Why we intervened in forex market –CBN

The Central Bank of Nigeria on Thursday said that its current intervention in the foreign exchange market was purely to ease the pressure on the naira and had nothing to do with succumbing to blackmail from some quarters.

The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, stated this while reacting to some trending posts in the social media to the effect that the current appreciation of the naira was as a result of the alarm raised about the illegal sale of forex at ridiculous rates to some people.

A Lagos-based businessman and former governorship candidate, Babatunde Gbadamosi, had claimed that the CBN was engaged in racketeering in the allocation of forex, which he alleged, had led to disparity in the allocation of foreign exchange to cronies of the present administration.

Gbadamosi, who had accused the CBN of selling dollars to some people for as low as N3, was later arrested by the Department of State Services and has been in detention for over five days.

But reacting to the development, Okoroafor said that the CBN did not sell dollars directly to individuals and that the figures being cited by Gbadamosi were as a result of formatting errors during the filing of forex returns by Deposit Money Banks to the CBN.

He said the banks involved had been queried and responses obtained from them, adding that the appreciation of the naira was in no way connected to the allegations of Gbadamosi.

Okoroafor stated, “I want to state categorically that there is no relationship whatsoever between the allegations by the so called person that dollar was being sold at 61 kobo and the current appreciation of the naira.

“What led to the appreciation of the naira is that the CBN has done its intelligence work on the market and we came to the realisation that much of what was driving the demand at the Bureau De Change and parallel market was speculation.

“We reasoned that since there is a lot of pressure on the two segments from people seeking to buy foreign currencies for Business Travel Allowance, tuition and medicals that if we successfully address that, the pressure will come down.

“Also, before now, the level of our reserves was not enough to make us comfortable enough to really do the kind of intervention that is required. We decided to do so now because we are a bit more comfortable with our level of reserves.”

The apex bank spokesperson noted that since the new forex policy, the CBN had intervened with over $500m in the market, which had led to naira gaining strength.

SOURCE: http://punchng.com/why-we-intervened-in-forex-market-cbn/

BoI, First Bank, AGDC target five million jobs with increased on-lending to MSMEs

To increase access to funds to the underserved and intending entrepreneurs, the Bank of Industry (BoI) and Afterschool Graduate Development Centre (AGDC) have partnered to finance viable and sustainable business ideas.

The partners, working in collaboration with First Bank of Nigeria, hope to create at least five million jobs by supporting one million entrepreneurs with funds at single digit interest rate as well as enhance their capacity for sustainable growth.

Speaking at the unveiling of the partnership in Lagos, yesterday, the Acting Managing Director of the Bank of Industry (BoI), Waheed Olagunju stated that the bank was partnering with development partners to ensure that funds get to the appropriate businesses who then achieve desired impact designed under the programme’s objective.

Olagunju explained that the initiative is a lending scheme and not a grant as may be perceived by intending applicants, adding that terms and conditions have been streamlined to improve access and remove bottlenecks hitherto experienced by entrepreneurs.

On her part, the Chairman of First Bank of Nigeria, Mrs Ibukun Awosika noted that the level of youth unemployment and the social ills arising from the trend is worrisome and should be addressed.

She said: “Right now, we are at the point of building the future of the nation and when you have an environment where 65 per cent of your able-bodied young people ‎or where a large part of your population are out of work, you should not be able to sleep. We need to think of growing businesses in the future. 

“For any country in the world to achieve economic growth, it must prioritize developmental efforts towards small businesses. Small businesses represent about 60 per cent of the economy and also the largest employer of jobs in the country.

She added that micro and small businesses can access loans as low as N250,000 for new businesses and N500,000 for an existing enterprise with a tenor of one year.

source: punch newspaper

Xenophobic attacks: Militants threaten MTN, others as Obasanjo berates S’African leaders

A coalition of Niger Delta militants, on Wednesday, threatened to blow up Multichoice, owner of DSTV; MTN, Shoprite and 16 other major South African investments in Nigeria if the Federal Government failed to shut them down within one month.

The militant groups, who were reacting to the xenophobic attacks on Nigerians and their business premises in South Africa, gave one month ultimatum to South Africans living in Nigeria to leave the country and relocate elsewhere.

The threat from the militants groups – Niger Delta Watchdogs, Niger Delta Volunteers and Niger Delta Strike Force – is contained in a copy of a letter, addressed to the Office of the South African High Commissioner to Nigeria, located at 71 Usuma Street, Off Gana Street, Abuja.

Signatories to the letter are ‘General’ John Duku (Niger Delta Watchdogs); ‘General’ Ekpo Ekpo (Niger Delta Volunteer); and ‘General’ Hart Bradford (Niger Delta Strike Force).

