The naira appreciated against the dollar by 5.97 per cent at the official market by the close of Wednesday’s trading session, according to data from the FMDQ trading platform.

It appreciated by N82.52 to reach N1,300 per dollar, compared to N1,383 recorded on Tuesday.

Total turnover also rose to $416.10 million from $245.58 million the previous day.

In the Investor’s and Exporters’ window, the naira fluctuated between N1,460 and N1,200 against the dollar.

This comes after the Central Bank of Nigeria announced a 200 basis points increase in the Monetary Policy Rate during its 294th Monetary Policy Committee meeting on Tuesday, raising it from 22.75 percent to 24.75 percent.

The CBN governor, Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.

Eko Electricity Distribution Company has announced the appointment of Rekhiat Momoh as Acting Managing Director/ Chief Executive Officer following the removal of Tinuade Sanda on the Directive of the Nigerian Electricity Regulatory Commission.

The firm disclosed this in a statement on Tuesday.

According to the statement, Mrs Momoh has been in the power sector for more than 31 years.

“We have great confidence in her ability to perform this role effectively and take the company to greater heights,” it said.

Meanwhile, Sanda, the now former MD/CEO, cleared the air on her exit from Eko Electricity Distribution Company, saying she was redeployed.

“This restructuring is designed to enhance accountability and transparency within the organization. Additionally, NERC has empowered EKEDC to enforce disciplinary measures against any staff implicated in the ghost workers scandal, ensuring integrity and efficiency in its operations,” it added.

The CBN’s Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) – inter-bank loan interest rate – by 200 basis points, to 24.75 per cent from 22.75 per cent on Tuesday.

MPR is a short-term, often overnight rate that banks charge one another to borrow funds.

Governor of the CBN, Mr Yemi Cardoso, announced the raise in a communiqué he read at the 294th meeting of the MPC.

Cardoso announced that the MPC also adjusted the Asymmetric Corridor to +100/-300 basis points around the MPR and retained Cash Reserve Ratio at 45 per cent.

The Nigerian Federal Government announced that applicants of its N50,000 Presidential Conditional Grant Scheme for citizens across the 774 local government areas should watch out for SMS to link applications with the National Identity Number.

The Minister of Trade, Industry, and Investment, Doris Uzoka-Anite, disclosed this in a notice she posted through her official X account on Sunday.

The Minister stressed that the applicant’s NIN must tally, without which there will be no processing in line with the Central Bank of Nigeria’s NIN- Account number linkage requirement.

“The Ministry of Industry, Trade, and Investment thanks all applicants for their interest in the Presidential Conditional Grant Programme and assures that applications are being thoroughly processed.

“Due to new regulations from the Central Bank of Nigeria, applicants are now required to link their national identification numbers (NIN) with their bank accounts. We currently do not have a record of the NINs of those who applied. Therefore all applicants will receive an SMS from ‘FGGRANTLOAN’ With instructions to submit this information via asecure link.

“This step is essential for the continuation of the application process. Only verified applicants will receive this notification, and NINs must match the applicant’s name for the process to proceed.

“We appreciate your patience and cooperation, and we will keep you updated on your application’s progress. Thank you for your participation and contribution to national growth”, the statement reads.

The scheme, which was expected to commence on March 9, 2024, would offer financial grants, without repayment obligations, to eligible small business owners in Nigeria.

A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has faulted the position of those expecting naira to stabilise at N400 to the dollar, describing it is unrealistic.

He made this known in a series of post on his X account on Sunday.

He wrote, “Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele era central bank sought to maintain to please economic illiterates in political power at the time.

“That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter.

“And we do not have $100 billion in foreign reserves. So on what basis would the Naira forex rate return to some fantasy land soon? It will also take time to regain or achieve full investor confidence such as we had when we were there (and the rate was N150-165 to the $).

“The sooner we focus on a painstaking creation of value-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better.

“Key to this is the electricity conundrum in which we are at less than 4,000MW of generation for a population of 200 million for decades now. Take power to even 20K megawatts (let’s not talk of 50K for South Africa’s 60 million population or Brazil’s 181K megawatts for a population only slightly larger than Nigeria) and you will see what the Nigerian entrepreneurial spirit is capable of.”

The naira experienced a slight appreciation at the official market, trading at N1, 431.49 to a dollar on Friday.

