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Cardoso Suspends All CBN Intervention Programmes

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Cardoso has suspended all CBN Intervention Programmes.

The recently appointed Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has expressed his commitment to addressing the apex bank’s outstanding foreign exchange obligations as a top priority in the immediate future, JomogNews reports.

He made this statement on Tuesday during the Senate members’ screening session.

Cardoso pledges to bolster transparency, address corporate governance issues, and guarantee the autonomy and integrity of the bank, instilling confidence.

“We need to promptly find a way to take care of that. It would be naive for us to expect that we’ll be making too much progress if we’re not able to handle that side of the foreign exchange market,” he said.

Furthermore, the newly installed CBN governor has expressed his plan to ensure price stability, shift towards evidence-based monetary policies, and put an end to the unconventional monetary measures introduced by his predecessor, all to boost the value of the naira.

As the nation contends with a decline in economic indices and the Nigerian Naira’s alarming proximity to the 1,000/$ mark on the parallel market, Cardoso’s confirmation assumes significant importance.

According to Cardoso, the immediate plan to stabilize the naira will be for the apex bank to settle existing financial obligations and make “transparent rules.”

Explaining how to tackle what he referred to as an ‘operational challenge,’ he stated:

“Right now, we have a situation where we are aware that there are unsettled obligations by the CBN. Whether it is $4bn, $5bn, or $7bn, I don’t know but the immediate priority will be to verify the authenticity and extent of what is owed.

“Number two, apart from the operational issue, there is one that is system related that involves ensuring that we come up with open rules, and transparent that any of the players in that area understands. We can’t expect foreign investors and portfolio investors to come; we can’t expect them if there is no open, transparent system that everyone understands.

“In setting up those guidelines one will carry the relevant stakeholders along and the comment was made earlier that one should be ready to engage everybody and hear views. Those two things, though they may seem simple, will go a long way to easing up the restrictions we are having on people (investors) that want to come in.”

Folashodun Shonubi, who served as the Acting CBN Governor until recently, made a significant announcement on September 6, 2023. He stated that negotiations between the apex bank and commercial banks regarding dollar debts had been successfully concluded. Shonubi assured that all outstanding forex exchange backlogs would be fully addressed within the coming one to two weeks.

Cardoso on Inflation Rate

Speaking further, the newly confirmed CBN governor has articulated a clear strategy to address the country’s ongoing issue of inflation.

In his statement, he emphasized the importance of implementing policies that are grounded in “empirical evidence“ and “data-driven analysis.”

He said,

“When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim. We will significantly rebound the infrastructural demand concerning ensuring that our data-gathering capacity is enhanced so we can make decisions based on proper data.

Nigeria’s inflation surged to 25.80 percent in August 2023, 1.72 percentage points higher than the 24.08 percent recorded in the previous month.

Cardoso emphasized that credible research indicates that over the last decade to fifteen years, a significant 50 percent of inflation has been attributed to the increase in money supply and deficit financing.

“This is a big problem at least it certainly has been over some time and it’s something we have to face frontally,” he noted.
Cardoso added that avoiding deficit financing would tackle money supply issues.

Suspension of Intervention Programmes

In the screening process, Cardoso made it clear that the central bank’s independence and credibility should be reinstated through a renewed focus on its core mandate and the promotion of a culture that prioritizes compliance, stating that the CBN will not be used to finance the fiscal deficit of the federal government.

“Much has been made of past CBN forays into development financing such that the lines between monetary policy and fiscal intervention have become blurred.

“In refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth”, he said.

As of October of the prior year, around N9 trillion had been allocated as intervention funds by the central bank.

The bank had said that about N3.7tn had been repaid by beneficiaries while over N5tn was not yet due for recovery.

On unhealthy bank charges, the banker said that the team would review the situation and come up with the required position.

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NDLEA Declares India-Based Nigerian Couple Wanted

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NDLEA has declared an India-based Nigerian couple wanted.

 

JomogNews reports that a couple, Kazeem Omogoriola Owoalade and Rashidat Ayinke Owoalade have been declared wanted for running a cocaine cartel from India by the National Drug Law Enforcement Agency (NDLEA).

This online news platform understands that disclosing this in a statement on Sunday, NDLEA spokesman, Femi Babafemi, said four members of the syndicate were arrested in Lagos, where a Sports Utility Vehicle was recovered and two houses traced to them were sealed for forfeiture to the Federal Government.

“A couple, Kazeem Omogoriola Owoalade (alias Abdul Qassim Adisa Balogun) and Rashidat Ayinke Owoalade (alias Bolarinwa Rashidat Ayinke), who runs a cocaine cartel from India has been declared wanted by the National Drug Law Enforcement Agency following the arrest of four members of the syndicate in Lagos where a Sports Utility Vehicle was recovered and two houses already traced to them sealed for forfeiture to the Federal Government,” the statement read.

