[#ICYMI] Widow Of Slain Medicine Manufacturer “Oko Oloyun” Remarries

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] I Lost Control Over My Wife By Cheating On Her - Ninalowo Opens Up

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] Nigerians’ trust my most cherished asset - Peter Obi

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] BDC Operators Reject Dollars As Naira Rebounds At Parallel Market

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] 2023: Soludo dumps Peter Obi, reveals preferred presidential candidate

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] 2023: Same criminals presenting themselves to lead Nigeria – Pastor Enenche

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] CBN releases $3.5bn for foreign education in seven years

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] $460, 000 Forfeiture: PDP Considers Legal Actions to Stop Tinubu

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] Tolulope Omogbehin: I Grew Up In Ketu Alapere, Attended Maryland Primary School – Omos, WWE Superstar

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] Mr Ibu’s Daughter, Jasmine Announces Divorce From Newly-Wedded Lover

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] Details Of Meeting Between Atiku, Udom, Okowa, Others Emerge

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] 2023: Peter Obi Candidacy Threatened As Fresh Violation Suit Appears In Court

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] Tobi Amusan Makes Final Shortlist For 2022 World Athletics Award

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy

[#ICYMI] Keyamo Reveals Reason For Conflict In Afenifere

#Nigeria #CristianoRonaldo #Ibrahimovic #AriseTV #Wizkid #Zlatan #Harmattan #AyraStarr #Plateau #ManchesterUnited #Asake #Yaba #BurnaBoy


Nigerian billionaire and former member of the House of Representatives, Ned Nwoko, has asserted that he shares similarities with the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi.
Naija News reports that Ned during an interview with the Guardian said, apart from having more than one wife like the Ooni, their grandfather were both in the house of Chiefs in the old Western Region.

He noted they are also serving Nigeria like their grandfathers by marrying many wives.

Ned Nwoko also opened up about having 19 children adding that some of his wives are living in New York, United States, two in Nigeria, and two in Dubai, UAE.

He said: “Let me tell you the similarity between me and the Ooni of Ife, apart from both of us having more than one wife, my grandfather and his grandfather were both in the House of Chiefs in the Old Western Region in the 1950s. They were part of the select few that went to London for the constitutional conferences.

“My grandfather and the Ooni’s grandfather and the then Olowo of Owo took many photographs together. So, the Ooni and I have that kind of common background, because our grandfathers were kings and served Nigeria in that capacity. And we are now also serving Nigeria by having many wives.

“I have 19 children now. My first child is 30 years old. Those with my first wife are all graduates now. In fact, my last child with her made the first class last year in England”

A British lawyer representing Nigeria, in a London court case in which $11 billion are at stake, said on Friday the trial would reveal corruption ‘on an industrial scale,’ not only of Nigerian officials but also of British lawyers.

The case stems from a contract for a gas project awarded by Nigeria in 2010 to a company called Process and Industrial Developments Limited (P&ID). The gas processing facility never materialised, for reasons that are disputed.


After years of legal wrangling, a London-based arbitration tribunal said in 2017 that Nigeria had not fulfilled its side of the contract and should pay P&ID $6.6 billion in compensation. With interest, the award is now worth $11 billion.


That sum represents close to 30% of Nigeria’s foreign exchange reserves, which stood at $37 billion at the end of November.

Nigeria has gone to court in London arguing that P&ID obtained the original contract through bribery and used the arbitration proceedings as a means of extorting a huge sum of money from Nigerian public coffers.

P&ID denies this and says Nigeria is trying to get out of paying what it owes.


An eight-week trial is due to start in January at the High Court in London, with witnesses appearing in person as well as remotely from Ireland and from Nigeria.

At a pre-trial review on Friday, lawyer Mark Howard, representing Nigeria, told the court that evidence of “widespread corruption and bribery on an industrial scale” would be put forward.

“Our case is it was bribery to get the contract, ongoing bribery to keep everyone on board, bribery of lawyers,” he said, alleging that two London-based British lawyers previously involved in the case had committed “serious misconduct.”

P&ID was originally established by two Irish nationals. Ownership of the firm has since passed to two Cayman Islands-based entities.


