Once more, Naira triumphs over Dollar with a substantial increase in value

Abayomi ODUNOWO.

The sudden drop in the exchange rate for the dollar to N1,000 on Monday sent shockwaves through the financial markets, causing a frenzy among currency traders and speculators. The surge in the value of the naira was unexpected, catching many off guard and leading to significant financial losses for those who had been holding onto dollars in the hopes of making a profit.

The parallel market, also known as the black market, is a significant player in the foreign exchange market in Nigeria. While the official exchange rate is controlled by the Central Bank of Nigeria, the black market operates independently and is driven by supply and demand dynamics. Speculators often take advantage of fluctuations in the exchange rate to buy and sell currency for a profit. However, the rapid depreciation of the dollar caught many speculators off guard, leading to panic selling as they tried to unload their hoarded foreign currency before it lost more value.

The sudden appreciation of the naira to N1,000 on Tuesday was a welcome relief for many Nigerians who had been struggling with the high cost of living. With the value of the naira increasing, the prices of imported goods and services are expected to decrease, making life more affordable for the average Nigerian. However, the flip side of this is that those who had purchased dollars at higher rates are now facing losses as the value of the dollar declines.

The surplus of dollars in the market with low demand has raised questions about where these excess dollars are coming from. Some speculate that they may be coming from offshore investors or remittances from Nigerians living abroad. Regardless of the source, the influx of dollars has led to a decrease in demand for the currency, causing its value to plummet on the black market.

The implications of the sudden depreciation of the dollar and the appreciation of the naira are far-reaching. Businesses that rely on imported goods and services may benefit from the lower exchange rate, making their operations more cost-effective. However, those with dollar-denominated debts or contracts may find themselves in a precarious situation as the value of the dollar continues to decline.

The Central Bank of Nigeria is likely monitoring the situation closely and may take steps to stabilize the exchange rate. Interventions such as selling dollars in the foreign exchange market or tightening monetary policy could help to prevent further fluctuations in the exchange rate. However, the central bank must strike a delicate balance between supporting the naira and maintaining price stability in the economy.

The sudden drop in the exchange rate for the dollar to N1,000 on Monday has caused a surge in the value of the naira, leading to financial losses for many speculators. The surplus of dollars in the market with low demand has contributed to the depreciation of the dollar, causing its value to plummet on the black market. While the appreciation of the naira may benefit some businesses and consumers, those with dollar-denominated debts or contracts may find themselves facing financial difficulties. The Central Bank of Nigeria will likely take steps to stabilize the exchange rate and prevent further fluctuations in the currency market. Ultimately, the exchange rate dynamics in Nigeria are complex and influenced by a multitude of factors that require careful monitoring and management. (TribuneTimes)

Jigawa is Crucial in Our Quest to Attain Food Security - FG

The Minister of Information and National Orientation, Mohammed Idris, has said Jigawa State is pivotal in Nigeria’s quest to attain food security under President Tinubu's Renewed Hope Agenda.

Idris made the remarks in Dutse, Jigawa State, on Thursday when he led a delegation from the Presidency and heads of agencies under his ministry on a courtesy visit to Governor Umar Namadi in the Government House.

“Jigawa is also central to the Federal Government’s food security initiative. As you may be aware, Food Security is one of the eight pivotal pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda. It was here in Jigawa, on November 25, 2023, that the Federal Ministry of Agriculture and Food Security flagged off the ongoing dry-season farming in Nigeria under the National Agricultural Growth Scheme and Agro-Pocket program, financed by the African Development Bank,” he said. 

The Minister expressed delight that the National Agricultural Growth Scheme and Agro-Pocket program, which focus on five key staple commodities: rice, maize, wheat, sorghum, and soybeans, is already yielding transformational results, impacting the availability and affordability of food in the country. 

