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BIG STORY

Naira May Depreciate To 475 Against Dollar —- Bismarck Rewane

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The naira will weaken in the parallel market as oil prices stay at $40-$42 per barrel and likely depreciate to 470-475 against the dollar in November and December, the Managing Director/Chief Executive Officer, Financial Derivatives Company (FDC), Mr Bismarck Rewane, has said.

Rewane stated this in his presentation at the Lagos Business School Breakfast Session last week, a copy of which was obtained by our correspondent on Monday.

The Nigerian currency is currently trading around 462 to 465 against the greenback in the parallel market.

According to Rewane, oil prices are under pressure again, currently trading below $41 per barrel, and this will further limit foreign exchange supply.

He said the resumption of international flights, trading, and manufacturing activities would heighten forex demand pressures.

Rewane said, “Naira [is] likely to depreciate to trade around 470-475 in November/December. A convergence of multiple rates will continue but unification is unlikely.

“The CBN will maintain its forex rationing stance and intensify efforts to keep the naira stable. External reserves to likely fall towards $34bn in the coming months.”

The economic expert stated that the International Monetary Fund’s Article IV review had started, adding that the Central Bank of Nigeria would come under additional pressure.

“As Nigeria ponders IMF’s conditionalities, CBN could succumb to pressure and devalue the naira to N390-400/$,” he added.

According to him, the 2021 budget is likely to be revised, as a result of the impact of lower oil prices and higher expenditure and the #EndSARS crisis, which will deepen the economic crisis and delay the recovery.

He noted that CBN’s Monetary Policy Committee meeting in November would take place against the background of the need to provide further stimulus in the wake of the #EndSARS crisis and surging inflation and currency pressures.

“MPC [is] likely to maintain the status quo. If inflation rises further and exchange rate pressure continues, then something will have to give. A hike in interest rates may be necessary to stave off pressure,” Rewane said.

He said the second wave of COVID-19 and global lockdowns would trigger a fall in commodity prices, trade activities, capital flows, and remittances.

According to him, a Joe Biden presidency in the United States will mean an increased focus on renewable energy; a revival of the Iran nuclear deal; banning of fracking on US federal lands, and the US to rejoin the Paris accord on climate change.

BIG STORY

Nigerian Government Demands Apology From UK Over Claim That Gowon Looted Central Bank

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The federal government has demanded an apology from the British government over the “unsubstantiated” claim by a member of its parliament that Yakubu Gowon, Nigeria’s former head of state, looted the public treasury.

Ferdinand Nwonye, spokesman of the ministry of foreign affairs, in a statement on Friday, said Nigeria has also demanded that the statement be retracted.

Tom Tugendhat, chairman of the UK parliament foreign affairs committee, had accused Gowon of looting half of Nigeria’s central bank when he left office.

Speaking at the parliament’s recent debate on the #EndSARS crisis, Tugendhat said: “Some people will remember when General Gowon left Nigeria with half of the Central Bank, so it is said, and moved to London.”

However, the MP did not provide any evidence or source to support his claim.

Nwonye said the ministry, upon learning of the claim, “immediately sought an apology and retraction of the unsubstantiated allegation from the British Government”.

He said the federal government also consulted with Charlotte Pierre, head of Africa Department of the Foreign, Commonwealth and Development Office, who “expressed strong reservations on the comment of the Parliamentarian”.

The statement quoted Pierre as saying “the said comment of the MP does not reflect the views of Her Majesty’s Government and the British Government has no mechanism for controlling the actions and speeches of members of the Parliament.”

It added that she urged Nigeria to “discountenance the said comment of the MP, as Her Majesty’s Government has nothing to do with it”.

Gowon had “described the MP’s claim as “rubbish”.

He had told the BBC: “What the MP said was just mere ridicule and I don’t know as to where he cooked up such statement. I served Nigeria as much as I could and my achievements during those years are available to everyone.”

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JUST IN: Amotekun Rescue Wife Of Akeredolu’s Chief Of Staff

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Barely two days after her abduction, the wife of the Chief of Staff to the Ondo State governor, Olugbenga Ale, has regained her freedom.

We had earlier reported that Mrs Sade Ale, alongside one other person, were kidnapped on Thursday evening along the Ondo-Akure Expressway while travelling from Lagos to Akure.

It was, however, gathered that the victims were rescued on Saturday morning by men of the Ondo State Security Network also known as Amotekun Corps in collaboration with local hunters and vigilantes in the area.

The Commander of the Amotekun Corps, Adetunji Adeleye, who confirmed the release of Mrs Ale to newsmen, said it was too early to disclose details of the rescue operation.

He said, “We thank God for the achievement, it was not easy. But we are able to arrest some persons in connection with the matter.”

Adeleye also said some suspects have been arrested in connection with the murder of the Olufon of Ifon, Oba Israel Adeusi, who was killed by some gunmen on Thursday.

“We are closing in on the hoodlums. We also arrested some persons at Elegbeka in connection with the killing of the monarch. But they are under interrogation and they are helping us with useful information,” Adeleye said.

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City People Magazine Honours Akogun Lanre Alfred

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A goldfish never has a hiding place and when one is exceedingly good at what he does, he will always be fished out for honours that will spur to him to greater heights and exploits.

Perhaps, it’s recognition time for cerebral and prolific top-notch society and lifestyle writer and author of five books, Akogun Lanre Alfred, as adorns the garb of ‘Lifestyle King’- (Highlife and Society Reportage) at the 2nd City People Magazine Online Fashion and Beauty Award courtesy top of the range soft-sell tabloid, City People Magazine.

The prestigious honorary award comes up this Sunday 29, November 2020, and it will be attended by the cream of the society as sensational singer SBLive will be on the bandstand, while Lanre’s friends in the business world will be in attendance.

The ‘African Prince’, as he is fondly called by his friends, is the head honcho of Seafrills Energy International, The OldEnglish Bakery with branches in Lagos.

Akogun Lanre Alfred, who is also Executive Consultant to Governor Dapo Abiodun on Reputation Management, has been on the scene for over two-decades and very meticulous in his unique and uncommon style of society and lifestyle journalism, with a couple of aptly concise books on highlife styles of top society players.

Interestingly, there is no gainsaying Alfred possesses admirable poise and panache; a man of venerable taste in fashion, he effortlessly depicts style as an outward and inward sign of grace and character. He has got the money habit, and an enduring flair for the modish and timeless, in repute and colossal proportions.

Unlike several dudes of his ilk, he is neither tormented nor overwhelmed by his love for the classy and urbane. Such habit and love are practicable at a steep price and he rises to the measure and monetary worth of his taste for high fashion and art.

Many rich, privileged men stumble into vogue but it takes a discerning man of class and élan to mirror the girth and depth of burgeoning trends to the world.

Lanre Alfred without doubt epitomizes such an exclusive breed of manhood; among other traits, he flaunts immaculate flair and charisma to often lead and set the pace in whatever social circuit he inhabits. He effortlessly characterizes the essence and refinement, exemplary of intensely constituted men of style.

Little wonder he cuts a perfect portrait of a man fully at home and at peace with his inner grandeur.

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