30-year-old Balaraba Shehu and her 25-year-old man, Amadu Sale alias Dan kwairo, have been arrested by the police to have buried a newborn baby buried alive in Kiyawa Local Government Area of Jigawa State.

The State Police Spokesman, DSP Lawan Shiisu Adam, who confirmed the incident in a statement, said the command exhumed the corpse of the newborn baby on 02/12/2022, at about 2350hrs, after Balaraba of Tsurma village in Kiyawa LGA was suspected to have given birth and buried the newborn baby alive.


Shiisu said after police received the report, a team of Policemen were mobilized and proceeded to the scene of the crime.

He said on arrival, detectives swung into action and exhumed the new born baby buried in the toilet.



The PPRO said the suspect was arrested and the baby was rushed to General Hospital Dutse and certified dead by a medical doctor.

He explained that preliminary investigation led to the arrest of a 25-year-old man, Amadu Sale alias Dan kwairo of Akar village in Kiyawa LGA, who was alleged to be responsible for the unwanted pregnancy.

The suspects, however, conspired and buried the baby after delivery.


The State Commissioner of Police, CP Emmanuel Ekot Effiom, however, directed that the case should be transferred to SCID Dutse, for discreet Investigation.

The suspects would be charged to court after investigation.

•PANDEF, others ask N’Delta governors to showcase development projects

•Oil-producing states received N1.9tn as derivation fund under Buhari – Minister

•13% derivation includes DESPADEC funds, money judiciously spent, says Delta

The total debts of 10 oil-producing states rose from N2.04tn in December 2015 to N3.35tn as of June 2022, according to sub-national debt reports of the Debt Management Office.


This means that a total of N1.31tn was borrowed within a period of about seven years by the states.

The 10 states are: Rivers, Akwa Ibom, Delta, Edo, Abia, Ondo, Imo, Cross River, Bayelsa and Lagos.

This came as findings by The PUNCH show that the oil-producing states received the sum of N6.4tn in federal allocation and 13 per cent derivation fund.

The Federal Government disbursed a total of N1.98tn as a share of the 13 per cent derivation fund to oil-producing states, the Minister of Finance, Budget, and National budget, Zainab Ahmed, disclosed on Thursday, at the sixth edition of the PMB Administration Scorecard.

She stated that the amount was paid in seven years despite some of the funds preceding the current administration.

She said, “One of the key functions of the Ministry of Finance Budget and National Planning is in support of states. The President understands very clearly that this economy wouldn’t have been growing consecutively or wouldn’t have been able to pull ourselves out of recession twice.

“We wouldn’t have been able to grow consistently without enabling the states to grow because it is a federation.

“Mr. President has been very uniquely generous in his support to states. I can say no president has provided the level of support provided to the states of the Federation.

“He understands that the federating units need to work together as one to achieve the targets that he has set for the country. So, everybody goes to support sub-national governments.

“In seven years, we have disbursed N1.98 trillion in funds to oil-producing states.”

The PUNCH recalls that the 13 per cent derivation fund has been a controversial issue after comments by Rivers State Governor, Nyesom Wike, alleging that the oil-producing states had refused to disclose their own shares paid by the Federal Government from 1999 to all the Niger Delta States.

Ahmed further said that the government had supported states of the federation N5.03tn and an additional $3.4bn since 2015.

She said, “With respect to sub-national governments, the ministry goes over and above its statutory role to provide financial support to States:

“A total of N5.03tn plus an additional $3.4bn has been released to states by the Federal Government over the life of this administration.

 “Each of these payments has distinct repayment terms with some given as grants and others as loans with favourable repayment terms, including a long amortisation period.

“The support covers the 13 per cent Derivation refund to oil-producing states, refunds for construction of federal roads, ecological support, support from the Development of Natural Resources Fund, Paris Club refunds, support from the Stabilisation Fund, COVID intervention amongst others.”

Reeling out the details, Ahmed said N445bn was given as salary bailout to states except Akwa Ibom, Anambra, Jigawa, Lagos and Yobe in September 2015, while N340bn was disbursed to states except Lagos and Osun as excess crude loan. Also, N610bn was allocated to all states, except Lagos, as a budget support facility.


