Breaking News
Just In: Exchange Rate Worsens To N820/$1 At Parallel Market Ahead Of MPC Meeting
The exchange rate between the naira and the US dollar closed at N795.28/$1 at the official Investor and Exporters window on Monday, 17th July 2023.
This compares to N820/$1 traded by BDC operated on the same day at the unofficial I&E Window.
The official exchange rate also improved from the N803.9 per dollar that it traded at on Friday.
Meanwhile, N820/$1 traded at the parallel market is weaker than the average rate of N815/$1 recorded last Friday, according to Nairametrics survey.
MPC Meets today
The monetary policy committee of the central bank is expected to meet on Tuesday and Wednesday to deliberate on the economy.
This will be their first time meeting since the revision to the forex market was introduced. It is also the first meeting without CBN Governor Godwin Emefiele.
The committee will be expected to address the effect of monetary policy tools on rising inflation which is the core mandate of the apex bank.
Analysts also expects the MPC to comment on the demand pressure hitting the exchange rate and how to address it.
More importantly, the monetary policy rate is expected to be the key highlight of today’s meeting. Nairametrics expects the rate to be increased to at least 19% or at the least 18.75%.
Breakdown of data
I&E FX window – The exchange rate opened at N782.79/$1 and sold for as high as N832/$1.
The naira also reached a low of N699.50 per dollar, indicating high volatility in the foreign exchange market.
The exchange rate between the naira and the US dollar has closed at an average of N768.38 to a dollar for the first eleven trading days of the month, in contrast to the average rate of N524.21/$1 in the same period of the previous month
The turnover recorded at the I&E window decreased by 26.33% to $34.55 million, from the turnover of $46.90 million traded last week Friday.
The total turnover that exchanged hands in the last eleven trading days is $849.04 million, compared to the turnover value of $1.59 billion recorded in the same period in June 2023.
Parallel market – The Naira-US dollar exchange rate at the unofficial parallel market on Monday depreciated to N820/$1, compared to the average rate of N815/$1 on Friday.
This represents a record high in the black-market exchange rate against the naira, as demand for dollars continues to pile pressure on the black market.
The crypto P2P exchange market recorded a slight decline in the value of the naira against the US dollar.
The average exchange rate at the market was N818.65/$1, compared to N817/$1 in the previous trading session.
The naira weakened against the British Pound by 3.81% on July 17, 2023, closing at N1090/£1. This was a downturn from the N1050/£1 rate recorded on July 14th, 2023, the last trading day before the weekend.
External Reserves: According to the latest data from the Central Bank, the nation’s foreign exchange reserves declined slightly to $34.038 billion as of July 13, 2023, compared to $34.047 billion on the previous day.
Breaking News
Corruption Battle: Dangote Drags Ex-NMDPRA Boss To EFCC After ICPC Withdrawal
Aliko Dangote, Chairman of Dangote Industries, through his legal representative, has formally submitted a corruption petition to the Economic and Financial Crimes Commission (EFCC) against Farouk Ahmed, the former Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
This was disclosed in a statement made available to our correspondent by the Dangote Group media team on Friday.
Recall that Dangote had earlier petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate Ahmed for allegedly spending $5 million on his children’s secondary education in Switzerland. He withdrew the petition a few days ago, even as the ICPC vowed to continue with its investigation.
The statement on Friday said Dangote’s petition to the EFCC followed “The withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission, a strategic decision aimed at accelerating the prosecution process.”
In the petition, signed by Lead Counsel Dr O.J. Onoja, Dangote urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed, and to prosecute him if found culpable.
The petition further stated that Dangote would provide evidence to substantiate claims of financial misconduct and impunity.
“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624) 337,” the petition read.
Onoja further urged the commission, under the leadership of Mr Olanipekun Olukoyede, “To investigate the complaint of abuse of office and corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”
Breaking News
Rivers Assembly Reopens Impeachment Push Against Gov. Fubara, Deputy
The Rivers State House of Assembly formally recommenced impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu.
This marks the second time within ten months that the state legislature has initiated such a move.
At a plenary session presided over by the Speaker, Martins Amaewhule, the Majority Leader of the House, Major Jack, formally read the notice detailing allegations of gross misconduct against Governor Fubara.
The notice, which was endorsed by 26 lawmakers, accused the governor of actions allegedly in violation of the Nigerian Constitution.
Amaewhule announced that the notice would be served on the governor within the next seven days.
During the same sitting, the Deputy Majority Leader, Linda Stewart, read the notice of allegations and gross misconduct leveled against Deputy Governor Ngozi Oduh.
Breaking News
Supreme Court: President Has Power To Declare Emergency Rule, Remove Elected Officials
The Supreme Court has reaffirmed that the President holds the constitutional power to declare a state of emergency in any state where circumstances threaten public safety or governance.
According to the ruling, this authority may be exercised to prevent a serious breakdown of law and order or to stop conditions from deteriorating into chaos or anarchy.
The court emphasized that such powers are intended to safeguard national stability and ensure the continued functioning of democratic institutions when extraordinary situations arise.
It noted that emergency measures are justified only in exceptional cases where normal governance mechanisms are unable to effectively address escalating crises.
More details later…
-
News2 days agoYour Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
-
News1 day agoImpeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
-
News1 day agoHow Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
-
News7 hours agoBoko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
