The naira continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, said that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

In light of an ongoing operational audit by regulatory authorities, Dana Air has revealed that it has let go of certain employees.

The Head of Corporate Communications for the airline, Kingsley Ezen, disclosed the development in a statement on Saturday.

Dana Air emphasised that the audit, which is currently in progress, is a joint effort between the company and regulatory authorities to ensure strict adherence to all required standards and regulations.

“In light of the ongoing audit, Dana Air has made the decision to temporarily disengage some staff members pending the conclusion of the audit,” Ezenwa said.

“The Management of Dana Air extends its sincere appreciation to all staff members for their resilience and dedication during this period of uncertainty. It recognises the difficulties that staff have had to endure and assures them that every effort is being made to resolve the situation promptly,” it added.

Dana Air’s statement reiterated its dedication to working closely with the authorities in order to facilitate a seamless and prompt resolution of the audit.

The airline also assured all that it will continue to provide updates and assistance to its staff during this process.

Dana Air also has initiated discussions with lessors and is actively involving stakeholders in the ongoing progress.

“Dana Air therefore urges for calm and understanding from our very dedicated staff for their altruism and stakeholders,” the airline said.

In April, the Nigerian Civil Aviation Authority suspended the Air Operators Certificate of Dana Air, 24 hours after the airline’s plane coming from Abuja landed at the Lagos airport runway and veered off into a nearby field.

The Dana Air plane with registration number 5N BKI, had 83 passengers onboard. However, all the passengers and crew members disembarked unhurt.

Emergency responders and regulatory agencies immediately rose to the occasion and opened an investigation to unravel the real course of the incident.

While awaiting the outcome of the investigation by the Nigerian Safety and Investigation Bureau, the NCAA said it was important to audit the operations of the carrier.

Airtel Africa has released its full-year financial report, which ended in March 2024. The report revealed an $89 million after-tax deficit, primarily impacted by a substantial foreign exchange loss of $549 million.

In the report released on Thursday, Airtel attributed the loss to the devaluation of the naira and kwacha (Malawian currency).

The report said, “Loss after tax was $89 million, primarily impacted by significant foreign exchange headwinds, resulting in a $549 million exceptional loss net of tax following the Nigerian naira devaluation in June 2023 and Q4’24 and the Malawian kwacha devaluation in November 2023.”

In constant currency terms, the telco achieved 20.9 per cent growth in the fiscal year, soaring to 23.1 per cent growth in the fourth quarter of 2023. It noted that despite challenging conditions, Nigeria’s constant currency revenue reached 34.2 per cent growth in that period.

However, in reported currency (dollar), it earned a revenue of $4.98 billion in the full year, indicating a 5.3 per cent decline from the $5.26 billion reached in 2022/2023.

Its customer base increased by 9.0 per cent, totalling 152.7 million. Furthermore, it witnessed a 17.8 per cent increase in data customers to 64.4 million and a 20.8% increase in data usage per customer.

According to Olusegun Ogunsanya, the CEO of Airtel Africa, propelling the telco’s growth remains crucial to its performance.

He pointed out, “The investment in our distribution to catalyse growth and the technology required to support this growth have been key.”

Mr Ogunsanya noted that the company took steps to minimise its balance sheet and properly allocate capital, reducing the negative impacts of the currency devaluation on the business.

The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.

The naira on Tuesday depreciated at the official market, trading at N1,416.57 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, showed that the naira lost N62.36.

This represents a 4.60 per cent loss compared to the previous trading date on Monday when it exchanged at N1,354.21 to a dollar.

However, the total daily turnover increased to 160.77 on Tuesday, up from 84.83 million dollars recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s window, the naira traded between N1,445 and N1,301 against the dollar.

The Economic Financial Crimes Commission (EFCC) on Tuesday resumed raids on bureau de change operators in Abuja as naria dipped against the dollar.

A BDC operator at Wuse Zone 4, Abuja’s currency exchange hub, confirmed EFCC’s raid to Peoples Gazette.

“EFCC people are here!” he said.

