By: Okoro Chinedu
2015-02-17 08:59
Lagos - Analysts are not reading much into moves by the Central
Bank of Nigeria moves to sell foreign currency outside the Retail Dutch
Auction and interbank structures of the foreign exchange market.
The measure continued on Monday.
In
a somewhat unconventional move, the monetary authority asked commercial
lenders to submit their US dollar demands based on a selling price of
USD/NGN198 to the apex bank. As was the case on Friday, bids were
assessed based on underlying commitments and successful orders filled at
the CBN's pre-determined rate.
"This should not be construed as a
de facto devaluation as the CBN's reference rate remains unchanged at
USD/NGN168. Instead, it is an attempt to bring calm to a panic-stricken
foreign exchange market. By settling transactions at rates which are
more aligned to those of the interbank market, the CBN is seeking to
manage liquidity more prudently to ensure that real demand is being met.
Restricting the interbank trade of US dollars acquired at the Retail
Dutch Auction serves to reinforce the CBN's objective of rooting out
speculative activity," said an analyst.
He
argued the mechanism was merely a stop gap measure to stabilise a
frenzied market and that sustained intermediation will continue to erode
the CBN's international reserve holdings, last recorded at US$33,04
billion.
"However,
it could provide the means with which to anchor the naira and rein in
NDF pricing, at least in the short term. What remains clear is that the
official rate does not provide an accurate reflection of market dynamics
or prevailing liquidity conditions. There is talk that perhaps the
market is being primed for a devaluation, which would certainly narrow
the gap between the official, interbank and bureau de change rates."
Rand
Merchant Bank pointed out that the central bank had, however, dampened
speculation of a deliberate naira adjustment and continues to dismiss
the possibility of a free float, stressing Nigeria's grave import
dependency and the undesirable impact of a substantially weaker currency
on the real economy.
"But, as we argued in our flash note titled
'There she goes', a flexible exchange rate would cushion Nigeria against
exogenous shocks, providing authorities full discretion in the conduct
of monetary policy," the firm stated on Tuesday.
The thinktank
said the naira's weakness, exacerbated by the sudden decline in the oil
price and election related uncertainties, has brought to light
long-standing structural imbalances in the Nigerian economy. The naira
will serve as the adjusting factor in the rebalancing of the domestic
economy.
"Sustained upward pressure on the currency pair could
entrench bearish sentiments in the local bond market. Yields are at
multi-year highs as investors shy away from long-term exposure and look
to exit maturing short-dated positions.
Current levels might
prompt short spells of opportunistic buying, though investors are likely
to be guided by prevailing levels of liquidity, the extent of domestic
demand and policymakers' appetite for higher rates," RMB stated.
Tuesday, 17 February 2015
APC will create 1 million jobs for Igbo youths: Osinbajo
Abuja - APC Vice-Presidential candidate Yemi Osinbajo has
revealed that his party is committed to the creation of 1 million jobs
for youths in the country.
Speaking during a visit to the Catholic Bishop Lordship Calistus Onaga, Osinbajo lamented the high rate of unemployment in the country and said that Nigeria is in "dire straits".
According to a Naij report, Osinbajo lamented corruption within the state and alleged that President Goodluck Jonathan seems to be turning a blind eye on troubles within the country.
In addition, Osinbajo also assured citizens that APC presidential candidate Muhammadu Buhari has no plans to Islamise the country.
The former Attorney-General of Lagos State later met with students from the South-East zone at Nike Lake Resort in a bid to showcase APC programmes.
Read more at Naij
Speaking during a visit to the Catholic Bishop Lordship Calistus Onaga, Osinbajo lamented the high rate of unemployment in the country and said that Nigeria is in "dire straits".
According to a Naij report, Osinbajo lamented corruption within the state and alleged that President Goodluck Jonathan seems to be turning a blind eye on troubles within the country.
In addition, Osinbajo also assured citizens that APC presidential candidate Muhammadu Buhari has no plans to Islamise the country.
The former Attorney-General of Lagos State later met with students from the South-East zone at Nike Lake Resort in a bid to showcase APC programmes.
Read more at Naij
Mu'azu, PDP governors blamed for Jonathan's woes
Abuja - PDP National Chairman Adamu Mu'azu along with party
governors have been blamed for Goodluck Jonathan's poor rating ahead of
the upcoming elections.
According to members of the Niger Delta Youth Parliament (NDYP), the imposition of PDP candidates by party governors and a lack of internal democracy within the party are factors to blame for a decline in supporters of the ruling party.