“Two members of the syndicate: Imran Taofeek Olalekan and Ishola Isiaka Olalekan were arrested on April 3, 2024, following their bid to export 3.40kg cocaine on a Qatar Airlines flight going to Oman through the Murtala Muhammed International Airport, MMIA Ikeja Lagos.

“While Imran was the courier conveying the drug consignment to Oman, Ishola recruited him for the head of the cartel, which investigation has now revealed to be Alhaji Kazeem Omogoriola Owoalade whose Indian residence permit bears Abdul Qassim Adisa Balogun based in India.

“Efforts to dismantle his network in Nigeria paid off after five weeks of surveillance and follow-up operations when another member of the syndicate, Hamed Abimbola Saheed, who works directly with the baron was arrested on Tuesday 14th May at Abule Egba area of Lagos. It was indeed Saheed who lodged Imran in a hotel a day before his aborted trip to Oman and equally dropped him and Ishola at the Lagos airport the day they were arrested.”

 

See the full statement below:

NDLEA declares couple wanted, arrests 4 cartel members over cocaine seizures

Intercepts China, UK-bound drug consignments concealed in steel bolts, shea butter; recovers 2,025 explosives in Niger, Kano, Sokoto; arrests 70-year-old grandpa in Borno for dealing in illicit drugs

A couple, Kazeem Omogoriola Owoalade (alias Abdul Qassim Adisa Balogun) and Rashidat Ayinke Owoalade (alias Bolarinwa Rashidat Ayinke), who runs a cocaine cartel from India has been declared wanted by the National Drug Law Enforcement Agency, NDLEA following the arrest of four members of the syndicate in Lagos where a Sports Utility Vehicle was recovered and two houses already traced to them sealed for forfeiture to the Federal Government.

Two members of the syndicate: Imran Taofeek Olalekan and Ishola Isiaka Olalekan were arrested on April 3, 2024 following their bid to export 3.40kg cocaine on a Qatar Airlines flight going to Oman through the Murtala Muhammed International Airport, MMIA Ikeja Lagos.

While Imran was the courier conveying the drug consignment to Oman, Ishola recruited him for the head of the cartel, which investigation has now revealed to be Alhaji Kazeem Omogoriola Owoalade whose Indian residence permit bears Abdul Qassim Adisa Balogun based in India. Efforts to dismantle his network in Nigeria paid off after five weeks of surveillance and follow up operations when another member of the syndicate, Hamed Abimbola Saheed who works directly with the baron was arrested on Tuesday 14th May at Abule Egba area of Lagos. It was indeed Saheed who lodged Imran in a hotel a day before his aborted trip to Oman and equally dropped him and Ishola at the Lagos airport the day they were arrested.

During a search of Hamed house, NDLEA operatives recovered some phenacetine, a cutting agent for Cocaine, weighing 900 grams. He confessed that the recovered substance was what was left of the consignment Imran was taking to Oman the day he was arrested.

His arrest led to a follow up operation at the home of the Owoalade couple at 20 Eyiaro street, Ogudu Orioke, Lagos where another suspect was arrested and a new model Toyota RAV4 SUV marked FKJ-773 JJ belonging to Rashidat and additional 400 grams of Cocaine recovered in addition to already prepared suitcases to be used for illicit drug concealment, digital weighing scales and other paraphernalia.

In the same vein, NDLEA officers of the Directorate of Operations and General Investigations, DOGI, attached to a courier firm in Lagos on Wednesday 15th May intercepted two parcels, containing Cocaine and Amphetamine concealed in steel bolts and shea butter. While the cocaine weighing 587 grams, was concealed in eight steel bolt screws going to China, the Amphetamine consignment packed in vape pens and hidden in shea butter was going to the United Kingdom.

Attempt by Emeka Nwadiaro (a.k.a Mega) to export 3.6kg Loud, a strain of cannabis concealed in 36 water flasks to Dubai, UAE was also thwarted at a logistic company in Port Harcourt, Rivers state on Thursday 16th May while a swift follow up operation led to the arrest of the owner of the consignment, Emeka Nwadiaro in Onitsha, Anambra state same day.

While NDLEA operatives in Lagos intercepted a mercedes benz bus loaded with 840kg cannabis and arrested the driver, Samuel Henry, at Olojo in Ojo LGA, Lagos, another suspect, Lawal Adam was nabbed along Otukpo road, Aliade, Benue state on Friday 17th May with 75,000 pills of opioids including tramadol and exol-5. Two suspects: Olisa Etisi, 32, and Jonathan Umeh, 25, were arrested along Owerri – Onitsha road, Imo state following the discovery by NDLEA operatives of a big gas cyclinder used to conceal six blocks of Loud, a strain of cannabis weighing 3.85kg.

