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Naira gains against Dollar, trades at N1113/$ at the P2P market



The naira within a span of hours appreciated by N166 to the dollar in the P2P market, as currency traders re-evaluate their strategies.

The naira peaked at N1279/$ on Thursday evening but settled at N1113/$ as of this writing.

Feelers across markets suggest the gains may be due to lack of buyers as very few people are inclined to pay around N1300/$ sensing a potential strengthening of the local currency.

Finance Minister Wale Edun also stated that the country was set to receive $10 billion in foreign currency inflows over the next several weeks to help improve liquidity in the foreign exchange market, which has stifled growth in Africa’s largest economy.

The minister of finance added that President Tinubu signed two executive orders permitting the issuance of domestic financial instruments denominated in foreign currencies as well as the transfer of all cash outside the banking system into banks.

The impression among traders especially speculators is that the exchange rate could gain against the dollar in the coming days and as such no avoid losing their shirts, they have to sell lower.

His remarks were made just after President Tinubu had assured summit attendees that he would clear the backlog and that he had taken action to address liquidity in the foreign exchange market.

He says that every transaction in the foreign exchange market, from the official to the money changers, where large amounts of arbitrage have regularly happened, will be closely watched, and those who transgress will be found out and dealt with.

He acknowledged that illiquidity is the reason Nigeria’s foreign exchange market isn’t operating efficiently, but the government is willing to take all necessary steps to alter the current situation.

The foreign exchange market will be streamlined and restructured so that all rightful and proper transactions will be covered by the government and take place in the official foreign exchange market. Anything beyond that will be punished, considered a criminal offense, and illegal, according to Edun.

Meanwhile the US. S dollar hit a near one-week high versus a basket of currencies on Wednesday as investors’ desire for riskier currencies decreased in the wake of disappointing corporate results that heightened concerns about the state of the economy and as Treasury yields increased.

Risk sentiment also took a hit as tech giant Alphabet fell after its cloud division failed to meet revenue projections, and other large-cap stocks also eased because of lower earnings and rising US Treasury bond yields.

Reaching its highest level in almost a week, the dollar index, which gauges its strength against a basket of six competitors, saw a 0.3%  increase to 106.05 points.

Fed Chairman Powell’s speech sent Wall Street into a tailspin. Powell largely agreed with other officials when he said that policy might not be “too tight” and that further rate increases might be required.

Although Powell’s remarks reinforce their long-term bullish mantra, they don’t go far enough to suggest that a rate hike in December is likely.

The Fed will attempt to persuade the market that more increases are possible until inflation declines significantly.


EFCC guides Nigerians on how to avoid financial losses and ATM fraud




The Economic and Financial Crimes Commission says the rate of unauthorised withdrawals from bank accounts of customers has become alarming.

The commission, through its Head, Media and Publicity, Dele Oyewale, stated this in a statement obtained by newsmen on Monday night.

It noted that after some investigations, the commission found that such withdrawals are linked to Automated Teller Machine, Debit Card swapping or fraud.

The statement read, “The Economic and Financial Crimes Commission has been inundated with a barrage of complaints from well-meaning Nigerians concerning unauthorised withdrawals from their bank accounts, which investigations by the commission have linked to Automated Teller Machine, ATM, Debit Card swapping or fraud.”

The EFCC added that the “modus operandi of fraudsters involved in this nefarious practice involves keeping a debit card of the same bank, and in the guise of helping a confused bank customer at any ATM point, swaps the card in such a hurry that the customer would not notice and at the same time memorises the pin used in trying the fake cards.

“These cards get stuck in the machine due to a wrong pin and the fraudster quickly abandons the victim, advising him/her to report to the bank while making away with the victim’s card to make immediate withdrawals from the account,” the statement added.

The commission noted that “card swapping typically happens in any service delivery point, such as Point of Sale, POS, terminals, ATM points, among others,” adding that the “banking public is enjoined to be more circumspect in the use of debit cards.”

In view of the preceding, the following tips may be useful in avoiding further financial losses by the banking public.

