A surge in demand for dollars in the parallel market driven by banks and end-users combined with slow forex disbursement to BDCs by the Central Bank of Nigeria, CBN, caused the Naira, last week, to fall by 23 per cent against the dollar, thus recording the worst weekly performance of the Naira since February. 

Though the CBN came to the rescue of the Naira on Friday by intervening in the official Nigeria Foreign Exchange Market, NAFEM, hence the appreciation of the Naira in the parallel market on Friday, currency dealers and analysts were uncertain about the fortunes of the Naira this week, citing pace and speed of CBN intervention as a determining factor. 

After two months of steady appreciation to N1,140 on Friday, April 19, from N1,1,820 per dollar on Wednesday, March 21, the Naira, last week, depreciated for four consecutive days by N285 (25%) to N1,405 per dollar on Thursday, April 25th.

Following the same trend in the official market, the Naira depreciated by N169.24 (9.9%) to N1,339.23 per dollar on Friday last week, April 26th, from N1,169.99 per dollar on Friday, April 19.

FX rate differential

Financial Vanguard investigations revealed that the steady reversal in the fortunes of the Naira was triggered by a combination of factors, including sharp practices encouraged by the lower exchange rate in the parallel market.

Since the CBN resumed dollar sales to Bureaux De Change, BDCs, the parallel market exchange rate had been below the official market exchange rate. For example, on Friday, April 19, the parallel market rate at N1,120 per dollar was N64.5 lower than the official rate of N1,234.49 per dollar on that day.

To exploit this gap, banks besieged the parallel market, buying dollars at the cheaper rate and reselling to their customers at the higher official exchange rate.

Following the steps of the banks, some forex end-users also bought dollars in the parallel market, deposited them in their domiciliary account and sell to the banks at a higher official rate.

This practice according to currency dealers triggered huge demand for dollars in the parallel market and hence the 25 per cent depreciation of the Naira in four days last week.

 

Currency dealers also cited the slow pace of dollar disbursement to BDCs by the CBN. They noted that dollar disbursement to BDCs comes in trickles, with some BDCs not getting dollars for more than two weeks after naira payment to the apex bank.

Confirming this to Vanguard, President, Association of Bureaux De Change Operators of Nigeria, Dr. Aminu Gwadabe, said: “The depreciation of the dollar was caused by two factors. The first was that people were buying from the open (parallel) market, depositing the dollars in their domiciliary accounts and sell in the interbank market and this is because the open (parallel) market rate is always lower than the interbank market rate.

“The second factor is that we have seen the resurgence of Person-to-Person, P2P, where hedging, margin trading are taking place.

“After nipping in the bud of Binance, other platforms sprang up. And you know transactions in those platforms are purely speculative. The likes of Binance can only be profitable at the expense of naira depreciation because it is a market that you buy low and sell higher.”

Scant FX supply in the official market

Investigation also revealed the situation was aggravated by the absence of CBN intervention in the official market for some weeks while inflow from Foreign Portfolios, and FPIs also dwindled. 

Explaining this development, Nnamdi Nwizu, Co-Founder of Comercio Partners, a Lagos-based investment bank, said: “Until yesterday (Friday) when they intervened, CBN had not intervened in the interbank market for weeks, and inflows were drying up.

“Also forex demand that waited for Naira to strengthen (appreciate) seems to be filtering through now, both local and FPI’s.”

On the outlook for the Naira in the coming weeks, Nnamdi said: “A lot depends on if the CBN continues to intervene in the market to ensure that they don’t lose control of the market. And also if we start to see renewed FPI flows.”

CBN intervenes

In a bid to arrest the depreciation of the Naira, CBN intervened in the official market on Friday. It also increased the speed of dollar disbursement to the BDCs, while also stepping up enforcement activities with its monitoring task force which visited some BDCs and parallel market locations in Abuja and Kano on Friday.