Data from the official trading platform of the FMDQ revealed that the naira strengthened by N21.79 or 1.5 per cent, compared to the previous day’s rate of N1,453.28 against the dollar.

However, the total turnover decreased to $199.71 million on Friday, down from $288.47 million recorded on Thursday.

Meanwhile, at the Investor’s and Exporters’ window, the naira traded between N1,468 and N1,301 against the dollar.

The Central Bank of Nigeria had earlier announced the completion of clearance of the valid foreign exchange backlog, signalling a positive development in the forex market.

On the impact of forex intervention, researchers at Cordros Securities said, “The recent overhaul and increased intervention in the FX market have bolstered confidence and facilitated Foreign Portfolio Investors inflows into the forex market.”

They also highlighted renewed interest from foreign portfolio investors in the fixed-income market, as stop rates on the long-end bills rose above 20.0 per cent.

Chief Justice of Nigeria, CJN, Olukayode Ariwoola, will now earn N1.1 million monthly basic salary and N4.3 million regular allowances as President Bola Ahmed Tinubu increased the remuneration of Judiciary officials.

The development came after President Tinubu sent an executive bill to the National Assembly on Tuesday seeking an upward review of the salaries of judicial officers.

The House of Representatives approved Tinubu’s request to increase the salaries and allowances of judicial officers.

According to the bill, the CJN will earn N13.5 million in annual basic salary and N51.2 million in regular allowances, making it a total of N64.7 million.

Further analysis of the new salary structure showed that the President of the Court of Appeal will earn N62.4 million annually.

In contrast, the justices of the Supreme Court will earn N61.4 million annually.

In October last year, retired Supreme Court Justice Musa Dattijo Muhammad said the CJN N400,000 monthly salary is lower than the N1.2 million earned by the Supreme Court Registrar.

Naira appreciates massively to N1,492 against USD at forex market amid foreign reserves surge.

It appreciated massively to N1,492.61 per US dollar at the official foreign exchange market as foreign reserves surged to $34.11 billion.

FMDQ data showed that the Naira gained N67.96 on Wednesday compared to the N1,560.57 per USD it traded the previous day.

This is the first time the Naira has reached below N1,500 per USD since last month.

The appreciation comes as USD transactions turnover surged to $268.29 million on Wednesday from $195.13 million on Tuesday.

Similarly, at the parallel market, the Naira appreciated to N1,520 per USD on Wednesday from N1,600 on Tuesday.

Recall that the Central Bank of Nigeria said it has cleared the $7 billion valid forex backlog.

Accordingly, the apex noted the country’s foreign reserves increased to $34.11 billion by $993 million as of March 7, 2024.

The Central Bank of Nigeria said it has settled all valid foreign exchange backlogs.

This is according to a statement by the apex bank’s Acting Director, Corporate Communications, Hakama Sidi.

Mrs Sidi said that the step was in fulfilment of a key pledge of the CBN governor, Yemi Cardoso, to process an inherited backlog of seven billion dollars in claims.

She said that the CBN recently concluded the payment of 1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the forex backlog.

She also said that independent auditors from Deloitte Consulting meticulously assessed the transactions, ensuring that only legitimate claims were honoured.

According to her, any invalid transactions are promptly referred to the relevant authorities for further scrutiny.

Meanwhile, Mr Cardoso said that the apex bank made clearing the forex backlog a priority to restore credibility and confidence in the Nigerian economy.

He added, “It was important that we go through an independent and credible process that would determine the authenticity of those obligations, and, at this point, I can tell you that we have now cleared all genuine, verifiable transactions. This encumbrance to market confidence in the country’s ability to meet its obligations is now totally behind us.”

The clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in the last Monetary Policy Committee meeting.

The aim, according to the CBN, is to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy.

Mr Cardoso had used the MPC meeting and a subsequent conference call with foreign portfolio investors to set expectations for sustained increase in Nigeria’s foreign currency reserves and improved liquidity in the foreign exchange market.

The CBN, afterwards, reported a significant increase in external reserves, rising by 993 million dollars to 34.11 billion dollars as of March 7, the highest level in eight months.

The apex bank reported that month-on-month increase was driven by a marked advance in remittance payments by Nigerians overseas.

It said that higher purchases of local assets, including government debt securities, by foreign investors, were also responsible for the increase.

Zenith Bank Plc has announced the appointment of Dame (Dr.) Adaora Umeoji, OON, as Group Managing Director/Chief Executive with effect from June 1, 2024, subject to approval by the Central Bank of Nigeria (CBN).

