₦airaland Forum

Let me look into....

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Na wa ohh....

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lol

How we go get dollar?

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Nigeria struggles to find buyers for October oil exports

(Bloomberg) --Nigeria has sent a signal that the recovery in global oil demand still has some way to go, with volumes for next month’s loading struggling to find a home, even among its main customers.

As much as two-thirds of Nigeria’s crude for October export has yet to find buyers, according to traders specializing in the West African market. That’s enough to fill 30 Suezmax tankers, each carrying 1 million barrels of oil.

Indian Oil Corp. -- Asia’s biggest buyer of Nigerian crude from the region -- has disappointed the market for a second week, compounding already sluggish sales to Europe, the producer’s other main market, the people said. Earnings for ships hauling West African oil to that region are at the lowest level in a month.

The state oil refining giant purchased just 2 million barrels of Nigerian oil in its latest tender, after a 1-million-barrel buy the previous week. IOC typically bought as much as 20 million barrels of West African crude per month before the pandemic.

https://www.worldoil.com/news/2021/9/9/nigeria-struggles-to-find-buyers-for-october-oil-exports

N545?

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I reckon N700 by xmas 2021?

and the N2022 by 2022?

The Nigerian naira depreciated to its lowest level in 48 years, trading between N540 and N545 to a US dollar in Lagos on Thursday.

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Parallel market and bureau de change (BDC) traders in Lagos told TheCable that the naira was falling rapidly against the greenback.

“For people that don’t buy today, it will be more expensive tomorrow,” Ibrahim Ahmad told TheCable by phone.

“The dollar was going for N530 earlier today, but now it’s N545, if you’re buying anything below $1,000.”

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Another trader at Lagos Island, who asked not to be named, said he does not understand the reason behind the sudden drop.

“We felt N530 was the worst we would see this year, but look at us selling at N540, and there’s no obvious reason for this shift,” he said.

“Maybe when people hear this and hit the market with dollars, they’d be an adjustment”.

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The British pound was trading at N740 across the same markets.

The Central Bank of Nigeria said in July that it would no longer sell forex to BDC traders.

The apex bank has said repeatedly that the parallel market is not a true reflection of the naira.

Deposit money banks were commissioned by the CBN in August to cover for the expected demand following its policy change.

Insiders at the CBN told TheCable earlier that the bank was not going to change its decision about not selling forex to the BDCs.

The Economic and Financial Crimes Commission (EFCC) is working with the CBN to rein in on banks who are found selling forex for unauthorised reasons.

https://www.thecable.ng/breaking-naira-trades-for-545-per-dollar-at-parallel-market-lowest-in-48-years

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Nigerian soldiers resemble bandits.

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Bandits look more professional........

The matter must drag.....

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..........these baby mama's need taming

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NCAN.....

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Names? / Ratio? / Quota?

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Anambra oil?

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Na Lai....

The Minister of Defence, Bashir Magashi, has said President Muhammadu Buhari has given heads of security agencies a marching order to end banditry and other forms of insecurity in the country.

Mr Magashi made this known on Tuesday while briefing journalists after a security meeting with the President.

The President earlier in the day received briefings from the Chief of Defence Staff, Service Chiefs, the Inspector General of Police, and other heads of security agencies at the Presidential Villa, Abuja.

Also at the meeting were the Ministers of Justice, Abubakar Malami; Police Affairs, Maigari Dingyadi; Interior, Rauf Aregbesola; and Foreign Affairs, Geoffrey Onyeama.

The attendees briefed the president on the current security situation across the country as well as proffered solutions, top of which were issues surrounding banditry in the North-west and North-central zones.

Many states in the two zones have been ravaged by activities of bandits who kidnap citizens for ransom and kill at will.

To curtail their excesses, the Nigerian Communications Commission (NCC) had ordered telecom operators to suspend their networks in Zamfara State which is considered a strong base of the terrorists.

The development followed the suspension of weekly markets and other drastic measures in the adjoining troubled North-west and North central states to check activities of bandits in the regions.

Following the development, and spike in military onslaught on their hideouts, bandits have intensified attacks in Zamfara and Katsina, looting shops to stockpile foodstuff while the measures remain in place.

‘We are capable’
Speaking on the recent military offensive in Zamfara, Mr Magashi stated that the military was capable of putting an end to the menace.

He said there was a need to urgently put an end to the banditry in the regions in order to end the indiscriminate killings going on.

