birth weight and higher school enrolment rates for children in disadvantaged households.

“Studies show that remittances help recipient households to build resilience, for example, through financing better housing and to cope with the losses in the aftermath of disasters,” it said.

Israel Odubola, a Lagos-based research analyst, said the recession can reduce the flow of remittances from Nigerians in the UK.

Last week, the UK’s Office for National Statistics (ONS) revealed that the developed economy entered into recession, which has been described as ‘technical’, just months ahead of a general election.

According to ONS, the Gross Domestic Product fell 0.3 percent in the last quarter of 2023, following a 0.1 percent contraction in the previous quarter. It estimates that the country’s GDP grew by a meagre 0.1 percent last year.

“All the main sectors fell on the quarter, with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery,” Liz McKeown, director of economic statistics, said in a statement.

The country’s monthly petrol import was reduced by about 1 billion litres after President Bola Tinubu removed fuel subsidy in June, a report by the National Bureau of Statistics has shown.

The NBS report indicated that the country received fuel importation of 2.09 litres in January 2023, while 1.99 billion litres was imported in February of the same year.

It was 2.29 billion litres in March; 1.91 billion litres in April and 2.01 billion litres in May last year.

Recall that Tinubu removed the subsidy on Premium Motor Spirit on May 29, having a significant effect on the importation of the product the following month.

Our correspondent observed that the quantity of PMS imported in June, the first post-subsidy month, dropped to 1.64 billion litres.

The downward slope got deeper in July when the import was reduced to 1.45 billion litres.

In August, petrol imported into the country was down to 1.09 billion, a reduction of over 1 billion litres year-on-year from the 2.23 billion litres imported in August 2022.

The NBS report showed that Nigeria did not produce a litre of PMS locally in 2021, 2022, and in the first half of 2023.

However, diesel and kerosene were produced locally during that period, due to a lack of functioning oil refineries.

In its key highlights for the Petroleum Products Distribution Statistics Half Year 2023, the NBS said in H12023, PMS truck out stood at 11.48 billion litres, indicating a 5.83 per cent decrease when compared to 12.19 billion litres recorded in the first half of 2022.

Also, 26.07m litres of kerosene were locally produced compared to 22.33m litres in the first half of 2022.

Also, 26.07m litres of kerosene were locally produced compared to 22.33m litres in the first half of 2022.

For Automotive Gas Oil (diesel), 55.48m litres were produced in the first half of 2023, higher relative to 50.19m litres reported in the corresponding period of the previous year.

Though the 11.94 billion litres of PMS imported in H12023 was higher compared to 11.56 billion litres in H12022, the drop in June, July and August testified to the effect of the subsidy removal as the Nigerian National Petroleum Company remains the only importer of fuel at the moment.

“He conspired with Alhaji Umaru Farouk Ibrahim the former Secretary of LP, Mr. Clament Ojukwu the former Organizing Secretary of LP, Mrs. Oluchi Oparah the former Treasurer of LP, and Arc Edward Nkengu Okereke the beneficiary of the forgery and forged my signature on a withdrawal letter falsely indicating my voluntary withdrawal from the electoral race.

This forged letter was then submitted to the independent National Electoral Commission ("INEC"wink to facilitate an illegal substitution of my candidacy.

“I was left in utter shock when I eventually caught wind of the reprehensible actions of the former Chairman

39-Year-Old Adu Boakye, a Ghanaian man who is a father of four, and who recently moved to Canada, just three months ago, was the unfortunate victim of a North York shooting.

The attack has been described as a random shooting as Adu Boakye was shot three times while he was walking near a bus stop, going about his business.

Efforts were made to save him before he was transported to the hospital but he succumbed to his injuries and was subsequently pronounced dead.

Canadian authorities responded to reports of gunfire in the vicinity of Jane Street and Driftwood Avenue on Saturday, February 17, 2024. Upon arrival, they found Boakye suffering from gunshot wounds. Despite efforts to save him, Boakye succumbed to his injuries after being rushed to the hospital.

Detective Phillip Campbell, in a subsequent interview, revealed that Boakye and another unnamed 16-year-old boy had been shot indiscriminately while waiting for a bus in the area.

According to a news release by the Toronto Police Service, the images of the suspect have been released, however he has not been apprehended yet.

https://www.pulse.

Ebinpiawazuu:


What about A region filled with skullers and hungry people.

chopnaira:

Hmmm. While some cannibals were selling their votes for Okpa and jollof. Let's not mention those that were hijacking onion trucks before subsidy removal or those trafficking their bodies for a plate of coke and Indomie.

