EFCC, humongous money ‘discoveries’ and the continuous entertaining circus shows (Part 1)

MIKE OZEKHOME SAN, OFR

INTRODUCTION The farcical story that NIA, Nigeria’s external secret Police, has claimed ownership of the large haul of $43.4m, £27,800 and N23.2m is heretic flapdoodle, bunkum, baloney, hogwash, poppycock and balderdash. Let this government and its minions credit Nigerians with some modicum of sense and capacity to reason, even with their valiant attempts to cow, browbeat and intimidate all opposition elements and critical voices in their so called anti-corruption war. At least, not even the terror halo cast on our individual and collective psyche has dulled our analytical minds. The…

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Nigeria auctions fresh $100m, shortens FX settlement period

In continuation of its efforts to inject liquidity into the official market and boost value of the naira, the Central Bank of Nigeria (CBN) yesterday auconed $100 million to be settled between one week and 30 days, as against 60-day contracts it had written previously, traders said. According to traders, the new move by the apex bank to sell shorter-dated dollar forwards was an indication that the regulator was stepping up its intervention in the forex market and bolstering the naira. The local currency initially fell to N328.50 on the…

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CBN auctions $418m to aviation, agric, petroleum sectors

cbn, Central Bank of Nigeria

Adeboye: Those destroying Naira’ll not enjoy their gains     In continuation of its efforts to boost liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has auc-tioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors. The Acting Director, Corporate Communications Department, CBN Mr. Isaac Okorafor, who disclosed this yesterday, said that the $480 million offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees…

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Ban on auction: Reps to probe Ali, Customs boss

In spite of the conflict the Senate is having with the Nigerian Customs Service (NCS), the House of Representatives has insisted that it would go ahead with investigation of the Comptroller -General, Col. Hameed Ali (rtd) over his alleged failure to auction confiscated goods since he assumed duty. New Telegraph gathered reliably at the weekend that the committee on Customs has put in place machinery for the commencement of the investigation, beginning with the invitation of the comptroller general. Recall that the House had in March, upon a motion sponsored…

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Naira slides past 400 per dollar on black market

  Nigeria’s naira slid pass 400 on the black market on Friday amid tight dollar supply, despite a series of currency forwards sold by the central bank this month to clear demand for the U.S. currency on the official market, traders said. The naira was quoted at 405 per dollar on the black market on Friday. It traded at 306.15 on the official market, reports Reuters. The central bank has sold more than $1 billion on the forward market since February. It auctioned $250 million in forward sales this week…

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Forex: CBN offers fresh $100m for wholesale

The Central Bank of Nigeria (CBN) yesterday offered the sum of $100 million to authorized dealers at the forex auction in the interbank wholesale window. The Acting Director, Corporate Communications De  partment, CBN, Mr. Isaac Okorafor, who confirmed the offer in a statement, disclosed that no interventions were made in the retail auction window for forex. He also confirmed that the apex bank made special intervention of $10,000 to dealers in the Bureaux de Change (BDC) segment yesterday. Okorafor had said last Wednesday that the special intervention of $10,000 for…

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Q1 2017: Telecoms in sleeping mode

From all indications, growth in the telecoms sector appears to be in the sleeping mode, arising from the lingering issue of access to foreign exchange to expand their operations, among others. KUNLE AZEEZ reports   Despite having exhibited an outstanding performance in 2016, the current year appears to be somewhat different for telecoms industry, given the situation in the telecommunication landscape in the past three months. Apart from other operational challenges, the industry appears to be mostly bugged down by the on-going telcos’ inability to have direct access to foreign…

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