According to a Naij report, NDYP National Coordinator Imoh Okoko has revealed that youths in the Niger Delta region are worried about alleged "manipulations" by Mu'azu and other parties which could have a negative impact on Jonathan and his campaign for the presidency.
Speaking on the popukarity of APC presidntial candidate Muhammadu Buhari, Okoko acknowledged that the former military leader may be gaining more ground across the country.
Okoko has also taken a swipe at Independent National Electoral Commission (INEC) boss Attahiru Jega, saying he was never ready for the elections.
Read more at Naij
According to members of the Niger Delta Youth Parliament (NDYP), the imposition of PDP candidates by party governors and a lack of internal democracy within the party are factors to blame for a decline in supporters of the ruling party.
According to a Naij report, NDYP National Coordinator Imoh Okoko has revealed that youths in the Niger Delta region are worried about alleged "manipulations" by Mu'azu and other parties which could have a negative impact on Jonathan and his campaign for the presidency.
Speaking on the popukarity of APC presidntial candidate Muhammadu Buhari, Okoko acknowledged that the former military leader may be gaining more ground across the country.
Okoko has also taken a swipe at Independent National Electoral Commission (INEC) boss Attahiru Jega, saying he was never ready for the elections.
Read more at Naij
Nigerian Army blasts Obasanjo
2015-02-17 10:10
Abuja - The Defence Headquarters of the Nigerian military has described former President Olusegun Obasanjo as an embarrassment to the force he once served, Premium Times reports.
It blasted the former president over his criticisms of the force’s role in the postponement of forthcoming general elections.
The Independent National Electoral Commission, (INEC) rescheduled elections from February, to March and April, a decision that was reached after the military said it could not guarantee the safety of INEC personnel in Boko Haram threatened states.
Obasanjo dumped the PDP at a dramatic event in Abeokuta, Ogun State, a move that appeared aimed at forestalling an expulsion by the party.
He said his decision to dump the party was because he had been accused of anti-party activities after critically speaking against President Goodluck Jonathan’s administration.
Read more at Premium Times
Abuja - The Defence Headquarters of the Nigerian military has described former President Olusegun Obasanjo as an embarrassment to the force he once served, Premium Times reports.
It blasted the former president over his criticisms of the force’s role in the postponement of forthcoming general elections.
The Independent National Electoral Commission, (INEC) rescheduled elections from February, to March and April, a decision that was reached after the military said it could not guarantee the safety of INEC personnel in Boko Haram threatened states.
Obasanjo dumped the PDP at a dramatic event in Abeokuta, Ogun State, a move that appeared aimed at forestalling an expulsion by the party.
He said his decision to dump the party was because he had been accused of anti-party activities after critically speaking against President Goodluck Jonathan’s administration.
Read more at Premium Times
Boko Haram issues new threat against Niger, Chad
2015-02-17 10:10
Yaounde - Boko Haram on Monday threatened neighboring countries Niger and Chad, warning the fighters were prepared to carry out suicide bombings in the countries sending troops to help fight the militants.
The warning came as leaders from Niger and other countries in the region gathered in Cameroon's capital to finalise plans for a joint offensive against the militants who have stepped up their attacks in recent weeks.
In a translation published by the SITE Intelligence Group, Boko Haram sharply criticized Niger for joining the effort and said the country was being dragged into a "swamp of darkness". Over the last 10 days, Boko Haram fighters have repeatedly struck the town of Diffa but not the capital.
"If you insist on continuing the aggression and the coalition with the government of Chad, then we give you glad tidings that the land of Niger is easier than the land of Nigeria and moving the war to the depth of your cities will be the first reaction toward any aggression that occurs after this statement," it said, according to SITE's transcript.
A multinational force to fight Boko Haram is expected to be formally launched in coming weeks. Chad, Cameroon, Niger and Benin initially pledged to help Nigeria. On Monday, Burundi and Central African Republic also agreed to contribute troops to fight the militant group.
The extremist group has fought a five-year insurgency against the country's government, leaving 10 000 people dead last year alone. The violence has forced some 157 000 people to seek refuge in Niger, while 40,000 others have gone to Cameroon and 17 000 are in Chad, the UN said. Almost 1 million Nigerians are internally displaced, according to the country's own statistics.
On Monday, leaders in Central Africa said that 10 member states had agreed to contribute most of the $100m needed to combat Boko Haram. They did not state how much had been raised nor how much is remaining despite calling for the creation of an emergency fund to bridge the difference.
