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Naira: Nigeria to unify exchange rates – Finance minister

Nigeria will seek to unify its multiple exchange rate regime to generate more local currency from its dollar inflows and manage the rate in a sustainable manner, Finance Minister Zainab Ahmed said.
Ahmed made this disclosure in a finance ministry document was seen by Reuters on Wednesday, stating that the government would direct oil firms to sell dollars to the central bank as opposed to the state-owned corporation NNPC.
The finance minister added that the government would deregulate petroleum prices as part of measures to safeguard oil revenues.
The document, however, explained that the policy will be implemented over a 12 month period.
Nigeria has operated a multiple exchange rate regime which the central bank has used to manage pressure on the Naira. But dollar shortages have plagued the economy after a coronavirus-induced oil price crash slashed government revenues and weakened its currency.
Nigeria’s currency, Naira opened 6.2 per cent lower against the U.S. dollar on the official market on Wednesday as traders quoted the currency close to the over-the-counter spot market rate on indications the government would move to conserve dwindling reserves.
The Naira traded at N385 per dollar on the official market, supported by the central bank, before recovering to N361, where it closed on Tuesday, data from Refinitiv Eikon showed.
The currency has been hitting new lows on the black and over-the-counter spot markets since March after the central bank adjusted its official rate, implying a 15% devaluation.
The Naira was quoted at N452 on the black market on Wednesday, while the longest five-year currency futures contract quoted it at N578.69.

June 18, 2020
FG shares N547.309 billion with states LGAs
The Federal Government on Wednesday shared the sum of N547.309 billion with the 36 states and local government areas in Nigeria for the month of May.
The sharing was done by the Federation Accounts Allocation Committee (FAAC) as made public the Director of Information in the Ministry of Finance, Budget and National Planning, Hassan Dodo, in a statement.
He said FAAC held the meeting virtually and was chaired by the Permanent Secretary in the ministry, Dr Mahmoud Isa-Dutse.
Dodo said from this amount, which included Value Added Tax (VAT), Exchange Gain and Excess Bank Charges recovered, the Federal Government received N219.799 billon, States got N152.436 billion while Local Governments received N114.095 billion.
According to him, oil producing states received N37.021 billion 13 per cent derivation fund while the cost of collection of Federal Inland Revenue Fund (FIRS) Refund Allocation to North East Development Commission (NEDC) was N23.958 billion.
“The Gross Revenue available from the VAT for May was N103.873 billion against N94.498 billion distributed in the preceding month of April resulting in an increase of N9.377 billion.
“The distribution is as follows: Federal Government got N14.490 billion, the States received N48.301 billion, Local Government Councils had N33.811 billon, while derivation got N0.000 and Cost of Collection and FIRS Refund/Allocation to NEDC got N7.271 billion.
“The distributed Statutory Revenue of N413.953 billion received for the month was higher than the N370.411 billion received for the previous month by N43.542 billion, which the Federal Government got N191.580 billon, States received N97.172 billion and Local Governments got N74.915 billion.
“Derivation got N33.599 billion and Cost of Collection was N16.687 billion,” he stated.
June 18, 2020
Obaseki negotiating with Wike, Secondus, others in Abuja
Embattled Governor of Edo state, Godwin Obaseki is currently in Abuja where he is negotiating with top leaders of the Peoples Democratic Party (PDP) supposedly on how to go about the September 2020 governorship election in his state.
Obaseki recently defected to the PDP after he was frustrated by the Adams Oshiomhole led National Working Committee (NWC) of his former party, the All Progressives Congress (APC) from flying the party’s flag in the coming election due to his personal disagreement with Oshiomhole.
Credible sources among those Obaseki is meeting with are River State Governor, Nyesom Wike, PDP national chairman, Uche Secondus, Sokoto state Governor, Aminu Tambuwal and others.
Wike is hosting the meeting at his official lodge.