Niger missed a debt payment of 13.4 billion CFA francs ($22m) last week, the West African debt management agency said on Monday, bringing the total default to some $519m since a July coup and its suspension from regional financial markets.

The West African monetary union debt management agency UMOA-Titres said in a statement that Niger had failed to make a repayment of principal which was due on February 16. It previously missed payments in August, November, January and February.

UMOA-Titres noted that this occurred in the context of Niger being subject to sanctions imposed by the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union, also known by its French acronym UEMOA.

“This situation is carefully monitored by UMOA-Titres in collaboration with the institutions concerned,” the agency said in a statement on Monday.

The sanctions were imposed after the July 30 coup by members of the Nigerien presidential guard, that overthrew President Mohamed Bazoum.

Other countries, including the United States, that had provided aid for health, security and infrastructure needs, also suspended their support.

Until the coup, aid accounted for almost half of Niger’s annual budget. Niger’s neighbours also closed their borders to the country, and more than 70 percent of its electricity, supplied by Nigeria, was cut off. Financial transactions with West African countries were suspended. Niger’s assets in external banks were frozen, and hundreds of millions of dollars in aid were withheld.

In July, a planned 30 billion CFA franc ($51m) bond issuance by Niger was cancelled by the Central Bank of West African States (BCEAO).

The sanctions were the most stringent yet imposed by the regional bloc to stem the tide of coups in the Sahel. But they have had little or no effect on the ambition of the government, which has consolidated its hold on power while millions in Niger face growing hardship.

Last month, the country announced, along with neighbours Mali and Burkina Faso, that it was leaving ECOWAS with immediate effect. The three states formed the Association of Sahel States (ASS) in September and are reportedly considering discontinuing the use of the CFA, the currency of the UEMOA.

The Office of the National Security Adviser, ONSA has said that CBN’s proactive measures to stabilize the foreign exchange market and stimulate economic activities in the country is being undermined by the activities of speculators, both domestic and international.

The ONSA said these unpatriotic activities were “done through various channels, thereby exacerbating the depreciation of the Nigerian Naira and contributing to inflation and economic instability”.

Consequently, ONSA said it is working jointly with the Central Bank of Nigeria (CBN) to wade into the crisis with a view to combating the speculative activities arising from the market.

The Head, Strategic Communication, Office of the National Security Adviser, Mr Zakari Mijinyawa, made this known in a statement, titled, ‘Joint Effort Between ONSA and CBN to Safeguard Nigeria’s Foreign Exchange Market and Combat Speculative Activities’.

It reads, “In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) are joining forces to address challenges impacting the nation’s economic stability.

“The CBN’s proactive measures to stabilize the foreign exchange market and stimulate economic activities have been commendable.

‘However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian Naira and contributing to inflation and economic instability.

,”Recall that, to address the exchange rate volatility, the CBN initiated a comprehensive strategy to enhance liquidity in the forex market, including unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

“To reduce the pressure on the naira, the Economic and Financial Crimes Commission (EFCC) has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

“Yet, recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market, the ONSA and CBN are therefore embarking on this collaborative approach to tackle these infractions.

“This partnership will involve a coordinated effort with key law enforcement agencies, including the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU).

“The primary objective of this alliance is to systematically identify, thoroughly investigate and appropriately penalize individuals and organizations involved in wrongful activities within the FX market.

“By leveraging the expertise of these agencies, we aim to deter malicious practices, protect investor interests, and promote sustainable economic growth.

“This joint effort underscores the commitment of the Nigerian government to improving its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework and exiting the grey list of the Financial Action Task Force.

“In addition, the efforts will make progress in ensuring a stable and transparent foreign exchange market, fostering investor confidence, and advancing the nation’s economic well-being.”

Vice President Kashim Shettima has confirmed the interception of 45 trucks conveying maize to neighbouring countries.

He disclosed this during a conference on Public Wealth Management in Abuja on Tuesday.

“Just three nights ago, 45 trucks of maize were caught being transported to neighbouring countries. Just in that Ilela axis, there are 32 illegal smuggling routes,” the VP said.

He further explained that after the interception, the price of maize, which was the major grain being transported, came down by N10,000, falling from N60,000 to N50,000.

The VP alleged that some people are hell-bent on undermining the government, but called on Nigerians to coalesce into a singular entity.

The Federal Government is putting different measures in place to ensure food security across the country.