Potential Implications of Seizing Domiciliary Accounts in Nigeria: Insights from a Financial Expert
Economy, Finance, News, Nigeria

Potential Implications of Seizing Domiciliary Accounts in Nigeria: Insights from a Financial Expert

As rumors swirl regarding the Nigerian government's purported intentions to seize funds held in domiciliary accounts across the nation, financial expert Kalu Ajah has stepped forward, via a post on X, to offer a comprehensive analysis of the potential ramifications. Drawing parallels with historical events and providing detailed insights into the operational dynamics of domiciliary accounts, Ajah's assessment sheds light on the risks and consequences associated with such actions. The Pakistani Example Ajah begins by invoking a significant episode from Pakistan's economic history, where the government initiated an emergency freeze on all foreign currency accounts (FCA) in May 1998. This drastic measure, aimed at safeguarding the economy, had far-reaching repercussions. "The primary i...
Slip of the Naira at the I&E Window Continues on Wednesday
Economy, Finance, News, Nigeria

Slip of the Naira at the I&E Window Continues on Wednesday

In a recent development, the Nigerian Naira has witnessed a significant weakening against the United States dollar, as indicated by data released on the FMDQ securities exchange window. The Investors and Exporters (I&E) window, which serves as the official platform for forex trading, recorded a notable decline in the value of the Naira due to a substantial decrease in foreign exchange supply within the market segment. According to the data published by FMDQ, the Naira concluded Wednesday's trading at N763.17 per $1. This represents a 0.87 percent or N6.56 fall from the previous session's rate of N756.61 on Tuesday. The day started with the Naira being traded at N741.21, but it experienced a sharp decline throughout the trading session, reaching an intraday low of N815.00. This m...
CBN Grants Banks Authority to Trade Foreign Exchange Freely
Economy, Finance, News, Nigeria, Trade

CBN Grants Banks Authority to Trade Foreign Exchange Freely

In a significant development, the Central Bank of Nigeria (CBN) has issued authorization to commercial banks, allowing them to engage in the unrestricted trading of foreign exchange at market-determined rates. This move effectively empowers banks to sell forex based on prevailing market rates, marking a departure from the previous tightly controlled exchange rate system. Notably, some banks have already set the USD to Naira rate within the range of N699 to N750, indicating that Nigeria is transitioning towards a freely floating exchange rate regime, aligning with President Bola Ahmed Tinubu's commitment to unifying the country's exchange rates. In response to this development, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), shared his in...
We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele
Economy, Finance, Lagos News, News, Nigeria, Petroleum, Trade

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has disclosed that the Dangote Refinery will be encouraged to sell foreign exchange earnings to banks at a good rate. Speaking after the 291st Monetary Policy Committee (MPC) meeting in Abuja, Emefiele stated that his team would engage with Alhaji Aliko Dangote, the promoter of the refinery, to ensure that Nigerians benefit from the venture. He noted that the CBN, the Federal Government, and the country had helped Dangote set up the refinery, adding that with local refining, the country would save about 20 per cent of the total cost of importing petroleum products, thereby reducing prices in the long run. Emefiele expressed optimism that the refinery would ease foreign exchange scarcity in Nigeria, adding that by the time ...
Akeredolu Tells Buhari Parting Gift To Give Nigerians
Economy, Elections, Finance, News, Nigeria

Akeredolu Tells Buhari Parting Gift To Give Nigerians

Governor Rotimi Akeredolu of Ondo State has told President Muhammadu Buhari to allow the old and new naira notes to both be in circulation as legal tender. Cash scarcity has been witnessed across the country as a fallout of the Central Bank of Nigeria’s naira redesign policy. This has resulted in protests and attacks on banks in some states across the country in the past few days. Reacting to the development in a statement issued on Saturday, Akeredolu said the crisis may upset the forthcoming general election. He said the “failed implementation” of the policy is as a result of “miscalculation, error of judgement and disinformation“ from the apex bank.  The governor insisted that as appealing as the policy appears to be, its implementation drives curiosity as regar...
<strong>Naira Scarcity: El-Rufai Blows Hot, Counters Buhari’s Directive On Old Naira  </strong>
Economy, Finance, Judiciary, News, Nigeria