He enjoined Nigerians to collaborate with security agents to fish out the terrorists.


“This meeting was called in order to keep the C-in-C abreast on the current happening in the North-west and North-central, in respect of the improvements, problems and any other thing associated with the insurgency, banditry, kidnapping and the rest of it,” the minister said.

“From the meeting, we believe that the spate at which these things are happening in Zamfara State and North-central is a source of concern to the government and to all agencies that are responsible for the execution of the operations in the North-central.

“We discussed the need for urgency in our dealing with the bandits. We believe they are becoming a nuisance; killing people. They are doing what they like, they make careless statements, they say what they think they should say in order to solicit the kind of audience they want from the society.”

Mr Magashi said the security agents “have gone a long way in keeping the country together”, adding that “they are doing better compared to what it was during the previous administration”.

“If one looks back, prior to our coming, 2014, you’ll find that there is a lot of improvement, but people are not seeing it anymore.

“They believe probably we are incapable or there is something which we don’t know, but we are trying to find out why people are not appreciating the efforts of government.

“We have appraised our position. We have found that we are capable. We can do this thing, but we need the cooperation of every Nigerian in order to ensure a free society.

“Security, as far as this country is concerned, is the paramount important thing in this country, without security, nothing will happen and the Commander in Chief has emphasised this today that without security, nothing can go.

“So, he has directed us to find ways, tactics and style with which we can get out of this (insecurity) and we assured him that we will do our best to ensure the mission is successful.

“We will do all we can to ensure the completion of this mission, especially when equipment and other things are available to support the course of our tactical manoeuvres and that we will do very well from now,” the minister said.

https://www.premiumtimesng.com/news/headlines/483673-rising-insecurity-what-buhari-told-us-to-do-defence-minister.html

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Nigeria and Russia Sign Military Cooperation Agreement

A legal framework agreement between Russia and Nigeria is likely to be primarily transactional in nature, with any political influence seen by Moscow as a secondary benefit.

The Nigerian Embassy in Moscow announced last week the signing of a legal framework agreement that would provide for Russia to supply Nigeria with military equipment and training. The Agreement on Military-Technical Cooperation also provides for “after-sales services, training of personnel in respective educational establishments, and technology transfer.” Nigerian President Muhammadu Buhari reportedly raised the possibility of such an agreement with Russian President Vladimir Putin in 2019.

Media sees the agreement as related to U.S. congressional hesitancy to authorize the sale to Nigeria of certain military equipment because of human rights concerns. Indeed, ​Nigerian desire to buy such materiel—and American reluctance to sell, often on human rights grounds—is a perennial irritant to the bilateral relationship. Nigeria already uses military equipment from Russia and other military suppliers as well as the United States.

The just-signed agreement is a legal framework only; Nigeria has not entered into a new agreement actually to make new purchases. With respect to Nigeria, Russia is likely to be “transactional”—can its companies make money? Any accompanying increase in political influence Moscow will regard as a secondary dividend.

https://www.cfr.org/blog/nigeria-security-tracker-weekly-update-august-21-27

Taliban Capture of Super Tucano Highlights Risk in Nigeria

The fall of Kabul to the Taliban and the group's capture of U.S. military materiel highlights the risk inherent to U.S. arms deals with countries wracked with insecurity.

he Nigerian Air Force (NAF) has officially placed in service six A-29 Super Tucanos, light turboprop aircraft manufactured by Embraer (Brazil) and the Sierra Nevada Corporation (United States). Six more Super Tucanos will be delivered later this year in a deal set to cost the Nigerian government about $500 million. According to the American embassy in Abuja, the sale is the largest in sub-Saharan Africa under the U.S. Foreign Military Sales (FMS) program. Presumably the NAF will deploy the aircraft at low altitude against jihadis operating in the north in areas of scrub and forest. The Super Tucanos were long part of a menu of military materiel Nigeria sought to purchase from the United States.

According to the embassy statement, the United States is providing $36.1 million in infrastructure support at the Kanji Air Base, where the Super Tucanos will be housed. It has also trained sixty-four Nigerian pilots at an American air force base. According to the embassy, that training included a major human-rights component and development of strategic targeting skills.

The United States had sold the Afghan government twenty-three Super Tucanos for deployment against the Taliban. With the collapse of the Afghan government and the fall of Kabul, not all of the aircraft have been accounted for. Some Afghan pilots flew their planes out of the country. However, at least one Super Tucano is now in the hands of the Taliban.