According to the letter titled ‘Attack and killings of Nigerians living in South Africa’, the militants expressed anger that the South African Police were shielding criminals and joining them (criminals) to kill Nigerians.

Apart from MTN, DSTV and Shoprite, some of the South African companies in Nigeria listed for attack by the militants are Eskom Nigeria, South African Breweries (SAB Miller), Umgeni Water, Refresh Product, LTA Construction and Protea Hotels.

Others, according to the letter, are Critical Rescue International, Global Outdoor Semces, PEP Retail Stores, Woolworths Holdings Limited, Truworths International Limited, Clover Industries, Oracle, Power Giant and Airtime.

READ: (Photos) Protesters, Nigerians clash in South Africa 

The militants added, “Arising from the joint meeting of the Niger Delta Watchdogs, Niger Delta Volunteers and Niger Delta Strike Force, held today (Wednesday) in Port Harcourt, we condemn the recent attacks on Nigerians in South Africa.

“We want to state that the recent attacks (on Nigerians in South Africa) will mark the end of this nonsense because we will not fold our arms and allow this to continue. We, therefore, call on the Nigerian Government to immediately close down all the businesses owned by South Africans in Nigeria.

“Failure to close down these companies within one month, we shall mobilize in full force and commence massive attacks on the above-mentioned South African-owned investments in Nigeria. We shall also make sure that all MTN masts and offices are brought down to naught.

“We shall strike any property and persons from South Africa within our reach; we will bring down Multichoice (DSTV), Shoprite and others. We will not fold our arms and watch you (South Africans) slaughter our people like chickens for no just cause.

“We are fully prepared; our professional fighters are already strategizing, South Africans must be crushed in Nigeria; our people must be free from these wicked agents.”

The militant groups pointed out that the one month ultimatum was enough for South Africans to relocate and leave Nigeria, even as they warned Nigerians against patronising South Africans business concerns on the expiration of the ultimatum to avoid casualties.

Accusing the South African Government of plotting to kill Nigerians within its territory by all means, the Niger Delta agitators cautioned that they would not allow such a plan to be executed.

“How can you explain a situation where the police clobbered defenceless Nigerian citizens to death without any provocation?” the militants asked.

They observed that the South African Government and her citizens possessed the highest number of business operations in Nigeria by a foreign country and making huge profits and living in a peaceful environment with nobody attacking them.

“But our people in South Africa have been unjustly subjected to torture, killings, looting of their belongings as well as burning down of their business premises/apartments,” they added.

Obasanjo berates S’African leaders, youths

Meanwhile, former President Olusegun Obasanjo has condemned attacks by South African youths on Nigerians and other African nationals in the former apartheid enclave, blaming the development on the insincerity of the government and the leaders of the country.

He said this on Wednesday in Abeokuta while receiving the management of the National Institute for Policy and Strategic Studies, Kuru, Jos, led by its chairman, Maj. Gen. Lawrence Onoja (retd.).

The former President, who received the delegation at the Olusegun Obasanjo Presidential Library, said the current development in South Africa betrayed the contributions of Nigeria to the struggle for the emancipation of the country during the apartheid era.

Obasanjo, who blamed the exodus of Nigerians and other African nationals in search for greener pastures, however, called on African heads of government to ensure good governance for the overall development of the continent and its teeming population.

He blamed South African youths for their immaturity, while hitting their leaders more for allowing fellow Africans to rise against themselves.

He stated, “Youths can be so immature; they may not understand what Africa stands for; what our continental organisations stand for. But if the youth do not understand what happened, what happen to the leadership?

“I will blame the youth of the country for the attacks but I will blame the leaders more in any country that allows xenophobic attacks against fellow Africans for whatever reason.

“Having said that, it is also the responsibility of everyone of us in our different countries to prepare our countries so that our youths, who think that there is an Eldorado somewhere outside their countries, will be made to know that there is no greener pastures anywhere.

“The greener pastures is here in your country. I feel disheartened to know that many of our youths perish while crossing the Sahara desert or the Mediterranean.”

Ekweremadu heads Senate delegation to South Africa

Also, on Wednesday, the Senate named members of its delegation to South Africa to investigate the ongoing xenophobic attacks on Nigerians in the country.

Senate President Bukola Saraki made the announcement at plenary on Wednesday.

Members of the delegation are the Deputy President of the Senate, Senator Ike Ekweremadu; Leader of the Senate, Senator Ahmad Lawan; and the Chief Whip, Senator Sola Adeyeye.

Others are Deputy Chairman, Senate Committee on Foreign Affairs, Senator Shehu Sani; Senator Stella Oduah, Senator Magnus Abe and Senator Shaba Lafiaji.

