FEATURES
USD now N1,500, may hit N1,200 —Black market operators
Other foreign currencies also affected, P/Sterling now N1,750
Gold, other commodities are declining —Dealers
Time will tell of sustainability —Banker
There are indications that the newly introduced foreign exchange market system by the Central Bank of Nigeria, CBN, is the driving force behind the recent massive appreciation of Nigeria’s local currency, the Naira, against the world’s major currencies.
Bankers who spoke to Vanguard attributed the appreciation of the Naira to the Electronic Foreign Exchange Matching System (EFEMS), which commenced last Monday.
In a circular directing banks to go live in the use of the Bloomberg BMatch as the Electronic Foreign Exchange Matching System (EFEMS) for trading activities in the forex market effective December 2nd, 2024, the CBN said: “Banks are strongly advised to liaise with Bloomberg representatives to expedite the onboarding process and address any technical or operational concerns promptly.
“The CBN will deploy its regulatory power to enhance the implementation of this directive and reserves the right to impose sanctions when necessary.”
For the first time since May 2024 the Naira recorded five consecutive days of appreciation across all segments of the foreign exchange market last week. It closed at N1,535 and N1,555 to one USdollar in the official (otherwise known as the Nigerian Foreign Exchange Market, NFEM) and parallel market (otherwise known as black market) respectively at the weekend.
Impact of new e-Forex system
Providing insight on the impact of the new forex system, a bank executive who spoke to Vanguard on condition of anonymity said: “The system seems to be quite good. It seems to be achieving its goal as you get a feel of where the market is, real time.
“People are putting up orders on the system, matching trades and helping with market colour. It looks and seems to be good and the Naira has appreciated since its launch. CBN also intervened using the system.
“Time will tell if the market appreciation can be sustained. But there will definitely be some equilibrium down the line.”
Following this development, the margin between the parallel market and NAFEM rate narrowed to N20 per dollar from N118 per dollar as at close of trading last weekend.
Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that Naira has gained It also represents N168 or 9.8 per cent appreciation from N1,720 per dollar previous week’s closing rate, the largest weekly gain since this year.
Data from FMDQ showed that the naira suffered sustained depreciation this year in the official market moving from N907.11 per dollar in January 2024 to N1,520.4 per dollar by May; N1,603.8 per dollar in July and N1,730 per dollar in October. The trend reversed to N1,600 threshold in the same month through November.
The rate of depreciation was worse in the parallel market where it hit as low as N1,775/$1 at end of November, 2024.
Black market operators give insight
Black market traders noted that the continuous daily appreciation of naira in the parallel market was due to availability of dollars which has even made individuals struggle to sell.
One of the operators, Mr. Yakubu Giwa said: “Today (last Saturday) the Niara stood at N1,500 per dollar. We black market traders are struggling to sell what we bought.
“The current appreciation of the Naira is as a result of activities such as people in the diaspora returning home, and those in the country are spending their money on food items and other preparations for the festive season. This is so every year during this period.
“Those in the diaspora are also sending money to their families and relatives in Nigeria resulting in more inflows.
“Individuals with dollars are bringing it out seeing the intense appreciation going on now but many are unable to sell it because those in the business are still struggling to sell theirs.
“The market dealers are also afraid of bearing losses because the naira might appreciate to N1,300 or N1,200 per dollar before next weekend. So they are cautiously buying dollars.”
Apart from the dollar, the exchange rate of other foreign currencies and prices of commodities like gold are also going down.
Mr. Umoru Yahaya, another black market trader and gold seller, said: “Apart from the appreciation of the naira against the dollar, it is also appreciating against the pound sterling, euro, and other foreign currencies.
“Yesterday I traded sterling at around N2,200, today (last Saturday) it is around N1,700.
“Look at the value of gold that was N150,000 per gram two weeks ago. It has also dropped to N120,000 and going to N115,000 per gram as of today.
“The price of silver per gram now is N20,000 per gram, we sold for N50,000 per gram two weeks ago.
“Those harbouring dollars in their houses are unable to sell it because of the appreciation pressure that has made many of us very cautious of the quantity of dollars we buy so as not to be on the losing side.
“This morning the dollar traded for as low as N1,500 per dollar and before the close of the day it might reach N1,450 per dollar “
The Federal Government has opened up on the reason for including more youths in the country’s decision making policy.