As a result, the Naira appreciated in the parallel market on Friday to N1300 per dollar from N1,405 per dollar on Thursday.
Confirming this development, Umoru Ahmed, a currency dealer based in Lagos Island said: “The naira was traded at N1,500 this morning which I bought. There is no inflow of dollars like before and not all the BDCs have access to dollars especially if they registered late. 

“The rate later crashed today to N1,300 per dollar for selling and N1,250 for buying.

“This is because the CBN’s task force stormed the market today arresting many black market traders which led to many operators reducing their price to sell off their dollars as they don’t know what the market will be like tomorrow.”

Similarly, Isa Yahaya, a currency dealer in Ikeja said: “In Ikeja today, we bought at N1,320 and sold at N1,350. But the market opened today at N1,450 per dollar of which I bought a dollar for N1,550.

“But we received a hint that the CBN’s task force was arresting many black market traders. This led to the appreciation of the naira because we just wanted to quickly sell what we had and wait till tomorrow to see what the market holds.
“The increase in the rate is due to demand pressure. The number of people demanding for dollars is higher than those selling.

“So it is difficult to meet the demand as we do not have access to buying from BDCs talk of from the CBN.” 

Also confirming this development and expressing optimism that the naira will further appreciate this week, Gwadehe said: “There is a turn of events now. Naira is appreciating as we speak, the rate has come down to N1,250 – N1,270
“Now the rate is going down due to a combination of factors. The CBN has intervened today at the NAFEM market. Dollar sales and disbursement to BDCs have been coordinated and streamlined for efficiency and liquidity.

“The securities agencies have swooped on those illegal behaviours, arrests were made today in Abuja and Kano. So all these factors are playing a bigger role because all the behaviours that have no economic value have been checkmated and streamlined. So I believe appreciation of the Naira cannot but continue.”

Speaking further, Gwadabe called for an executive order to deposit their holding into a non-exports domiciliary with silent sources requirement of an amount below # 50k for 3 months.

He also called for the creation of investment bonds for Nigerians in the Diaspora without tax charges.

The Association of Rice Millers has said the reopening of the Nigeria-Niger border is responsible for declining rice prices nationwide.

Jonathan Joshua, chairman at African Rice Millers in Nasarawa, disclosed this in a statement.

Joshua, who doubles as the national president of the Association of Small-Scale Agro Producers in Nigeria, noted that the price of rice is expected to drop further in the next two months upon the commencement of harvest.

 

“Some mills that shut down production owing to the scarcity of paddy last year and early this year are now reopening as they can quickly source the grain from neighbouring countries due to the reopening of the Nigeria-Niger border.

“We expect paddy prices to drop further when farmers commence harvesting in two months,” he said.

Rice prices decreased by 19 per cent despite rising inflation which stood at 33.20 per cent in March 2024.

The immediate past governor of Benue State, Samuel Ortom, has advised his Kogi State counterpart, Yahaya Bello, to come out of his hiding and surrender himself to the Economic and Financial Crimes Communities, EFCC.

Recalls that the anti-graft agency declared Bello wanted last week over alleged money laundering. EFCC is prosecuting the former governor for allegedly misappropriating over N80 billion while serving as Kogi State governor.

Ortom spoke during a thanksgiving service organised by his former appointees to mark his 63rd birthday at the Redeemed Christian Church of God, RCCG, Regional Headquarters in Makurdi on Sunday 

He said: “Let me use this opportunity to advise my younger brother and friend, former governor Yahaya Bello, not to disgrace former governors.

“If you are called to come and account for your stewardship by the Economic and Financial Crimes Commission, EFCC, go there. You do not need to hide from EFCC; you do not need to resist arrest or anything. Go there and explain. EFCC are human beings who are doing their work.

“If they are making inquiries, the laws are there. I have tried to get him on the phone, I could not, I tried those around him, but I could not. I want him to note, wherever he is, if he can hear me from there, he should go before the EFCC.”

The Lagos State Command of the Nigerian Correctional Service has dismissed reports claiming that incarcerated crossdresser, Idris Okuneye a.k.a. Bobrisky, is being accommodated in a one-bedroom apartment for Very Important Persons VIP at the Kirikiri Correctional Centre. 

