patrickmuf: You post bad news here and another post news that offers a glimmer of hope but you want to tag him as a Government propagandist...Lol...
I keep asking, what will Obi have done better? Would he have borrowed money to continue the subsidy regime?
Would he have magically gotten the refineries to get working to their capacity?
Whether we like it or not, we were always going to get to this phase.
We want change and we are looking at the President alone...Keep electing rogues as HoA members, HoR, Senate members and Governors and expect the President to get everything in place.
It is 3 months into the new administration and all I see here is Tinubu this, Tinubu that yet Governors are receiving monthly allocations o! You guys care less about holding your Governors and elected representatives accountable. Who do una abeg?
liveLongNprospa: You see what I mean. In everything he typed, you have zeroed in on a small part while overlooking the main msg.
Let me give you heads up sha incase you've not noticed. Between when this section started till now, your perceived online value has so much eroded. Not like it matters to anyone but for someone like you that usually seeks for support before you can mostly stand on your own opinions.. It might be important for you to know. Question is why? 😁
I honestly have enormous respect for guys like you and other guys here that have the mental fortitude to always engage that copy and paste buffoon. Credits where’s its due😎
TruthHurts1: The naira plunged to a record low of N925/$1 on the parallel market on Wednesday as demand for foreign currency outstripped supply.
This is the aftermath of liberalising the foreign exchange regime, which is a clear departure of what obtained during the President Muhammadu Buhari- led administration.
At a time during the last administration, the World Bank and other agencies, as well as experts in banking, finance and economy had at different times said having official and parallel value for the naira was hurting the economy and at the same time making a few privileged people pocketing billions of dollars without producing anything as they get the forex from the CBN at official rate and instantly sell same at the black market.
Recall that during his inauguration on May 29, 2023, President Tinubu had said, “Monetary policy needs a thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.”
On June 14, 2023, the CBN abolished the segmentation of the forex market into different windows and told Deposit Money Banks to freely float the naira against the dollar and other international currencies.
Buyers and sellers of foreign currency in the official FX market were then allowed to quote their preferred rates, as against previous practice where CBN dictated rates.
Wittingly or unwittingly, naira has since continued on a free fall at the parallel market despite the move.
When Daily Trust reached out to forex traders in Abuja yesterday, they quoted the exchange rate as high as N915/$1 for cash trades.
Similarly, the dollar exchanged for between N880 and N890 in Lagos, the commercial capital of Nigeria.
Our reporter who monitored the situation at the Murtala Muhammed International Airport, Ikeja as well as Allen Junction, noticed that the greenback was bought for as high as N890 by Bureau De Change operators in the state. However, the operators sold it for between N900 and N905.
An operator at Allen Roundabout in Lagos, Ismail Muhammed said: “The dollar has not reached N900 in Lagos. We are buying for N890 at the moment”.
In Kano, Daily Trust gathered that while the parallel market closed on Tuesday with a dollar trading to a naira at N900, it opened at N919 to a dollar on Wednesday as against the N750.2/dollar at the I&E market, signifying a gap of about N169 between the parallel market and the I&E market.
However, Daily Trust gathered that around 1pm, the price further surged in Kano’s Wapa Forex Market to N925 to a dollar.
Meanwhile, in the official Investor and Exporter Window, the exchange rate closed at N757.81/$1 while the NAFEX rate was N776. The official market also faces supply constraints, with daily turnover averaging $80 million since July.
The peer-to-peer market, where cryptocurrency traders exchange forex, also saw the exchange rate soar above N900/$1.
The exchange rate between the naira and dollar has weakened by 19.8% since the reunification of the exchange rate windows. This compares to a depreciation of 2.5% between January 1 and June 14th (before the unification). The exchange rate weakened by 22.9% in the whole of 2022.
The disparity is now N153/$1, one of the widest since the unification of the naira on June 14th, 2023.
The naira has been under pressure in the parallel market for several weeks, as the supply of forex from official sources remains inadequate.