Speaking at the grand finale of the 60th Anniversary celebration of the National Youth Council of Nigeria (NYCN) in Port Harcourt, Vice President Kashim Shettima explained that no nation can plan for the future without involving the young generation in decision-making.
Shettima, who was represented by his Technical Adviser on Women and Youth Engagement, Hauwa Liman, reassured Nigerian youths of President Bola Ahmed Tinubu’s commitment to their inclusion in all levels of governance.
He emphasized that youth inclusion is a fundamental principle of the Tinubu administration, stating that it remains the only government that has provided significant opportunities for young people.
“His Excellency, President Bola Ahmed Tinubu has assembled some of the finest young people in the country to form the backbone of his government, and this is based on his belief that youth inclusion is not just a promise, but the cornerstone of our administration’s vision for Nigeria,” Shettima said.
The Vice President noted that the Tinubu administration has created unprecedented opportunities for youths to thrive in various sectors. He mentioned that many of the administration’s ministers are young people, reflecting the government’s commitment to youth empowerment.
“This administration has opened doors for young people like never before. We have prioritised initiatives that empower youths in education, entrepreneurship, and the creative and data industries,” Shettima added.
Mahmood Yakubu, chairman of the Independent National Electoral Commission (INEC), says the just-concluded presidential and parliamentary elections in Ghana showed that the country has learnt some lessons from Nigeria.
On Saturday, Ghanaians headed to the polls to elect a new president and members of the parliament.
John Mahama, candidate of the National Democratic Congress (NDC), has been elected president.
The INEC chairman described the electoral process as “commendable” and one that provides stability for Ghana and its citizens.
“It has been a very interesting election. We came here as part of the ECOWAS network of electoral commissions with colleagues from Sierra Leone, Liberia, and the Southern African region,” he said.
“We are grateful that the election has gone very well. The process and its outcome so far have been commendable, and we continue to support our colleagues in Ghana’s electoral commission.
“There are many things that I’ve observed; the first thing is the political parties. Rarely in Ghana do you see people moving from one party to another with every general election. So, that is important. It provides stability.
“It also provides their supporters with stability. So, there are people who have supported political parties for many years.
“So, whether the party is in power or opposition, they stick to the political party.
“The second thing for me is the lesson that Ghana also learnt from Nigeria in the area of managing constituency election results.
“Until the last election in Ghana, all results come to the Electoral Commission’s headquarters in Accra, which is parliamentary and presidential.
“Although Ghana is not a federal system, they learnt from Nigeria, where you have returning officers who announce results for parliamentary elections in the various constituencies around the country. Only the presidential election results come to Accra.
“In Nigeria, this is what we have done, and they borrowed a leave from us, and this is the second time they are implementing that.
“That is why, as you can see, the declaration of the presidential election result was a lot faster than it used to be in the past.”
Three Nigerians have been arrested in Delhi and face a minimum of three years imprisonment for allegedly defrauding an Indian woman of over Rs 2.62 lakh.
A report by The Times of India on Saturday stated that the cybercrime police apprehended Lezhu John, Gibril Mohammed, and Egboola Ekena in connection with a case involving the alleged defrauding of an Indian woman.
Although the three suspects have not yet been formally charged in court, findings by PUNCH Metro revealed that if convicted, each suspect faces a minimum of three years imprisonment under the Information Technology Act (IT Act, 2000) and the Indian Penal Code.
According to Section 66D of the Indian IT Act, as cited on the website of India-based law firm, S.S. Rana & Co. on Sunday, “Punishment for cheating by personation by using computer resources; whoever, by means of any communication device or computer resource, cheats by personation shall be punished with imprisonment of either description for a term, which may extend to three years, and shall also be liable to a fine, which may extend to one lakh rupees.”
The suspects were allegedly operating a cybercrime racket that led to numerous individuals across India becoming victims.
According to the India cybercrime police, the most recent victim filed a complaint at the Cybercrime Police Station after realising she had been defrauded by a suspect she had connected with on her Instagram account.
The suspects reportedly had numerous photographs of men and women stored on their mobile phones, which they allegedly used to create fake social media profiles and deceive people.
