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Naira drops to N460/$1 at black market

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Emefiele

The Naira weakened against the dollar as it depreciated to N460 to a dollar at the parallel market, popularly referred to as the black market, on Tuesday, May 19, 2020. This is despite the volatility that persists in the foreign exchange market.

According to information from Aboki fx, this represents about 1.1% depreciation when compared to N455 to a dollar that it sold the previous day.

However, the local currency appears to have performed better against the pounds sterling as it sold for N540 to one pound sterling as against the N545 it traded the previous day.

The depreciation in the parallel market is coming against the backdrop of the surprising injection of about $90 million – $100 million into the foreign exchange market through the Wholesale Secondary Market Interventions by the Central Bank of Nigeria (CBN). This is supposed to help improve liquidity in the market and strengthen the Naira in the short run.

The depreciation in the parallel market is also in contrast to the stability in exchange rate movement at the investors and exporters window as it was still N386.33 to a dollar despite the sharp drop in the daily market turnover to $8.67 million at the window.

The increase in crude oil prices and the inflow of $3.4 billion from IMF, is expected to be a big boost to the foreign exchange market. The country’s external reserves seem to have had some positive movements in recent weeks as it is now well over $35 billion.

In a bid to conserve the scarce foreign exchange, Nairametrics reported that the CBN Governor, Godwin Emefiele, insisted that the apex bank would not sell dollars to companies for the importation of items that could be produced locally.

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Business

Hoodlums loot Shoprite store in Ilorin, stole iPhone 11 mobile sets, others

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Some suspected hoodlums l allegedly looted the Palms Mall on Fate road, Ilorin, Kwara State capital. The mall hosts stores of Shoprite, and Lifemate Furniture among other stores including Mobile phones retailers.

This was revealed by an eye witness.

He said, “They allegedly stole iPhone 11 mobile sets, other mobile sets brands, Refrigerators, and households items among others.”

According to him, the suspected hoodlums forced their way into the Mall after they have stormed and allegedly looted Kwara Agro Hall, an agro resettlement centre, where they carted away Aluminium roofing sheets, mattresses, bags of cement and bags of flour among others.

Back story: Similarly, similar incidents had occured in Lagos when suspected hoodlums looted at Shoprite Malls across Surulere, Sangotedo.

According to reports, suspected thugs from Orile have invaded the mall and the neighbourhoods.

The alleged looters were seen with a cartload of goods on the streets along Ajah Road.

An eyewitness account also submitted that the hoodlums were looting shops around Bode Thomas and Adeniran Ogunsanya.

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India seeks closer ties with Nigeria as trade volume reaches $14 billion

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India has expressed its readiness to deepen economic ties with Nigeria towards promoting investment and trade between both countries.

Amb. Abhay Thakur, High Commissioner of India to Nigeria, said this during a courtesy visit to Gov. Abdullahi Ganduje on Friday in Kano.

Thakur noted that India and Nigeria had long-standing relations based on mutual respect that predates the independence of the two countries.

”We are Nigeria’s largest trading partner and the country is our largest trading partner in Africa.

“Our bilateral trade volume reaches $14 billion in 2020 and we export various goods ranging from machinery and agriculture products to the tune of $3.5 billion to Nigeria,” he said.

Thakur called for greater bilateral trade co-operation between Nigeria and India as a way of fostering the existing friendly trade and economic relations between the two countries which dated back to 1960.

In his response, Ganduje said that relations between the countries have been warm and cordial; and have witnessed growth and transformation.

The governor called for effective collaboration between India and Kano on energy, health care and film industry.

He said that Indian farm implements have helped to boost rice production in Nigeria.

Ganduje said that Indian companies are doing very well in the state including an hydro power project and the Indian rice mill in Kano which he said is the biggest in West Africa.

He said that the state government has sponsored hundreds of students to study in India.

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#EndSARS: LCC says it didnt remove CCTV before Lekki Toll Plaza shooting

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The management of Lekki Concession Company (LCC) has disclosed that the perimeter CCTV cameras were not removed and there was no instruction from anyone to remove the perimeter CCTV cameras.

This was disclosed by the management of the company in a press release, which was released by the company.

Backstory

Several allegations had been channeled at the company by Nigerians over the removal of the CCTV cameras at the Lekki toll gate on Monday a few hours to the shooting of #EndSARS protesters at the toll gate by security operatives.

However, members of the public have aired their respective opinions on social media about the alleged removal of the perimeter CCTV Cameras as some believed it was an attempt to compound the ongoing civil unrest and the breakdown of law and order.

 

What they are saying

The management of Lekki Concession Company strongly condemns the shooting of peaceful protesters at the Admiralty Circle Toll Plaza on 20th October 2020.

LCC management stated that there was no instruction from ANYONE to remove the perimeter CCTV cameras, and the company would never support or condone such an unscrupulous act meted out on unarmed protesters.

However, in the press release LCC reiterates that as the perimeter closed-circuit television system (CCTV) are Mobotix Digital cameras, it is impossible for the cameras to be removed, as removing them will require the use of machinery to reach the heights that they have been installed.

Other issues discussed

The company provided insight as to why there was a total power outage at the toll plaza on Monday Night, the company said;

“LCC receives power from the IPP grid, the power albeit stable is taken off from time to time. At such times, LCC relies on the backup generators for power supply. However, following the declaration Of the curfew by the state governor, LCC withdrew ALL her staff from the office locations. This is the reason why the lights could not be restored when the mains from IPP went Off temporarily. This is verifiable.

Additional statement in the press release reads; “CC sincerely regrets the unfortunate incident at the Lekki toll plaza and condemns the shooting of unarmed protesters.

“Since the commencement of the protests, the company cooperated with the protesters from, identifying with the cause and need to end the police brutality. This prompted the company to provide lights, toilets among other items to the youths as a show of solidarity.”

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