Spotlights
How naira can return to below N1,000 per dollar mark – BDCs President
The National President of the Association of Bureaux De Change of Nigeria, ABCON, Dr Aminu Gwadabe, in an interview with DAILY POST, speaks on the reason for recent Naira depreciation and solutions to attaining foreign exchange stability in Nigeria. Excerpts:
In the past two weeks, Naira depreciation resumed, almost undoing the currency gains at the foreign exchange market in the last two months. How would you assess the situation? What is fundamentally wrong?
The Naira’s recent negative downward trend is worrisome and has come with many surprises.
Our interrogations revealed the following perspectives.
First, we discovered after the Naira achieved considerable strength to an all-high at below N1000/$, precisely N969/$ around April 8th 2024, some rational behaviour, not fundamental, erupted where people were buying dollars from the open market and selling at the interbank window and thus, there was significant demand pressure on the Naira and it turned its positive strides to weakness.
In the same vein, the activities of the online platforms come with serious debacles, where traders put pressure on the open market and dump the inline platforms where the Naira is badly traded.
As long as the platforms remain profitable, the Naira must continue depreciating.
Thirdly, the continuous attacks of speculators to reap their lost gains on naira depreciation is another issue. They have continued to speculate and hold their position.
Last week, the Central Bank of Nigeria released another intervention of $10,000 to legible BDCs at 1,021 per Dollar, although the Naira failed to fall below N1,300 per Dollar in the parallel market section. Does this not defeat the essence of the intervention?
The tumultuous challenge we all face is the acute liquidity shortage in the retail end market, where volatility is most pervasive.
The BDC sub-sector is the most potent tool in the central bank’s transmission mechanism of their foreign exchange policies.
We have seen the renewed collaborations of the central bank with the BDCs, which have achieved true exchange rate unification and naira appreciation.
The BDCs are the third leg of the market, and the hitherto suspension of their operations in July 2021 marked the beginning of a wild volatility in the market.
Before their suspension in July 2021, the open market rate was trading at N495/$, but with their immediate suspension, the rates continued to move southward against the Naira to the Dollar.
The CBN is working to achieve stability; it is leveraging on the BDCs to achieve stability and meet the invisible demand of the critical retail end of the market for the provision of school fees, medical fees, personal and Business Travelling allowance and has helped to achieve the convergence of both the open market rate and the Nigerian Autonomous Foreign Exchange, NAFEM, rates.
On Friday, both markets were trading at above N1300/$ respectively.
I think enhancing the collaboration will continue to confront speculation, hoarding and illegal currency substitutions.
Are your members part of the currency speculators contributing to the recent rise in the Dollar at the FX market as the EFCC recently arrested 34 persons in Abuja? What is your reaction to the disadvantages of currency speculators, Binance and other Cryptocurrency platforms?
It is a misnomer that most blame is attributed to the BDCs for naira woes.
We frowned at it as a generalisation of stigmatisation to blame only a minute subset of the market that controls less than 10 per cent of the market.
The question of changing the convention is where the significant percentages are, too.
We can not forget so quickly that a large portion of our diaspora remittances is said to be over 90 per cent, leaving us with only 10 per cent coming into the economy.
I also want to underscore the Apex Bank’s new draft of BDCs guidelines that provided a BDCs agency for international money transfer service operators and IMTSOs to attract huge diaspora remittances.
The volatility of a local country’s currency is like runoff water (erosion). If you don’t direct it, it will direct itself.
It is also worth noting that the recent CBN policies and guidelines have helped discourage illegal economic behaviours and put foundations for diversifying the sources of foreign exchange inflows.
On the government’s fiscal side, they are attracting investments in our oil field to increase capacity, efficiency and effectiveness.
The takeoff of the Dangote refinery will also help reduce our heavy dependence on the import of finished crude oil products, thereby increasing our foreign reserves to be hedged against speculators.
On the Monetary side, the Central Bank of Nigeria has introduced varying policies like the use of treasury bills to attract foreign investors, banks opening net positions to discourage holding positions of financial institutions, and willing buyers willing seller quotes for price discovery and transparency.
Also, the non-eligibility policy of using dollar deposits in non-export precedes Dom’s account for naira loan collateral.
Recently, ABCON unveiled plans to harmonise the retail section of the FX market; how would this be achieved, and how will the move tackle Naira depreciation?
In line with our vision to democratise, centralise and digitalize the retail end market, ABCON, as a proactive organisation and a strategic partner in the retail end FX market, has identified the trust we build with our clients and embraced innovation as part of our journey to automate our business process from manual to digital and develop a unified retail end forex market for stakeholders engagements and trading to confront the menace of undocumented and unregistered platforms like Binance, Bybit, etc.