June 18, 2020
Edo Assembly shut for two weeks
Barely two months to the Edo State governorship election, the state’s House of Assembly Complex was on Wednesday shut down for fumigation as part of the efforts at preventing the spread of COVID-19 in the state.
The acting Director of Administration and Supplies of the Assembly, Stephen Guobadia who made the announcement through a statement, on behalf of the Clerk, Mr Yahaya Omogbai said the leadership of the Assembly had directed all management staff members to remain at home for 14 days until after the exercise.
“I am directed to inform all staff of Edo State House of Assembly that the leadership of the House has instructed that all management staff remain at home for 14 days with effect from June 16, 2020
“This is as a result of the fumigation exercise to be carried out in the Assembly Complex at three (3) different times.
“All management staff are advised to leave their phones open in case of further information,” he said
June 18, 2020
“Atiku lied about Nigeria’s debt,” Says Lai Mohammed

The Minister for Information and Culture, Lai Mohammed has said the postulations of former Vice President, Atiku Abubakar on the status of Nigeria’s debt are not worthy of the paper it was written on.
Atiku, who was the presidential candidate of the opposition Peoples Democratic Party (PDP) in the 2019 presidential election, had on Tuesday berated the federal government for its endless borrowing, saying the economy was on the brink of collapse.
But the federal government, through Minister Lai Mohammed on Wednesday said Atiku’s position was nothing but scaremongering anchored on a false premise.
”There is no doubt that former Vice President Atiku Abubakar loves our country and wishes it well, otherwise he would not have sustained his serial quest for the country’s highest position. One can only hope
that his resort to the use of such words as ‘precipice’, ‘foreclosure’ and ‘economic ruin’ does not reflect anything but best wishes for the country at this time,” the Minister stated.
He said the figure of Nigeria’s debt to revenue ratio of
99% in the first quarter of 2020, quoted by the former Vice President, is not in the Medium-Term Expenditure Framework and Fiscal Strategy Paper, where he claimed he got it from.
”We are also not able to ascertain the source of the first quarter figures of N943.12 billion for debt servicing and N950.56 billion for retained revenue, which he also quoted,” he said..
According to Mohammed, the debt service provisions in the annual budgets include principal repayments, interest payments and all other applicable charges, adding:
”Therefore, the statement that debt servicing does not equate to debt repayment is not only wrong, but
ill-informed,” he said.
June 18, 2020
US fights with China, Russia over space control
The United States wants to prevent China and Russia from taking control of space and will look to allies for help, according to a new “Defense Space Strategy” unveiled by the Pentagon on Wednesday.
According to reports, the strategy document was the first since President Donald Trump announced the creation of the new Space Force military arm in December.
“China and Russia present the greatest strategic threat due to their development, testing and deployment of counterspace capabilities,” it said.
“China and Russia each have weaponized space as a means to reduce US and allied military effectiveness and challenge our freedom of operation in space.”
The strategy stressed that the US would strive to maintain superiority in space, in particular protecting GPS satellites on which the military as well as the emergency services, transport and even financial services depend.
But China and Russia are developing tools for jamming and cyberattacks that directly threaten US satellites, such as electromagnetic weapons and anti-satellite missiles, Stephen Kitay, the deputy assistant secretary of defense for space policy, told reporters.
China is investing billions of dollars in space and puts many satellites in orbit. In 2007, Beijing also successfully tested a surface-to-air missile strike against a satellite, according to the Pentagon.
June 18, 2020
There will be a solar eclipse on Sunday
Experts say a rare type of solar eclipse will coincide with the longest day of the year this week, marking only the second time since 1982 that these astronomical events take place on the same day.
According to a report, the annular solar eclipse will see the Sun, Moon and Earth align on Sunday, 21 June, creating a spectacular effect for sky gazers to witness across large parts of the world.
It added that the Moon is at its furthest stage of its orbit around the Earth, known as its apogee, meaning it appears slightly smaller in the sky.
This means it is not able to completely block out the Sun, thus creating what some astronomers refer to as a “ring of fire”.
