FEATURES
A United Kingdom upper tribunal has reversed a previous ruling that stopped the deportation of 43-year-old Nigerian Olutobi Ogunbawo.
The decision comes after his wife, Maria Adesanya, claimed that in vitro fertilisation treatment was unavailable in Nigeria, a key argument in their defence.
Ogunbawo, convicted in 2019 for immigration offences related to conspiring with a British citizen to claim paternity falsely, had served a three-year prison sentence.
Following his release, he faced deportation proceedings. In January 2023, a first-tier tribunal judge ruled in his favour, citing the impact of deportation on his wife’s ability to conceive a child through IVF.
Maria testified that IVF, essential to their efforts to start a family, was not an option in Nigeria.
However, the secretary of state for the Home Department challenged this claim, arguing that the tribunal’s reliance on her testimony lacked supporting evidence.
The upper tribunal reviewed the case and, on November 4, 2024, ruled that the initial decision was flawed.
It was found that the first-tier tribunal judge failed to seek objective evidence to verify Maria’s assertion.
The upper tribunal noted that a simple internet search could confirm the availability of IVF services in Nigeria, undermining the couple’s argument.
The judgment criticized the earlier ruling, stating: “We conclude that the judge erred in exclusively relying upon Ms A’s (referring to Maria) personal evidence when finding as a fact that IVF treatment is unavailable in Nigeria,” the upper tribunal ruled, according to Daily Mail on Sunday.
The tribunal set aside the earlier decision and ordered the case to be reheard by a different judge.
“We observe the Secretary of State’s unchallenged assertion before us that even the most basic Google search reveals the existence of IVF treatment in Nigeria.
“The Secretary of State’s appeal is allowed to the extent that the decision of the First-tier Tribunal is set aside in its entirety.
“The appeal is to be remitted to the First-tier Tribunal to be heard by any judge other than First-tier Tribunal Judge Malone,” it added.
2027 Presidency: Stop Romancing Peter Obi, PDP Needs Fresh People – PDP Chieftain Tells Atiku
AFOLABI
The Publicity Secretary of the Peoples Democratic Party (PDP) in Ebonyi State, Comrade Richard Nwafor, has advised former Vice President Atiku Abubakar against pursuing a candidacy in the 2027 presidential election, saying the party needs a new breed of people to mount its leadership position.
He urged Atiku to stop his alleged attempt to lure 2023 presidential candidate of the Labour Party (LP), Peter Obi, into alliance ahead of the next general election.
Nwafor stated this during a press briefing yesterday in Abakaliki, the capital of Ebonyi State.
He reminded that Atiku participated in the 2023 presidential election under the PDP banner but was unsuccessful.
The PDP leader also pointed out that Atiku had previously contested in presidential elections before the last one, during which he selected Peter Obi, the 2023 presidential candidate of the Labour Party, as his running mate, yet faced a significant defeat.
Nwafor expressed confusion over the recent speculation regarding Atiku’s intentions to seek the presidency in 2027.
He emphasized that numerous attempts were made in 2023 by PDP members, particularly those from the southern region, to persuade Atiku to permit southern party members to secure the presidential nomination, asserting that such a move would have promoted equity, fairness, and social justice within the party.
“Since the dinner in Yola, Adamawa State, I decided to keep mute and watch as it unfolds.
“However, let it be very clear to those concerned that His Excellency Atiku Abubakar, a man I respect so much, should bury the idea of a 2027 presidential ambition and support a southerner instead of romancing Obi when the two of them couldn’t reach an agreement on or before the 2023 election.
“This opinion is personal and doesn’t represent the generality of my office.
“Those close to His Excellency should relate my message to him because the 2027 presidential ticket needs to be zoned to the southern part of Nigeria despite all odds.
“We need fresh people to mount the podium of leadership in our great Party (PDP),” Nwafor said.
Award-winning actresses and filmmakers Funke Akindele, Mercy Aigbe, and Toyin Abraham are gearing up to release their highly anticipated movies in December.