Yaounde - Boko Haram on Monday threatened neighboring countries Niger and Chad, warning the fighters were prepared to carry out suicide bombings in the countries sending troops to help fight the militants.
The warning came as leaders from Niger and other countries in the region gathered in Cameroon's capital to finalise plans for a joint offensive against the militants who have stepped up their attacks in recent weeks.
In a translation published by the SITE Intelligence Group, Boko Haram sharply criticized Niger for joining the effort and said the country was being dragged into a "swamp of darkness". Over the last 10 days, Boko Haram fighters have repeatedly struck the town of Diffa but not the capital.
"If you insist on continuing the aggression and the coalition with the government of Chad, then we give you glad tidings that the land of Niger is easier than the land of Nigeria and moving the war to the depth of your cities will be the first reaction toward any aggression that occurs after this statement," it said, according to SITE's transcript.
A multinational force to fight Boko Haram is expected to be formally launched in coming weeks. Chad, Cameroon, Niger and Benin initially pledged to help Nigeria. On Monday, Burundi and Central African Republic also agreed to contribute troops to fight the militant group.
The extremist group has fought a five-year insurgency against the country's government, leaving 10 000 people dead last year alone. The violence has forced some 157 000 people to seek refuge in Niger, while 40,000 others have gone to Cameroon and 17 000 are in Chad, the UN said. Almost 1 million Nigerians are internally displaced, according to the country's own statistics.
On Monday, leaders in Central Africa said that 10 member states had agreed to contribute most of the $100m needed to combat Boko Haram. They did not state how much had been raised nor how much is remaining despite calling for the creation of an emergency fund to bridge the difference.
10 suspects rearraigned over Ejigbo torture
2015-02-17 11:18
Lagos - The arraignment of the 10 persons accused of torturing three women at the Oba Morufu International Market in Ejigbo, Lagos, has been adjourned, Punch reports.
Justice Oluwatoyin Ipaye of the Lagos High Court sitting in Ikeja announced the adjournment on Monday following the absence of nine of the 10 suspects in court.
The suspects namely Isiaka Waidi Saheed Adisa, Lateef Tijani , Ahmed Adisa, Azeez Akinosun, Jimoh Busari, Adekunle Adenuga, Buhari Yusuf, Abdullahi Harun and Oloruntoyin Dauda, are to be arraigned by the Lagos State Government on 19 counts bordering on “conspiracy, attempted murder, sexual assault, malicious administering of poison, obtaining money by false pretences and deprivation of liberty.”
They
were accused of stripping the victims naked and rubbing pepper on their
private parts on the purported claim that the victims stole pepper.
Read more at Punch
Lagos - The arraignment of the 10 persons accused of torturing three women at the Oba Morufu International Market in Ejigbo, Lagos, has been adjourned, Punch reports.
Justice Oluwatoyin Ipaye of the Lagos High Court sitting in Ikeja announced the adjournment on Monday following the absence of nine of the 10 suspects in court.
The suspects namely Isiaka Waidi Saheed Adisa, Lateef Tijani , Ahmed Adisa, Azeez Akinosun, Jimoh Busari, Adekunle Adenuga, Buhari Yusuf, Abdullahi Harun and Oloruntoyin Dauda, are to be arraigned by the Lagos State Government on 19 counts bordering on “conspiracy, attempted murder, sexual assault, malicious administering of poison, obtaining money by false pretences and deprivation of liberty.”
Read more at Punch
Another PDP member tears his membership card
Olusegun Obasanjo. (File: AFP)
Abuja - Following in the footsteps of former president
Olusegun Obasanjo, the senior special assistant on security to Governor
Ibrahim Hassan Dankwambo of Gombe state has also shredded his PDP
membership card in public, Naij has reported.
Abdullahi Babangida Muhammad has been seen shredding his PDP membership card on camera and pledging his allegiance to opposition party the All Progressives Congress (APC).
Alhaji Muhammad is reported to have been active member of the ruling party in Gombe state before jumping ship to the opposition.
See the full report and pictures at Naij
Abdullahi Babangida Muhammad has been seen shredding his PDP membership card on camera and pledging his allegiance to opposition party the All Progressives Congress (APC).
Alhaji Muhammad is reported to have been active member of the ruling party in Gombe state before jumping ship to the opposition.
See the full report and pictures at Naij
Subscribe to:
Posts (Atom)