At its maximum point of total eclipse, the Moon will block approximately 99.4 per cent of the Sun, though this will only last for a fraction of a second.
June 18, 2020
Oshiomhole’s suspension divides APC NWC
Members of the National Working Committee (NWC) of the All Progressives Congress (APC) appeared to be divided into two factions over the judgment affirming Comrade Adams Oshiomhole’s suspension as the National Chairman.
A three member panel of justices led by Justice Eunice Onyemenam, had on Tuesday held that Oshiomhole’s appeal challenging his suspension was unmeritorious.
A faction of the NWC led by Mr Victor Giadom told a news conference on Wednesday at the party National Secretariat in Abuja that he had assumed duty as acting National Chairman following an earlier judgment by Justice S.U. Bature of Abuja High Court.
“Yesterday the Court of Appeal sitting in Abuja, in a unanimous judgement, affirmed the suspension of Comrade Adams Oshiomohle as the National Chairman of All Progressives Congress.
“Consequently, I bring to your notice that on March 16, Hon Justice S.U. Bature in suit no FCT/HC/M/6447/2020 had ordered that, with the earlier suspension of Oshiomohle, I, Chief Victor Giadom should act as National Chairman of the party.
“That order could not be immediately effected at that time because of the temporary reprieve Oshiomohle got from the Court of Appeal on the same date.
“Having removed the temporary reprieve yesterday by the Court of Appeal and since we cannot allowed a vacuum, I most humbly inform you that I have assumed office as Acting National Chairman,’’ he said.
Giadom solicited the support of the party leadership and members in achieving the important responsibility.
“I want to assure all party members that APC will obey court orders/judgements as to bring sanity to our great party.
“Time for selective compliance of Court Orders and judgements is over.
“Our party, the APC will no longer allow local quests for the control of power to influence our decisions,” he said.
Giadom said that the APC NWC has therefore, canceled the decision of the Screening and Appeal Committees that disqualified Gov. Godwin Obaseki, Mr Chris Ogiemwonyi and Mr Matthew Aigbuhuenze Iduoriyekemwen.
He said that the party NWC also annulled the clearance of three aspirants, Mr Osagie Ize-Iyamu, Hon. Osaro Obaze and Dr Pius Odubu to contest in the primaries.
“As your Acting National Chairman and presiding officer in the NWC, we therefore cancel the decision of the Screening and Appeal Committees of the former Chairman of the party on the Edo primaries.
“This is in strict compliance with the provisions of the Constitution of the Federal Republic of Nigeria that forbids anyone who is interested in a cause to be a judge in that same cause.
“It is a brazen rape on the Rule of Law and the Constitution for Oshiomohle to preside and select Committees in respect to the Governorship primaries in Edo State being a key player in the crisis in that state,” he said.
He said that whatever role given to Oshiomhole by the APC Constitution could not override the provisions of the Nigerian Constitution.
“We therefore, ask all aspirants in the governorship primaries to report for fresh screening between today and tomorrow.
“We call on all aspirants to remain in the All Progressives Congress as we guarantee fairness and justice to all concerned,” he said.
According to him, the schedule and time for each aspirant shall be communicated.
But Mr Hillard Eta, the APC National Vice Chairman, South/South also addressed newsmen in Abuja saying that the NWC has confirmed the appointment of the Deputy Chairman South, Sen. Abiola Ajimobi, as the acting National Chairman of the party.
Eta said this few minutes after Giadom confirmed himself as chairman.
He said that Giadom has since resigned his position as a member of the NWC to contest as deputy governor of Rivers.
He added that his position as the party Deputy National Secretary has not been filled by the South/South stakeholders as expected by the Constitution of the party.
“Victor Giadom has since then ceased to be a member of the NWC.
“We are aware of the appeal court order yesterday, and on the strength of that, the NWC resulted to the constitution of the party which makes provision for dealing with matters of vacancies.