Funke Akindele’s “Everybody Loves Jenifa” and Mercy Aigbe’s “Thin Line” are scheduled to hit cinemas on December 13, 2024, while Toyin Abraham’s “Alakada Bad and Boujee” will follow on December 20, 2024.
Fans worldwide are eagerly awaiting the release of these movies, which promise to deliver top-notch entertainment, captivating storylines, and outstanding performances.
The simultaneous release of these films further showcases the growth and vibrancy of the Nigerian film industry.
With these three talented actresses and filmmakers at the helm, December is shaping up to be an unforgettable month for movie lovers.
Funke Akindele recently announced that “Everybody Loves Jenifa” will be available for worldwide viewing in countries like the United States, Canada, Rwanda, South Africa, Gabon, Benin, Ivory Coast, Germany, Norway, Sweden, Italy, Belgium, United Kingdom and more.
This move is expected to further expand her global fan base and solidify her position as one of the leading ladies in Nollywood.
Akindele’s dedication to her craft and her ability to connect with audiences have made her a beloved figure in the entertainment industry.
Mercy Aigbe’s “Thin Line” is also generating significant buzz, with many anticipating a charged cinematic experience.
Aigbe’s reputation as a talented actress and filmmaker precedes her, and fans are eager to see her latest work.
Toyin Abraham’s “Alakada Bad & Boujee” is the third highly anticipated movie set to hit cinemas in December.
Having faced backlash in the past, Abraham’s loyal fans are excited to see her reprise her role in the “Alakada” franchise.
The release of these movies is a significant event in the Nigerian entertainment industry, and fans are eagerly anticipating the opportunity to experience the latest works from these three talented filmmakers.
With their combined talent, dedication, and passion for storytelling, Funke Akindele, Mercy Aigbe, and Toyin Abraham are poised to make December a memorable month for movie lovers.
Gbadebo Rhodes-Vivour says he will contest the Lagos governorship election in 2027.
Rhodes-Vivour, the Labour Party (LP) governorship candidate in Lagos during the 2023 election, spoke during an interview on Gold Room anchored by Iyabo Ojo, a Nollywood actress.
The former LP governorship candidate said he would fix the trend of opposition parties fading into silence post-election.
“By God’s grace (I will run for governorship again in 2027). We are working. We gained a lot of traction, saw our mistakes. We saw the loopholes we made, and we’re working on that,” he said.
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“I think the biggest mistake that has happened in Lagos politics is after elections, the opposition goes quiet. That is not happening this time.
“We’re in people’s faces. We’re doing our best in terms of health outreaches. We have a micro health insurance plan that we’re taking all across the state where people can get treatment of up to N6,000 for free.
“And just being up-to-date to current affairs and holding the government accountable, calling out when the government is spending our monies in extravagant ways, regardless of the suffering that Nigerians are dealing with.”
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Rhodes-Vivour also asked for accountability from Babajide Sanwo-Olu, governor of Lagos.
“So, with the level of suffering that Nigerians are dealing with, Lagosians are dealing with, we need to have accountability and transparency, and our government must be using our money in the most efficient way possible,” he added.
“And that is the work of opposition. So when opposition does that, then the people benefit.”
BACKGROUND
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In March 2023, the Independent National Electoral Commission (INEC) declared Sanwo-Olu as the winner of the March 18 Lagos governorship election.
Sanwo-Olu polled 762,134 votes to defeat his closest challenger, Rhodes-Vivour, who scored 312,329 votes.
Abdulazeez Adediran of the Peoples Democratic Party (PDP) came a distant third with 62,449 votes.
On September 25, 2023, the Lagos governorship election tribunal dismissed Rhodes-Vivour’s suit which sought to nullify Sanwo-Olu’s election.
Displeased with the verdict, the LP candidate filed 21 grounds of appeal challenging the judgment of the tribunal.
In November 2023, the court of appeal in Lagos dismissed Rhodes-Vivour’s appeal.
The court of appeal upheld the decision of the tribunal on the rejection of Rhodes-Vivour’s witness, who gave testimony on the alleged renunciation of Nigerian citizenship by Obafemi Hamzat, deputy governor of Lagos.
