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Naira Will Fall From N570 To N400/$1 At Black Market If… Ex-CBN Deputy Gov

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Naira will fall from N570 to N400/$1 at black market if…

The value of the naira will fall from N570/$1 to N400/$1 at the parallel market if there is a massive rush of dollars into the Nigerian market through export earnings, a former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has said.

JomogNews Nigeria reports that Moghalu made this known in a PUNCH Live Interview on Thursday, September 23, 2021.

He said, “The reason we have the prices we have is that the official rate is perceived by the market not to be the real rate; that’s the fundamental reason why you have a huge gap of N410 at the official rate – Investors and Exporters’ Window – and then N570 in the black market. That is unbelievable.

“Normally, you will have a gap between the official rate and the parallel market but in our time, we made sure that that gap was not a lot – it wasn’t more than N10, N15, max N20.

“What is happening now shows that there is a very fundamental crisis in the Nigerian economy. And unfortunately, the economy does not respond to political commands, the economy does not respond to political statements, the economy does not respond to military orders; the market responds to its own dynamics – demand and supply.

“If you have a massive rush of dollars into the Nigerian market today, the price of the dollar would crash and the naira can come to N400 in the black market, you may be shocked.

“So, it is about going to fix what would bring in the quantity of dollars that would rebalance the equation.”

‘CBN needs to gain investors’ confidence’

Moghalu, who was a deputy governor at the apex bank between 2009 and 2014, also explained how the apex bank stabilised the naira against the dollar for five years during his time at the bank, noting that the CBN must work on gaining the confidence of investors.

Moghalu had deputised for Sanusi Lamido Sanusi, who was CBN Governor from June 2009 to February 2014.

Both Sanusi and Moghalu were at the apex bank during the administrations of the late President Umaru Yar’adua and then-President Goodluck Jonathan.

During the period, the naira steadied around N150/$1. However, the naira has maintained an unprecedented downward trend in the last six years since the beginning of the administration of the current President, Major General Muhammadu Buhari (retd.), and the CBN Governor, Godwin Emefiele.

The naira now trades at N570/dollar at the parallel market while it trades around N412/$ at the I&E forex window which is the only official rate recognised by the CBN.

The downward trend of the naira had fueled calls for the sacking or resignation of the CBN Governor, Godwin Emefiele, by some political groups including the Peoples Democratic Party. They blamed Emefiele, who has been CBN governor since June 2014, for poor monetary policies.

However, Moghalu while speaking on Thursday, blamed the downward trend of the naira on the activities of speculators and the lack of autonomy of the apex bank.

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Amended Charges: Be Ready For Fireworks –Nnamdi Kanu’s Lawyers To FG

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Lawyers to the embattled leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu have reacted to an amended charge against him by the Nigerian Government.

This online medium learnt on Monday, that the government amended terrorism charges against Kanu, who has a court appearance on Thursday, 21st of October.

Reacting to the development, Kanu’s lead counsel, Ifeanyi Ejiofor disclosed that there will be ‘legal fireworks’.

“Today, I and my colleague, Bar. Alloy Ejimakor, had a very fruitful visitation to Onyendu Mazi Nnamdi Kanu. We discussed a wide range of matters, especially concerning Hearing in his case and appearance in court on 21st October, 2021. There will be more on this later.”

“The coast is now clear for legal fireworks this Thursday, particularly now that we have been served with a purported “Amended Charge” in the Case.”

“Nnamdi Kanu is in good spirit, awaiting his auspicious outing on Thursday, the 21st Day of October, 2021. He commended those who are in the spirit with him, while declaring that Chukwuokike Abiama has ordained this special Day for a victorious outing.”, the statement on Monday night read in part.

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Just In: Sunday Igboho Poisoned In Benin Republic Prison

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Chief Sunday Adeyemo aka Sunday Igboho has reportedly been poisoned in Benin Republic Prison.

JomogNews Nigeria reports that Yoruba nation agitator Sunday Adeyemo popularly known as Sunday Igboho has been poisoned in Benin prison.

This online news platform understands that the Self-proclaimed investigative journalist, Kemi Olunloyo took to Twitter on Monday to claim that the activist was ‘poisoned’.

“#BREAKING Sunday lgboho has been poisoned in a Cotonou prison. His kidney function is deteriorating and Yoruba Nation is silent. Where is the cash donated for him? Cotonou authorities need to be questioned on what he consumed. He had a healthy kidney before arrest. #Kemitalks”, she tweeted.

 

 

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Lagos Police Make U-turn, Approve #EndSARS Protests, Frown On Road Closures

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CP Hakeem Odumosu, the Lagos State Commissioner of Police, has made a U-turn on its earlier warning against any gathering or organisation of protest in commemoration of the first anniversary of last year’s #EndSARS protest in the state.

Addressing journalists on Saturday while monitoring the Peoples Democratic Party (PDP) state congress election in Lagos, Odumosu described protests as a right citizens are entitled to.

He went on to say that the state police command will be ready to protect protesters.

Meanwhile, in a previous statement, the Lagos Police Command  had said “The police in the state would not fold their arms and allow certain misguided elements to disrupt the peace and serenity now enjoyed in the state.”

“To forestall breakdown of law and order, the police will use all legitimate means within their constitutional powers to suppress the planned protest…”

But Odumosu has made a U-turn, saying the police only want the organisers of such protests to work together and have a meeting point, NAN reports.

He said: “If you want to protest, it is your right under the law but you don’t have to block the road because, in the process of obstructing the road, you are no longer protesting for a better life for people.

“However, what happens to pregnant women in an emergency, what happens to collapsed buildings, fire incidents when the roads are blocked?

“Don’t forget that this is Lagos, it is the economy of the country and it is equally a working day and you can imagine those lives that earn their living on a daily basis.

“There are some people that cannot feed their families when protesters block the road definitely.”

The commissioner appealed to the #EndSARS protesters to give the police adequate information to ensure their protection and free flow of traffic.

 

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