“In the absence of a leader, the constitution invested rights on replacements and in the light of this, NWC affirms Chief Abiola Ajimobi, National Deputy Chairman (South)as the acting National chairman of the party,” Eta said.
He said that the NWC also constituted a seven man election panel for the June 22 governorship primaries in Edo state.
He said that the committee was headed by Gov. Hope Uzodimma of Imo, while Ajibola Bashiru was the Secretary.
“The election appeal committee which is a five-man committee is headed by Prof. Mustapha Bello, while the secretary is Kayode Ajulo,” he said (NAN)
June 18, 2020
APC crisis: Fear God, have common sense – Oshiomhole blasts Giadom over National Chairman claim
Embattled National Chairman of the All Progressives Congress, APC, Adams Oshiomole, has declared he can’t be replaced by the party’s Deputy National Secretary, Victor Giadom.
According to Oshiomole, the rules of APC does not place Giadom in the position to take over as Acting National Chairman.
An Appeal Court, had upheld the suspension of Oshiomhole as APC National Chairman, following an earlier judgement by a High Court.
Following his suspension, Giadom had insisted that he is the APC’s Acting National Chairman.
The APC Deputy National Secretary had explained that he has legal backing to assume such a role in Oshiomhole’s absence.
Against the backdrop of Oshiomhole’s suspension, the APC’s National Working Committee (NWC) had appointed former Oyo State Governor, Senator Abiola Ajimobi, as the acting National Chairman.
Giadom, however, faulted the selection of Ajimobi, saying a High Court order had rendered the ex-governor’s appointment null and void and of no effect
However, Oshiomhole charged Giadom to put the interest of the party first.
Featuring on Channels Television last night, the suspended APC Chairman said: “My advice to my brother, Victor, is about common sense – in the absence of the Chairman, there is nothing in our rules and the court can only interpret the rules of the party and the Constitution of Nigeria.
“It serves the common sense that if the chairman is absent, it should be the deputy; in the absence of the deputy, it is the vice-chairman. How does the deputy secretary come in? As we speak, we have a secretary in the office. People should put God first, our party’s interest second, and our democracy deep in their hearts and not trying to use any externality to destabilise it.
“Everybody knows that we ought to resolve issues in line with the party’s rule. How can a deputy national secretary, assuming he was still one, claim to be the chairman?”
June 18, 2020
Buhari, govs should have sleepless nights over killings in North – Sultan of Sokoto
The Sultan of Sokoto and President General of the Jamaatu Nasril Islam, Alhaji Sa’ad Abubakar lll, has condemned the continued killings caused by banditry and insurgency in the country.
Abubakar said problem of insecurity in Nigeria, especially in the North, should give those in government sleepless nights.
He spoke in a statement by JNI’s Secretary General, Dr Khalid Abubakar Aliyu.
The monarch called on security agents to put in more efforts in addressing the issue of insecurity in Nigeria.
The statement reads partly: “The repeated massacre of people, as well as the senseless burning of houses and livestock in Borno, Katsina, Sokoto, Zamfara, Niger states and indeed other states such as Adamawa, Kaduna and Taraba, should give governments and its functionaries at both federal and state levels sleepless nights.
“By now, an instantaneous pronouncement followed by robust actions should have been made by the government of the day, not verbal warnings and condemnations dished out to the perpetrators of the murderous acts.
Isn’t the government of the day a popular government? Is it not a participatory government?
“Why doesn’t public opinion(s) matter to it? Or isn’t public opinion(s) considered an ingredient to the government of the day?”
“The Sultan’s remark is coming at a time President Muhammadu Buhari urged Nigerians declared that his capable of dealing with terrorism and banditry in the country.
He called for patience from Nigerians as the military explore areas to deal with the menace of insurgency and banditry.
A few days ago, a coalition of Northern youths had given Buhari 14 days to end insecurity in the region.
They had vowed to take over government, if Buhari failed to end insecurity in the region within the ultimatum given.
June 18, 2020