The supreme court later affirmed Sanwo-Olu as the duly elected governor of Lagos state.
‘CRITICS OF TINUBU’S CONTROL IN LAGOS HAVE THEIR YORUBA IDENTITY TAKEN AWAY’
Rhodes-Vivour also said those who challenge President Bola Tinubu’s control in Lagos usually have their Yoruba identity taken away.
Tinubu served as governor of Lagos from 1999 to 2007.
“Firstly, anybody that questions the hegemony of Bola Ahmed Tinubu or the Action Congress of Nigeria (ACN) always has their Yoruba identity questioned or taken from them,” he said.
“I don’t even think he (Tinubu) is a good representative of their ethnicity.
“I don’t believe he can epitomise the Yoruba people compared to the likes of Chief Obafemi Awolowo.
“We practice an Agberocracy — it’s about violence — who can spend the most money, who can manipulate and tell lies the most, propaganda.
“For me, as a culture, if this is who we are looking at as our representative, we’ve fallen very badly.”
Former President Olusegun Obasanjo has stated that while both God and Satan have the power to enthrone leaders, only those chosen by God will succeed.
He spoke during a Zoom programme titled “Boiling Point Arena,” hosted by a radio station in Abeokuta, Ogun state capital, on Sunday night.
The former president challenged the popular notion that God makes all leaders.
When asked if he considered himself an accidental leader, Obasanjo said, “So, I will say most leaders are prepared by God and they put in place by God and when that happens the chances of success are higher than when you make yourself a leader which may not be the act of God.
“And again people saying all leaders are made by God, I don’t accept that. A leader can also be made by Satan. In the case of Job, you can remember Satan was going up and down and went before God and God was commending Job but Satan said Job was upright to God because he has gotten from God.
“We must accept that Satan is real and he has power, he has no salvation but he has power and the power of Satan must not be underrated.”
This comes days after the Catholic Archbishop of Sokoto Diocese, Matthew Kukah, said that President Bola Tinubu, his predecessor Muhammadu Buhari, and other previous heads of state were not fully prepared before taking over power.
He insisted that Tinubu and other past leaders found themselves in power by accident.
He lamented that the fundamental element missing in Nigerian leadership is knowledge.
The clergyman expressed concern that democracy appears to be malfunctioning under successive administrations.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered evidence of job racketeering in some ministries and agencies across Nigeria, promising to take decisive action against those involved in the coming days.
The ICPC Chairman, Musa Aliyu, made this disclosure on Saturday during a high-level seminar held to commemorate the 2024 International Anti-Corruption Day.
Aliyu lauded the resistance of Nigerian youths to corruption, describing their stance as a positive indicator of the country’s future.
The ICPC Chairman also addressed the issue of sexual harassment in tertiary institutions, asserting that it remains a priority for the commission.
Aliyu emphasized that combating corruption in all its forms, including job racketeering and abuse of power, is essential for fostering national development and trust in public institutions.
In other news, ICPC has stressed the need for the people to end corruption in Nigeria before the practice does more harm to the country.
The anti-graft agency asserted that corruption has severely undermined Nigeria’s economic and social fabric, urging citizens to demonstrate the bravery necessary to expose corrupt practices.
Ekere Usiere, the Resident Anti-Corruption Commissioner for the Commission, emphasized this during an event in Yenagoa commemorating Anti-Corruption Day.
In her presentation titled From Fear To Courage: Overcoming Barriers To Whistleblowing In Nigeria, Usiere warned that without the courage to confront corruption, Nigeria faces the peril of being overwhelmed by it in the foreseeable future.
You Are Confusing Yourself With Tax Reform Bills, It Contradicts The Constitution – Ndume To Presidency
AFOLABI
The Senator representing Borno South, Ali Ndume, has stated that his stance remains the same on President Bola Tinubu’s tax reform bills.
Lawmaker had earlier condemned the timing of the bills, arguing that the focus should be on governance reforms before tax reforms.
Speaking further on the situation during an interview with Punch, Ndume insisted that the withdrawal of the bill is the best decision for the executive to allow for wider consultation.