Online reports had claimed that Bobrisky, who is serving a six-month prison sentence for abuse of the naira notes, was occupying a newly built VIP apartment in the Kirikiri correctional centre. 

However, in a statement released, the NCoS spokesperson, Rotimi Oladokun, said the correctional centre had no en-suite style cells. 

The statement reads

“The attention of the Nigerian Correctional Service Lagos State Command has been drawn to some mischievous and misleading online publications. Without prejudice to NCoS right to seek legal redress for the libelous publication, outlined are clarifications on the said issues.

The convicted inmate, Okuneye Idris Olanrewaju a.k.a. Bobrisky is currently serving a six-month jail term for abuse and mutilation of the naira note within the custody of the custodial centre in the state.

The Convict is entitled to the reformative and rehabilitative platforms either educational and/or vocational training as provided to all inmates in custody.

Idris has been allocated a shared cell with other convicted inmates. There are no en-suite or ‘one-bedroom flat’ style cells in our Custodial Centre as the cell blocks infrastructure are built as shared buildings, to accommodate multiple inmates.

Idris is being treated just as every other inmate without any special amenities or privilege accorded. All inmates are entitled to family and legal visits. These visits are monitored and regulated by NCoS.

The Controller of Corrections, Lagos Command enjoined the general public to disregard the said malicious publication.”

Morenikeji Adeleke, a popular gospel singer, also known as Egbin Orun, is dead.

This was confirmed in an Instagram post on Sunday by her colleague Esther Igbekele

Igbekele expressed shock and sadness, stating, “Egbin Orun departed suddenly without bidding farewell.” 

According to Igbekele, they had recently spoken, not knowing of the impending tragedy.

She praised Egbin Orun’s beauty, kindness, and strong support for her ministry.

“I got home from my program to hear about this great loss. Prophetess Morenikeji Egbin Orun you left without saying goodbye..

“We spoke together last week not knowing you are about to embark on a journey to the great beyond. You are such a beautiful and kind-hearted woman and a very good supporter of my ministry.

“I am deeply saddened by your demise but God knows best. You will be greatly missed and your good deeds will continue to linger in our hearts.

“Ah Egbin Orun. Good night! Keep resting in the bosom of Christ. Ah Gone too soon..Yeeee.”

As at the time of this report, the cause of her death remains undisclosed and no official statement has been issued.

Hit the streets after birth…to make ends meet

 

There is no time the popular cliche: ‘no food for lazy man’, comes closer to the fore than in the daily life of every Nigerian, in these times. 

The economy is so telling on Nigerians that survival is more miraculous than strategic. 

However, Nigerians, known for resilience, are also strategically plotting to survive by any means.

Though the cliche singles out men, even women have realised that what touches the eye affects the nose, eventually. So, they are also doubling their survival strategies.

To that extent, even pregnant women, who always look forward to three months of post-partum rest, popularly known as ‘maternity leave’, after delivery, now shun the idea. For them, that three months shouldn’t be wasted for a people whose survival depends on what they make daily.

The usual practice, before the economy doubled down hardship on Nigerians, was that women working in private organisations earn a month or two months of post-partum care leave.

Those in government parastatals earn a compulsory three-month pre-natal leave.

But the struggle for survival has made most of them abandon this important aspect of rest to be able to shore up their means of survival.

Economy&Lifestyle has discovered that nursing mothers now spend only eight days after childbirth, to begin their business activities. 

Mrs. Beatrice Akere, a hairstylist, said that she resumed work after 10 days of post-partum rest because she had to meet up with her targets for the year, in terms of savings.

“I am a mother of two children. My second child is just two months old. After giving birth to him, I rested for only ten days. Within those ten days, I was still attending to little business.

“After ten days, I resumed work because I am a hairstylist.

“The amount my husband and I spent on hospital bills was too much. But I thank God we are fine.

