Business
Speculators moan their losses as the naira gains N95/$ in less than a week
In a striking reversal, the naira demonstrated newfound strength against the dollar within the peer-to-peer (P2P) market, opening at N855/$ on Friday morning.
This marked a considerable turnaround from the previous week’s dollar peak, which scaled an unprecedented height of N950/$ across P2P markets. This upsurge occurred in tandem with apprehensions about imminent scarcity.
The naira’s impressive appreciation amounted to a significant amount of N95/$ within less than a week. Meanwhile, on the official market, the naira is presently trading around N740/$.
The noticeable convergence between the I&E FX window and the black market has notably curtailed the allure of speculative activities.
Nigeria’s local currency experienced a robust appreciation against the US dollar as the nation’s foreign exchange market witnessed an influx of supply.
This was fueled by NNPC Limited’s acquisition of a $3 billion loan from AfreximBank, aimed at bolstering exchange rate stability.
Furthermore, the recent pronouncement by the Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, indicated forthcoming measures to amplify the money supply.
This move is geared towards addressing speculators’ attempts to mitigate the persistent devaluation of the naira.
Subsequently, in a crucial interaction, Mr. Shonubi informed President Bola Tinubu of the central bank’s initiatives to avert a potential naira collapse.
Speaking from the State House in Abuja, he divulged his intent to employ innovative tactics for stabilizing the naira against the dollar.
Assuring Nigerians, Mr. Shonubi underscored the CBN’s earnest efforts to augment liquidity and market steadiness, coupled with a commitment to tackle issues within the parallel market.
He highlighted that market fluctuations are attributed not only to economic factors but also to speculative demand.
The CBN’s observations have revealed that illicit money transfers through improper channels and unauthorized dollar sales by commercial banks stand as the chief culprits driving the naira’s sustained depreciation.
In a bid to foster transparency within the country’s FX market, the CBN recently introduced the Currency Price Verification System (FX) “PVS.”
This novel portal enables importers to access foreign exchange and enhances visibility within the market.
The apex bank further underscored that effective August 31, 2023, the Portal Price Verification Report will be mandatory for all Form M applications.
This regulatory step followed the CBN’s recent warning of potential penalties for forex speculators, reinforcing its commitment to market integrity.
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
Business
31 electricity towers affected as vandals destroy transmission lines in Edo communities
The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.
In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.
Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.
“A total of 31 towers were affected in this incident,” she said.
“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”
‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’
Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.
The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.
On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.
The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.
The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.
“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.
“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.
“Additionally, the line will be energized from the Ahoada end as a preventive measure.”
Mbah added that efforts are underway to replace the stolen 250mm conductor.
Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.
The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.
She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.
Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.
Business
NCAA issues aerodrome certification for Lagos, Abuja international airports
The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.
This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.
The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.
The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.
“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.
The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.
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