Monday, 28 April 2014
The naira appreciated against the United States dollar across various market segments last week amid decreased demand for the greenback. Also, the market recorded improved dollar inflow.
Specifically, at the Central Bank of Nigeria’s (CBN’s) regulated forex market, which opened only on Wednesday due to last Monday’s public holiday, the central bank offered $400 million but sold $382.07 million to end-users.
This was 39.03 per cent lower that the amount sold the preceding week. The marginal rate of the naira was N155.73 to a dollar.
Also, at the interbank market, the naira strengthened week-on-week against the greenback by N1.21 to N161.20 following dollar sale worth $18 million by Chevron Nigeria to some banks.
The naira also appreciated at the Bureau De Change (BDC) and the parallel market segments by N2.50 and N3 respectively.
“This week, we expect exchange rate stability against the backdrop of improved external reserves and likely sale by oil companies to fund their month-end activities,” analysts at Cowry Asset Management Limited stated.
Nigeria’s external reserves stood at $38.103 billion last Thursday.
Wednesday, 9 April 2014
|President Goodluck Jonathan|
IT sounds so bizarre that allocations to some Federal Government agencies in excess of N114 billion have been lost in transit. But for a parliamentary inquest, the public would not even have known this. For President Goodluck Jonathan, always dismissive of the abysmal level of corruption in the country, this matter presents further evidence. Since March 14, the House of Representatives Committee on Public Accounts has been quizzing officials of the Budget Office, Central Bank of Nigeria, Police Force, Ministry of Police Affairs and Office of the Head of Service of the Federation on this tangled skein.
At the behest of the President, Lamido Sanusi, the suspended Governor, Central Bank of Nigeria, had remitted N19.7 billion to the Ministry of Police Affairs, for the police to buy “armoured helicopters and security equipment.” Sanusi stated this in his reply to the government’s allegation of financial recklessness against him. Curiously, both the Inspector-General of Police, Mohammed Abubakar, and the ministry, told the House committee that they did not see the cash.
Similarly, the OHSF said it received just N17.6 billion out of the N52 billion purportedly released to it from the Service Wide Vote, between 2004 and 2012. Details of the allocations are as follows: N2.7 billion (2004); N9.8 million (2005); N701.7 million (2006); N896.3 million (2007); N5.3 billion (2008); N612.9 million and N70 million in 2009; N17.6 billion (2010); N13.6 billion in 2011; and N8.5 billion in 2012. It is apparent from these figures that only the 2010 allocation reached the OHSF. So, where is the balance of N35 billion?
Another N59.6 billion, which the Budget Office paid to the Nigerian National Petroleum Corporation as subsidy, as acknowledged by the Accountant-General of the Federation, Jonah Otunla, and passed through the CBN, is missing in transit.