On July 1st, the beginning of the second half of the year, the exchange rate in the parallel market was around N772/$1.
However, a surge in demand from various segments of the economy, such as importers, foreign travellers and speculators, has triggered exchange rate volatility.
Daily Trust spoke to some forex traders who attributed the depreciation of the naira to a scarcity of supply.
They said that there were more buyers than sellers in the market and that the situation was unlikely to improve anytime soon.
A forex dealer, Nura Usman told Daily Trust that it was scarcity and lack of price control mechanism that was responsible for the astronomical rise in the exchange rate and the huge gap between the official and parallel markets.
“Even commercial banks do not have dollars, they come to us to look for it when their customers ask for it. So, this makes you wonder why CBN is not contributing its quota to the market. If the CBN releases dollars to the commercial banks at the I&E price, definitely the gap between the I&E market and our own (parallel) won’t be more than N10 and not the over N160 that we currently have,” he said.
Usman added that the chances are very high that a dollar will go above N1, 000 sooner than anticipated if nothing was done to quickly address the scarcity.
Also speaking, the Chairman of WAPA Forex Market, Sani Dada said the government is to be blamed for the scarcity and huge gap between the I&E market and the parallel market.
He said Nigeria is not productive enough to be getting the required forex the market needs and as such the floatation of price without commensurate supply of dollars to the market by the government was counter-productive.
“For us, our only source of dollars now is from travellers who will bring some hundreds of dollars to you. Even yesterday (Tuesday), I needed $1,000 and I couldn’t get it anywhere in the market. That is how bad things have gotten. So, the government needs to release some percentage of dollars to operators (BDC) as it was done in the past so that it can reach the people that truly need it,” he said.
Oyinlola Oluwafemi, a commercial bank customer said: “We really need to diversify our foreign exchange earnings from just oil so that we can have much more surplus supply of dollar, as for the demand for foreign exchange, it is not going to go away anytime soon so we have to deal with that.
“Another factor affecting the gap is the official bottlenecks that exist in our banking system. Imagine applying for PTA for 14 days prior to need, that is too long a time to wait.”
BDCs urge FG to ban Binance operations
However, the Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the federal government to ban the operations of Binance in the country.
Binance is a global online exchange where users can trade cryptocurrencies on a daily basis. It supports hundreds of the most commonly traded cryptocurrencies.
President of ABCON, Alhaji Aminu Gwadebe in a chat with Daily Trust, said Binance trading is becoming the anchorage of the Investor and Exporters window and the parallel market, noting that the exchange is the most liquid market with 1.2 million transactions per second.
He said: “So, we have to do something that can stop Binance. It’s a competition; we need to ban Binance and the only way to do so is if you have liquidity.
“So we are seeing a scenario where optimism is giving way to pessimism; investors are not coming, Nigerians don’t have confidence in the market and we have to look for external finances that are coming in as a quick fix.
“There is a lot of pressure on the naira, from foreign exchange hoarding by the banks and oil companies.”
CBN expects remittances from NNPC
Gwadabe expressed hope that with the petrol subsidy removal, the Central Bank of Nigeria would be able to see remittances from the Nigerian National Petroleum Company Limited (NNPCL) saying at the height of subsidy on oil, the remittance to CBN from NNPC was zero.
He said now that the situation has changed, this would also allow the apex bank to have liquidity and inflows that would come in for them to be able to defend the naira.
He said: “If we have a friendly, competitive and transparent system, more investors would want to come to the market.”
Official window no longer reflective of the market dynamics
Ayodele Akinwunmi of the Corporate Banking Department of First Securities Discount House Limited (FSDH), said: “The way things are today, we have to be careful with what we quote as the spread in the parallel market. The fact that the CBN says we can buy and sell at any rate does not give room for arbitrary price quotes.