“I have to start working to be able to meet our target (savings) for the year and also assist him with other bills because the baby was not something we planned for.” 

Mrs. Hannah Chukwuma, a seamstress, said she only observed for two weeks as she and her husband could hardly afford money for transport fare to bring her mother from the East to take part in Omugwo.

“You know what we all are experiencing in this country. You can hardly feed and foot bills because the price of everything keeps increasing. I am a receptionist in a hotel and also make women’s outfits as a side hustle.

“After delivery,my mother was to come for my Omugwo. But the transport fare from the East is high. So I told her not to bother coming.

“An elderly woman in my church helped with the bathing of the baby till his christening day.

“I took it up from there and rested for two more days before starting to make outfits which I had collected from my customers a few days before childbirth to avoid disappointing them. 

“This is because I have spent their part payment. ”

People in the Eastern parts coined the name Omugwo for postpartum rest .

Omugwo is a traditional rite observed in the East. Here the mother of either the wife or husband is expected to take care of the newborn and mother for three months helping with the house chores, and bathing for the baby and its mother among other things.

At the end of the Omugwo, the mother leaves with various goodies.

But in this economy where there is a continuous rise in goods and services, low salaries, increased unemployment, low sales coupled with the high cost of transportation such rite has entered into oblivion. 

Mrs. Foluke Hakeem, whose daughter gave birth in February said she couldn’t visit her daughter for Omugwo until the end of last month.

She noted that her daughter who lives in Abuja said her husband couldn’t afford her transport fare then and she had to just see her grandchildren through video call.

She added: “When I arrived in Abuja, I was shocked to see my daughter going to her place of business with her children after observing post-partum rest for just three weeks.

“I had to help her for a few weeks before I left because my business was also at stake.

“These young women nowadays don’t even know the importance of resting after birth. 

“It helps to put the body in shape and allows the mother to regain herself after childbirth.

“Even those who were operated upon during childbirth hardly spend three months which is very very risky to their health.
“I don’t blame them. It is what the country has turned us into.

“Nowadays, you see women being the breadwinner of the family while the husband wastes away in a beer parlor everyday.
“She gets older than her age easily because the blood she has wasted during childbirth can never be regained as she loses blood monthly.

“Some even hardly visit the hospital for check ups after birth all in the name of looking for money.
“Some only attend postnatal schedules in the hospital when the home remedies applied to either the mother or newborn are not effective. Imagine such a risk.

“It is only God that will help us.” 

According to the World Health Organization,WHO, the postpartum period is critical in the lives of mothers and babies due to the risk of maternal and perinatal morbidity and mortality.

The Nigeria Demographic Health Survey 2018, showed that only 38 per cent of women and 42 per cent of newborns received a postnatal check in the first two days after birth.

The World Health Organisation (WHO) recommended that postpartum women should have contact with healthcare providers within 24 hours, at day 3, days 10–14 and 6 weeks post-delivery.

It noted that multiple postnatal clinic (PNC) visits will allow assessment and prompt treatment of complications arising from delivery.”

Real Madrid president, Florentino Perez, blocked manager Carlo Ancelotti’s request to sign Harry Kane from Tottenham last summer, according to Relevo.

Ancelotti had made Kane his top target ahead of this season.

It is believed signing the England captain was even a bigger priority for him than landing Jude Bellingham from Borussia Dortmund.

 

Ancelotti was looking to replace Karim Benzema, who left as a free agent for Al-Ittihad in Saudi Arabia.

But Perez refused to sanction the move, as he has set his sights on signing Kylian Mbappe this year.

Peres was willing to let Madrid play without a real number nine, before signing Mbappe on a free transfer.

Kane ended up joining Bayern Munich and has scored 42 goals in as many games in all competitions, helping Thomas Tuchel’s team to the Champions League semi-finals, where they will come up against Madrid.

Paris St Germain, PSG, were crowned Ligue 1 champions for a record-extending 12th time on Sunday, as their third straight title was wrapped up.

This was following another dominant domestic campaign when second-placed AS Monaco lost 3-2 at Olympique Lyonnais.