Naira Scarcity: El-Rufai Blows Hot, Counters Buhari’s Directive On Old Naira  

Kaduna State governor, Nasir el-Rufai, has directed that old and new naira notes remain legal tender in the state pending the outcome of supreme court judgment. Buhari in a televised address on Thursday said he has directed the Central Bank of Nigeria, CBN, to allow N200 notes remain legal tender until April 10. According to the president, all N500 and N1,000 notes will remain redeemable a the CBN and designated points for 60 days. His directive came less than 24 hours after the supreme court insisted that the old notes were still valid, and adjourned the case filed by many states – including Kaduna, seeking an extension to the deadline on the old notes beyond February 2022. Reacting, el-Rufai stated that all old notes would remain legal tender until the supreme court dete...
<strong>Court Orders Evans To Pay Kidnap Victim €233,000, N50m</strong>
Crime, Finance, News, Nigeria, Security

Court Orders Evans To Pay Kidnap Victim €233,000, N50m

Billionaire kidnap mastermind, Chukwudumeme Onwuamadike, popularly known as Evans, was on Tuesday ordered by a Lagos State High Court at Tafawa Balewa Square to refund the sum of €233,000, he received as ransom from one of his kidnap victims, Chief Donatus Dunu. Justice Olukayode Ogunjobi, also mandated Evans to pay the sum of N50m as general damages in favour of the claimant.   The victim, a pharmacist, was abducted on February 14, 2018, and held hostage with ransom collected from his family, he escaped from where he was held. Dunu, a Chief Executive Officer of Maydon Pharmaceutical Company, later filed a civil suit, praying the court to order Evans to return to him the €233,000, paid in ransom. The claimant asked for an additional N50m in general damages. But Eva...
<strong>APC Conceived, Birthed And Nurtured Naira Scarcity – Atiku</strong>
Economy, Finance, News

APC Conceived, Birthed And Nurtured Naira Scarcity – Atiku

The presidential flagbearer of the Peoples Democratic Party, PDP, Atiku Abubakar, has expressed sympathy with Nigerians that died in the violent protests over naira scarcity. Atiku in a statement issued on Thursday said the crisis brought about by the redesign of some naira notes was conceived by the All Progressives Congress, APC. The statement read, “We have, in recent days, witnessed upheavals in different parts of the country in which lives were lost and properties destroyed. “On behalf of my family and presidential campaign organisation, I express my deepest condolences to the families of all those who have lost dear ones.  “This crisis may be coming on the heels of the currency swap, but it is pertinent to remind us that it is a culmination of the frustrations o...
<strong>Kwara Polytechnic Halts Exams Over Naira Scarcity</strong>
Education, Finance, News, Nigeria

Kwara Polytechnic Halts Exams Over Naira Scarcity

The management of Kwara State Polytechnic has closed down the institution for about 29 days after a protest on Wednesday at Apata Yakuba and the polytechnic axis over naira scarcity. The institution also shifted its ongoing semester examinations till after the general elections. This was contained in a statement issued by Halimat Garba, the institution’s Public Relations Officer, urging the students not to be on campus between Wednesday, February 15, 2023 and Tuesday, March 14, 2023. Garba said the school is shut down to allow students to perform their civic responsibility by participating in the forthcoming general elections and in line with the directive from the Federal Ministry of Education for the security of staff, students, and property of the institutions. The stat...
<strong>We Will Set Aside $10Bn To Support, South-East Businesses, Revive Abia Dry Port</strong>
Elections, Finance, News, Nigeria

We Will Set Aside $10Bn To Support, South-East Businesses, Revive Abia Dry Port

Presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar, has said that his administration would set aside a $10 billion fund to boost business in the south-east if elected. Abubakar stated this at the PDP campaign rally in Abia State on Saturday. The former vice-president said the fund is part of a promise he made to traders in the region during his campaign in 2019. He said, “My vice president has announced that we are going to set aside $10 billion to make sure that we support businesses, particularly in this part of the country. “I remember in 2019 when I came here, I addressed a group of businessmen from the south-east generally because Aba is the capital of the southeast as far as business is concerned. See Also: ‘PDP Has Brought Us Shame’ – Ayu...