The unified platform helps with price discovery, autonomy, reporting, market intelligence reports, and ease of monitoring and supervision of regulatory and security agencies.
We have inaugurated our state chapter chairmen to support our zonal chairpersons nationwide in repositioning data on market participants in their respective zones.
We also expect to unveil our upgraded SAAZ MASTERS for our members’ efficiency and effectiveness with their extant regulatory obligations.
These unified digital trading platforms will enable price discovery, our member’s visibility, and effective AML/CFT compliance.
How would you access Olayemi Cardoso’s administration as Central Bank of Nigeria governor and his impact on the country’s currency market?
The Olayemi Cardoso-led team at the apex Bank has brought professionalism, stakeholder engagement, and leadership qualities.
For the first time, a draft policy guideline was released before its final implementation in our sub-sector for inputs and observations.
They inherited turbulent waters and worked out of the box to institute fundamental market reforms.
I urge them to always be deliberate, decisive, agile, and act fast.
They are introducing a lot of orientations into the financial sector architecture and wish them well.
What is the short-term and long-term solution to Naira’s stability against the Dollar in the FX market?
In the immediate term, fiscal and monetary authorities should continue to deepen effective linkages and harmonisation and act fast in confronting volatility.
I also recommend amnesty for citizens who want to bring their home holdings into the Dom accounts with less cumbersome documentation requirements.
Also, there is the need for Diaspora remittance bonds to attract the huge, constant and cheap diaspora remittance proceeds.
There should be continued conversation on our oil production capacity through foreign investments to boost capacity and outputs in the medium to long term.
It is also germane to diversify our foreign earnings and incentivize the non-oil exports, which contribute less than 5 per cent to our GDP through risk and standards and efficient port processing systems.
Finally, we should continue to empower our youth through innovations, skills, and job creation to tame the failure of Japa syndrome.
Your last word for Nigerians amid the recent depreciation and soaring inflation?
Let’s all change our mindset as citizens to make the naira sovereign in West Africa.
Let us avoid currency substitution, hoarding, speculation and round-tripping.
It is also necessary to be cautious as the Government and the CBN work to inject liquidity and strengthen the Naira.
Culled from DailyPost
Proceedings in the terrorism trial of the leader of the Indigenous People of Biafra, Nnamdi Kanu, took a dramatic turn on Monday, as the trial judge resorted to begging the defendant “in the name of God Almighty to consult properly,” before proceeding to defend himself.
Noting that Kanu had earlier fired his lawyers and opted to defend himself, Justice James Omotosho stressed that he needed to consult legal experts because “this is not economics; this is criminal prosecution.”
“I am begging you in the name of God Almighty to consult properly,” the judge pleaded. “I am inclined to granting you the adjournment you seek.”
“I know you are educated, but you are not a lawyer. You need to consult experts in the field. Please make adequate consultation. This is not economics; this is criminal prosecution. Please, my brother, make adequate consultation. Criminal cases are not like other cases. I took the opportunity to explain to the defendant because he is not a lawyer,” the judge stressed.
Kanu is being prosecuted on seven counts of terrorism before the Federal High Court in Abuja.
The court had on Friday adjourned till Monday for him to open his defence, after Kanu had submitted a list of 23 witnesses he intended to call.
Kanu said he needed an adjournment till Monday because his former legal team, led by a former Attorney-General of the Federation and Minister of Justice, Chief Kanu Agabi (SAN), had yet to release his case file to him.
The IPOB leader expressed readiness to open his defence in a written application to the court, in which he indicated his intention to call witnesses and requested the issuance of witness summons.
Following his request, at the resumed sitting on Monday, the court reserved about five seats in the courtroom, each labelled “Summoned Witness,” in anticipation that Kanu would open his defence.
When the case was called, the Federal Government’s counsel, Adegboyega Awomolo (SAN), announced his appearance, while Kanu identified himself by name and stated that he was representing himself.
Afterwards, Awomolo informed the court that the business of the day was for the defendant to open his defence.
Responding, Kanu, who initially sat in the dock, stood up and stated that he had gone through the case files and discovered that the charges were unlawful.
He argued that since the prosecution had failed to establish any case against him, there was no need to proceed with his defence.
“There is actually no charge against me,” he said.
Kanu further argued that there was no extant law in the country upon which the prosecution could premise its case.
“There is no case against me. If there is no case against me, it will be futile for me to enter any defence,” he added.
At that point, Justice Omotosho intervened and explained to Kanu that in a criminal trial, the defendant has three options after the prosecution closes its case.
