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Naira’s depreciation: We’re waiting for CBN intervention — BDC

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Naira’s woes continue for the second week as legitimate operators of Bureau De Change, BDC, await the Central Bank of Nigeria’s intervention.

FMDQ data showed that the naira dipped to N1520.40 per dollar on Tuesday from N1478.11.

This represents N42.29 depreciation against the dollar in the official market compared to N1478.11 traded on Monday.

Similarly, in the parallel market section, the naira dropped to N1520 per dollar on Tuesday, compared to N1500 the previous day.

The combined data showed that the margin between official and parallel foreign exchange markets stood at N0.40 on Tuesday.

Speaking about the development, Mistila Dayyabu, a BDC operator at Wuse Zone 4, urged the Central Bank to resume its supply of FX to the retail end of the market as a solution to the naira fluctuations.

“The naira depreciated further to N1,520 per dollar from N1,500 on Monday. We are eagerly waiting for CBN to release additional FX intervention into the retail end of the market,” he said.

From February to April 8, 2024, the apex bank distributed FX three times to BDCs.

However, the naira returned to depreciation in mid-April. During that period, it dropped by 28 per cent against the dollar.

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Navy warns Nigerians against recruitment fraudsters

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The Nigerian Navy has warned the public to beware of scammers impersonating the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, on Facebook and other social media platforms.

The Director of Naval Information, Commodore Aiwuyor Adams-Aliu, stated this in a statement on Thursday in Abuja.

Adams-Aliu said that Vice Admiral Ogallah did not have a Facebook account, warning that any account found in his name should be treated as fake and be reported via Meta mechanism.

According to him, also worrisome are the activities of fraudulent individuals exploiting unsuspecting citizens seeking recruitment into the Nigerian Navy.

He said that investigations revealed certain individuals seized the opportunity provided by the Nigerian Navy recruitment to dupe unsuspecting citizens by collecting huge sums of money from them.

“A notable case is that of Mrs Grace Elijah, who was arrested at the Landmark Hotel at Trailer Park in Eleme Local Government Area of Rivers on May 9 for alleged involvement in enlistment fraud.

“Mrs Grace Elijah is a member of a syndicate that collected the sum of N1.4 million from 13 civilians with a promise to facilitate their participation in the recently concluded Direct Short Service Commission (DSSC) 29 Selection Board Exercise.

Disclosing that Elijah and other suspects have been handed over to the Nigeria Police for prosecution, he added: “The public is also to note that authentic recruitment/enlistment processes by the NN are conducted through official channels and are well-publicised through reputable media platforms, including the official website of the Nigerian Navy” (www.navy.mil.ng).

“For emphasis, please note that recruitment/enlistment into the NN is completely free and the Navy will never ask any candidate to make any form of monetary payment throughout the entire process.”

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Sanusi reinstated as Emir of Kano four years after deposition

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Muhammadu Sanusi II, deposed as the Emir of Kano four years ago, has been reinstated to the throne by Governor Abba Yusuf.

Yusuf announced the decision on Thursday after signing the Kano State Emirate Council (Repeal) Bill 2024 into law.

“With the full support of the kingmakers, I have approved the reappointment of Malam Sanusi Lamido,” Abba said.

The new law replaces the Kano State Emirates Council Law, 2019, and dissolves the emirate councils created by former Governor Abdullahi Ganduje.

By the law, Ganduje had created the emirates of  Karaye, Bichi, Rano, and Gaya, in addition to Kano in December 2019.

The former governor had also dethroned  Sanusi II after a long-running dispute in March 2020.

Earlier on Thursday, the state assembly had passed the repeal into law during plenary .

The Deputy Speaker, Muhammad Butu, explained that repealing the law would revive the lost glory of Kano as the division of Kano emirate to five reduced the capacity and dignity of the state at the national level.

“This bill in its entirety has abrogated the establishment of the five new Emirates in the state and reverted to the former status of a single Emir in Kano which we inherited since the Jihad of Shehu Usman Dan Fodio,” said Majority Leader Lawal Hussaini Chediyar Yan Gurasa after the repeal was passed on Thursday.

“The abolished Emirates did nothing but create division among the indigenes of Kano. The unity which was visible for thousands of years in Kano was divided. We are now reverting to our old historical background; one Kano, one people, one Emir,” Yan Gurasa stated.

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FX inflow in Nigeria surges by 136% in Q1 2024 – CBN

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The Central Bank of Nigeria has said FX inflows into the country surged by 136 per cent in the first quarter of 2024 compared to last year.

CBN governor Olayemi Cardoso, represented by Blaise Ijebor, director of Risk at the apex bank, disclosed this recently at the 8th edition of the Vanguard Economic Summit.

He stressed that the country witnessed a spike in foreign investment portfolio inflows in Q1 2024.

“In Q1, we saw a massive spike in inflows. The FX flows into the country in the first quarter of 2024 were 136 per cent of our total inflows in 2023.”

Data from the FMDQ website showed that the total foreign portfolio inflow for Q1 2024 (N93.37 billion) was more than quintuple for Q1 2023 (N18.12 billion).

The development comes as foreign exchange inflows into Nigeria surged to a five-year high in March, and investor confidence improved due to the central bank’s reforms.

Meanwhile, foreign investment portfolio outflow also surged during the period under review.

 

 

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