“I am aware that harvesting is already going on, which means that the products are already making their way to the market. This is a very positive narrative that Jigawa has been instrumental in achieving for the country. We look forward to the State playing even more significant roles in attaining President Bola Ahmed Tinubu’s food sufficiency and security agenda,” he said.

The Minister acknowledged the challenges accompanying the reforms being implemented by the President, stressing that they are a necessary prelude to better times for all. “Things will certainly get better. Some difficult economic decisions have had to be made for the ultimate benefit of the country. The pains are temporary, but the benefits will last and be enjoyed by all,” he said. 

The Minister, who said the ongoing economic reforms have significantly increased the revenues available to all three tiers of Government, is optimistic that more would be done to ensure that States enjoy the support and collaboration of the Federal Government to accomplish their laudable programs for the people. 

Idris said the Federal Ministry of Information and National Orientation, under his leadership, is poised to restore public trust in public communications; amplify policies and programs of the Federal Government; reorient national values and deepen the social contract between government and citizens; modernize technology and talent in the Federal Government’s Information and Communications systems and create an enabling operating environment for the media in Nigeria, through favorable policies and incentives.

In his response, the Executive Governor of Jigawa State, Alhaji Umar Namadi commended the minister for bringing the entire federal communication structure to Jigawa State, saying it shows the minister's sincere commitment.

The governor announced that the state has made significant progress in supporting the president's food security agenda, which has manifested in positioning Jigawa as the leading producer of wheat, hibiscus, sesame, and gum Arabic in the country while it’s also competing for the top spot in rice production.

He assured that self-sufficiency in wheat production would be achieved in the next few years, noting that presently, 70% of Nigeria’s non-oil exports are made up of hibiscus and sesame, which are products of Jigawa state.

The Special Adviser to the President on  Information and Strategy, Mr. Bayo Onanuga, accompanied the Minister. Others on the entourage were, Directors General of NTA, Mallam Abdulhamid Dembos; NOA, Mr. Lanre Issa-Onilu; VON, Mallam Jibrin Baba Ndace; Senior Special Assistant to the President on Media, Mr. Tunde Rahman; Senior Special Assistant to the President on Print Media, Mallam Abdulaziz Abdulaziz and Senior Special Assistant to the President on Media and Public Affairs, Mr. Tope Ajayi.

World Water Day: Africans Call for Government Action as Water Supply, Sanitation Challenges Persist

 …Majority of Africans express dissatisfaction with government efforts, according to Afrobarometer.

 

By Ere-ebi Agedah

In the wake of World Water Day, a comprehensive study conducted by Afrobarometer, a reputable pan-African survey research network, underscores the persistent challenges faced by Africans regarding water supply and sanitation services. The latest Afrobarometer Pan-Africa Profile reveals that a significant portion of Africans deem their governments ineffective in addressing these crucial needs.

Based on 53,444 face-to-face interviews across 39 African countries, the findings illuminate the enduring struggle with water supply and sanitation, particularly among rural communities and impoverished households. Water supply ranks as the fourth most urgent issue demanding government attention, following unemployment, economic management, and health concerns.

According to the report, here are the Key findings

Government Performance: A substantial majority (61%) of citizens across the surveyed nations express dissatisfaction with their government's handling of water and sanitation services, with only 38% offering positive assessments.

Water Shortages: Nearly six in ten Africans (56%) report experiencing shortages of clean water in their households over the previous year, with 24% encountering frequent shortages, especially prevalent in rural areas.

Priorities: Water supply ranks prominently among citizens' top concerns, surpassing various other pressing issues in several countries, indicating its critical importance in national agendas.

Sanitation Infrastructure: Alarmingly, only one-third of surveyed enumeration areas have sewage systems, highlighting vast disparities in sanitation infrastructure across different countries.

Toilet Access: While a significant portion of respondents have access to toilets within their homes or compounds, a considerable proportion still rely on facilities outside their compound or lack access entirely.