He said, “This issue of VAT and derivation is one of the major issues in the bills. Also, why introduce a taxing system instead of solving critical issues like problems with the budget?”
He further explained that the country spent over 50 per cent of its budget on recurrent expenditure and debt servicing.
“Yes, reform. But even with reforms, you have to prioritise, time it correctly, and ensure the buy-in of Nigerians because this is a democracy. It is the government of the people, for the people, and by the people. We should be looking at cutting down our recurrent expenditure if we are trying to save money, not tax.
“I have studied this thing. I have given it to the professionals, even the lecturers of those who are promoting it, those people who taught them. I approached some of them and they said ‘Look, this tax reform is good, it is good to do tax reform but the timing is wrong,” he said.
Ndume added, “The introduction of the tax bills at the time is an unneeded distraction to the country. It is just unnecessarily heating the polity. That is why I am advocating that the executive withdraw the bills, consult wider, and take out the parts that clash with the Constitution.
“They are just confusing themselves with these bills that contradict the Constitution. So, seeing all of their errors, I think that they should just withdraw the bills, do the proper things, and resend them to the National Assembly for consideration.”
Ndume argued that Northern senators are not divided, adding that anyone who supports the passage of the bills should come and openly say so.
He said, “We are not divided, Northern senators who are in support of the bills should come out openly and bear their fathers’ names. I have openly expressed my stance on the bills, they also should do the same.
“Even if we, who are opposed to the bills, are in the minority, the majority will have their way, but the minority will have their say.”
The Labour Party has announced its decision to initiate legal action to reclaim the seats of four lawmakers who defected to the All Progressives Congress (APC).
The party criticized the lawmakers for retaining their parliamentary positions after switching allegiance to the ruling party.
Obiora Ifoh, the Labour Party’s National Publicity Secretary, disclosed this during an interview with The PUNCH.
His statement follows the defection of the lawmakers, whose letters of resignation were read by the Speaker of the House of Representatives, Tajudeen Abbas, on Thursday.
The defectors—Tochukwu Okere (Imo), Donatus Mathew (Kaduna), Bassey Akiba (Cross River), Iyawe Esosa (Edo), and Daulyop Fom (Plateau)—have been accused of betraying the party’s mandate.
Ifoh condemned their actions, describing them as “unfortunate, irrational, and inconsistent with democratic principles.”
Referring to Section 68(g) of the 1999 Constitution, Ifoh emphasized that lawmakers sponsored by a political party must vacate their seats upon defection unless the party is experiencing a crisis.
He outlined the party’s three-step response to the defections: condemning the act, petitioning the Speaker to declare the seats vacant, and pursuing legal action.
“We have asked the Speaker to declare their seats vacant, but given his open support for the defectors, we are not optimistic about his compliance. Consequently, we will escalate the matter to the courts. Our legal department has been instructed to proceed with filing the case,” Ifoh stated.
He also announced the establishment of a “Hall of Shame” register to document the identities of “defected public office holders, rebels and troublemakers” who, in his words, have disgraced the Labour Party. The register is set to be publicly unveiled on Monday (today).
“Let me tell you that significantly by tomorrow, Monday, we are going to publish the register of the hall of shame. We will make it available and publish it in the media generally.
“This will be done for people to know that it is wrong to take a party’s mandate to another party without doing what Section 68, Subsection 1(g) says concerning defection, especially when the party is not in crisis.
“But when leaving, you are supposed to drop the mandate. So, the register will be published tomorrow. On Monday, you will see it,” Ifoh affirmed.
The presidential candidate of the Labor Party (LP) in last year’s presidential election, Mr Peter Obi has condemned the sudden disappearance of the emeritus Archbishop of Niger Province, Most Rev. Prof. Godwin Okpala in Anambra State
According to the former governor of Anambra State, the revered cleric was on his way to a public function in Anambra State, alongside his driver when he disappeared.
Posting on his X handle, Obi also condemned the level of insecurity in the country saying people are living in fear and uncertainty.