Today’s raid comes as another episode since the EFCC started raiding.

Today’s raid comes as another episode since the EFCC started raiding BDC operations nationwide in a bid to stabilise the naira.

Last week, the anti-graft agency paraded over 20 BDC operators arrested in Abuja.

On claims that BDC operators aid currency speculators damaging naira, the anti-graft agencies have continued to raid BDC operators since February.

The Naira lost N112.38 against the US dollar at the foreign exchange market in April 2024.

FMDQ data showed that the Naira traded at N1,390.96 per dollar on Tuesday, 30th April, compared to N1,278.58 per dollar at the beginning of the month.

This represents a 10 per cent depreciation against the dollar in the period under review.

The development comes despite the Naira recording a 12 per cent gain against the dollar in the first 12 days of April, adding to its 14 per cent surge in March. Consequently, Goldman Sach described the Naira as the best performing currency.

However, the losses recorded in the second half of April have resulted in a month-on-month decline.

Meanwhile, Central Bank of Nigeria, CBN, governor, Olayemi Cardoso, stated that the apex bank is planning policies to tackle Naira’s instability in the forex market.

The founder of cryptocurrency firm, Binance, was sentenced to four months in US prison on Tuesday after pleading guilty to money laundering charges, in the most high-profile crypto case since Sam Bankman-Fried was jailed.

Changpeng Zhao, a Canadian, resigned from his post at the world’s largest cryptocurrency exchange platform late last year as part of a deal with US authorities.

According to investigations by two Treasury agencies, Binance failed to prevent transactions by movements such as the Islamic State group, al-Qaeda or the armed wing of Hamas.

Zhao pleaded guilty to violating US anti-money laundering laws and Binance agreed in February to pay $4.3 billion to settle charges.

Prosecutors had asked the judge to impose three years behind bars for a crime that typically results in probation, according to a court filing.

“He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets,” Justice Department lawyers said of Zhao in a sentencing memorandum.

“The sentence in this case will not just send a message to Zhao but also to the world.”

Attorneys for Zhao countered in a filing that being punished with probation is just, appropriate, and in line with legal precedent.

They cited Zhao’s acceptance of responsibility along with what they called his philanthropic track record.

“I made mistakes, and I must take responsibility,” Zhao, who lives in the United Arab Emirates, said in a post on X, formerly Twitter, in November.

He has been in the United States since that time.Binance was created in 2017 and cornered much of the crypto-trading market, turning its founder and chief executive Zhao into a billionaire.

While Binance was founded in China, Zhao moved its operations to other locations internationally after a crackdown on the crypto sector by Beijing.

Binance runs crypto exchanges and provides other services around the world, but it took a severe hit when crypto markets collapsed and regulators began probing the legality of its business.

The volatile industry surged in 2021, with a range of complex products and celebrity endorsements propelling it to a valuation in excess of $3 trillion in 2022.

But a series of scandals, including the November 2022 collapse of Binance’s main rival exchange, FTX, and criminal charges for several industry executives, saw public confidence evaporate and investors pull their money out of crypto.

FTX founder Bankman-Fried was given a 25-year jail term in March.

The crypto industry has bounced back in recent months, thanks in large part to US regulators giving the go-ahead for exchange traded funds (ETFs) in bitcoin which allow investors to trade the asset without actually opening a crypto account.

Binance’s new CEO Richard Teng told AFP this month that the company spent hundreds of millions of dollars on compliance and was working very closely with regulators.

Regional Head of Ibadan Electricity Distribution Company, IBEDC, in Ilorin, Kwara State, Engr Toyin Akinyosoye, says the new electricity billing tariff (225/KWh) for customers in Band A is beyond what any power distribution company, Disco, can modify.

This is coming amid criticism of the new increased tariff despite poor power supply to customers across the country.

Receiving the state Commissioner for Energy, Engr Abdulazeez Kola Abdulganiy, in his office in Ilorin, the IBEDC’s regional head, appealed to customers to accept the new development in good faith.