Afrobarometer surveys serve as vital tools in understanding African perspectives on democracy, governance, and quality of life. Conducted by national partners, these face-to-face interviews provide reliable data, facilitating informed policy decisions.

 

As the continent commemorates World Water Day, the Afrobarometer findings underscore the urgent need for concerted action from governments and stakeholders to address the persistent challenges in water supply and sanitation, ensuring equitable access for all citizens across Africa.

Slain Soldiers: Military Needs Support To Fish Out Culprits - Gov. Diri

Governor of Bayelsa State, Senator Douye Diri, has called for concerted efforts and support for the military and other security agencies to bring the killers of the 17 soldiers in Okuama community in Delta State to justice.

Governor Diri, who strongly condemned the killings, again expressed his deep condolences and that of the Bayelsa State Government to the families of the slain military personnel, the wider Armed Forces family and the Army in particular. 

He stressed that no effort should be spared to bring the perpetrators to book.

His Chief Press Secretary, Mr. Daniel Alabrah, said in a press release on Wednesday that Governor Diri stated that Bayelsa State, being a proud host to the headquarters of the joint services Operation Delta Safe (OPDS), the Central Naval Command, the Nigerian Air Force (NAF) Mobility Command and the Nigerian Army 16 Brigade, was understandably outraged at the heinous attack on the military personnel that are cherished members of the communities they are located and the state. 

He said the government would continue to support the military and other law enforcement institutions in their mission in the state.

The governor has consequently directed all the security commanders in the state as well as the coordinator of the Bayelsa Community Safety Corps, Brig-General Eric Angaye (rtd), to scale up surveillance and patrol of the state’s borders and the waterways.

According to him, “the killing of our soldiers is barbaric, satanic and outrightly criminal. And anyone involved should be seen and treated as a criminal under our laws.”

The governor urged people of the state, particularly residents of  Igbomotoru community in Southern Ijaw Local Government Area, to remain calm as the government will ensure that law-abiding citizens were protected and safe at all times.

PAP's Mandate Would Be Accomplished When Vocational Skills Centres Are Completed And Operational - Gen. Ndiomu

The leadership of the Presidential Amnesty Programme (PAP) has expressed strong commitment to completing and activating all Vocational Training Centers across the Niger Delta region, to help the Amnesty Programme reach its full potentials and ensure sustainability of livelihoods of beneficiaries.

Interim Administrator of the PAP, Major General Barry Ndiomu (rtd) stated this on Wednesday in an interview with Channels Television at the Amnesty Office, Abuja.

Ndiomu who insisted that the Amnesty Programme has served its purpose, said there are some areas that have not reached its full potentials, especially the completion of Vocational Training Centers. "If we are able to complete these centers, we can now domicile training of restive youths in the region. One of the things I have been doing since I came on board, is to source for funds to complete these projects".

The Interim Administrator lamented the long-standing complaint by International Oil Companies (IOCs) that youths in the region lack requisite industry skills for employment, a narrative, the PAP is working hard to change, he said.

General Ndiomu charged state governments in the region complement the efforts of PAP and other interventionist agencies like the NDDC and NCDMB in the region in creating opportunities for young people.

Responding to questions on possible threats from splinter ex-agitators in the Niger Delta region, Ndiomu reiterated that as at the time of disarment, not all armed groups agreed to lay down their arms, thus, the PAP was "soley" set up to cater those who embraced Amnesty.

He added that the PAP Cooperative Fund, unlike other similar initiatives in the past, is strategically set up to drive sustainability of livelihoods, and has been carefully handed over to professional consultants to guide and mentor beneficiaries to ensure success.

NAIRA: ONSA and CBN Join Forces to Safeguard FX Market, Combat Speculative Activities

 

 ••• EFCC Sets Up 7000 Man Task Force in 14 Commands To Track Dollar Racketeering 

By Kamsi Anayo

 

The Office of National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) have joined forces to address challenges impacting the nation's economic stability.

