Naira Strengthens Against Dollar, Speculators In Foreign Exchange Face Losses

September 3, 2020

The Central Bank of Nigeria (CBN) has announced the surge in Naira against the dollar, throwing speculators in Nigeria’s foreign exchange market into possible huge losses.

The surge in Naira against Dollar, according to a statement from the CBN is as a result of its interventions in the Investors and Exporters (I&E) window.

The statement said that prior to CBN’s renewed intervention in the I&E window on August 31, 2020, the Naira exchanged for as high as N480 to the dollar, prompting fears that the Naira was in a free fall.

It said that the Naira began to rebound against the dollar following an announcement by the CBN that it would also resume the sale of foreign exchange to operators of Bureau de Change (BDCs) from Monday, September 7.

“Compared to the previous days’ sales, the naira exchanged for N420 to a dollar in the BDC segment of the market on Wednesday, September 2, 2020, plunging speculators into losses, following their failure to heed warning signs from the CBN.”

The statement quoted the apex bank’s chief spokesman, Isaac Okorafor while speaking on the issue as saying that the Bank had concluded plans to inject liquidity into the foreign exchange market by selling forex to licensed BDC operators.

According to him, the sale to BDC would be gradual and be done twice a week – Mondays and Wednesdays, hence the BDCs had been directed to ensure that their accounts with their banks are adequately funded to ensure seamless transactions.

While warning speculators to desist from what he termed unpatriotic tendencies, Okorafor urged registered BDCs to comply with the CBN guidelines as the Bank would not hesitate in sanctioning any erring dealer. He also assured that those requiring foreign exchange for purposes of travel, educational fees and other invisibles could obtain such over the counter from their respective banks.

Meanwhile, the President of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji AminuGwadabe has expressed support for the CBN action, noting that the anticipated intervention in the BDC sector would ensure stability in the foreign exchange market.

According to him, speculators in the forex market have been dealt a huge blow with the sharp drop in the exchange rate, which he said would continue a downward trend with the resumption of international flights in and out of the country.

It will be recalled that the CBN, in a circular signed by its Director, Trade and Exchange Department, Dr. OzoemenaNnaji, on Thursday, August 27, had disclosed plans by the CBN to resume the sale of foreign exchange to BDCs as part of effort to enhance accessibility to foreign exchange.

FCT Gets New Permanent Secretary

Greenbarge Reporters

September 3, 2020

The Federal Capital Territory Administration now has a new Permanent Secretary.

He is Adesola Olusade, who assumed duties yesterday, September 2 to replace Sir Chinyeaka Ohaa, who himself has been redeployed to the Ministry of Power. Adesola Olusade was until his new posting, the Permanent Secretary in the Federal Ministry of Niger Delta.

In a ceremony to welcome the new helmsman, the Minister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello described the outgoing Permanent Secretary Chinyaaka Ohaa as a problem solver and a pillar of support.

According to the Minister, Sir Ohaa never shied away from difficult situations, a trait which he had found very useful in the running of the affairs of the FCTA adding that the job of Permanent Secretary of the nation’s capital’s bureaucracy was not an easy one.

While wishing the outgoing Permanent Secretary success in his new place of posting, Malam Bello advised him to be an ambassador of the FCTA and support the Administration when needed.

He also informed the new Permanent Secretary that he would be working with a very large bureaucracy made of very competent individuals with a tremendous amount of institutional memory.

He urged the new Permanent Secretary to leverage on the experience of the FCTA workforce to deliver on the mandate of President.

Earlier the Outgoing Permanent Secretary had appreciated the opportunity given to him to serve alongside the FCT Minister and Minister of State as well as the staff of the FCTA.

He commended the health workers led by the Health Secretary, Dr. Muhammad Kawu, who have put their lives on the line in the fight against COVID 19.

He urged all staff to give the new Permanent Secretary their cooperation and support in the discharge of his duties.

This was even as the new Permanent Secretary expressed his desire to facilitate the work of the Minister towards delivering on the mandate of Mr. President.

He commended the Minister for his passion and dedication to work while describing Sir Ohaa as his boss with whom he had worked closely in the past.

Federal Govt Moves To Perfect Virtual Activities In Governance

Greenbarge Reporters

September 2, 2020

The Federal Government of Nigeria has taken steps to continue with virtual meetings and other activities long after coronavirus would have been cleared from the surface of the earth.

