The Association of Bureaux De Change Operators of Nigeria has appealed to the Central Bank of Nigeria to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.

ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department.

The appeal comes when the parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate of 1,251/$ (plus a 1.5 per cent margin) set by the CBN in its latest tranche of interventions.

Gwadabe lamented that the naira’s speedy recovery made CBN’s selling rate to BDCs very expensive and difficult to offload to retail end buyers, who were going to the undocumented forex operators for cheaper rates.

He further expressed concerns that many BDCs, who funded their accounts for dollar allocations, were yet to receive their allocation of dollars to meet the legitimate critical demand of their clients due to scrutinisation of the BDCs’ documents for collections at the various designated centres.

He noted that this had made the BDCs vulnerable to exchange rate risk and significant losses.

“We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5 per cent are yet to receive their disbursement. This is happening in the face of the prevailing open market rate of N1,235/$, which is lower than the authorised applicable exchange rate by the CBN to the BDCs,” the letter said.

Despite this development, ABCON lauded the CBN leadership for the recall of BDCs into the official FX window and steps taken by the apex bank to strengthen the naira against the dollar and other global currencies.

ABCON president stated that the positive fallout of the CBN’s efforts to restore the naira’s glory came faster than expected, reiterating its commitment to working with the apex bank to realise the objectives of the government towards exchange rate stability and economic growth.

He added that ABCON’s forecasts in the ongoing market development indicated a willingness of the market to correct itself with realistic price discovery as the naira is forecast to continue to appreciate further across the market with the increasing sources of foreign exchange inflows aided by the CBN policies

“It is in view of the above market developments that we write to appeal to your good selves for readjustments and review downwards of our funding rate of the last tranche (2nd bidding) from N1,251/$ further down to reflect current market rate discovery.

“This became imperative as it is only the consideration of the readjustment downward that will enable our members to upload their holding positions,” he noted.

The association also requested that the process of payments at the various disbursement centres be reviewed in the immediate time to a medium time automation to achieve enhanced timely payments while also observing the spot nature of transactions.

According to the group, the apex bank should introduce a cut-off time for payments and collection of bids, adding that the current open-ended system for payments and collection of bids does not make for effective administration and control of the process.

“Consequently, many of our members are jittery to bid/collect their bid for fear of losing money as the current market reality has the potential to force us to sell below cost price and antithetical to recent market price discovery,” it elucidated.

ABCON insisted that the disturbing exchange rate disparity could be addressed by a quick and decisive response of the apex bank, which would go a long way in bolstering BDC operators’ confidence in the ongoing intervention by the Central Bank of Nigeria as well as enhance their participation in the bidding process.

Presidential candidate for the opposition and leadership crisis-ridden Labour Party (LP) in the 2023 General elections, Peter Gregory Obi, has declared unequivocally that he is not desperate to be Nigeria’s President at any point in his life.

Peter Obi also dismissed insinuations that he is preparing to dump the Labour Party anytime soon, saying that it is mere rumors peddled by politicians who are jittery about his political popularity in the country.

He was fielding questions from Journalists in Bauchi on Sunday shortly after he commissioned a hand pump for water supply in Sabon Layi Community, a suburb of the Bauchi metropolis.

According to him, “I am not thinking of 2027, my concern for now is how to improve the living standards and conditions of Nigerians. Nobody should be talking about politics now, the focus should be on good governance that will make Nigeria better.”

The former Presidential candidate of LP stressed that, “The leadership crisis in the LP presently is not an abnormal thing, it is an in house problem and it will be solved amicably as a family.”

He further stressed that, “I have never thought of leaving the LP, I only advocated for peace because I am a man who believe in peace, I am a man who believe in unity, I am a man believes that we are the same. I don’t see any difference between you and me, by the grace of God I always want to do the right thing that is the reason I came here personally, I would have asked someone to represent me, no, I didn’t.”

According to him, “For me, it is not about elections, we spend more time talking about elections, let us spend time talking about how we can put poor people out of poverty, let’s spend time to know how out-of-school children will be back to school, let’s spend time in other areas, it is not about elections,”

He added that,” I have said it before that I am not desperate to be President, I am desperate to see Nigeria work for the people. It is important for me because we cannot continue this way, poor people in this country are suffering alot. I am urging all leaders in and out of office, this is time for us to listen to to the people, it is time to work with them, time to feel a bit of their pains.”

Peter Obi stressed that,”The crisis in the LP will be resolved just like I have been saying and at the end things will get better. Labour Party is not the problem of Nigeria, the problem of Nigeria is beyond Labour Party, so, my focus is not on the Labour Party but on Nigeria, my promise is a new Nigeria and that new Nigeria is what I am focussed and it important that we all remain focussed on it.”