“Investigations revealed that the accused used over 500 bank accounts to commit the fraud. Over 900 complaints have been filed across the country in connection with these bank accounts,” said the ACP (Cybercrime), Vadodara, M.M. Rajput.
One of the accused had allegedly introduced himself as Sohn Yunmin, claiming to be a chemical engineer from the United States.
The suspect allegedly told the woman he would soon be working in Assam, and through their growing friendship, she eventually sent him a gift.
The report partly read, “In April this year, the accused told the woman that he needed to buy some machinery and his friend, who was supposed to pay for it, didn’t have money in his bank account. He asked her to transfer him Rs 50,000, and she obliged. After some days, the accused told her he was coming to Assam as he got a job offer there and his parcel would soon land in India.
“After some days, she got a call from a woman called Niharika who asked for Rs 35,500 for the parcel that had US dollars. She transferred the amount, but Niharika kept asking for more money by giving various reasons. The complainant ended up transferring Rs 1.69 lakh, but she soon realised that she was being duped.”
The police stated that the suspects were tracked down using the details of the bank transactions. It remains unclear when the three Nigerians will be charged in court.
John Dumelo, the Ghanaian actor, has won his bid to represent the Ayawaso West Wuogon constituency at the country’s parliament.
On Saturday, general elections were held in Ghana to elect the president and members of parliament.
BBC reports that Dumelo, who contested on the platform of the National Democratic Congress (NDC), won his constituency after securing 40,561 votes.
The actor defeated his opponent Lydia Alhassan of the New Patriotic Party (NPP) who polled 27,377.
In 2020, the actor contested for the constituency seat but narrowly lost to Alhassan. This time, however, he emerged victorious.
The 40-year-old politician expressed his heartfelt gratitude to the voters and pledged to work tirelessly to deliver on his campaign promises.
“The people of Ghana have been calling for change, and they’ve shown that if you don’t perform well or if you’re arrogant, they will vote you out,” he was quoted as saying.
“Let this not get to our heads; this is a valuable lesson for everyone. It’s not about money; it’s about the development of the people and addressing their needs.
“We will do our best over the next four years to bring meaningful change to Ghana and steer it in the right direction.”
Dumelo began his acting journey in 1991 with the movie ‘Baby Thief’ while he was still in school.
He has since appeared in various Gollywood and Nollywood movies including ‘Away Bus’, ‘The Game’, ‘Black Men Rock’, ‘One Night In Vegas’, ‘The King is Mine’, and ‘Four Play’, among others
The Secretary to the Government of the Federation, Senator George Akume, has said that the North must wait for 2031.
He said it’s not possible for the North to produce the president in 2027.
Akume stated this on Sunday while speaking on Television Continental.
He also appealed to Nigerians to allow the tax reform bills to scale through required legislative processes stating that the bills were well envisioned for Nigerians.
Akume assured Nigerians that President Bola Tinubu has not lost goodwill among Nigerians as a result of tax reform bills and other strategic economic decisions taken within the last 17 months.
He specifically defended the Tax Reform Bills saying they are aimed at ensuring growth in the country when fully considered and passed by the National Assembly.
“President Tinubu, through the reform bills, wants to reposition the Nation’s economy as he earlier did with the removal of fuel subsidy and harmonization of the foreign exchange windows in the country.
“It is very easy to destroy but difficult to build, the various reforms being rolled out are meant to rebuild the destroyed Nigeria by previous administrations.
“Very soon, Nigerians will start seeing results from the reforms being carried out,” he added.
The SGF further admonished those eyeing the presidency of Nigeria to wait till 2031, when the incumbent President, Bola Tinubu, must have finished his second term.
Akume said, “President Tinubu, as a Southerner, should be allowed to have a second term, meaning that those eyeing the Presidency from the North in 2027 should look beyond that year by waiting till 2031.
“If it is the will of God for Alhaji Atiku Abubakar to be President of Nigeria, even at the age of 90 years, he can get it, but he and other Northerners, eyeing the office now, should look beyond 2027.”
Charly Boy Opens Up About Multiple Relationships Despite Decades-Long Marriage
Veteran singer Charly Boy has disclosed that he maintains multiple relationships outside his marriage, referring to the women involved as his “executive side chicks.”