PSG, who missed the chance to secure the title on Saturday when they drew 3-3 draw with Le Havre, have 70 points, 12 ahead of Monaco with three games remaining.

 

“Winning the league is fantastic, but winning Ligue 1 for the twelfth time is even more special for everyone connected to Paris Saint-Germain.

“We’re going to enjoy this moment as a family. And also keep working hard, game after game, until the last moment of the season,” PSG President Nasser Al-Khelaifi said on the club’s website.

Monaco were the only side left who could prevent PSG lifting the title, but their faint hopes were extinguished in Lyon as they fell to their first defeat in nine games, despite taking an early lead.

The visitors scored with a little over 20 seconds on the clock, with Wissam Ben Yedder tapping home Takumi Minamino’s cross at the back post.

 

But Monaco were 2-1 down within 25 minutes through goals from Alexandre Lacazette and Said Benrahma.

Ben Yedder brought the sides level again on the hour mark, heading home a floated ball into the box by Youssouf Fofana.

But it was Lyon who found a winner six minutes from time with Malick Fofana scoring from outside the area.

After Saturday’s draw which kept the champagne on ice, PSG manager Luis Enrique was unconcerned, safe in the knowledge that their far superior goal difference meant the title was all but assured.

“We’re champions. I don’t care if there’s a party or not.

“We have a goal difference of plus 29 on the second place, I already feel like champions. Even if we don’t score any more points, we’ll be champions,” the coach said.

The Spaniard, who took over at PSG at the end of last season, was proved right, as they secured their 10th title in 12 seasons without having to play another game.

 

The champions have suffered just one league defeat this season, against Nice in September and while they made a slow start to their campaign, once they took top spot after matchday 12, they never looked back.

PSG went 3-1 down to relegation battling Le Havre, but a Goncalo Ramos goal late in added time salvaged a point, and extended their unbeaten league run to 26 games, but the manager said that didn’t concern him.

“I don’t care if I’m undefeated. That goal gave us the title.

“That, and for the rage I had because we didn’t play much. We’re missing two titles, we’re going to do everything we can to get them,” Luis Enrique said.

PSG are still involved in the Champions League, and they also have the Coupe de France final against Lyon to come, in what could turn out to be the club’s finest ever season.

Striker Kylian Mbappe is leaving at the end of the campaign, and would love to bow out on a high, and this season is already his best in terms of goals scored, netting 43 times in all competitions.

It has long been PSG’s goal to win the Champions League, but few expected it in the manager’s first season.

 

Now that the league title is secured, the treble-bid is on, beginning on Wednesday with the semi-final first leg against Borussia Dortmund. (Reuters/NAN) (www.nannews.ng)

Manchester City manager, Pep Guardiola, has said their remaining two away fixtures at Fulham and Tottenham will be “difficult.”

Guardiola was speaking after they beat Nottingham Forest 2-0 on Sunday.

The result keeps City one point behind leaders Arsenal, although they have one game in hand. 

On the remainder of the season, Guardiola said: “Everything can happen, Liverpool have dropped points in the last few games but that can happen to us, can happen to Arsenal, so tough games for everyone. Fulham away and Spurs away will be difficult.

“I would prefer not to have a long week [off] and to play the Champions League semi final.

“But in the circumstances we have two or three days to recover and prepare for all the finals that we have.”

Famous Nigerian singer Divine Ikubor, aka Rema, has insinuated that he is on the same level as Wizkid, Davido, and Burna Boy.

Burna Boy, Wizkid, and Davido are widely regarded as the biggest Nigerian/Afrobeats artists in the world and are jointly referred to as the “Big 3.”

Rema is now laying claims to the elite list. In a recent X post, the ‘Calm Down’ crooner asserted that he is now in that league when he wrote: “No more Big 3 there’s now a Big 4.”

 

His post elicited mixed reactions, with many concurring with him while others insisted that despite his stream and chart successes, he needs years of consistency to earn it.