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Naira Weakens Further to 517 Against Dollar

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Naira Weakens Further to 517 Against Dollar

The naira fell further against the dollar at the parallel market on Wednesday after staying steady at 515/$ in recent days.

The naira had strengthened to 506/$ on August 4 after dipping to 525/$ at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria’.

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He said the CBN would channel a significant portion of its weekly allocation currently meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.

It was reported that the total forex transactions on FMDQ Securities Exchange rose by about 2.24 per cent last week.

The Exchange said in the forex spot and derivatives markets, the total turnover for the week ended August 13, 2021 was $692.60m, up from $677.44m reported for the previous week.

It said the week-on-week increase in turnover was driven by the 12.31 per cent increase in the forex spot, despite the 24.06 per cent decrease in forex derivatives turnover.

The total value of transactions in the Investors’ & Exporters’ window was $550.14m, representing an increase of 12.31 per cent from $489.85m in the previous week.

According to the Exchange, the average Nigerian Autonomous Foreign Exchange Fixing rate was N411.17/$, compared to N411.16/$ recorded in the previous week, representing a depreciation of the naira against the dollar by 0.003 per cent.

The naira, however, appreciated against the dollar by 0.04 per cent at the parallel market as it averaged 510.60/$, compared to 510.80/$ in the previous week.

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Finance

FG Probes Online Banks Over Breach of Customers’ Data Privacy

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FG Probes Online Banks Over Breach of Customers’ Data Privacy

Author: Kehinde Ajewole, Abuja

The federal government has begun a probe of online banks over their alleged breaches of customers’ data privacy.

The director-general, national information technology development agency, Kashifu Inuwa, who made this disclosure in Abuja on Monday, said the agency was working with the Nigeria police force and other relevant agencies to investigate several lending platforms, popularly called loan shark platforms.

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He said this while addressing journalists ahead of the national privacy week 2022. amidst outcry of data invasion by Nigerians against lending platforms, NITDA had imposed a fine of n10m on Soko loan for data breach last August.

In November 2021, NITDA partnered with the federal competition and consumer protection commission to address the increasing rates of data privacy abuse by money lending organisations, particularly fintech firms.

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Finance

FG to Make Additional Provisions for Fuel Subsidy Beyond June – Finance Minister

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FG to Make Additional Provisions for Fuel Subsidy Beyond June – Finance Minister

The federal government has revealed plans to make additional provisions for fuel subsidy in the 2022 budget.

The minister of finance, budget, and national planning, Zainab Ahmed disclosed this on Monday at a meeting with the president of the senate, Ahmad Lawan, at the national assembly complex in Abuja.

In her remarks, the finance minister explained that the government had to reconsider its decision on the planned removal of fuel subsidy after the 2022 budget was passed by the national assembly.

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She stated that fuel subsidy was provided for in the 2022 budget to run from January till June, but after consultations with stakeholders and in view of the high inflation and economic hardship, additional provisions would be made beyond the initial period.

According to Ahmed, it has become clear that the timing for the removal of fuel subsidy will be problematic as the country still experiences high inflation. she admitted that removing fuel subsidy at this period would ultimately worsen the condition of Nigerians, especially those struggling to make ends meet.

Read Also: FG Will Replace Fuel Subsidy with N5,000 Transport Grant for 40m Nigerians

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Naija News

NLC Backs Bill on Rent Regulation in FCT

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NLC Backs Bill on Rent Regulation in FCT

Author : Eunice Johnson, Abuja

The Nigeria Labour Congress has endorsed the planned bill on monthly house rent in the Federal Capital Territory introduced by the Senator representing Kogi West District, Smart Adeyemi.

The bill titled, ‘Advanced Rent (Residential Apartments, Office Spaces, etc.) Regulation Bill 2022,’ has gone through first reading at the Senate. It provides for a maximum of three months’ advance rent payment in the first instance and subsequent monthly payment for the rest of any tenancy lease in the FCT.

The NLC President, Ayuba Wabba, in a statement on Thursday, said the bill was in tandem with the rent regime in most parts of the world, including South Africa and Kenya.

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The statement was titled, ‘The Nigeria Labour Congress throws its full weight behind the bill on monthly house rent in the FCT.

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