This followed the report of the minister of Digital Communications, Isa Pantami today, September 2, to the virtual meeting of the Federal Executive Council (FEC) for Galaxy Backbone Limited.

According to Pantami at a news briefing: “what the memo speaks about is the need to upgrade and be more alive to digital transformation in our activities. We have seen how Covid -19 pandemic brought about the need to be conducting activities virtually and today we have attended the 14 virtual executive council meeting and this is unprecedented. We have been pushed by necessities to virtual activities.

“It is because of these that Galaxy backbone limited has deployed ICT infrastructure in federal public institutions like State House.

“Where we have 1,500 land points that is local area network points , federal secretariat phase one 2750 land points, federal secretariat phase 2 , 4896 and SGF office 1176 local areas and network and Mabushi where minister of works and Housing reside , they have about 800 local area network points .

“Most of the facilities being used are deployed 10,11 and 12 years ago . The most recent facilities in most of the places were the ones deployed 8 years ago and the validity of these facilities is usually 5 years maximum.

“Now we have some that are up to 11 ,12 years .There is a need for these facilities to be upgraded why because we are going virtual almost everyday and only Almighty God knows when this Covid -19 pandemic will leave us. “However, we are optimistic and prayerful as well , it is because of these Mr President has directed that we should conduct an audit assessment of all the federal public institutions and the need to upgrade their facilities.

“We have done that and the report has been presented before the council being chaired by our boss Mr President and secondly after that Galaxy backbone has been established to be providing digital services to all public institutions and with the presentation and prayer contained in the memo , federal government has redirected that all federal public institutions should always contact galaxy as their first point of call whenever they have any IT project to be executed.

“Most importantly, our presentation here is about upgrading our ICT infrastructure and secondly, directing institutions to patronize Galaxy and thirdly, to show to us the commitment of the federal government towards promotion of our government digital services and this is in summary of what the memo is all about.”

Gunmen Storm Ikeja Residence Of Late MKO Abiola, Made Away With Cash, Valuables

Greenbarge Reporters

September 2, 2020

Armed men were reported to have stormed the residence of late MKO Abiola in Ikeja, Lagos, in the early hours of today, September 2.
A statement from Tundun Abiola for the family, said that the gunmen ransacked the residence, thereby subjecting the family to extreme emotional torture and harassment.
According to the statement, the armed men stole an undisclosed amount of money and other valuable items belonging to the family.
It said that police have since been informed and that the crime is being investigated.
“We are consoled by the fact that no life was lost in this unfortunate and frightening incident.
“We give glory to Almighty Allah and we thank friends and family members across the world who have called and sent messages of support and solidarity.”

Ebira Youth Group Rejoices With Kogi Gov Over Supreme Court Victory

Greenbarge Reporters

September 2, 2020

Ebira youth Voice Association has rolled out drums to celebrate the Supreme Court judgment that favoured Kogi State Governor, Alhaji Yahaya Adoza Bello on the disputed, David Onoja on governorship election in the state a fortnight ago.
In a letter of congratulation to the governor and his deputy, the youth group said that members are convinced that the leadership of the governor would transform the victory into a platform to widen the political and economical space and for inclusive governance in order to accelerate sustainable socio-economic development of kogi state.
The letter, by the Association’s President, Mohammed I. Hadi, re-assured the governor that the people of the state would continue to partner with him to strengthen the fraternal bonds that bind the people of the State, and to address the common challenges through positive engagement at both local and state level.
The youth said that they look forward to stronger mutually beneficial relation between local and state that would uplift the youths development in Ebiraland and the entire state in general.
“Member of Ebira Youth Voice assure both the governor and his deputy of our fullest corporation and to extend our right hand of fellowship for a better and brighter global community and youth development in which the safety, and happiness of every person shall be matter of certainty.”

Alleged Coronavirus In Villa: Presidency Asks Nigerians To Ignore Yellow Journalism

Editorial staff

September 2, 2020

The Presidency has advised Nigerians to ignore those it accused of practicing yellow journalism, who float fake news about existence of coronavirus in the Presidential villa.

Reacting to “the utter falsehood and disgraceful lies by so-called digital newspaper,” a presidential spokesman, Malam Garba Shehu, said the report which claimed that President Muhammadu Buhari’s aide, Sarki Abba is COVID-19 positive was nothing but falsehood.