Charly Boy, who has been married to his wife, Diane, for over 30 years, revealed that the women range in age from their 40s to as old as 82.
He described these relationships as sources of joy, mental stimulation, and companionship, stressing that they go beyond physical connections.
The singer credited Diane for her understanding and supportive nature, which he said has been instrumental in fostering a peaceful and harmonious home.
He praised her for creating an environment that allows him to manage his personal relationships with ease.
In an interview with Arise TV, he said: “My house is so peaceful because of my wife, Diane. You can’t even start to imagine. Of course, all my executive side chicks.
“The executive side chicks keep me smiling. They make me laugh. They are like comedians. They entertain me but people might be thinking something else.
“There’s mental stimulation and all that. It’s not just about the physical aspect. I have both young and old side chicks. The oldest is 82 and she is still beautiful. The youngest is about 40-something.”
Popular Nigerian actress, Ayo Adesanya has warned young girls against the dangers of seeking quick financial income.
She gave the warning while speaking about the failure of many parents to adequately guide their children.
In her interview with Saturday Beats, Adesanya urged young ladies to be mindful of their choices especially during the festive season.
She noted that there’s no shortcuts to achieving success
The actress further warned that not everything on social media is real.
“Many of us who ought to be mentors have taught the children terrible things. To the young girls, your parents can’t teach you everything, but know that many of what you see on the internet are fake.
“Young girls need to know there is no easy money out there. With the kind of economic meltdown across the world, one can barely give you any thing for free.
“To those engaging in hookups for fast money, just know that if he is not collecting your destiny for an exchange, he is grooming you for something. You need to be very prayerful and tread with caution.”
‘God Forbid That Atiku, Peter Obi Come Together In 2027’ – Top APC Chieftain Speaks On Potential Threat
AFOLABI
A chieftain of the All Progressives Congress (APC) in Kano state, Ismael Ahmed, has stated that the ruling All Progressive Congress (APC) and President Bola Tinubu would have easily lost the 2023 presidential election if the former Vice President, Atiku Abubakar and the Labour Party (LP) presidential candidate, Peter Obi, had united in the election.
Ahmed made this known in an interview on the Mic On, podcast with Nigerian journalist, Seun Okinbaloye.
This comes amidst speculation about Peter Obi and Atiku forming a strong political party through a coalition to defeat President Tinubu in the 2027 election.
Asked if he is concerned about a possible opposition alliance, Ahmed responded in the affirmative, stating that God forbid the two opposition leaders come together in 2027.
According to the APC chieftain, he does not take potential threats as a joke, adding that the ruling party could lose the 2027 election if Atiku and Obi unite.
Part of his words read, “Yes, it does. I never take any potential threat for a joke in politics. And if you look at the votes of Atiku plus Obi in 2023, we could have easily lost the election if they were put together. God forbid that they come together.”
The Ministry of Foreign Affairs has urged the public to disregard a fake list of ambassadorial nominees circulating on social media.
Speaking via a press release issued on Sunday, and signed by its spokesperson, Kimiebi Ebienfa, the Ministry noted that the appointment of ambassadors is solely the prerogative of the President.
The spokesperson emphasized that no such appointments has been made.
“The Ministry of Foreign Affairs wishes to inform the general public to kindly disregard the fake list of ambassadorial nominees which is currently in circulation on some social media platforms.
“The ministry wishes to state unequivocally that the appointment of ambassadors is the prerogative of Mr President, and no such appointments have been made in that regard.
“The purported list should, therefore, be discountenanced,” the statement read.
Nigeria has 109 missions, 76 embassies, 22 high commissions and 11 consulates around the globe.
On September 2, 2023, President Bola Tinubu recalled all career and non-career ambassadors operating the country’s diplomatic missions, embassies and consulates globally.
A statement by the ministry confirmed the recall, saying, “Sequel to the inquiries on the letter recalling the Nigerian ambassador to the UK, the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has clarified that all career ambassadors and non-career ambassadors have been recalled on the instructions of President Bola Tinubu.”
The envoys were directed to return to the country on or before October 31, 2023.
They include the 41 non-career ambassadors and 42 career ambassadors appointed by Former
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My Dearest Brother,
On behalf of my family and myself, I extend our heartfelt congratulations to you on your resounding victory in the December 7, 2024, Presidential and Parliamentary elections in Ghana.