He said the first option is for the defendant to make a no-case submission, and if the court overrules it, the defendant is required to enter a defence.
The judge added that where a defendant chooses not to open a defence, he may decide to rest on the prosecution’s case and file a written address, to which the prosecution will reply, after which the court will deliver its judgment.
After listening to the judge’s explanation, Kanu reiterated: “My position is that there is no charge against me. There is no need for me to enter a defence. What I am saying is that there is no case against me.”
Justice Omotosho then reminded him that he had earlier ruled on Kanu’s no-case submission and held that he had a case to answer, noting that the ruling still subsists.
Kanu subsequently applied for a week’s adjournment to enable him to file a written address in support of his argument that no valid charge was pending against him, claiming he was being subjected to an unnecessary trial.
He said: “I need a week to file a written address to the effect that there is no charge against me. If there is no extant law in Nigeria on which the charge could stand, there cannot be a case. You must please release me today or grant bail.”
Responding, Awomolo said that based on the defendant’s statement and the option he had taken, the court should adjourn for judgment.
“I take it that the defendant has said he is not putting in any defence because there is no valid charge against him,” Awomolo submitted.
“I want to submit that this position is conclusive of the defendant’s defence. I know that he took a plea to counts against him and pleaded not guilty. We led evidence, and he cross-examined our witnesses. Now that he says he has no defence, the case has been brought to a close,” the prosecution added.
Awomolo noted that at this stage, there was only one option for the defendant, adding that if Kanu’s objection was to be treated as his defence, the prosecution would respond, and the court would subsequently deliver its judgment.
He explained that Kanu’s current position implied that he had opted to address the court on points of law as his defence.
In his intervention, Justice Omotosho observed that the defendant was not entirely saying he had no defence, but rather that the charge against him could not stand.
He said: “That is also a form of defence. In that case, he will have to put that down in a written submission, which will be served on the prosecution, who will then respond.”
The judge then advised Kanu to consult experts before deciding on how to proceed.
“There is a need for you (Kanu) to consult people who are knowledgeable in criminal prosecution to advise you on how to proceed,” the judge said.
“I am begging you in the name of God Almighty to consult properly. I am inclined to granting you the adjournment you seek.
“I know you are educated, but you are not a lawyer. You need to consult experts in the field. Please make adequate consultation. This is not economics; this is criminal prosecution. Please, my brother, make adequate consultation. Criminal cases are not like other cases. I took the opportunity to explain to the defendant because he is not a lawyer,” Justice Omotosho added.
The trial judge said he has a duty to explain to the defendant the consequences of his decision not to enter a defence.
He added that after Kanu dismissed his legal team, the court had considered referring the case to the Legal Aid Council or any lawyer willing to take it pro bono, but Kanu declined, insisting that he would defend himself.
“Even at that, I still have a duty to explain the consequences of his option to him because he is not a lawyer. Please, make consultation,” the judge said.
The court granted Kanu four days from Monday to file his written address and serve the prosecution to enable it to file its reply.
Justice Omotosho then adjourned the matter till November 4, 5, and 6 for either the adoption of written addresses or for Kanu to open his defence, should he decide to change his mind.
When examining the contrasting characteristics of influential leaders such as Cameroon’s Paul Biya and Nigerian President Bola Ahmed Tinubu, who is poised for re-election in 2027, it’s essential to consider not only their age differences but also the myriad of personal attributes that may often go unnoticed.
Paul Biya, the current President of Cameroon, at the age of 92, has once again secured his position through the polls, marking his eighth consecutive term in office.
In the recent elections, he garnered an impressive 53.7 percent of the votes, as confirmed by the official results released by the Constitutional Council on Monday.
Biya’s lengthy tenure and political prowess have shaped the socio-political landscape of Cameroon, highlighting both his enduring influence and the complexities surrounding his continued leadership.
In contrast, Tinubu, with his own political aspirations, embodies a different vision for the future of Nigeria as he navigates the challenges and opportunities of his campaign ahead of the 2027 elections.
Paul Biya has been the President of Cameroon since 1982, making him only the second leader to govern the country since it gained independence from France in 1960. Recently, he secured another term that could extend his time in office until 2032, and notably, he has never lost an election.
Under Biya’s leadership, Cameroon has experienced a highly centralized political system characterized by stringent measures to suppress opposition. His administration is known for rotating loyalists into significant positions and maintaining strict control over state institutions.
In contrast, Bola Ahmed Tinubu, the 73-year-old current President of Nigeria, is recognized as one of the most influential political figures globally. He earned the presidency after serving as a kingmaker in Nigerian politics.