“This report is sheer fabrication and brazen effort by the online news medium to mislead the public.

“Upon the directive of doctors and scientists and supervision of Professor Ibrahim Gambari, the Chief of Staff, all staff working for and around the President, are routinely and rigorously checked for the virus. The Senior Special Assistant, Social Affairs and Domestic Matters, Sarki Abba, always tested negative.

“The general public is hereby advised to ignore such stories that are intended to mislead the people and create unnecessary anxiety about the safety of the President.

“Don’t let yourself to be manipulated by any medium that thrives on yellow journalism and specialises in peddling fake news in the desperate quest for the market and donor money.”

Reps Speaker, Gbajabiamila, Heads For Ghana On Peace Mission

Editorial staff

September 1, 2020

Speaker of the Federal House of Representatives, Femi Gbajabiamila, leaves for Ghana tomorrow, September 2, to engage his counterpart in that country on the way to resolve the conflict and misunderstanding that defined the relationship between the two countries lately.

The Speaker, who visited President Muhammadu Buhari today, September 1 to brief him on his move, told newsmen: “I’m leaving for Ghana tomorrow to meet with the Speaker of the parliament in Ghana to look at the issues on ground, as they affects our citizens, and to try and calm things down and see if there’s a way forward.

“I will meet with the Speaker tomorrow, I informed the President and he’s aware of every single step that we are taking, all the way and we hope that we’ll come to an amicable settlement one way or the other.

“It’s called Legislative Diplomacy. If you remember very well, during the days when I was Leader of the House, I led the delegation to South Africa during the crisis there with Nigerians and we were able to accomplish quite a bit, to simmer things down at that time.”

Gbajabiamila emphasized that he would engage to discuss in the spirit of African Parliaments “and we’ll be looking at issues from time to time as they affect African countries.

“Like I said, we are looking for amicable solutions. The Ghanians have their take on what’s going on, we have our own take. We’ll see how we can marry the two takes and come to a solution.

“We are two strong West African countries and there must be symbiosis, we must work together. You don’t get anything from working at cross purposes or knocking heads together. We must, at all times, as Africans, work as best as possible together and that’s what this my trip is abou

Imo Gov To Igbos: Presidency In Democracy Is Not Based On Tribe

Editorial staff

September 1, 2020

Imo State Governor, Hope Uzodinma has reminded his fellow Igbos in the Southeast that position of president in a democratic setting is based on party and not on tribe.

Responding to a question on the agitation in the Southeast for the zone to produce the President come 2023, Governor Uzodinma said: “the emergence of presidential candidate will come on party by party basis, not tribe by tribe basis.”

The governor, who had a private audience with President Muhammadu Buhari today, September 1 at the presidential villa, Abuja, told newsmen that “we are practicing partisan democracy and not tribal democracy.

Uzodinma said that there is no basis for anyone to be talking about 2023 election now, because the position is not vacant now.

“There is a sitting President.”

The governor said when the time comes and there are other internal factors that will form part of the considerations for parties taking decision on Igbo presidency, it will be entirely the job of the leadership of those political parties “and I think that is the right thing to do.”

Presidential Aide Accuses Opposition Politicians Of Giving Religious Colouration To CAMA

Editorial staff

September 1, 2020

Senior Special Assistant to the President on Niger Delta Affairs, Senator Ita Enang has accused some opposition politicians in the country of giving religious colouration to the Companies and Allied Matters Act 2020 (CAMA).

Senator Ita Enang, who spoke today, September 1, at an interaction with the Christian Association of Nigeria (CAN), in Abuja, assured that CAMA does not target Churches, Mosques and other religious bodies, as had been wrongly portrayed.

The meeting was organised for the purpose of giving enlightenment to the Christian body over the contentious provisions of the CAMA.

The Presidential aid swore to an oath that churches in Nigeria is not an anti-christian law as has been wrongly portrayed by opposition politicians.

He said that the misconceptions that had trailed the Act had found their way in through deliberate misinformation, saying that though some had intended to blackmail President Muhmmadu Buhari with it, he was not the sponsor and had at previous occasions withheld accent to it when he was not convinced it was good enough for Nigeria.

“Misconceptions have enveloped this ACT with deliberate misinformation and falsehood by persons who may not have fully and in-fact personally read and digested the provision of the ACT. We consider it appropriate and responsible to appear before you and other fora to make these explanations.