The joy and celebration filling the streets of Ghana reflect the deep love and admiration your people hold for you, as well as the lasting impact of your remarkable legacy as a former President.
I will always cherish the unwavering support you extended to investors in Ghana, as well as the profound honor of receiving the highest Ghanaian National Honor from you in 2016.
May this second chapter of your leadership be even more successful and transformative.
God bless Ghana.
With warmest regards,
Dr. Mike Adenuga Jr.
(GCON, CSG, CdrLH)
Lead Pastor of Harvesters International Christian Centre (HICC), Pastor Bolaji Idowu, has addressed recent reports regarding his purported arrest and detention by the Nigerian Police.
Pastor Idowu was detained for his alleged involvement in real estate fraud and money laundering.
In a video message to his congregation, which surfaced on social media on Sunday, December 8, 2024, Pastor Bolaji clarified he was invited to assist in an investigation and was never arrested.
The clergy stated that the case involved a church member accused of being implicated in financial wrongdoing, but he would not mention their names.
Pastor Bolaji also expressed gratitude to his members for their unwavering support during the ordeal, stressing that the investigation is ongoing.
He further emphasised his commitment to cooperating fully with law enforcement while respecting the confidentiality of those involved.
His words, “This is from me to you: I was invited and not arrested.
“I was invited by the Police to help in an investigation about a church member that got into some trouble.
“I would love to say so much to you, but remember that the case is under investigation, and also a person is involved. They all have wives, they all have children, they all have relatives. If you start mentioning names right now, which is what most of you expect me to do, you will also be ruining someone’s life.
“I will let the Police do their thing while my assistance is over, and I can step aside.
“Thank you for trusting and supporting me even when you didn’t know the facts of the matter.”
The police command in zone 16, Bayelsa state, has arrested three suspects over alleged internet fraud and possession of illicit drugs.
The suspects are Billion Ndubuisi, Charles Amachree, and Martins Chinemike.
In a statement on Saturday, Gunn Emonena, spokesperson of zone 16, said the suspects were arrested at Rumukparali community, Obio/Akpo LGA in Rivers state after operatives acted on “credible intelligence”.
Emonena said operatives recovered wraps of illicit hard drugs suspected to be Indian hemp, two vehicles, two laptops and 10 phones during the search of the suspects’ premises.
The police spokesperson said the suspects offered the operatives $17,000 bribe to conceal the crime but the money was rejected.
“The suspects through their agent offered the sum of 17,000 US Dollars bribe which was rejected by our well-trained reformed officers,” Emonena said.
“The money is registered and will be tendered as exhibits in court.”
The police spokesperson said the suspects confessed to impersonating Ryan Bill, a citizen of the United States of America, to defraud some foreigners of the sum of $71,500.
Kenny Ogungbe, the founder of Kennis Music, says his label was interested in signing Plantashun Boiz before 2Baba launched his solo career.
In a chat with Osi Suave, the media personality, Ogungbe revealed that he offered a contract to Blackface, a member of the now-defunct group after they collaborated with Tony Tetuila.
He said the deal, however, never materialised.
Ogungbe explained that 2Baba expressed his desire to pursue a solo career, which he fully supported.
“2Face is a brother, but first of all, a contract was given to Plantashun Boiz because of their involvement with Tony Tetuila on the album ‘Omode Meta Shere’. I said, let me try to see if I can sign them,” he said.
“I gave Austin (Blackface) the contract, but nothing happened. After a while, 2Face called me and said he wanted to be on his own. I said, no problem.”
Ogungbe addressed claims that he played a role in the breakup of Plantashun Boiz.
He clarified that 2Baba’s decision to embark on a solo career was entirely his own.
Plantashun Boiz, formed in 2000, consisted of 2Baba, Faze, and Blackface.
The group, known for its blend of hip-hop and R&B, disbanded in 2004 after releasing two albums.
Following the split, 2Baba signed with Kennis Music and released ‘Face 2 Face’, one of the most monumental albums in Nigerian music history.
The album featured the classic hit ‘African Queen’, which catapulted him to international stardom.
In 2008, 2Baba left Kennis Music to establish his record label, Hypertek Entertainment