“If we fixed the leadership problems in Nigeria, I would not have been here to provide this water. So, let us talk about issues of this water, let’s talk about how the people will live and eat. I assure that Labour Party will resolve its issue as a family, no family is perfect,” he concluded.

Kano State Governor Abba Kabir Yusuf has replied his predecessor, Dr Abdullahi Umar Ganduje, over his claims of failure in his eight-month term in office.

He said Ganduje’s eight-year tenure was characterised by maladministration with massive records of corruption, diversion of public funds and sale of government properties.

Governor Yusuf, in a statement issued yesterday evening by his spokesperson, Sanusi Bature Dawakin Tofa, regretted that Ganduje spoke about non-existent failure in the present administration, instead of facing the nemesis of corruption and political violence hanging around his neck.

The governor however emphasised that it would leave no stone unturned in pursuing the dollar video scandal to logical conclusion, urging the Economic and Financial Crime Commission (EFFC) to release the forensic investigation it conducted on the “Gandollar Saga” in 2018, for public consumption.

He advised Ganduje to buckle up in defence of his already battered image at the court, instead of further exposing his impunity on the media space.

The governor also reminded Ganduje on how his gross penchant for corruption had brought shame and disgrace to the good people of Kano, insisting that no amount of media campaign would hinder the process of bringing him (Ganduje) to book on the glaring cases of corruption filed against him.

Part of the statement reads, “Our eight months in office has remarkably outweighed Ganduje’s eight wasted years of political caricature and maladministration by all standards.

“We wish to reaffirm the present administration’s resolve and readiness to make anyone found guilty of corruption to face the full wrath of the law for their intentional wrong doings.”

Governor Yusuf maintained that his administration is multifacetedly inclined, prioritising attention on socioeconomic and physical infrastructure development for the well-being of Kano and the good people of the state.

The 2023 presidential candidate of the Labour Party (LP), Mr Peter Obi, has said he would rather work to ensure peace for the party to overcome its present challenges than leave it.

Obi stated this in Gombe in an interview with journalists after inaugurating a borehole he donated to Tike Ram Market in Pantami, Gombe State.

He said the rumour that he would leave was not true as he was more committed to the peace of the party.

He expressed optimism that the LP would resolve its challenges and forge ahead as one family.

“No, there is no such thing as leaving the Labour Party. I am for peace; I like peace. I believe we are one people.

“Our concentration should be on peace and I believe that we will resolve all situations,” he said.

On recent speculation of him running for the 2027 presidency with former Kaduna State governor, Nasir El-Rufai, Obi said: “Well, I’m more interested now in Nigeria’s success today than tomorrow.

“We are always concentrating on the election rather than what Nigerians are going through.

“My commitment is about Nigerians living in a better society, given a better life and that’s my concern,” he said.

On why he donated the borehole, the former governor of Anambra State said he had been going round in the spirit of Ramadan to support Nigerians, especially the poor to help cushion the impact of the current challenges.

“I’m here in Gombe and I came to Pantami market to help them in the area of water supply that is the borehole I just inaugurated.

“You can see the business here, all the rams and everything here but they don’t have water.

“We will support some individuals which we will do remotely and send them some little money. About 100, that will be done.”

The News Agency of Nigeria (NAN) recalls that there were speculations that Obi might have started shopping for another political platform, in spite of being guaranteed the LP 2027 presidential ticket at its convention.

Recall that the NLC spokesman, Benson Upah on Sunday , said the NLC would not stand in the way of Obi, should he decide to defect to another political platform.

Upah said: “The right of choice is available to Mr Obi. If he chooses to leave the party, that is his preference. We can’t sit in judgment over him on that. But if he chooses to remain, of course, Peter Obi is an asset any day. I rest my case on that.”

The 2023 presidential candidate of the Labour Party, LP, Peter Obi, has said he is more interested in Nigeria’s success today than in the future.

This follows speculations on social media that he was looking to make former Kaduna State governor, Nasir El-Rufai, his running mate in the 2027 polls.

But Obi, while speaking with journalists in Gombe State shortly after donating a borehole to the ram market in Tike Pantami on Sunday, insisted he was not looking far ahead.

When asked about a possible collaboration with El-Rufai, he said: “Well, I’m more interested now in Nigeria’s success today than tomorrow.

“We are always concentrating on the election rather than what Nigerians are going through.

“My commitment is about Nigerians living in a better society, given a better life, and that’s my concern.”

Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira.

On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN.

Before the current decline, the reserve had been steadily growing, witnessing a remarkable 43-day surge between February 5 and March 18, 2024, during which it appreciated by $1.28bn.

The CBN attributed this rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

Additionally, reforms in the foreign exchange market and an increase in oil production contributed to the reserve growth.

However, the trend since March 18 indicated a significant drawdown in the reserve. After peaking at $34.45bn, it gradually declined; $34.39bn on March 19, $33.57bn by April 2, and finally $33.50bn by April 3.

This rapid decline of $1.02bn within 18 days underscores the pressure on the reserve as efforts continue to stabilise the local currency.

The CBN has been actively intervening in the foreign exchange market to support the naira, which has faced pressure from various economic factors. These interventions often involve the sale of dollars to maintain liquidity in the market, a strategy that has likely contributed to the decrease in FX reserves.

During the 18 days under review, the Central Bank of Nigeria made two significant announcements. First, it declared the complete clearance of the valid foreign exchange backlog. Second, it facilitated the sale of foreign exchange to Bureau De Change operators in Nigeria at an exchange rate of N1,251/$1.

Usually, Nigeria’s foreign exchange reserve reflects the country’s balance of payments and its ability to meet international obligations. A substantial decline in reserve can erode investor confidence and potentially lead to a credit rating downgrade, which would further impact the nation’s borrowing costs.

The International Monetary Fund recently projected that Nigeria’s foreign reserve would experience a significant reduction, plummeting to $24bn by 2024. The IMF foresaw a challenging period for Nigeria’s financial account through 2024–25, driven by the absence of new Eurobond issuances, substantial repayments of existing funds and Eurobonds totalling $3.5bn, and continued portfolio outflows.

Meanwhile, the federal government has said it will issue domestic bonds denominated in foreign currency in the second quarter of this year, precisely in the month of June, a move which some economists believe would stabilise the naira and nation’s reserve.

The Federal Government has declared Tuesday and Wednesday, April 9 and 10, 2024, as public holidays to mark the Eid-el-Fitr celebration.

The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this in a statement on Sunday by the ministry’s permanent secretary, Aishetu Ndayako.

The minister congratulated all Muslims for the successful completion of the fasting in the holy month of Ramadan.

Tunji-Ojo called on them to imbibe and practise the virtues that entail kindness, love, tolerance, peace, good neighbourliness, and compassion, as exemplified by the Holy Prophet Muhammad (Peace be upon Him).

The statement read, “The Federal Government of Nigeria has declared Tuesday, 9th and Wednesday, 10th April, 2024 as public holidays to mark Eid-el-Fitr celebration.

“The Minister of Interior, Dr. Olubunmi Tunji-Ojo, congratulates all Muslim Ummah for the successful completion of the fasting in the holy month of Ramadan.

“Tunji-Ojo calls on Muslim Ummmah to imbibe and practise the virtues that entails kindness, love, tolerance, peace, good neighbourliness, compassion as exemplified by the Holy Prophet Muhammad (Peace be upon Him).

“He urged Nigerians to continue in the spirit of unity in order to improve and achieve peace and oneness in the country.

“The minister wishes all Muslim Ummah a happy Eid-el-Fitr celebration and prays that the peace, blessings, and favour of Allah be with everyone and our great nation.”

Ahead of the 2027 election, the 2023 presidential candidate of the New Nigeria Peoples Party (NNPP), Senator Rabi’u Kwakwanso, has said his party is the best alternative to the Peoples Democratic Party (PDP) and the All Progressives Congress (APC).

The former Governor of Kano State described the ruling APC as a failing party and the PDP as a failed party, adding that both parties do not have the competence to lead the country.

He likened the ruling APC and the PDP to birds of a feather, suggesting that both parties have inflicted immense suffering on Nigerians with their unpopular and inhumane policies.

He stated these during the party’s national convention, which took place at the A-Class Event Centre in Maitama, Abuja, on Saturday.

Kwankwaso guaranteed that the NNPP would introduce a revitalising change for citizens and the nation as a whole if it is given the chance to lead the nation.

The former Defence Minister asserted that Nigeria possesses sufficient resources and manpower to address insecurity.

He said, “We are all aware that the PDP has completely failed. Many of us decided in 2014, and 2015 to bring in some positive changes. Unfortunately, we have seen what happened from 2015 to date. This is the same APC government.

“Therefore, as far as we are concerned, we have a failing party that is the APC and we believe that this country requires an alternative to the APC and of course, the PDP and the only party, in my opinion, and based on facts, because the NNPP today is the fastest growing party in this country.