“I have just read the ugly news of the sudden disappearance of the emeritus Archbishop of the Niger Province, Most Rev. Prof. Godwin Okpala, yesterday.
“This deplorable level of insecurity in every part of the nation remains condemned. In almost every part of the nation, our people live in fear and uncertainty, not knowing when the terror will strike.
“It is even more worrisome how many of our people who are victims of insecurity go unreported. Every Nigerian citizen should be able to move freely for their productive endeavours in any part of the nation without fear of terror or harm.
“The government, at all levels, must ensure this by ensuring the protection of lives and property of the people.
“I remain in earnest prayers with the Okpala family and the entire Anglican Communion for the safe return of the Archbishop and that his driver while calling on the security agencies to take urgent actions to unravel the Archbishop’s disappearance and ensure their safe return.”
The National Bureau of Statistics (NBS) says the country generated N1.78 trillion as value-added tax (VAT) in the third quarter (Q3) of 2024.
The figure represents an increase of 14.16 percent when compared to the N1.56 trillion recorded in the second quarter (Q2) of 2024.
VAT is a consumption tax that is administered by the Federal Inland Revenue Service (FIRS).
The revenue generated from VAT is usually disbursed to the three tiers of government through the federation accounts allocation committee (FAAC).
In its latest report on the sectoral distribution of VAT for Q3 2024, the NBS said the figure (N1.78 trillion) represents an 88 percent increase compared to the N948 billion generated in Q3 2023.
“On the aggregate, Value Added Tax (VAT) for Q3 2024 was reported at N1.78 trillion, showing a growth rate of 14.16% on a quarter-on-quarter basis from N1.56 trillion in Q2 2024,” NBS said.
“Local payments recorded were N922.87 billion, Foreign VAT Payments were N448.85 billion, while import VAT contributed N410.62 billion in Q3 2024.
“On a quarter-on-quarter basis, Human heath and social work activities recorded the highest growth rate with 250.39%, followed by the Activities of households as employers, undiffer-entiated goods- and services-producing activities of households for own use with 102.09%.
“On the other hand, Water supply, sewerage, waste management and remediation activities had the least growth rate with –41.92%, followed by Activities of extraterritorial organizations and bodies with –36.14%.”
In terms of sectoral contributions, the statistics firm said the top three largest shares in Q3 2024 were manufacturing (22.21 percent), information and communication (20.89 percent), and mining and quarrying activities (18.90 percent).
The NBS added that activities of households as employers, undifferentiated goods-and services-producing activities of households for own use recorded the least share (0.01 percent), followed by activities of extraterritorial organisations and bodies (0.01 percent), and water supply, sewerage, waste management, and remediation activities (0.03 percent).
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Jay-Z, the star rapper and entrepreneur whose real name is Shawn Carter, was accused in a lawsuit Sunday of raping a 13-year-old girl in 2000 allegedly along with Sean “Diddy” Combs.
A report public on NBC News stated that an anonymous accuser, identified only as “Jane Doe,” said the assault happened after she was driven to an MTV Video Music Awards after-party.
The federal lawsuit was said to have been filed in October in the Southern District of New York, listing Combs as a defendant. It was refiled Sunday to include Carter.
Texas-based attorney Tony Buzbee, who filed the suit, did not comment.
Carter called the allegations “idiotic” in a lengthy statement Sunday evening and alleged that Buzbee was engaged in unprofessional behavior.
“These allegations are so heinous in nature that I implore you to file a criminal complaint, not a civil one!! Whomever would commit such a crime against a minor should be locked away, would you not agree?” Carter said in a statement to NBC News. “These alleged victims would deserve real justice if that were the case.”
A spokesman for the U.S. Attorney’s Office for the Southern District of New York declined to comment on whether the office is pursuing the case when shown NBC News’ report on the lawsuit.
Buzbee has filed several lawsuits in recent months — all have withheld their complainants’ names — accusing Combs of assault and rape. This is the first suit in which he has named another high-profile defendant.
In a statement, legal representatives for Combs called the suits “shameless publicity stunts, designed to extract payments from celebrities who fear having lies spread about them, just as lies have been spread about Mr. Combs.”