Other support included: $2.67tn as an outright Paris Club refund; N750m disbursed in 2021 as an SFTAS reward; and N600bn paid as withdrawal from payment of subsidy in April 2022.

Speaking further, the minister revealed that the non-oil sector had continued to maintain high-level performance in terms of revenue generated, adding that it was currently the mainstay of the nation’s economy.

She said that the sector contributed N1.71trn out of the total revenue of N4.19trn, an outturn of 100.7 per cent compared to the budget projection.

“Today, I call your attention to the very high performance of the non-oil sector of our economy. As of September 2022, the Federal Government’s share of oil revenues to fund the budget was N535.5bn representing 32.6 per cent performance), while non-oil tax revenues totalled N1.71tn an outturn of 100.7 per cent compared to the budget projection.

“The non-oil revenue share of funding the Federal Government has improved. We have been able to move from contributing 35 per cent to the federal budget to contributing 73 per cent to the financing of the federal budget.”

N6.4tn windfall

Oil-producing states got N4.46tn from Federation Account Allocation Committee between 2016 and 2020, according to data from the National Bureau of Statistics collated by The PUNCH. When combined with the N1.98tn allocated to oil-producing states as a share of the 13 per cent derivation, the amount moves to N6.4tn.

Within the period under review, Delta got the highest allocation of N804.27bn while Cross River got the least, N147.86bn.

The allocation of other states were as follows: Akwa Ibom, N769.19bn; Lagos, N523.63bn; Rivers, N675.54bn; Edo, N255.32bn; Abia, N225.47bn; Ondo, N250.86bn; Imo, N234.37bn; and Bayelsa, N575.39bn.

According to the NBS, FAAC gets oil revenues and related taxes, revenues from the Nigerian Customs Service, company income tax, any sale of national assets as well as surplus and dividends from state-owned enterprises.

N1.3tn debt

Meanwhile, the total debts of 10 oil-producing states rose from N2.04tn in December 2015 to N3.35tn as of June 2022, according to sub-national debt reports of the Debt Management Office.

A further breakdown showed that in 2015, a total of N1.22tn was from domestic creditors while $1.84bn (or N817.27bn at the Central Bank of Nigeria’s exchange rate of N444.17 per dollar as of November 1, 2022) was from external sources.

By June 2022, N2.42tn was borrowed from domestic sources while $2.31bn was from foreign sources such as the World Bank and African Development Bank.


For sub-national domestic debts, Lagos leads with the most debt, from N218.54bn domestic debt in 2015 to N797.31bn by June 2022.

It is followed by Delta, whose debt rose from N320.61bn domestic debt in 2015 to N378.88bn by June 2022.

Third on the list is Rivers, from N134.97bn domestic debt in 2015 to N225.51bn by June 2022.

For foreign debt, Lagos leads with the most debt, from $1.21bn in 2015 to $1.27bn by June 2022.

It is followed by Edo, whose external debt increased from $168.19m to $268.31m.  Cross River is next,  from $136.4m to $215.74m within the period under review.

PANDEF, Kio-Briggs kick

The Pan Niger Delta Forum and popular rights activist, Ann Kio-Briggs, have taken a swipe at the Federal Government over claims that the N1.98tn it disbursed to the Niger Delta region was not commensurate with the level of development in the region.

The National Publicity Secretary of PANDEF, Ken Robinson, said, “As you know, the fact of the matter is that it is the resources of the Niger Delta people that the Federal Government of Nigeria is plundering, wasting over the years. To say that they have given the Niger Delta N1.98tn as reported and all that is unnecessary. What is N1.98tn?

“How much has been taken away from the Niger Delta compared to the devastation that has been done to the Niger Delta environment and the livelihoods of the people that have been decimated?

“And all these complicate or increase the social and economic challenges of the area. There are more people who ordinarily would have been involved in farming or fishing who are now looking for jobs.”

The PANDEF spokesman explained that no amount of funds allotted to the crude oil and gas-rich region was too much, being the goose laying the golden egg.

He, however, said it was not an excuse for the poor governance in the country, which he said was not peculiar to the Niger Delta alone.