Toyin further disclosed that “the new electricity tariff will take effect immediately for customers on prepaid meters, while customers on postpaid meters will take effect in the next billing cycle.

“Allocation of power supply is currently limited due to network issues.

“Many feeders have been downgraded because they have low power supply. I can assure all customers that when power allocation increases, they will be upgraded.”

Earlier, the state commissioner for energy, had again called on the IBEDC to charge customers, and government-owned facilities, including hospitals, reasonable electricity bills.

He said the state government, on its part, had always complemented the IBEDC services by paying the electricity bills of all government’s facilities promptly, constructing feeder lines and providing various communities with transformers and other electrical materials to enhance their access to regular electricity.

The Economic and Financial Crimes Commission, EFFC, said it has redoubled its investigation into the culpability of bank Chief Executive Officers, CEOs, in the mismanagement of COVID-19 funds and World Bank loans.

This is contained in a statement by its spokesman, Dele Oyewale, on Sunday in Abuja.

The statement said that also under probe is the alleged mismanagement of recovered Abacha loot given to the Ministry of Humanitarian Affairs, Disaster Management and Social Development for disbursement to beneficiaries of the Federal Government support-for-the-poor programme.

The EFCC also announced that it had recovered N32.7 billion and $445,000 so far from top officials of the ministry under its searchlight, adding that the abuse of naira has become a priority investigation of the agency.

Shedding light on the probe of malfeasance in the Humanitarian Affairs, Disaster Management and Social Development ministry, the agency said: “At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far.

“Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate.”

African Export-Import Bank (Afreximbank) and the prime minister of the Bahamas signed the Afreximbank Annual Meetings Host Country Agreement on Thursday.

The signing ceremony was held during a media briefing on Thursday in the Bahamas.

The 31st AAM2024 will be hosted in Nassau, Bahamas, from June 12 to 15, 2024.

The country’s prime minister, Philip Davis, said the signing ceremony boosted the Bahamas, Africa, and the Caribbean (AfriCarabian) visions.

“It is with immense pride that we officially sign the agreement for the Bahamas to host the AAM in June. Our ancestral history is marked by strength in the face of adversity, duty and creativity amid scarcity and the pursuit of self-determination.

“Our dreams, hopes and aspirations are encapsulated in this moment as we look forward to a future where Africa and the Caribbean stand shoulder to shoulder not just in solidarity but for economic collaboration for mutual prosperity,” said Mr Davis.

Mr Davis said the AAM2024 meeting in the Bahamas was a symbol of what Africa and the Caribbean could accomplish through duty and collaboration.

“In today’s world, amid economic and environmental challenges, instead of building more walls, we choose to build bridges of trade, innovation, financial integration and most importantly, bridges connecting our people and culture,” the Bahamas leader explained.

He said the Bahamas’ commitment to the mission was underscored by the preparations underway to ensure the AGM would be a forum for dialogue, impact deliberations, and collaborations.

Mr Davis said that in November 2022, the Bahamas and other Caribbean countries signed an agreement with AFreximbank to forge a future that would advance the African and Caribbean people and their economies.

The prime minister said Afreximbank’s commitment to expanding operations in the Caribbean was seen in its establishment of the Caribbean Africa Bank, adding that it was an example of the potential for development in the region.

Afreximbank’s president, Benedict Oramah, said signing the agreement would solidify the partnership between the bank and the Caribbean.

Mr Oramah said the partnership would form a platform for global Africa to take its destiny into its own hands. He said he was grateful to the prime minister, the government and the people of the Commonwealth of the Bahamas for the honour of agreeing to host the AAM2024.

Mr Oramah said the bank was working with the Bahamas government to develop an Afro-Caribbean marketplace in the Bahamas. When completed, he said it would be a permanent marketplace that would house manufacturing warehouses and be a distribution and logistic hub for various tradable merchandise that Africa and the Caribbean produce.

Mr Oramah said at least 4,000 participants were expected at the AAM2024, adding that the opening ceremony, which heads of state and governments would attend, would be held on June 13.