She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Dame (Dr.) Adaora Umeoji is the first female GMD/CEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.

Prior to this appointment, Dr Umeoji has been the bank’s Deputy Managing Director since October 28, 2016. He has close to thirty (30) years of cognate banking experience, of which twenty-six (26) years have been with Zenith Bank.

She is an alumnus of the prestigious Harvard Business School, where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program. She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First-Class honors in Law from Baze University, Abuja.

She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.

She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world, including the strategic thinking and Management programme at Wharton Business School, USA.

She also attended the executive program in Strategic Management and has a Certificate in Leading Global Business from Harvard Business School, USA.

She is a fellow of notable professional bodies, including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria.

In 2022, the Federal Government of Nigeria honoured Dr Umeoji with Officer of the Order of the Niger as a recognition of her contributions to nation-building.

She is a Peace Advocate of the United Nations (UN-POLAC).She has impacted many lives through her philanthropic and humanitarian activities through her NGOs, Pink Breathe Cancer Foundation and the Adorable Foundation, which educates and caters to Cancer patients and indigent children, especially girls.

The Sun Newspaper recognized her contribution to humanity and recently bestowed on her the Humanitarian Service Icon Award for 2023.

Because of her passion for promoting professionalism in the banking industry and improving the well-being of the less privileged, Dr. Adaora Umeoji, OON, founded the Catholic Bankers Association of Nigeria (CBAN), a platform she uses to promote ethical banking and service to humanity.

She is a Lady of the Order of Knights of St. John International (KSJI) and was awarded a Papal Knight of the Order of St. Sylvester by His Holiness Pope Francis.

The Abuja Division of the Federal High Court has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with comprehensive information on all persons from Nigeria trading on its platform.

Justice Emeka Nwite granted the interim order after ruling on the ex parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

“The applicant’s application dated and filed 29th February, 2024, is hereby granted as prayed. That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform,” the judge ordered.

The interim order enabled the anti-graft agency to unravel the alleged money laundering and terrorism financing on Binance, a cryptocurrency exchange platform.

The ex parte motion marked FHC/ABJ/CS/259/2024 was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

In the affidavit in support of the motion deposed to by Hamma Bello, an operative of the EFCC, he said he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA).

Mr Bello averred that, following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance,” a cryptocurrency exchange platform.

Mr Bello added that upon receipt of the intelligence, the team began investigating by surveilling the platform’s activities.

He stated, “The team uncovered users who have been using the platform for price discovery, confirmation, and market manipulation, which has caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform.

“That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 million. Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others. That the commission will ensure that investigation is conducted within such reasonable time.”

Mr Bello, who said the matter was of utmost urgent public interest, said the data provided would enable the commission to accomplish its investigation activities.

He said it was in the interest of justice to grant the application, as refusing the request would largely hamper the commission’s investigation.

Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.

In addition to cryptocurrency trading, it offers several services that enhance the experience for users and blockchain developers.

A 42-year-old man, Usman Yusuf, was on Wednesday arraigned before a Kaduna Chief Magistrates’ Court for allegedly defrauding his friend of N4.7 million.

Mr Yusuf, whose address was not provided, is facing charges based on fraud and stealing, for which he pleaded not guilty.

The prosecutor, Inspector Chidi Leo, told the court that the defendant committed the offences sometime in October 2023 in Kaduna.

Mr Leo alleged that the defendant collected N4.7 million from the complainant, Adamu Salihu, with intent to defraud him.

He said that the defendant promised to invest the sum in buying and selling sharp sand for the complainant.

The prosecutor explained that the defendant, however, converted the money into his personal use.

Mr Leo added that the offences violated the Penal Code of Kaduna State, 2017.

The magistrate, Ibrahim Emmanuel, admitted the defendant to bail in the sum of N500,000 with two sureties in like sum.

He adjourned the case until April 30 for hearing.

President Bola Tinubu has ordered the Nigeria Customs Service, NCS, to give back the food items they seized at the border communities to the rightful owners, with the requirement that the items should be sold in Nigerian markets.

The Controller-General of Customs, Adewale Adeniyi, disclosed this in Katsina on Saturday while meeting with people from border areas at Kongolam and Mai’Adua border stations.

He mentioned that Tinubu had made a decision to use his authority not based on legal guidelines, “but rather reflecting the deep sense of generosity he holds towards Nigeria.”