 “And I think that some of these governors in the Niger Delta should also do more in terms of showcasing what they are doing with the resources that they got. And that we will say that whether the level of development is commensurate to the amount of money received is relative because of the difficult terrain the Niger Delta is faced with in terms of developmental challenges.”

On her part, Kio-Briggs said the Federal Government must be specific and come up with facts as to which agency or governors the amounts they claimed to have disbursed was given for purposes of accountability.

She said, “First of all, I don’t like it when the government says that they have disbursed so much money.

“When you want to give information, you have to give credible, verifiable, truthful information to people, so that people can make up their minds. You can’t make up their minds for them.

“Why do I say this? You can’t just say you have disbursed so much to Niger Delta, no. Say I have disbursed N2.3trillion hypothetically to the Niger Delta Development Commission; I have disbursed N5. 2tn to the Ministry of Niger Delta.”

Continuing, Kio-Briggs stated that the people of the region were not fools to believe hook, line and sinker anything the Federal Government says.

Delta debunks claim

Meanwhile, Governor Ifeanyi Okowa of Delta State has said the state is the most solvent in the country, with enough credit to liquidate all outstanding fiscal obligations.

Okowa spoke through his Chief Press Secretary, Mr Olise Ifeajika, while speaking to The PUNCH on Thursday in Asaba.

He said, “This 13 per cent accrued to the oil-producing area for the past seven years included what NDDC and DESPADEC gave. But the one the state commissioner for finance stated earlier was about the discounting N240bn Nyesom Wike raised.

“Okowa could have taken the option to discount the entire N240bon expected from the 13 per cent derivation refunds as was done by other states but decided to take only N100 billion to complete some legacy projects.

“Governor Okowa, being a prudent and considerate leader, chose to keep the balance of the funds for the in-coming administration.”

The State Commissioner for Finance, Mr Fidelis Tilije, had recalled that Okowa administration faced serious financial challenges at inception in 2015, a situation that necessitated some borrowings at that time. You will recall that when the administration of Sen. Dr. Ifeanyi Okowa came on board, the economy of this state and that of Nigeria was clearly in dire straits.

“Therefore, a lot of rejiging had to be done for us to be able to survive and pay salaries. The salary bailouts was not for Delta state alone.”


Last modified on Friday, 02 December 2022 13:49

A 25-year-old Father, Godsgift Uweghwerhen, is in police net for allegedly flogging his three-year-old daughter to death in Aladja community, Udu Local Government Area of Delta State.

He reportedly flogged the baby who was said to have been sick for sometime with a cane and inflicted bodily injuries on her.

PUNCH Metro gathered that the suspect committed the dastardly act on Wednesday after the child allegedly entered his neighbour’s apartment.

But he reportedly fled the scene immediately on noticing that the young child had given up the ghost as an aftermath of the merciless beating.

Nemesis however caught up with him at Ubogo community near Aladja as the Vigilante team in the area arrested him and consequently handed him over to operatives of the Nigeria Police in Ovwian/Aladja Division.

When contacted, the Public Relations Officer for Delta State Command, Bright Edafe, confirmed the incident.

In a text message to journalists on Thursday morning, the PPRO simply said ‘confirmed’ without providing much details on the matter.

Last modified on Friday, 02 December 2022 05:55

Nigerian media personality, Toke Makinwa, has taken to social media to cry out, after losing all her valuables to armed robbers in London.

Naija News reports that this comes a few days after Nigerian singer, Yemi Alade, suffered the same fate at a hotel in Côte d’Ivoire when she visited the country for the Creative Africa Nexus Weekend (CANEX WKND), a 3-day gathering of creatives from Africa and the Diaspora.

Narrating her ordeal, Toke said the robbers stole all her valuables and she is speechless over the incident.

She wrote: “Just got robbed in London….I’m speechless. All my valuables are gone. God how could this happen to me.”


Last modified on Friday, 02 December 2022 06:00

Nigerian female Disk Jockey and billionaire’s daughter, Florence Otedola, popularly known as DJ Cuppy, has confirmed her engagement to British professional boxer, Ryan Taylor.

In November 2022, Cuppy finally said yes to her white boyfriend at the Gumball award night in Abu Dhabi.