In Borno state, 70-year-old Adamu Mohammed was arrested at Mbulamel, Biu LGA on Thursday 16th May with 2kg cannabis and 33.55grams of diazepam, while Gaddafi Sani, 27, was arrested with 30 kilograms of cannabis along Abuja-Kaduna road, Kaduna.

In Yobe state, a consignment of 91.1kg opioids and 13kg cannabis going to Maiduguri, Borno state, was recovered from hidden compartments of a petrol tanker along Potiskum-Damaturu road by NDLEA officers who arrested the driver, Ismaila Ali.

No less than four suspects were arrested in connection with the seizure of 2,025 pieces of improvised explosive devices (IED) materials intercepted in a Toyota hummer bus marked AGL 905 XX by NDLEA officers along Agaie – Lapai road, Niger state. While the duo of Abdulrauf Shitu Adeyemi, 46, and Asmiyu Rahim, 45, conyeying the IED materials were arrested on the spot, follow up operations led to the arrest of Husaini Abdullahi, 25, at Sokoto main market, Sokoto and Nazifi Abdullahi, 37, at Naibawa Motor Park, Kano on Friday 17th May. The Chairman/Chief Executive of NDLEA, Brig Gen Mohamed Buba Marwa (Retd) has directed that all four suspects and the explosive materials be transferred to the appropriate security agency for further investigation. In another operation, Muhammad Lawal, 42, was nabbed at Central Market Motor Park, Katsina State with 1,000 Ampoules of Pentazocine injection.

A total of 105kg cannabis was on Friday 17th May recovered from a house at Obola community, Owan West LGA, Edo state and a suspect, Gloria Oris arrested when NDLEA officers raided the area. In Kwara state, two suspects: Abdulganiyu Karaman, 55, and Sunday Abel, 37, were on Saturday 18th May arrested with 83kg cannabis and tramadol at Boriya, Baruten LGA, and Offa respectively.

With the same vigour, the various commands of the Agency across the country continued with the War Against Drug Abuse, WADA, advocacy campaign in the past week. Some of them include: WADA sensitisation lecture for students and teachers of Government Girls Science secondary school, Malumfashi and Government Girls Science Secondary School, Daudawa, Katsina; Government Girls Science College, Tunga Magajiya Rijau LGA, Niger state; students and teachers of St. Theresa’s College Oke-Ado, Ibadan, Oyo state; students of Government Girls Secondary School, Tudun Wada, Kano; students of Dein secondary school, Imobi secondary school and St. Columbas Grammar School, Agbor, Delta State.

While commending the officers and men of the MMIA, Rivers, Lagos, Kano, Kaduna, Yobe, Borno, Niger, Benue, Kwara, Imo, and Edo Commands of the Agency as well as those of DOGI for their outstanding feats in the past week, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Retd) said the efforts have further affirmed the cardinal role of NDLEA in the security architecture of the country. He equally applauded their counterparts in all the commands across the country for intensifying their WADA advocacy lectures to create a fair balance between their drug supply reduction and drug demand reduction activities.

Femi Babafemi

Director, Media & Advocacy

NDLEA Headquarters Abuja

Sunday 19th May 2024

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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 19th May 2024

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 18th May, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1500 and sell at N1511 on Saturday 18th May 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate N1500
Selling Rate N1511

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today

Buying Rate N1529
Selling Rate N1530

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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Texas: Seven Dead As Storm Hits Houston

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The death toll from severe weather that lashed the Texas city of Houston has risen to seven, authorities said Friday.

The three additional deaths came after Houston, the fourth-largest US city, was hit Thursday by heavy rain and winds up to 100 miles (160 kilometers) per hour, leaving downtown streets covered in glass from blown-out windows.

Downed trees and power lines littered residential areas and the National Weather Service confirmed a tornado touched down in the suburb of Cypress.

According to Harris County Sheriff Ed Gonzalez, the new victims included an 85-year-old woman who died after her mobile home was struck by lightning and caught fire.

Rex Features Devastated building in Houston

A 60-year-old man was found unresponsive and pronounced dead after going to his truck to try and power his oxygen tank, after electricity was cut across wide swaths of the storm-hit area.

And a 57-year-old man collapsed and died after trying to move a downed power pole.

Houston Mayor John Whitmire said Thursday after the storm that four people died, though specifics were not immediately available.

Schools in Houston, home to 2.3 million people with an economy centered around oil and petrochemicals, were closed on Friday and non-essential workers urged to stay home.

AFP

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