“In doing so, he has directed that those food items that were going out of the country that have been seized in various border areas should be returned to the owners on the condition that those goods would be sold in the Nigerian markets.

“So, we will be monitoring you to know if there is a violation of this. Those food items will be returned, and it is a directive that we will pass them back into the Nigerian markets,” Adeniyi said.

The Minister of Finance, Olawale Edun, says the printing of N22.7 trillion by the Central Bank of Nigeria in the name of a Ways and Means loan under the government of former president Muhammadu Buhari and ex-CBN governor Godwin Emefiele is the reason for rising inflation and economic hardship in Nigeria.

Edun disclosed this on Wednesday d an interface with the Senate Committee on Finance.

According to him, the Ways and Means loans of N22.7 trillion under the past administration were done aimlessly.

He further stated that the alleged reckless spending of the overdraft collected from the CBN under Emefiele largely accounted for the country’s food and security crises.

He vowed that Tinubu’s government would audit the CBN printing in the last eight years.

He said, “We talked about inflation, and you helped solve that. Where has it come from?

“It came from the eight years of printing money not matched by productivity.

It’s not like when you earn dollars and free the naira alongside it, although there’s even a better way than that. But that’s still not as bad.

“You distinguished senators have helped. You have given us the mandate to raise N7tn, which we will do by sucking money from the market, using it to pay back the Central Bank and giving the government a balanced book. We are going to audit even the N22.7 trillion printed aimlessly.”

Senate resolved to probe the Ways and Means loans under Buhari and Emefiele two weeks ago.

The European Commission has fined Apple €1.8 billion ($2 billion) for unfair competitive practices involving its music streaming service, Apple Music, following a complaint by Spotify.

Apple device users in the European Union “were not able to make a free choice as to where, how and at what prices to buy music streaming subscriptions,” EU competition chief Margarethe Vestager said at a news conference.

The fine relates to Apple’s practice of charging companies a 30 per cent fee for sales made through apps running on Apple’s iOS operating system for iPhones and iPads.

Companies that wanted to avoid the fee and, in turn, offer lower prices had to handle sales outside the app.

But Apple also forbade them from using the iOS app to inform users about prices or to provide a link to a sign-up page, the commission said.

“For example, Spotify sells subscriptions through its website but not through the Spotify app for devices running Apple’s iOS operating system.

“Users can sign up to Apple’s own music streaming service, Apple Music, through the “Music” app that comes with iOS.

“The commission found that Apple applied restrictions on app developers, preventing them from informing iOS users about alternative and cheaper music subscription services available outside of the app.

“This is illegal under EU antitrust rules.

“From now on, Apple would have to allow music streaming developers to communicate freely with their own users,” including within iOS apps,” the EU competition chief said.

The Vice President, Kashim Shettima will on Tuesday declare open the Expanded National Micro, Small and Medium Enterprises (MSMEs) Business Clinics in Abeokuta, Ogun State.

The Vice President will embark on a one-day visit to Ogun State on Tuesday. The event will be held at the June 12 Cultural Centre, Kuto, Abeokuta.

The Expanded National MSMEs Business Clinic is an initiative of the Federal Government executed in collaboration with state governments.

It is geared towards providing lasting solutions to the challenges hindering the development of Micro, Small, and Medium Enterprises (MSMEs), help MSMEs have access to capital, formalize their businesses, and also exhibit their products among others.

The Clinic would allow small business owners to meet regulatory bodies like the National Agency for Food, Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Corporate Affairs Commission (CAC), Nigerian Export Promotion Council (NEPC), and others as well as feature grant presentations to qualified MSMEs.

The Vice President would also inaugurate the Fashion Hub project at the Old OGTV auditorium where over 150 state-of-the-art tailoring equipment have been provided for stakeholders in the fashion industry as well as the Adire shared facility at Asero, Abeokuta.

Participants are expected to register preferably before the day of the event using the programme’s barcode or register via

https://forms.gle/BAhogfGarYa5tLWA9

The Nigerian House of Representatives has summoned Binance CEO over alleged terrorism financing and money laundering.

Ginger Onwusibe, the chairman of the House Committee on Financial Crimes at a panel on Friday, issued a seven-day ultimatum to the firm’s management to appear before it on or before March 4, 2024.