In the video which made the rounds online, DJ Cuppy, who seemed surprised when her boyfriend popped the big question, said yes and followed it with a passionate kiss on stage.


Cuppy was also seen hugging the boxer as the audience screamed and clapped in excitement.

Since the engagement, Cuppy took a short break from social media as she rarely engages with her fans and followers online.

On Wednesday night, Cuppy took to her Instagram page to share photos of herself and Ryan, apologizing to her fans over her absence on social media.


According to the ‘Gelato’ crooner, she has really been happy and enjoying her life.


She wrote: “Cupcakes, sorry I haven’t been active on social media recently… I’ve just been really HAPPY and ENJOYING my real life tbh”

Last modified on Friday, 02 December 2022 06:01

Ex-Vice President and Presidential candidate of the opposition Peoples Democratic Party, PDP, Alhaji Atiku Abubakar, has said that the ruling All Progressives Congress, APC, will not rule Nigeria beyond 2023 due to its alleged poor performance in governance.

Alleging that the ruling party has brought untold hardship on Nigerians, he prayed that Nigerians will never witness a repeat of APC government beyond next year.


He spoke on Wednesday at a rally in Akure the Ondo State capital where he promised to provide enough funds for education.


Specifically, he bemoaned the state of education in the country for which he blamed the alleged poor policy of the party in power, vowing that Nigerians would never witness a repeat beyond 2023 if he is voted for.

Also in his own address, Atiku’s running mate and Delta state Governor Ifeanyi Okowa expatiated on the alleged rot in the nation’s education system as he regretted that “in the past eight months the youths were at home and that shouldn’t be the case.”

Okowa promised: “Atiku has made provisions to ensure that no University goes on strike as special attention would be placed on the youths of the country as well as set aside funds to support youths who would want to go into entrepreneurship.

“As long as you vote Atiku, hunger and unemployment will be a thing of the past. Remain focused, go from school to school, house to house and campaign for Atiku.”

In his address, the PDP Chairman, Iyorcha Ayu urged the Ondo PDP support not to make a mistake but do the right thing by voting Atiku in the coming election.


He said, “Ondo is a PDP state. You are educated and enlightened people and that is why you always vote the PDP.


Ayu further noted that, “We must work together to ensure victory. Ondo should give the PDP the highest votes in southwest.

“The country is in a bad shape, you need an experienced leader to fix the country. Atiku and Obasanjo fixed the economy in 1999 and Atiku is coming back to fix the mess APC has created. He will unify the country, there will be jobs and security.”

Earlier Presidential campaign chairman of Ondo state told PDP supporters that Atiku is in the state “on a thank you visit for the massive support he got in the past from the state.”

Chairman President campaign council and Sokoto state Governor Aminu Tambuwal also thanked the people of Ondo for the 2019 support and the warm reception.

He said: “We are kicking off our Southwest campaign in Ondo for obvious reasons. We were robbed in 2019, but we must thank you for giving us your mandate.

“Atiku Abubakar is the most qualified candidate who has all the credentials to deliver and so we urge you to come out and vote massively for us.”

Newly elected governor of Osun State, Senator Nurudeen Adeleke told Ondo people that the same light that appeared in Osun has also come to Ondo.

He urged the people to vote for Atiku saying: “Atiku took one of your daughters as wife. We must vote Atiku. If we vote Atiku, I can assure you that poverty will end in the Southwest. Please go all out and tell everyone from house to house that the light has come to Ondo state.”

His Akwa Ibom counterpart, Governor Udom Emmanuel said there is only one message from the PDP which is to recover the nation, saying: “We have something to show, we have done this before. When we were in power, things were different. PDP is the only party that can provide power supply, food on the table and security.”


Earlier, Atiku’s wife, Titi,  a native of Ondo State, also addressed the mammoth crowd where she promised the Ondo people that her husband will defeat Boko Haram and provide scholarships to students.

She said: “My people I, your daughter is standing in your presence to tell you that my husband has done it before. The last election was won by my husband but we were robbed.

“My husband indeed is a Fulani but he is not a killer and we have been together. I taught him our culture and tradition, and he is part of us.”