“As much as I know, the CBN has been selling dollars to the Import and Export window consistently at N740/$1. The supply may not be enough considering the huge backlog; the reference rate is still the I&E window.
“It is a matter of demand and supply and with what the government is doing, the rates will decelerate in no distant time”.
However, the Managing Director of Cowry Asset Management, Dr Johnson Chukwu said the basic underlying factor in the continuous widening of the gap between the I&E window and the parallel market is undersupply.
Chukwu, while reacting to the stability in the I&E window amidst wide drift in the parallel market, said: ‘The official market is no longer reflective of the market dynamics.
“In effect, the I&E window is no longer indicative of demand and supply, the price is stable because the offer and bid price are determined by the CBN.”
Reacting to what the government can do to arrest the free fall, Chukwu said: “We are already in a bind, I don’t see the federal government accepting a short-term balance sheet support.
“We are heading towards a point where dollarisation will kick in. I don’t know where that point is right now but we are in a deep mess.”
The CBN Director of Corporate Communications, Dr Abdulmumin Isa, in his reaction, said: “While we will continue to intervene to bring the markets to the levels that we believe it should be, we need to work on the supply side of forex to the economy.
“As the Ag CBN governor, Folashodun Shonubi, said at the last MPC meeting, some of the volatility you’ve seen over the period has been driven by that same fact that the market needs to find its level and also the reality that there’s pent-up demand, which current supply may not be sufficient for and as we ease and satisfy the pent-up demand, we begin to see a more efficient market that runs.”
rightopdeep: . If you don't have a Reasonable Thing to say why can't you just Keep quiet for God's sake .What sin was Committed here ..is my son the owner of the centre...Well some comments Needs to be Ignored
rightopdeep: All my child's Subjects result was held ,They gave a reason : That Biology paper 2 Essay ,Candidates copied each other One Another .
Infact I was shocked because my son is very very good in biology ,right from His Jss1 till Ss3 he does not scores below 70 ,I do access him myself ,If it were to be another Subjects I won't be bordered but Biology ,It's Quite Surprising .
I need an Advise Please .
Is there any hope ,I read that a Complaints can be Lodged ,Has anyone be successful with this ?
larride: The Lagos to Calabar railine is an expensive project. It's to cost $11.12bn and constructed by CCECC. Exim Bank of China was supposed to fund the project.
In September 2017 after series of outrage about Chinese loans and the likes, Exim bank then refused to fund the project which means the govt have to look for another partner for the project.
4yrs after in 2021, the FG approved the project again to CCECC and the search for investor to invest in the railline began again.
In Oct 2022, The minister for transportation announced they have reached an advanced agreement with Standard Chartered Group to finance 85% of the project while the govt finance the remaining 15%.
If Exim bank of China had not withdrawn from the project, the project will surely have been completed. In that time space, the Lagos - Ibadan rail was constructed, the Itapke to Warri line was completed, the Ibadan to Kano line construction has started also while the PH to Maiduguri line reconstruction started also.
kad199: Next time think before u come and vomit rubbish. Not everyone is foolish like most Batista.
you won’t see a single Apc supporter that have common sense. Just tribalism and Yoruba ronu vibes...and their deek seem to rise at the mention of the word ‘Igbo’
Shaytun: Stop wasting scarce resources defending something that should not be defended at this time.
Those resources are better utilized in other areas.
Nigerians spent close to $2B last year on foreign education, the federal government subsidised half of that payment.
To put that into perspective for you, the Government spent more money on subsidising schools fees for those furthering their education in UK, Canada and USA. Than the whole total education budget for the country.
If that is not madness I don’t know what it is.
Your written English is quite good. But honestly you’re an idiot 😎
A group of public affairs analysts have said that APC’s worst mistake was challenging the outcome of Osun gubernatorial election in 2022.
They were speaking in relation to the cases before the presidential election tribunal and the expected judgment.