A statement signed by the Head, Strategic Communication

Office of the National Security Adviser, Zakari Mijinyawa, on Tuesday said the CBN's proactive measures to stabilize the foreign exchange market and stimulate economic activities have been commendable. 

He, however, said the effectiveness of the initiatives was being undermined by the activities of speculators, both domestic and international, operating through various channels.

Mijinyawa said their activities were exacerbating the depreciation of the Naira and contributing to inflation and economic instability.

Recall that, to address the exchange rate volatility, the CBN initiated a comprehensive strategy to enhance liquidity in the forex market, including unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

To reduce the pressure on the Naira, the Economic and Financial Crimes Commission (EFCC) has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

Yet, recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market, hence  ONSA and CBN are therefore embarking on this collaborative approach to tackle these infractions. 

"This partnership will involve a coordinated effort with key law enforcement agencies, including the Nigeria Police Force (NPF), EFCC, the Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU).

@The primary objective of this alliance is to systematically identify, thoroughly investigate and appropriately penalize individuals and organizations involved in wrongful activities within the FX market. 

"By leveraging the expertise of these agencies, we aim to deter malicious practices, protect investor interests, and promote sustainable economic growth," Mijinyawa said.

According to him, this joint effort underscores the commitment of the Nigerian government to improving its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework and exiting the grey list of the Financial Action Task Force. 

"In addition, the efforts will make progress in ensuring a stable and transparent foreign exchange market, fostering investor confidence, and advancing the nation's economic well-being," he added.

University Of Abuja: NIDCOM Partners To Enhance Migration Management

Prof. Abdul-Rasheed Na'Allah, the Vice Chancellor, University of Abuja says, the University, through the newly established Centre for Migration Studies is willing to partner the Nigerians in Diaspora Commission (NiDCOM) for better migration management.

Na’Allah stated this during a visit to the Chairman/CEO,Nigerians in Diaspora Commission,(NiDCOM), Hon.Abike Dabiri-Erewa, at the Commission’s headquarters in Abuja.

The Vice Chancellor emphasized that the visit was to foster partnership for better migration management.

Na’Allah described the University as an institution with large impact, noting that it is the first to introduce Distance Learning the Federal Capital Territory (FCT) to leverage learning opportunities for Public Servants and other Nigerians all over the country.

“As an Institution situated in the centre of Nigeria, with over 50,000 students and also the first University the Embassies come to interact with, we are ready to partner with you on the job you do as a Commission” he added.

The VC stated that the Centre is willing to talk to Nigerians and educate them on regular migration with information on several ways to migrate legitimately.

In his words, “we can work on joint research, joint sensitization effort to curb migration crisis, train your staff and other possible ways to best enhance migration management”.

Receiving the delegation on behalf of the Chairman/CEO NiDCOM, Dr. Sule Yakubu Bassi, Secretary to the Commission, welcomed the initiatives with so much enthusiasm noting that the Commission is fully committed to better migration management.

Bassi describes the partnership as essential, reiterating that migration is a natural phenomenon that cannot be stopped but can be beneficial if properly managed.

“Different factors such as push factor and pull factor leads to migration, what we do is to see how we can turn it into a win-win situation by encouraging those intending, to migrate regularly so they can contribute their own quota to National Development” Bassi noted.

He further urged the University to also look at means through which the Diaspora can be encouraged to maintain ties with their homeland.

“We engage  with the over 20million Nigerian Diaspora by enabling them with knowledge on how to engage with Nigeria. They have the talents, resources and global exposure which can be harnessed for national development.” Bassi added.

The Secretary elaborated how the Commission continues to attract Nigerians back home and their investments through numerous programmes guided by the National Diaspora Policy, such as Nigeria Diaspora Investment Summit (NDIS), Diaspora Investment Trust Fund, Diaspora Mortgage Scheme and the National Diaspora Merit Award amongst others.