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New Forex Regime To Place Exchange Rate At N260 To A Dollar.

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Naira vs Dollars

The Central Bank of Nigeria (CBN) is suggesting that the new band for the naira, pending the direction of market forces, will be between 260 and 270 to the dollar.

Godwin Emefiele, the CBN governor, had said the position of the naira will be driven by market forces, but in a new document uploaded by the apex bank, it was further explained that the new regime would kick off at the the OTC foreign exchange futures contract rate of N260 to a dollar.

“The market shall operate as a single market structure through the inter-bank/autonomous window; the Exchange Rate would be purely market driven using the Thomson-Reuters Order Matching System as well as the Conversational Dealing Book,” Emefiele said while unveiling the new policy.

“The CBN would participate in the Market through periodic interventions to either buy or sell FX as the need arises,” he adds.

In the document, ‘how the naira-settled OTC FX futures market will work on FMDQ OTC securities exchange (FMDQ), it was explained that dealers (banks) will buy “Naira-settled OTC FX Futures are Non-Deliverable Forwards” of $1,000,000 at N270 to the dollar — N10 higher than OTC FX rate.

“It is assumed that Bank A would have transacted (bought USD in the Spot FX market) at $/₦270 which is higher than the OTC FX Futures contract rate of $/N260.

“The Clearing House, NIBSS, will pay Bank A N10,000,000 (i.e. N10 [N270-N260] per USD) thereby bringing Bank A’s effective rate to $/N260 (N270 assumed paid in buying USD less N10.00 received on the OTC FX Futures) which is the OTC FX Futures rate.

“CBN is assumed to have transacted (sold USD in the Spot FX market) at $/N270 which is higher than the OTC FX Futures contract rate of $/N260.

“The Clearing House, NIBSS, will take N10,000,000 (i.e. N10 per USD) from the Margin Account of the CBN thereby bringing CBN’s effective rate to $/N260 (N270 assumed received in selling USD less N10 paid out on the OTC FX Futures) which is the OTC FX Futures rate.

“If NIFEX had been $/N250 on maturity date, Bank A would pay C

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Lawyer Begs Court For More Time To Produce Yahaya Bello, Says “We Don’t Know Where He Is”

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Abdulwahab Mohammed, lead counsel to Yahaya Bello, former Kogi governor, has asked a federal high court in Abuja to give him four weeks to search for his client.

Mohammed went on to say that it is still unclear where the former governor is.

Speaking before the court shortly after a decision that mandated Bello’s arrest, Mohammed expressed his serious fears about Bello’s safety.

“My lord, this has to do with his right to life. If someone has a genuine concern about his life, it ought to be considered,” the counsel submitted.

“At this stage, we don’t know where the defendant is. Therefore, subject to the convenience of this court, we will be asking for a reasonable time.

“My client does not have any problem answering to this charge. We ask for a reasonable time to enable us to access him.

“My lord, we will ask for four weeks.”

Mohammed also prayed the court to stay further proceedings in the criminal charge.

However, Emeka Nwite, presiding judge, refused to stay the proceedings.

“I am shocked to my bone marrow that despite the ruling, the senior lawyer made this application,” Nwite said.

“Notwithstanding this flagrant abuse of court process, in view of section 306 of the Administration of Criminal Justice Act (ACJA) 2015, this court shall not stay proceedings in this charge.”

Addressing the senior lawyer, the judge said: “You, as a counsel ought to advise him correctly. Is he the only former governor that has been invited or charged by the EFCC?”

“How many people have been killed by the EFCC? This is a matter that has attracted the attention of the whole world,” the judge stated.

“If he reports himself and anything untoward happens to him, the EFCC will be held accountable.

“The law is very clear that an accused is presumed innocent. This is merely a charge, an allegation that has not been proved.

“It is for you to advise him properly. Bring him here and prepare yourself. This is only an allegation that has not been proved.”

In his submission, Rotimi Oyedepo, counsel to the EFCC, said his client, as a law abiding organisation, would not take any illegal action against the defendant.

He noted that the agency earlier undertook not to execute the arrest warrant should the defendant voluntarily submit himself for trial.

Turning to the defence lawyer, Oyedepo said: “The EFCC will not kill your client. We have never killed anyone before.”

“But my lord, Adoke collapsed in their custody,” Bello’s lawyer retorted light-heartedly.

Nwite subsequently adjourned the matter till June 13 for arraignment.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.

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JUST IN: Court Insists On Yahaya Bello’s Appearance Over Alleged N80.2b Fraud

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A Federal High Court in Abuja has insisted that its order made on April 17, for the arrest and production of ex-governor of Kogi state, Yahaya Bello still subsists.

Justice Emeka Nwite, in a ruling on Friday, May 10, held that Bello’s continued refusal to attend court and his frustration with the efforts of the Economic and Financial Crimes Commission (EFCC) to execute the arrest warrant were disrespectful of the court.

Justice Nwite held that the court would not entertain the applications filed by Bello unless he appeared in court and pleaded to a 19-count money laundering charge brought against him by the EFCC.

The judge also rejected the request by Bello’s lawyer, Abdulwahab Muhammed (SAN) that further proceedings in the case be stayed pending the determination of the appeal by the EFCC in relation to a contempt case before a High Court of Kogi state, sitting in Lokoja.

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Prince Harry, Wife Meghan Arrive In Nigeria To Promote The Invictus Games [PHOTOS]

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To support the Invictus Games, an initiative he launched to facilitate the rehabilitation of sick and injured service men and veterans, including Nigerian soldiers engaged in a 14-year fight against Islamic extremists, Prince Harry and his wife, Meghan, arrived in Nigeria on Friday morning.

The couple, who were invited by the Nigerian Armed Forces to visit West Africa for the first time, reportedly landed in Abuja early on Friday morning, according to Brigadier General Tukur Gusau, spokesman for the Ministry of Defence. In an effort to improve wellbeing and morale, they will meet with injured soldiers and their families while they are there.

This participation has been praised by Nigerian officials as a major chance for the soldiers’ recovery.

Prince Harry, who served in Afghanistan as an Apache helicopter copilot gunner, founded the Invictus Games in 2014 to provide wounded veterans and Service members with the challenge of competing in sports events similar to the Paralympics. Nigeria participated in last year’s edition of the games.

During their stay, the couple will attend basketball and volleyball matches and meet with local non-governmental organizations in Abuja and Lagos that receive their support.

Meghan will also co-host an event on women in leadership with Director General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, according to the couple’s spokesman Charlie Gipson.

The news of Meghan’s visit has generated excitement among Nigerians who closely follow her life and association with the British royal family.

The Nigerian military has emphasised the significance of the Invictus Games in aiding the recovery of thousands of personnel who have been fighting Boko Haram Islamic extremists and their factions since 2009.

According to the military’s sports director, Abidemi Marquis, “Eighty percent of our soldiers that have been involved in this recovery programme are getting better (and) their outlook on life is positive.

“The recovery programme has given them an opportunity to improve their personal self-esteem, to improve their mental health and emotional intelligence.”

 

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