On her husband’s agenda, she said: “Atiku will defeat Boko Haram and provide you with scholarships.”


Last modified on Thursday, 01 December 2022 12:56

The Nigerian Communications Commission (NCC) has warned consumers against patronising counterfeited and not-typed approved communication devices.

The Director of Public Affairs, NCC, Dr Reuben Muoka, gave the warning in a statement on Wednesday in Abuja.

Muoka strongly warned that such devices negatively affect the quality of experience while leaving their users vulnerable to losses and other discomforts.

He said that the warning came following the commission’s enforcement activities in Kano where it arrested representatives of three companies responsible for the sales of such devices.

He said that they have handed them over to the Nigerian Security and Civil Defence Corps (NSCDC) for investigation and further necessary action.

“The enforcement team arrested Yahaya Ado of Gezawa Communications Limited for allegedly selling counterfeited Gionee devices.

“He was also not able to show any evidence of authorisation granted to the company by the commission.

“Nura Ahmed of Saleh Latest Venture and Rufai Nuhu of Al Mansoor Communications were also arrested.

“They were not licenced to engage in the sales and installation of terminal equipment and were unable to show any evidence of authorization from the commission in that connection,” Muoka said.

The NCC’s Head of Enforcement, Malam Salisu Abdu, who led the team, expressed concerns at how the GSM Market on Beirut Street, Kano, was awash with counterfeited and non-type approved phones.

Abdu decried that many of the vendors were not licensed by the commission to provide the types of communication services they were rendering.

“The commission is determined to carry out post-enforcement checks to ensure that the sale of counterfeit devices is stopped.

“The NCC will collaborate with market associations to ensure that appropriate licences are obtained by vendors and assist in apprehending the major dealers and suppliers of counterfeit devices.


“The non-type-approved phones found during the enforcement included: Gionee branded phones with model numbers G800, and L990.

‘Others were: H-Mobile phones with model numbers it5606+, H351; FoxKong with model numbers F30, F300; and KGTEL phones with model numbers K2160 and KG1100.


Last modified on Thursday, 01 December 2022 12:56

The Central Bank of Nigeria injected $11.24bn into the economy to stabilise the value of the naira from January 2022 to July.

This was obtained in the banking regulator’s monthly economic reports on foreign exchange market developments.

The report showed that $7.6bn was used to stabilise the naira in the first five months of the year.

It stated, “Total foreign exchange sales to authorised dealers by the Bank were $1.75bn in July, a decrease of 15.4 per cent relative to $2.07bn in June. A breakdown shows that foreign exchange sales at the interbank/invisible window and matured swaps decreased by 22.0 per cent and 59.1 per cent, respectively, to $0.13bn and $0.27bn, below their respective levels in the preceding month.

“In contrast, FX sales at Investors and Exporters, Secondary Market Intervention Sales and Small and Medium Enterprises windows rose by 5.8 per cent, 0.6 per cent and 65.7 per cent, respectively, to $0.44bn, $0.72bn, and $0.19bn, compared to their levels in June.”

In earlier report, the CBN said it had intervened in the markets with $1.65bn, $1.39bn and $1.82bn in January, February and March, while the interventions were $1.56bn and $1.18bn in April and May respectively.

The report read, “Total foreign exchange sales to authorised dealers by the bank were $1.18bn, a decrease of 24.4 per cent, below $1.56bn in April.

“A breakdown shows that foreign exchange sales at the Investors and Exporters and interbank/invisible windows decreased by 37.9 per cent and 0.7 per cent to $0.16bn apiece, below their respective levels in the preceding month.

“Similarly, SMIS and matured swap contracts fell by 7.0 per cent and 71.4 pto er cent to $0.64bn and $0.10bn, respectively, compared to the amounts in April. However, foreign exchange sales at the Small and Medium Enterprises window rose by 8.4 per cent to $0.12bn in the review period.”

The CBN has been intervening in the foreign exchange market to stabilise the economy and respond to a growing demand in the market.

Nigeria is mainly an import-dependent country, which makes demand for dollars to import inputs and buy finished products high.


Last modified on Thursday, 01 December 2022 12:56
Page 1 of 825