“First, the bill as it then was, was not an executive bill transmitted by President Buhari to the legislature but initiated by a Senator and member of the House in the respective chambers, at the behest of the Corporate Affairs Commission and support of the Ministry of Trade and Investment. It was therefore not an executive bill, but upon passage was transmitted to Mr. President for assent.

“Secondly, upon receipt of same for assent, Mr. President in accordance with extant best practice escalated the measure to appropriate Ministries, Departments and Agencies who made different inputs some of which lead to Mr. President declining assent twice to the bill in the entire tenure or life of the 8th Assembly.

“Thirdly, as the 9th Assembly inaugurated, the bill was again re-introduced by Senators and Honourable members and all the observation made on the 8th Assembly bill incorporated and addressed, without any amendment or insertion and IN WHOLE passed by the two chambers and being without differences was transmitted to Mr. President for assent.

“It is pertinent to state that prior to this ACT, Incorporated Trustees or Law of Trust was regulated by the COMPANIES AND ALLIED MATTER ACT,1990, now repealed by the 2020 CAMA. This shows that trusteeship as now complained of was regulated by an ACT which has been in existence for 30 years and the practice and complaint arising therefrom can only reasonably generate improvement, amendment and incorporation of International best practice as in other nation states as well as guidance from judgement of court on matters relating thereto in the 2020 CAMA subject of this brief.

“We want to declare as a fact, that the Act does not target churches or religious bodies as wrongly assumed. For illustration of this I present a tabular form of the provisions of the 1990 ACT which came into force on January, 2nd 1990, which after more than 30 years of operation has now been repealed and replaced by CAMA 2020 hereunder are the comparative provisions in the two enactments to show particularly that the 2020 ACT assented to by President Muhammadu Buhari has not introduced any matter oppressive to the Christian Community or any religion nor any matter discriminatory against any class of persons in Nigeria.”

Polaris Bank Asks Nigerians To Strengthen Savings Culture, Introduces Target Savings Account

Editorial staff

September 1, 2020

Polaris Bank has launched ‘Polaris Target Savings Account’ to help Nigerians imbibe healthy savings culture as a means to building a strong financial base.

The Bank in a statement, quoted its Group Head, Products & Market Development, Mrs. Adebimpe Ihekuna as saying: “the savings culture is gradually going into extinction as people generally spend than save, hence the launch of the target savings account to help Nigerians save for a better tommorrow.

“We recognize that there is never going to be enough money to save. That is what one must first accept – but the need to develop the habit of savings is as important as life in itself. A salary increase for most people will not necessarily get them to save more. Your children finishing school, will not get you to save more. A bigger client for your business will not get you to save more. Getting older, will not enable you to save more. Paying off your mortgage and other debts, will not get you to save more. All these are excuses not to start SAVING TODAY. If you are not saving with what you have today, chances are you might not save when you have more money.

“It’s simply because we seem not have inculcated the culture of savings. One of the definitions we found describes culture, as a way of thinking and behaving in a society. In our own words – Anything done consistently becomes a habit; a habit done over and over, becomes a way of life i.e. culture. If we look at our society, we have a spending culture as opposed to a savings culture. This is why most often, a bigger salary means more spending; while we often assume, albeit erroneously, that we will invest or save more when we earn higher income. In ireality, the world is never going to run out of things one can buy. You may think you have the latest asset today, and a month later, another model or upgraded version of it will be there.

“The good news is that it is never too late to start saving. Nigerians who want to take up the challenge and begin to save for specific goals for the future, no matter how small, can now do so with ease, through the Polaris Target Savings account. The product was designed to help customers plan and achieve their set financial targets.”

According to the Group Head, the Target Savings Account is open to all customers, Polaris and non-Polaris account holders.

“Polaris Target Savings account can be adopted by individuals – men, women, young adults and Children.”

According to the statement, the Bank’s product offers flexible tenor and competitive interest rate. Other benefits include opportunity to _get_ soft loans against savings, Advisory and financial coaching services, etc”.

‘’The Polaris Target Savings Account is easy to use; customers can deposit daily, weekly, monthly or quarterly earnings, through online direct deposits, standing order instructions or mobile and internet banking platforms.

“The account can be linked to existing Polaris Bank accounts. Customers can sign up through the Bank’s mobile or internet banking platforms, and at all Polaris Bank branches nationwide.”

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