  1. Cards should be kept in sight or in a safe place. Whenever you get your card back after making any payment, make sure it is actually your card and not just one that looks similar.
  2. Regularly check your bank statements for any unknown transaction.
  3. Set transaction alerts to monitor any activity on your accounts or with your bank card.
  4. Cover the keypad with your hand or body when entering your PIN at POS terminal/ATM machines.
  5. Do not be in a rush to make payments or withdrawals, and request assistance only from officials of the bank.
  6. Call your banks to block your ATM cards immediately when your cards are stuck in the ATM machines or whenever you observe any irregularity.
  7. Ensure you know your bank’s ATM offline blocking code and quickly use it whenever it is misplaced or stolen.
  8. Dial the USSD code 966911# and follow the pop-up instructions to block your ATM card instantly.

“The EFCC will not relent in safeguarding personal, corporate and national finances in its quest to rid our nation of all forms of economic and financial crimes,” the statement assured.

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FG okays $1bn loan from AfDB for budget support




Wale Edun, minister of finance and coordinating minister of the economy, says the federal executive council (FEC) has approved a $1 billion budget support loan from the African Development Bank (AfDB).

Edun spoke to state house correspondents at the end of the FEC meeting presided by President Bola Tinubu on Monday.

The minister said he presented memos on financing that got approved.
Another approval received was the N2 trillion to his ministry to “bring down the rate of interest on the current outstanding”.
Edun said: “First of all, there was an inherited financing, an inherited loan processing, which was to do with the $100 million financing from African Development Bank and $15 million from the Canada-African Development Bank Climate Fund.”
“Essentially, it was processed before this administration came in and, so it has been inherited. Essentially, it is concessional borrowing, around 4.2 percent per annum by Abia State, through the federal government.

“So the funds are to be lent to Abia State and they are for waste management and rehabilitation of roads in Umuahia and Aba, in particular. That was approved.

“Secondly, there was financing of $1 billion, concessional financing, 25 years, eight years moratorium at about the same 4.2 percent per annum, which was approved by the African Development Bank for this administration.

“And really, it was in recognition of the macroeconomic measures that have been taken, the swift movement towards macro stability, restoring revenue, improving the foreign exchange situation, and so forth, that have been taken by this government.

“The reward, as far as the African Development Bank, a concessional financing organisation, was to provide $1 billion in general budget support.

“Finally, in order to keep working hard and maximising the ability of the government to use the markets and to take advantage of different situations and improve situations, the federal executive council approved a total limit of N2 trillion to be available for use by ministry of finance in order to go in and out of the market and essentially to, where possible, bring down the rate of interest on the current outstanding.

“So essentially, it will be refinancing and the view is that there will be an opportunity to save about N50 billion or more in debt servicing over time by giving back expensive debt refinancing with cheaper funding.”

Speaking further on the efforts of the presidential committee on tax reforms and fiscal policy, Edun said the group have been “working very well and very effectively, such that they are in a position to have even impacted the economy by coming up with initial reforms, as well as signposting the way forward in terms of very important targets”.

Edun said some economic measures by the committee, in the short term, are being contemplated and their report was well received by the president and approved by the council.

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Kyari reappointed GCEO of NNPC, Akinyelure named board chair




President Bola Tinubu has approved the appointment of the board and management team of the Nigerian National Petroleum Company (NNPC) Limited.

We had reported earlier that Tinubu retained Mele Kyari as the group chief executive officer and appointed Pius Akinyelure as the non-executive board chairman.

In a statement on Monday, Ajuri Ngelale, the special adviser to the president on media and publicity, said Tinubu also retained Umar Isa Ajiya as the chief financial officer.

The appointments included six non-executive directors: Ledum Mitee, Musa Tumsa, Ghali Muhammad, Mustapha Aliyu, David Ogbodo and Eunice Thomas.

Furthermore, Tinubu approved the appointment of Okokon Ekanem Udo as permanent secretary, federal ministry of finance and Gabriel Aduda, permanent secretary, federal ministry of petroleum resources.

Ngelale said the appointments will take effect from December 1.

“In compliance with Section 59 (2) of the Petroleum Industry Act, 2021, President Bola Tinubu has approved the appointment of a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) with effect from December 1, 2023,” he said.

“President Tinubu anticipates the fullest measure of compliance with the performance-driven and results-oriented mandate of his Renewed Hope administration in the implementation of energy policy that will monetize all available oil and gas resources of today while paving the way for the total exploitation of new and cleaner energy sources of tomorrow by this distinguished team.”

In September, NNPC appointed Oritsemeyiwa Eyesan as executive vice-president, upstream; Olalekan Ogunleye, executive vice-president, gas, and new energy; and Adedapo Segun, executive vice-president, downstream.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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