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Naira Slips To 490/$ At Parallel Market, CBN Plans Digital Currency

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The naira exchanged to the dollar at N490/$ at the parallel market on Thursday.

According to naijabdcs.com, the official exchange rate website of the Central Bank of Nigeria for the Bureau de Change operators, the country’s currency was bought and sold at N488/490 to the dollar as of Thursday evening.

The naira had earlier exchanged to the dollar at N483 in the previous week.

The CBN recently adopted the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.

It confirmed this new official rate on its website on Monday night, after it had removed N379/$.

It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.

The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

Also, the CBN Governor, Godwin Emefiele, has said that digital currencies have a place in the country.

He made this known during the 279th Monetary Policy Committee meeting in Abuja.

Emefiele said, “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.”

This revelation by the CBN aligns with the trend in developed nations in the world. The central banks of China, South Korea, the United States, and a host of other countries are in the process of launching their own digital currencies also.

Raising concerns about cryptocurrencies, Emefiele said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.

“Under cryptocurrency and Bitcoin, Nigeria comes second while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.”

Since the CBN’s ban on cryptocurrencies, peer-to-peer trading has increased greatly. Paxful, a crypto trading platform, recently announced that Nigerians had traded $1.5bn to become its biggest market.

In a February 7, 2021 circular, the CBN had said, “First, in light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria.”

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Yahaya Bello: Kogi Court Summons EFCC Chairman Olukoyede Over Alleged Contempt

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Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), has been directed by a Kogi State High Court in Lokoja to appear in court on May 13, 2024, to provide justification for not having an order of committal placed against him for allegedly defying a court order.

A contempt charge has been brought against the EFCC chairman for executing “some acts upon which they (the EFCC) have been restrained” by the Court on February 9, 2024, while the Originating Motion’s merits are being determined.

Justice I. A. Jamil, delivering a ruling in Suit No: HCL/68M/2024 and Motion No: HCL/190M/2024, ordered that “the said act was carried out by the Respondent (EFCC) in violation of the order, which was valid and subsisting when they carried out the act. That same act of the Respondent amounts to Contempt.

EFCC operatives had laid siege on the residence of the immediate past Governor of Kogi State, Alhaji Yahaya Bello, as early as 8 am on April 17, 2024, with a bid to arrest him, despite a court order restraining them from taking such action, pending the determination of the Originating Motion.

Justice Jamil’s order was based on a motion ex-parte filed by Yahaya Bello through his lawyer, M.S. Yusuf, where he prayed to the court for an order to issue and serve the Respondent (EFCC Chairman) with Form 49 Notice to show cause why Order of committal should not be made on Olukoyede.

Having listened to the arguments of the Applicant’s counsel, the submission and the exhibits attached in the Written Address, Justice Jamil granted Yahaya Bello’s prayers and ordered Olukoyede to be summoned to appear before the court to answer the contempt charge.

Delivering his order on the motion on April 25, 2024, Justice Jamil said, “The applicant’s application before me is to the effect that the Respondent has carried out some acts upon which they have been restrained by this Court on the 9th of February, 2024, pending the determination of the substantive motion on Notice before this Court.

“That the said act was carried out by the Respondent in violation of the order which was valid and subsisting when they carried out those acts. That same acts of the Respondent amount to acts of contempt.

“That the Respondent should be summoned to appear before this Court to answer to the contempt charge.

“It’s against the above facts that this Court hereby grants the prayers sought in line with the principle of “Audi Ultra Patem”. To wit:

“An order of this Honourable Court for the issuance of Form 49 Notice to show cause why an order of committal should not be made against the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC).

“An order for service of Form 49-Notice to show why an order of committal should not be made on the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC) at EFCC Corporate Headquarters, Plot 301/302, Research and Institution District, Abuja.

“This matter is adjourned to the 13th of May, 2024 for the Respondent’s Chairman to appear before this Court in answer to form 49 ordered to be served on him.”

 

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Naira Depreciates Because I Was Out Of The Country — Odumeje

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The Mountain of Holy Ghost Intervention and Deliverance Ministry’s Prophet Chukwuemeka Ohanemere, popularly known as Odumeje, declared that he had returned to Nigeria in an effort to halt the dollar’s appreciation relative to the Nigerian Naira.

Odumeje, in a video recorded at the airport while returning from London, boasted: “This is Indaboski Bahose. The war and the battle. A man full of power and activities. The only man who tells you, “I will bring down a dollar,” and he gets it done. When I left the country, dollar began to rise; now, I am back, I will continue where I stopped.”

In a video recording of one of his church programmes a few weeks ago, the self-acclaimed prophet had claimed that the exchange rate of dollar to naira came down because of one of his powers, which he dubbed ‘Abidoshaker.’

His claims came on the heels of the Nigerian currency’s significant gains after exchanging at N1,920 per dollar.

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Two Brothers In Police Net For Alleged Gang-Rape In Ogun

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Olamijuwon Noibi and Lukman Olatunbosun, two brothers, have been taken into custody by the Ogun State Police Command on charges of gang rape at Oke Eri, Atan Ijebu Area, Ogun.

A trustworthy law enforcement source, on Thursday, revealed that Noibi had tricked Aminat Yakub into coming to his flat, where he then allegedly sexually abused her while plotting with Olatunbosun, his younger sibling.

Yakub was allegedly invited by Noibi to visit his mother on Saturday, but when she got to his residence, she didn’t get to see her.

After making her consume an alcoholic beverage called “Bullet,” he allegedly physically attacked her before raping her.

According to The Punch, Noibi was also coerced his younger brother, Olatunbosun, with a knife so he could join him in the act, and filmed both of them while they were having sex.

When contacted, the spokesperson for the Ogun Police Command, Omolola Odutola, confirmed the incident and said that the suspects had been arrested and would be transferred to the State Criminal Investigation Department for a discreet investigation.

“On the 24/4/2024, at about 13:00hrs, one Aminat Yakub ‘F’, Aged 21 years, of Main Estate Oke Eri Area, came to the station and reported that on the 21/4/2024, at about 12:30hrs, she went to the house of one Olamijuwon Noibi ‘M’ at Oke Eri on invitation to come and greet his mother. When she got there, she discovered that his mother was not at home.

“Juwon forcefully pushed her into his room, then forced her to drink Black Bullet and forcefully had sex with her twice after a serious beating. He later invited his younger brother, Lukman, to come and have sex with her but when his younger brother refused, he took a knife threatening to kill both of them. In the end, his younger brother ended up having sex with her after a serious beating and equally took a video of them.

“Upon the receipt of the complaint, the team of patrol led by Asp Ayoola Alidu at the station and went to the scene of incident. The two alleged suspect was arrested one Olamijuwon Noibi, ‘M’, Age 27 Yrs and one Lukman Olatunbosun, ‘M’, Age 20 yrs,” a police statement.

The PPRO noted that both brothers confessed to the alleged crime, and the victim was taken to the General Hospital Ijebu-Ode for examination, saying that the suspects would soon be transferred to the State Criminal Investigation Department for “discreet investigation and further development will be communicated.”

Earlier report had it that the operatives of the Rivers State Police Command had arrested a 30-year-old man identified as Jeffrey for allegedly defiling the teenage daughter of his landlady in an estate in Abuloma, Port Harcourt Local government Area of the state.

It was learnt that the suspect, who had a tailoring shop at the estate, lured the 13-year-old girl to his business place one evening under the guise of showing her clothes.

But Jeffrey ended up locking the shop, overpowered the girl, and allegedly had his way with her.

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