The Central Bank of Nigeria (CBN) has directed bureau de change operators in the country not to sell dollars higher than N392 to end-users.
In a circular signed by O.S. Nnaji, director of trade and exchange at the CBN, and dated November 30, 2020, the apex bank said the volume of sales for each market is $10,000 per bureau de change (BDC).
“Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30 to Friday, December 14, 2020, is as follows: International money transfer service operators (IMTSOs) to banks – N388/$1; Banks to CBN – N399/$1; CBN to BDCs – N390/$1; BDCs to end-users not more than N392/$1,” it read.
At the close of trading on Friday, figures from the financial market dealers exchange over the counter (FMDQ) NAFEX, an official market where the exchange rate is traded, also show that the exchange rate between the naira and dollar has depreciated to N390/$1 — the lowest level since the introduction of the import & export (I&E) window in 2017.
This is about N4 higher than the N386 per dollar which the apex bank had sold dollars to the BDC operators
In the parallel market, the naira hit record lows, falling by 2.2 percent to N495.00/$1 as lack of access to forex at the official windows has funneled demand to the parallel market.
This also followed recent comments by Godwin Emefiele, governor of the CBN, saying that the parallel market makes up only 5 percent of the overall FX market which is patronized by people who go there for cash to offer bribe and corruption noting that it should not be used to determine the naira’s true value.
The apex bank sells $10,000 twice weekly to BDCs and has sold over $1 billion since September 7 when it resumed intervention following a break occasioned by the COVID-19 pandemic.
Nigeria’s FX reserves further declined by $40.05 million week-on-week to $35.45 billion, as the outflows for the CBN’s interventions across the various FX windows continue to outstrip dollar inflows.
Year-to-Date, the naira is down by 6.6 percent and 26.9 percent at the I&E window and in the parallel market, respectively.
Nigeria Lacks Space To Store Pfizer’s COVID-19 Vaccine —- NIMR
The Nigerian Institute of Medical Research says there is not enough space at the moment to store the COVID-19 Pfizer vaccines which are expected to arrive next week.
The Director-General of NIMR, Prof. Babatunde Salako, said this during an interview with The PUNCH on Saturday.
Salako revealed that Nigeria had freezers in different parts of the country to store the Pfizer vaccines at -70 degrees centigrade.
He, however, said most of these freezers were occupied and were storing medical supplies which also need to be stored at a low temperature.
Responding to a question, Salako said, “Our facilities can hold Pfizer vaccines at -70 degrees but we don’t have enough of such freezers, and the ones we have are even full at the moment. We even just got one that we have yet to install but how many samples can it even hold?
“Even if we rearrange things, I doubt if we can store more than a few hundred or thousands.”
When asked if other facilities besides NIMR could hold such vaccines, he said, “There are many -80 freezers around in the research institutes and universities but the point is that many of them have samples inside them. So, even if we evacuate, I don’t think we will all be able to do more than a few thousands.”
Salako said storage was the minor problem, adding that the major challenge would be how to transport the vaccines at the temperature of -70 to rural areas.
The NIMR boss argued that in the future, Nigeria may need to buy other brands that do not require such low temperatures like Pfizer.
Salako noted that other brands like Oxford/AstraZeneca could be stored at normal freezer temperature while the Russian vaccine could also be stored at a temperature not as low as Pfizer.
He said, “The problem is not just about storing vaccines but moving it to the rural areas and maintaining that same temperature. For example, if you land in Lagos and you store it at -70 and it has to be transported over the creek somewhere, how do you move them? There are other ways but they will be very costly. They can store them with liquid nitrogen or even dry ice but it will cost a lot of money.
“AstraZeneca would have been better because it would stay at normal freeze temperature and I think even Russian vaccines can be stored at the same temperature but I think the government is going with Pfizer because the World Health Organisation has given it an emergency approval.
“But I think all the vaccines are now being deployed in many countries. So, we can do all of them rather than do just one considering the storage capacity for Pfizer. Even the government knows that we don’t have enough space but we can be taken in batches.”
Only God Can Give Victory Over Insecurity —– Femi Adesina
The Special Adviser to the President on Media and Publicity, Femi Adesina, says Nigerians who fail to commit the security situation into the hands of God could be guilty of indirectly prolonging the war against insurgency.
Adesina said this in an article on Thursday titled, ‘The Decent for the Indecent, the Just for the Unjust’.
The President’s aide noted that a short viral video showed a soldier and four others singing that victory is from God alone.
Adesina, however, said many Nigerians had failed to understand that only God gives victory.
He wrote, “But victory is from God alone. That is what we must realize as Nigerians. Do we ever pray for our troops in the frontlines? Do we remember those youths, our pride, and strength, faced by death daily, as we sleep in the comfort of our homes, ensconced in the tender bosom of our wives?
“As we pray; God give me money. Give me a car. Give me a promotion. Kill my enemies. Do it now. Do we ever remember our soldiers? Ere you left your room this morning, did you think to pray…did you pray for our soldiers? Victory comes from God alone. If you don’t pray, you may be guilty of prolonging the war in North-East, North-west, North-central, and all over Nigeria.”
The President’s spokesman said rather than understand the fact that only God can give victory, some Nigerians had become wailers.
“Yes, victory is from God alone. But do some people know? Does it ever enter into their consciousness? They only wail: ‘this insurgency war has lasted too long. The banditry has demystified our military. They are cowards. The top guns don’t even want the battle to end.
“They are making money in billions.’ Okay. Making money in billions and wasting our soldiers, our youths, our future, and hope, in their hundreds and thousands because of blood money. That is all some people see; permanent cynics and sceptics, who know nothing of altruism, and whose God is their belly. They think only of pecuniary gain, nothing else,” Adesina said.
He said as the nation marks this year’s Armed Forces Remembrance Day, Nigerians should seize the opportunity to pray for the military and encourage them and not run them down.
JUST IN: Lagos Okays School Reopening January 18
The Lagos State Government has affirmed its earlier pronouncement that all public and private schools in Lagos State below tertiary level should resume on Monday, January 18, 2021, for the second term 2020/2021 academic session.
This affirmation was made today by the Honourable Commissioner for Education, Mrs Folasade Adefisayo while noting that this is in line with the Federal Government’s resolution after reaching a consensus with relevant stakeholders.