Like Biya, Tinubu has a record of electoral success, having never lost an election throughout his political career. His victory in the 2023 presidential election came despite various challenges.
While Biya’s governance style has allowed him to remain in power for an extended period, Tinubu’s democratic principles suggest that he may not have the same opportunity to govern beyond 2031, even if he wins the 2027 election.
Nevertheless, his political approach also includes efforts to manage opposition, rotating loyalists into essential roles, and exercising control over state institutions.
The Nigerian Association of Resident Doctors (NARD) has listed 19 demands which it described as minimum expectations required to avert a total and indefinite nationwide strike scheduled to commence on Saturday.
According to the News Agency of Nigeria (NAN), the President, Dr Muhammad Suleiman, stated this on Monday in Abuja at a media conference while presenting the resolutions of NARD’s Extraordinary National Executive Council (NEC) meeting.
The meeting followed the expiration of its 30-day ultimatum to the Federal Government.
He said the association had exercised patience for too long in the face of government’s inaction, warning that doctors have already begun ward rounds and patient handover ahead of the planned industrial action.
According to him, the outstanding payments and welfare issues affect not only resident doctors but all categories of health professionals, including administrative staff.
Suleiman said the government currently owes doctors and other health workers across the country an estimated N38 billion in accumulated allowances, some dating back more than 10 years.
He said, “There are allowances of over two years, some for 18 months, seven months, four months and even 10 years. There has also been a failure to review the basic salary of doctors in this country for 16 years.”
He noted that the association had suspended a five-day warning strike in September and extended its earlier ultimatum by 30 days to allow government address the demands, but the grace period had since elapsed without meaningful action.
“The Federal Government has failed to demonstrate the political will necessary to address the legitimate concerns of Nigerian resident doctors,” he said.
Suleiman explained that the 19-point demand presented by NARD represents the minimum action expected from government to prevent a total collapse of service delivery in the country’s public health system.
Among the demands, he said, are the immediate payment of outstanding 25-35 per cent Consolidated Medical Salary Structure (CONMESS) arrears and 2024 accoutrement allowance to doctors, as well as other pending financial entitlements owed to health workers.
The NEC also demanded the immediate reinstatement of five resident doctors unjustly terminated from the Federal Teaching Hospital, Lokoja, with full payment of all outstanding salaries and allowances for the period of their disengagement.
He said the association further called on the Federal Ministry of Health and Social Welfare to develop and implement a humane “working-hours policy” for doctors in line with international best practices to safeguard both physician well-being and patient safety.
The NEC urged government to grant chief executives of hospitals greater autonomy to employ and replace doctors who exit the system through immediate implementation of the one-for-one replacement policy, to reduce excessive workload and burnout.
It also demanded urgent upgrade and maintenance of infrastructure and medical equipment in all healthcare facilities nationwide to improve the quality of service delivery and training for resident doctors.
Suleiman said NARD demanded the immediate commencement of specialist allowance payments to all doctors, inclusion of medical and dental house officers in the civil service scheme with full entitlements, and correction of all entry-level placements of doctors.
He said the NEC also called for decentralisation of promotion processes, payment of arrears resulting from those corrections, and expedited conclusion of the Collective Bargaining Agreement Committee’s work on the long-overdue review of CONMESS and other professional allowances.
“The NEC further demands the immediate release and implementation of corrected tables of professional allowances and clear enforcement of relativity between CONMESS and CONHESS salary structures,” he added.
Other issues highlighted include the payment of accrued promotion arrears owed to medical officers, reversal of the practice of creating consultant cadres for non-medical personnel, and the abolition of casualisation of doctors, insisting that all locum staff must be regularised in accordance with public service rules.
Suleiman also noted that the association is demanding uniform implementation of all CONMESS circulars across federal, state, and private health institutions, and the immediate clearance of outstanding salary arrears owed to doctors in several centres.
He said NARD was also insisting on the immediate implementation of special pension benefits as earlier agreed between the Federal Government and the Nigerian Medical Association (NMA).
Following the failure of government to meet these demands, Suleiman said, “NARD hereby declares a total, comprehensive and indefinite strike commencing at 12:00 a.m. on Saturday. All resident doctors in federal and state tertiary health institutions nationwide are directed to withdraw their services completely and indefinitely until the Federal Government and affected state governments demonstrate genuine commitment to addressing our demands,” he added.
The NARD president appealed to President Bola Tinubu to personally intervene to prevent the strike and address the lingering issues affecting doctors and the health sector.
President Paul Biya has been declared winner of Cameroon’s presidential election, extending his rule to a record eighth consecutive term despite opposition claims of electoral fraud.