Onwusibe warned that if Mr Teng fails to show up for the summons, it would be forced to invoke the constitutional powers vested in the committee to take appropriate measures, as he decried his failure to appear for previous invitations.

“We also have to protect and defend the country’s finances, especially now that the country is nose-diving into recession. The allegations of terrorism financing, money laundering and tax evasion, amongst others, levelled against Binance are damning enough.

“At this material time, we need all the tax dollars to block the leaks and channels to financing terror.

“It is also our duty to do everything in our power to protect Nigerian investors from predatory firms, and no distraction and manipulation can stop us.

“You cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable,” he added.

The Development comes amid the continued clampdown on Binance by the Nigerian Government over the Naira crisis.

The government reportedly arrested two executives of Binance last week following its restriction on Nigerian cyberspace.

On Friday, the federal government said it plans to impose a $10 billion fine on Binance.

Recall that the Central Bank of Nigeria governor revealed that more than $26 billion was funnelled through the cryptocurrency platform, Binance in the last one year.

Meanwhile, Naira appreciated to N1,548.25 per USD, according to FMDQ data on Friday.

The US Dollar supply turnover at the close of trading at the official foreign exchange market surged to $296.00 million on Friday as Naira appreciated.

FMDQ data showed that FX Turnover increased to $296.00 million on Friday from $217.14 million on Thursday.

This represents a 26 per cent surge in USD supply turnover from $217.1 million recorded on Thursday.

The development had led to a continued Naira appreciation, which stood at N1,548.25 per USD at the close of trading on Friday.

Meanwhile, at the parallel market, the average rate of Naira per USD stood at N1,550 on Friday.

The development comes amid the Central Bank of Nigeria revoking 4,173 Bureau De Change Operators licenses.

The Lagos State Government on Wednesday sealed a Jumia outlet located in Herbert Macaulay Way, Yaba, over an alleged Illegal discharge of their raw sewage directly into the environment.

Disclosing this in a statement on his official X handle on Wednesday, the Commissioner for Health and Water Resources, Tokunbo Wahab, said the state Wastewater Management Office under his ministry conducted the exercise.

The statement read, “The Lagos State Government through the Lagos State Wastewater Management Office (LSWMO) @lswmomedia saddled with the responsibility of managing all wastewater activities in the state under the Lagos State Ministry of the Environment and Water Resources @LasgMOE today (Wednesday) sealed the Jumia outlet in Herbert Macaulay Way, Yaba for illegal discharge of Sewage into the environment.

“The Jumia facility engaged the use of a submersible pumping machine to pump raw sewage from its sewage holding tanks directly into the environment on adjoining drainage outlets and road setbacks,” he explained.

The commissioner vowed that the owners of the property “will be prosecuted in accordance with the provisions of the Lagos State Environmental Management Protection Law, 2017.”

Joseph Kaltungo, an agronomist, has urged the government at all levels to invest massively in agriculture to overcome the economic crisis the country is facing.

Mr Kaltungo stated this in an interview in Gombe on Wednesday.

He said all stakeholders should make conscious efforts to ensure increased agricultural investment to avert a major food crisis in the country.

Mr Kaltungo, the former acting programme manager of the Gombe State Agricultural Development Programme, urged the federal government to devise means of ensuring that state governments go into farming.

“The federal government should find a way of ensuring that state governments invest in farming, especially dry season farming, to cultivate the vast arable land in the country.

“In the old Bauchi state, there were 350 hectares in Garin Tafida, owned by the then state government, which was used to cultivate food for the state. That could be replicated in all the states.

“At least, each state government should cultivate 500 hectares of farmland, especially during the dry season through irrigation, and we will feel the economic impact. The government should focus on agriculture. It is one of the solutions to Nigeria’s present economic quagmire,” he said.

Mr Kaltungo decried the politicisation of the agriculture sector, stressing that such had made it difficult for the country to get good returns from the sector.

He said the Anchor Borrowers Programme of then-President Muhammadu Buhari’s regime was done with political considerations where fake farmers were given funds.

“More than half of ABP money went into private pockets. With the kind of huge investment that we saw with the ABP, if half of the money was given to genuine farmers, we would not be where we find ourselves,” he said.

He also urged the federal government to address the issue of insecurity, invest more in dry-season farming and check the activities of food merchants who smuggle foods out of the country.

He said the above recommendations, if considered, would boost food security and increase the agriculture sector’s contribution to the country’s gross domestic product.