SOURCES: http://punchng.com/xenophobic-attacks-militants-threaten-mtn-others-as-obasanjo-berates-safrican-leaders/

FC Barcelona manager to step down at end of season

FC Barcelona manager Luis Enrique on Sunday confirmed he would step down at the end of the season. The 46-year-old, in his third season in charge of Barca, was speaking after their 6-1 win over Sporting Gijon on Wednesday night. Luis Enrique He won the Champions League as part of the treble in his first year, and led them to a domestic double last season. But they are on the verge of elimination from the Champions League, after losing 4-0 to Paris St-Germain in the last-16 first leg.

                          

“It is a difficult, measured and well thought-out decision and I think I have to be loyal to what I think,” he said. “I would like to thank the club for the confidence they have shown in me. It’s been three unforgettable years.” Barca’s win over Sporting took them to the top of La Liga, a point above Real Madrid. 

Real Madrid had forced a 3-3 draw away to Las Palmas in a late Wednesday night fixture, but they still have a game in hand. Former Spain midfielder Enrique played for FC Barcelona between 1996 and his retirement from playing in 2004. He then coached their B team from 2008 to 2011, returning to the club as first-team boss after spells managing Roma and Celta Vigo. Club president Josep Maria Bartomeu said: “Luis Enrique has brought us great success and he can still bring us more. The players are motivated to do it. “We accept Luis Enrique’s decision. He has been a great coach. Now is it time to end his spell in the best possible way.”

SOURCE: http://www.vanguardngr.com/2017/03/fc-barcelona-manager-step-end-season/

Experts predict further gain as naira hits 445/dollar

The naira rose to 445 against the United States dollar at the parallel market on Sunday, one week after the Central Bank of Nigeria introduced a new policy measure aimed at boosting foreign exchange supply in the market. 

The local currency, which had tumbled to 520/dollar last Monday, closed at 450 on Friday.

                                

The CBN had last Monday commenced the implementation of the reformed forex policy with a promise to sell $1m weekly to each of the 21 commercial banks in the country.

Following the announcement of the new forex policy measure by the CBN on Monday, the naira commenced a gradual reversal of its previous losses, closing at 512/dollar on Tuesday.

It recorded further gain on Wednesday and Thursday, closing at 505/dollar and 495/dollar, respectively.

Foreign exchange traders said the CBN had intervened on the official market in recent days.

Economic and financial experts told our correspondent on Sunday that the naira would record further gain this week but not as big as last week’s.

“There is always a restriction point beyond which the exchange cannot cross except there is a huge forex inflow to breach that ceiling,” a currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said.

“The naira will gain further but it won’t be like last week’s own.”

The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, commended the CBN for the policy reform and wondered why the regulator had delayed such measure for months.

Amina Mohammed assumes duty at UN Tuesday

Ms Amina Mohammed, the immediate past Minister of Environment, will be sworn-in on Tuesday as the UN Deputy Secretary-General at the UN Headquarters in New York, the News Agency of Nigeria (NAN) reports.

Mohammed, who was appointed by the UN Secretary-General António Guterres on Dec. 15, 2016 as his deputy, was supposed to have assumed office on Jan. 1, 2017. She, however, delayed the assumption of her new role at the request of President Muhammadu Buhari to complete some ongoing responsibilities she was handling at that time.

Guterres had, while announcing Mohammed alongside two other women appointees, described them as “highly competent”.

Hayatou’s men fight back, minister summons emergency NFF meeting

Perhaps, the Nigeria Football Federation’s (NFF) President, Amaju Pinnick, was too hasty in announcing the federation’s decision to team up with other young elements in African football to engineer a change in the leadership of the continental soccer governing body, CAF.

The incumbent CAF president, Issa Hayatou, a Camerounian, has been the boss of the body since 1988 when he took over from Ethiopia’s Yidnekatchew Tessema. But a group of young football administrators, including Nigeria’s Amaju Pinnick, recently decided to effect changes in the leadership of CAF and chose Madagascar’s Ahmad Ahmad as the preferred candidate in the forthcoming CAF polls.

A lot of football enthusiasts have applauded the move, especially now that the world body has a group of young men trying to reshape the global game. But the applause in Nigeria may have come too early as some officials holding certain CAF positions have come out to distance themselves from Pinnick’s alliance with the progressive administrators.

                    

The first inkling that things might not be all well with the Nigerian position on the polls came at the weekend when Sports Minister, Solomon Dalung, tried to distance the country from the support for Ahmad’s candidature.

The minister, who said Nigeria would first consider regional interests before every other consideration, yesterday summoned an emergency meeting of the NFF where the issues would be thrashed out.

SOURCE: http://guardian.ng/sport/hayatous-men-fight-back-minister-summons-emergency-nff-meeting/