“As his legal team has said before, Mr. Combs has full confidence in the facts and the integrity of the judicial process. In court, the truth will prevail: that Mr. Combs never sexually assaulted or trafficked anyone—man or woman, adult or minor,” the statement read.
Federal prosecutors in New York criminally charged Combs in September with racketeering, sex trafficking and other offenses, and he is behind bars at Brooklyn’s Metropolitan Detention Center after he was denied bail for a third time last month. His trial is scheduled for May 5.
Prosecutors said in a court hearing last month that they are in the process of potentially bringing more charges against Combs in a superseding indictment.
Before the lawsuit was refiled Sunday, “Carter received a letter from Plaintiff’s counsel requesting a mediation to resolve this matter,” Buzbee wrote in the suit. In response to the letter, which NBC News has seen, Carter filed his own lawsuit against the accuser’s attorneys, Buzbee wrote in the suit.
“You have made a terrible error in judgement thinking that all ‘celebrities’ are the same,” Carter added in his statement Sunday. “I’m not from your world. I’m a young man who made it out of the project of Brooklyn. We don’t play these types of games. We have very strict codes and honor. We protect children.”
The lawsuit claims that in 2000, when Doe was 13, Combs and Carter raped her at a house party after the MTV Video Music Awards in New York.
Popular Nigerian actress, Eniola Badmus has spoken about her weight loss transformation.
She stated that she would one day tell her major story on her weight loss journey, revealing that it was between life and death for her.
The actress shared a Before and Now photo of herself, as she stepped out yesterday.
Boasting about how she has inspired others with her weight loss, the aide to the Speaker of Nigeria's 10th House of Representatives, Tajudeen Abbas asked those reading her post to admit she indeed inspired them.
Admitting it was never an easy journey, Baddosky captioned the post;
”The journey so far……….Oju ri tooooooo
When am ready I will tell my major story but it was between life and de.ath……DONT FORGET I MOTIVATED YOU, YES YOU”.
Aba Power is set to commission a fresh 20MW line to the Owerrenta Industrial Zone on the outskirts of Aba, Abia State.
This fact was made known in Lagos this morning by a leading electric power consultant, Engineer Cliff Eneh, in an interview with journalists on new developments in the power sector expected at the beginning of 2025.
Eneh told newsmen in his office in Lagos, “The commissioning activities have started ahead of availability of the line in January 2025.
“The connection to the line would have started this month but for the delay in the various commissioning tests before steady power supply to the line”.
“Another compelling reason for not commissioning the new 20MW line this month is the fact that factories will soon shut down for Christmas and New Year holidays”, he added.
“The factories will see a new burst of energy as they resume from the holidays.
“It will be a wonderful New Year's gift to manufacturers in Aba and the environs, which are famous for indigenous manufacturing and technology.”
Eneh, a former senior manager with the defunct National Electric Power Authority (NEPA), after working for years with the Texas Power and Light company in Dallas, United States, explained that factories in the area will receive a minimum of 24 hours of power supply daily.
“Not just power supply practically round the clock, but also quality power”, he stated.
“The electricity will be able to power the biggest industrial machines effortlessly, unlike the situation in some parts of the country where supplies can’t power smaller things like house air conditioning systems due to distribution transformer overload, poor feeder pillars, old and dilapidated wires, and other poorly maintained power infrastructure”.
The consultant, until recently the head of the Electrical and Electronics Department of a higher institution in Lagos, said that the lack of constant and quality power supply has caused several companies in the Owerrenta Industrial Zone, like other areas in the country, to depend on self-generation over the decades which is very expensive and pollutes the environment.
He identified some of the leading factories that have been self-generating electricity that can strengthen their power supplies by connecting to the new line as: Tonimas Lubricant Plant, Planet Vegetable Oil Company, Clover Paints Industries, and Valumbra Foods which produces spaghetti and pasta.
But he said that “with the new turn of events, factories in the zone can be assured of steady, quality, affordable and safe electricity”.
•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 “
[Vanguard]