According to them, the Osun judgment was the first time the Supreme Court interpreted the 2022 Electoral Act. And in doing so, the Supreme Court gave some significant pronouncements which includes:
First, that IREV was an integral part of of INEC’s collation process.
Again, that the BVAS and from EC8A were primary sources of evidence in proof of electoral fraud or anything thereof.
Similarly, that both the Constitution, the Electoral Act and INEC Guidelines and even Training Manual are justiciable. That is, that they are all legal instruments that can be used against INEC should they deviate from any. In doing this, the Supreme Court even quoted a section of INEC’s guideline verbatim which established the undisputed place of INEC Guidelines in law.
Now, this group are of the opinion that almost all the resolutions of the Supreme Court in the Osun Judgment, is working against APC’s case at the Tribunal right now. And considering that the Osun judgment is as recent as 3 months ago, it is a precedent that the Supreme Court might easily depart from anytime soon.
Nlfpmod Mynd44
Apc is terrible,agreed. But u sef no too get sense,you are a brainless tribalist😎
immortalcrown: Too bad, if true. But he is still doing better than Tonto. At least, he lawfully married and spent years before divorcing, unlike Tonto who could not even date for long talk more of making it to marriage.
My comment is not a judgement on who between him and Tonto has the worst character. My comment is that his case is not as shameful or ridiculous as that of Tonto. I say this because one commenter above is already trying to use this Churchill's rumoured case to exonerate Tonto.
Curious345: Amid the diplomatic row, Daily Trust Saturday reports that former Head of State General Abdulsalami Abubakar and Sultan of Sokoto, Muhammadu Saad Abubakar, were denied entry into Niamey on arrival on Thursday after President Tinubu mandated them to have a discussion with the Nigerien coup plotters.
Diplomatic sources said they were restricted to the airport only, where they had a discussion with low ranking members of the military junta.Those familiar with the matter described the development as “embarrassing and an affront” to Nigeria, considering the personalities dispatched by President Tinubu.
Both Abdulsalami and the Sultan are highly regarded at home and abroad. While the former is seen as the architect of Nigeria’s new found democracy when he handed over power to former President Olusegun Obasanjo in 1999, the latter is unarguably the leader of the Muslims in Nigeria and highly regarded in Niger, which also has Muslims as the majority.
It was learnt that there was no serious commitment from the coup plotters during the meeting.
One of our diplomatic source said, “The ECOWAS delegation of Abdulsalami Abubakar and the Sultan of Sokoto were not allowed to leave the airport in Niamey when they arrived there yesterday (Thursday). Up to about 11pm they were limited to the airport. The picture in the social media was at the airport where they met in a small room with some representatives of the coup leaders.”
Another source said the emissaries had to return to Nigeria overnight without any tangible commitment as the coup plotters few hours later cut diplomatic ties with Nigeria and others.
“If it is true that Tinubu/ECOWAS special delegation to Niger was restricted to the airport and was received by low-rank officers, that amounts to a well aimed, deliberate and monumental humiliation of Nigeria,” said Dr Kari of the University of Abuja.
Very good. Tinubu rigged his election and do not have legitimacy to wade in to another country problem. Mumu man
Lana1: The only good thing he did today. Would have been more impressive if he made a sweet assist like that with his right. Unfortunately we cant expect much from a one way player.
TrebleChamp: De Gea wey no allow you play possession football don leave. We don sign the king of play out from the back Onana, that one don dey prepare foolish excuse of why we still can't play the possession football. I dey here dey wait, omo this season go too sweet 😎.
Lana1: Lol. Please. We saw his first touch before he scored. I've seen better first touch from Lukaku. We are currently on De Gea matter. We will come back to Gbantony shortly
Nobody respects Tinubu the mumu president. To think there was a time we had a strong personality like Obj who was respect even beyond Africa as Ecowas president. Tinubu na mumu man.
European Football (EPL, UEFA, La Liga) › Re: EPL Chatroom - All Discussions by olril17(m): 4:22pm On Aug 10, 2023