Minister of Power, Adebayo Adelabu has claimed that the electricity tariffs that were recently increased, will reduce if the exchange rate falls below N1,000 to a dollar.

Adelabu made this comment when he appeared on Channels Television’s Politics Today on Thursday.

On April 3, the Nigerian Electricity Regulatory Commission, NERC, announced the removal of subsidy on the electricity consumed by Band A customers.

Band A customers now pay N255/KWh, a hike from N68/kWh, while others maintain the old tariffs.

But Adelabu has now given conditions for a possible reduction.

“The tariff is flexible. I can tell you if the naira gains more and the exchange rate comes down below N1,000 to a dollar, it must positively affect the tariff; and the tariff, even for Band A, will come down below the N225/KWh that we are currently charging.

“There are variable factors that go into the composition of the tariff, and we are not closing our eyes to it,” Adelabu said.

The Presidency says the consistent appreciation of the Naira in the past weeks indicates that the incredible sacrifices of Nigerians have started paying off.

Aguri Ngelale, Special Adviser to President Bola Ahmed Tinubu, disclosed this in a recent statement while reacting to the sustained appreciation of the Naira at the foreign exchange market.

The Presidency insisted that the multi-faceted approach put forward by Tinubu’s administration in defending the Naira against currency racketeers would be sustained.

He added that the government will work harder to ensure inflation is reduced.

“The President has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past ten months would be rewarded across the board.

“The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies. This is what we are seeing.

“But there is still much work to be done, and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer-protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board,” he added.

The development comes as the Naira appreciated to N1230.61 per US dollar on Monday from N1,251.05 last week, according to FMDQ data.

Recall that the CBN distributed another $10,000 to each BDC at N1,101 per Dollar.

An executive from cryptocurrency firm Binance has pleaded not guilty to money laundering charges in a Nigerian court.

US citizen Tigran Gambaryan was arrested in February, along with his colleague Nadeem Anjarwalla, a British-Kenyan dual national.

Their detention came as Nigeria accused Binance of being behind the country’s economic turmoil.

Two weeks ago Mr Anjarwalla escaped from custody and his whereabouts are unknown.

On Monday, Mr Gambaryan rejected five counts of money laundering filed against him by Nigeria’s Economic and Financial Crimes Commission (EFCC).

After the hearing, he was transferred to Kuje Correctional Centre, a prison in the capital, Abuja. The facility has in the past held inmates ranging from jihadists to politicians.

Mr Gambaryan and Mr Anjarwalla had previously been detained in an unknown location.

In a statement released after Monday’s hearing, Mr Gambaryan’s wife, Yuki, said: “I am beyond heartbroken that my innocent husband is being sent to a prison that houses known terrorists and murderers… it is beyond unacceptable that this is how they are treating a completely innocent man.

“The EFCC had accused Binance – understood to be one of the most popular cryptocurrency platforms in Nigeria – along with Mr Gambaryan and Mr Anjarwalla, of laundering $35.4m (£28m).

In February, Mr Gambarayan, who is in charge of financial crime compliance at Binance, and Mr Anjarwalla, who is Binance’s Africa Regional Manager, were detained after arriving in Nigeria for meetings to discuss the platform’s operations in the country.

Binance was later that week ordered to pay a fine of $10bn (£8bn).

The government accused it of currency speculation and fixing exchange rates, leading to the free-fall of the local currency, the naira.

The weakening of the naira, alongside food inflation and the soaring cost of living, has sparked an economic crisis in Nigeria.

Binance is not alone – Nigeria’s authorities have been clamping down on cryptocurrency platforms in general over allegations they are being used for money laundering and financing terrorism.

As well as money laundering charges, Binance and the two executives also face four counts of tax evasion, filed by the Federal Inland Revenue Service (FIRS).

After Mr Anjarwalla fled the country, Nigerian authorities said he had escaped with a “smuggled passport”, but a family source said he had left by “by lawful means”.

Nigeria said it was “working with Interpol for an international arrest warrant on the suspect”.

As of Monday, Mr Anjarwalla was not on Interpol’s red notice list for “internationally wanted fugitives”.