The Constitutional Council announced on Monday that Biya, 92, emerged victorious in the country’s disputed poll, cementing his position as the world’s oldest serving head of state. The result means Biya, who has ruled since 1982, will remain in power until 2032.
However, the declaration has been met with strong rejection from opposition leaders. Issa Tchiroma Bakary, Biya’s main challenger, had earlier declared himself the winner, insisting that the official result would be “tainted” and “not reflective of the people’s will.”
The senator representing Delta North, Ned Nwoko, has said he feels sorry for men who have only one wife, arguing that polygamy gives men greater stability and balance.
The lawmaker stated this on Sunday while appearing on Channels Television’s Politics Today.
He also addressed recent allegations of domestic violence made against him by his actress wife, Regina Daniels.
When asked how he manages to live with four wives, something many men find difficult, Nwoko paused briefly before replying.
“That is a different topic for discussion on another day. Yes, every man should do that. The example I give is this: just imagine telling you to stand on one foot or leg. You know how difficult it is.
“But to stand on two, three, four is much more balanced. That’s just the example I give. So I feel sorry for those who have one wife because it’s difficult to stand on one leg,” he said.
When reminded that the Holy Bible does not support polygamy, Nwoko maintained that it does. “The Old Testament does. I am a man of faith. But that’s not what we are here for,” he said.
Asked if he had any regrets about his marital choices, the senator said he did not.
“No, I don’t have any regret. I will do the same thing again. Of course, that’s the way it should be. You should marry who you want to marry,” he stated.
Reacting to the allegations of domestic violence, Nwoko denied the claims. “No, come on. You know I am not a violent person. I respect my wives. I love them and my kids,” he said.
His comments came shortly after Regina Daniels, his estranged wife, showed off a newly acquired mansion on social media amid reports of a marital crisis.
Tribune Online reports that in a post on Instagram on Sunday, the Nollywood actress shared photos and videos of the property with the caption, “In my house, I am a Queen! I needed a roof over my head, so I got this for me and my family.”
The post came after a viral video from October 18 showed her in tears outside her Abuja residence, alleging abuse.
“In Ned Nwoko’s house, I am nothing, but in my own house, I am a Queen. Not again. I can’t stand the violence, it’s too much,” she said.
The leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu, has declared that God in heaven is a God of justice, as reported by Daily Post.
Kanu disclosed this while arriving at the Abuja Federal High Court to begin his defence in his ongoing terrorism trial.
He accused lawyers of not knowing what the law and justice is.
According to Kanu: “You are here you don’t know what law is, you don’t know what Justice is. You don’t know that God is a God of Justice, you don’t know that?
“You don’t know that God in heaven is a God of Justice, you don’t know that?”
The IPOB leader is expected to begin his defence today after he names some imminent Nigerians to testify in his trial.
Last week, Kanu had disengaged his lawyers, stressing that he would defend himself before the Justice James Omotosho-led court.
Terrorism: Drama As Judge Begs Nnamdi Kanu In ‘God’s Name’, Reason Emerges
Powerful Presidents: Like Tinubu, Like Paul Biya – What They Have In Common
Supercomputer Predicts Team To Win Title, 3 Clubs To Be Relegated
Genocide: ‘Christians Were Buried In Hundreds’ – Angry Bishop Opens Up
Resident Doctors List 19 Demands To Stop Indefinite Strike
Fresh Crisis Hits PDP As Ex-Gov Issues Threat, Reason Emerges
Trending Video: Socialite Omoge Saida’s Leaked Tape Tops Social Media Buzz
BREAKING: Peter Obi’s New Party Emerges, What Obidient Must Do
Fresh Rate As Naira Appreciates Against Dollar, Pounds, Euro, Reason Emerges
World’s Oldest President Paul Biya Wins 8th Term In Cameroon
Politics1 day agoREVEALED: How 19 States May Give Tinubu 2027 Election Victory (FULL LIST)
- Politics2 days ago
Anger From The Altar: Why Deeper Life Church Elders Are Not Happy With Founder, Pastor William Kumuyi
- News4 days ago
Just In: Kashim Shettima Hands Over, Details Emerge
- Showbiz & Lifestyle9 hours ago
Trending Video: Socialite Omoge Saida’s Leaked Tape Tops Social Media Buzz
- News3 days ago
REVEALED: Fresh Details Over Alleged Coup Plot
- Business4 days ago
BREAKING: Aliko Dangote Puts Refinery On Sale, Details Emerge
- Business12 hours ago
Fresh Rate As Naira Appreciates Against Dollar, Pounds, Euro, Reason Emerges