The sale of Super Tucanos to Nigeria was met with significant opposition by human rights groups and some members of the U.S. Congress. Following initial approval, the deal was suspended under the Obama administration. Critics expressed concern about deepening an American relationship with the Nigerian military, which was notorious for its human rights abuses. Others questioned whether Nigeria, with its myriad challenges, could afford to buy the aircraft. The suspension contributed to the souring of the bilateral relationship. A Nigerian ambassador to Washington accused the United States of unintended complicity in Boko Haram terror because of the refusal to sell the equipment Nigeria wanted.

Supporters of the sale argued that it was in interest of the United States to enhance the security capacity of partners and the destruction of jihadi terrorism must be a priority. Further, the Super Tucano had been developed specifically to assist partners struggling with low-intensity terrorism. Citing experience with Super Tucanos in Afghanistan and Iraq, some proponents argued that the planes could improve targeting, thereby decreasing unacceptable civilian casualties and alienation from the government deploying them and, potentially, its American partner. A sale could also be seen as an American vote of confidence in Nigeria’s struggle against jihadi terrorism. In 2017, the Trump administration authorized the sale to go forward.

Now that the Super Tucanos are part of the Nigerian Air Force, an issue will be how they are used. Will they be used only against jihadi terrorists in the north, or will there be the temptation to use them against other targets, such as Biafran separatists, Delta militants, or even cattle rustlers? Broader use increases the potential for civilian casualties. A Biafran separatist movement, the Indigenous People of Biafra (IPOB), is suing to block the sale in a Washington, D.C. court. Though it seems unlikely at present, there is also the potential that a Super Tucano could fall into the hands of a jihadi terrorist group, as has happened with much other military materiel in Nigeria.

https://www.cfr.org/blog/nigeria-security-tracker-weekly-update-august-21-27

This update represents violence in Nigeria and related to Boko Haram in Cameroon, Chad, and Niger from August 28 to September 3, 2021.

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Below is a visualization and description of some of the most significant incidents of political violence in Nigeria from August 28 to September 3, 2021. This update also represents violence related to Boko Haram in Cameroon, Chad, and Niger. These incidents will be included in the Nigeria Security Tracker.

https://www.cfr.org/blog/nigeria-security-tracker-weekly-update-august-28-september-3

August 28: Kidnappers killed two and abducted three in Ife East, Osun.

August 28: Bandits killed two in Kauru, Kaduna.

August 28: Police officers killed two robbers in Ughelli South, Delta.

August 29: Kidnappers abducted three at a church in Adavi, Kogi.

August 29: Gunmen killed two and kidnapped two in Khana, Rivers.

August 29: Nigerian Air Force airstrikes killed fifty bandits in Shinkafi, Zamfara.

August 30: Nigerian soldiers killed three Indigenous People of Biafra (IPOB) members in Ngor-Okpala, Imo.

August 30: The Islamic State in West Africa (ISWA) killed ten soldiers and sixteen civilians in Kala/Balge, Borno.

August 30: Police officers killed "several" (estimated at ten) bandits in Kontagora, Niger State.

August 30: Bandits killed one government official and one civilian in Shinkafi, Zamfara.

August 30: Communal violence led to two deaths in Oturkpo, Benue.

August 31: Kidnappers abducted four in Ado-Ekiti, Ekiti.

August 31: Gunmen killed nine in Omala, Kogi.

September 1: Bandits abducted seventy-three students from a school in Maradun, Zamfara.

September 1: Nigerian troops killed six Boko Haram militants in Kukawa, Borno.

September 1: Hunters killed forty-seven bandits in Shiroro, Niger State.

September 1: Robbers killed five in Ughelli North, Delta.

September 2: Kidnappers killed two and kidnapped one in Mangu, Plateau.

September 3: Bandits killed fifteen and lost four bandits during an attack in Shiroro, Niger State.

September 3: Bandits killed four and abducted "several" (estimated at five) in Maru, Zamfara.

September 3: Bandits killed one police officer and three civilians and kidnapped four during an attack on a police station in Bungudu, Zamfara.

September 3: Security operatives allegedly killed three civilians during a protest in Ogbia, Bayelsa.

September 3: Police officers killed two cultists in Emuoha, Rivers.

https://www.cfr.org/blog/nigeria-security-tracker-weekly-update-august-28-september-3

(Click link for interactive map)