The naira gained at the official market as it traded at N1,255.07 to a dollar on Thursday.

Data from the official trading platform of the FMDQ revealed that the naira gained N7.78.

This represents a 0.62 per cent appreciation compared to Wednesday’s trading when it exchanged at N1,262.85 to a dollar.

However, the total turnover increased to $138.99 million on Thursday, up from $166.18 million recorded on Wednesday.

Meanwhile, the naira traded between N1,294 and N1,200 against the dollar at the Investor’s and Exporters’ window.

The Nigeria Customs Service recorded a 5 per cent decline by posting 311,492 in the volume of Single Goods Declarations for imports in the first quarter of 2024 amid increased duties.

NCS disclosed this in its Q1 2024 report released on Wednesday.

The figure showed a 15,999 decline from the 327,492 recorded in Q1 2023.

The service blamed fluctuating import duties for the drop in SGDs.

Comptroller General of Customs, Adewale Adeniyi, said the country issued about 28 import rates in Q1 2024, which resulted in a drop in SGDs.

“In the First Quarter of 2024, NCS processed 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled.

“This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022”.

“In the last quarter, a total of 28 rates were directed by the CBN, ranging from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024”, Adeniyi added.

Meanwhile, NCS recorded a 122.35 per cent increase in revenue after it posted N1.3 trillion for Q1 2024.

Sell-offs in the shares of Tier-one banks have contributed to a 0.32 per cent decline in the Nigerian Exchange Ltd. (NGX) market indices.

Specifically, losses in the share prices of FBN Holdings, Access Corporation, Guaranty Trust Holding Company (GTCO), Zenith Bank and StanbicIBTC Bank, among others, dragged down the market performance.

Consequently, investors saw a decrease of N190 billion, or 0.32 per cent, with market capitalisation opening at N59.095 trillion and closing at N58.905 trillion.

The All-Share Index also dipped by 0.32 per cent to close at 104,181.32 points, compared to 104,518.14 points posted on Tuesday.

This led to a Year-To-Date (YTD) return of 39.33 per cent.

The market breadth ended negative, with 32 losers and 21 gainers.

On the losers’ table, International Energy Insurance and Caverton led by 10 per cent each, closing at N1.44 and N1.62 per share, respectively.

Thomaswy lost 9.63 per cent to close at N1.97, NEM Insurance dropped 9.60 per cent to close at N8.95, and Tantalizers fell 9.52 per cent to close at 38k per share.

On the other hand, UPL Ltd. led the gainers table by 9.84 per cent to close at N2.68, and SCOA Nigeria Plc gained 9.96 per cent to close at N2.15 per share.

Morison Industries Plc rose by 9.66 per cent to close at N1.93, Cutix Plc advanced by 9.62 per cent to close at N2.85 and Mutual Benefits Assurance appreciated by 9.38 per cent to close at 70k per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 39.04 per cent.

A total of 405.03 million shares valued at N8.91 billion were exchanged in 10,364 deals, compared to 545.49 million shares valued at N14.61 billion exchanged in 12,747 deals posted previously.

Access Corporation led the volume chart, with 50.00 million shares traded valued at N1.24 billion; UBA sold 49.01 million shares worth N1.37 billion.

Transcorp traded N45.95 million shares worth N612.80 million, Zenith sold 41.88 million shares worth N1.86 billion to lead the chart by value, and GTCO transacted 29.70 million shares valued at N1.57 billion.

Myanmar’s Department of Agriculture plans to expand coffee plantation to 300,000 acres nationwide within the next five years, starting in the 2023-2024 financial year.

The state-run media, the Global New Light of Myanmar, reported on Wednesday.

The report said Arabica coffee will be planted on 200,000 acres across four zones and Robusta coffee on 100,000 acres across three zones.

It cited U Myint Swe, director of the Coffee and Seasonal Crops Division of the Department of Agriculture.

It added that the Department of Agriculture under the Ministry of Agriculture, Livestock and Irrigation is helping farmers by sharing knowledge and providing coffee seedlings and tools.