“I also believe even beyond this country, that is the only hope as we stand today. In many parts of this country, especially in northern Nigeria, particularly in my part of the north, so many people have been chased out of their homes, and so many have been killed. Some are in the bushes now in the forest under the care of bandits and other criminals. And it looks like many people don’t care.

“It is even becoming a normal thing to go and pick up people in their homes, on the roads, in the markets and so on. I believe it is only in this country that this sort of nonsense is happening. And it is the responsibility of every government, responsible government to ensure the peace of its people.

“I believe, as a former minister of defence in this country, as a former chief security officer of Kano State for eight years, and so on, I believe that we have adequate resources, we have enough manpower, we have all that it takes to protect Nigerians to peace in this country today. So it’s an opportunity for me to ensure that we bring on board a united, stronger, more peaceful, more prosperous Nigeria for all of us.”

The leadership of the Nigeria Labour Congress (NLC) has vowed not to give recognition or legitimacy to the leadership of the national chairman of the Labour Party (LP), Julius Abure.
NLC vowed not to rest until it unseat Abure as national chairman of the party.

The Congress also stated that the LP presidential candidate in the 2023 election, Peter Obi, is free to leave the party if he chooses to.

The NLC spokesman, Benson Upah stated this on Sunday during an interview with Punch.

According to him, “Our position on this matter is clear and has not changed. Abure remains unknown to us. It is not a question of removal. As far as we know, he does not exist.”

Speaking further, Upah said the issue of whether Obi should stay or leave the party should not be debated, saying the former governor was free to determine his destiny.

According to him, the NLC cannot stand in the way of the presidential candidate should he decide to defect to another political platform.

While describing him as an asset, the spokesman reiterated that the congress would not stand in his way if he chose to leave.

“The right of choice is available to Mr Obi. If he chooses to leave the party, that is his preference. We can’t sit in judgment over him on that. But if he chooses to remain, of course, Peter Obi is an asset any day. I rest my case on that,” he added.

Former Governor Nasir El–Rufai of Kaduna State has come under intense pressure to jettison the idea of dumping the ruling All Progressives Congress (APC), to form a mega political party with some like minds. That was even as an ambassadorial appointment is being dangled before him as an alternative. It would be recalled that the El – Rufai, who played a major role in the formation of the APC in 2014, recently paid a visit to the secretariat of the Social Democratic Party (SDP), in reciprocation to the earlier visit of the National Chairman of the SDP, Shehu Musa Gabam, in company with National Security Adviser, Nuhu Ribadu and a chieftain of the APC, Kashim Ibrahim – Imam. The trio went to break their fast in El–Rufai’s Abuja home. However, some people are prevailing on him not to leave the party, which he helped in its formation and winning the elections in 2015, a credible source conversant with the issue confided in Sunday Telegraph. The Source said: “Some persons are trying to broker some rapprochement, telling him not to leave the party as a founding member of the APC, who played a major role; he should not jettison the party.

“However, the trouble at home is further putting pressure on him to find a new platform to become more relevant because the governor in his home state in his revelation has further damaged him in some way, his reputation as an astute manager of resources and men. “But some of his men are saying that the money was borrowed for some developmental purposes and therefore, what the loan was used for is very visible everywhere; that when you want to kick-start an infrastructural revolution, you need extra finances. That is making him more estranged from the party.” Furthermore, our source said that it was not without reason.

“He has two reasons why he is looking for another party,” our source adds: “Number one: He believes that he was deliberately schemed out of being minister of the federal republic by some entrenched interests and he believes that he was not duly rewarded for the key and critical role he played in the emergence of candidate Bola Ahmed Tinubu as the candidate of the APC and also his emergence as the president of the Federal Republic of Nigeria. “He believes that he has not been well treated by the leadership of the party and by the government. His critical role has not been acknowledged and rewarded like others, who did not play half of the role he played. “So, it is obvious that he is very angry with the system and he believes that what he did in 2014, and 2015, leading to the formation of the APC can be done again. However, some persons from within the party are also said to be reaching out to him that he should not be angry.

“They are dangling before him the ambassadorial compensation. Whether that will materialize is another thing. “He also needs to be cleared in one way or the other. He is reluctant to take that leap because he believes that it may lead to another humiliation and of course, he also believes that some of the things happening in his home state are orchestrated to haunt him. “That is their response to his move in the last few days by people who believe that they will pay you back, you want to form a mega party. He believes that what is happening in his home state is being orchestrated by the same people, who denied him the ministerial slot.