The alleged impression that the Central Bank of Nigeria (CBN) is on the verge of Naira devaluation has been ruled out in a statement issued on Thursday 12th.
This impression triggered panic in the Foreign Exchange Market which led to a lot of speculative activities by unscrupulous players in the foreign exchange market to serve their selfish desires. However, CBN on Thursday expressed displeasure over Naira devaluation.
The statement issued in Abuja states that:
“We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.
For nearly four years, the CBN has successfully maintained relative stability in all segments of the foreign exchange market, which has enabled investors, households and other economic agents to plan and to conduct their genuine foreign exchange transactions with relative ease;
The introduction of several foreign exchange management measures side-by-side with complementary interventions in food production and manufacturing has drastically reduced food importation, which hitherto constituted a large chunk of the pressure on the foreign exchange market;
Although the outbreak of the Coronavirus led to global economic slowdown, fall in the price of crude oil, and less inflow of dollars into Nigeria, the associated public health concerns have also led to factory closures in China, substantial drop in imports, widespread travel restrictions around the world, and cancellation of many conferences, sporting events, business travels, and FX orders;
The size of Nigeria’s foreign exchange reserves remains robust and comfortable, given the current realities of Nigeria’s genuine and legitimate FX demand. As such, the CBN remains able and willing to meet all genuine demand for foreign exchange for legitimate transactions; and
For the avoidance of doubt, the CBN is also working with the fiscal authorities to properly and accurately dimension the immediate and expected impacts of the Coronavirus in order to respond comprehensively and at the same time, ensure a sound and stable financial system conducive for job creation and inclusive growth.
In light of current circumstances and macroeconomic fundamentals, the CBN has not devalued the Naira. Consequently, the CBN will invoke the full weight of applicable sanctions on any persons and authorized dealers found to be involved in such disruptive and speculative market behavior.”
The chairman of the All Progressives Congress (APC) in Nasarawa state, Philip Tatari Shekwo, who was kidnapped last night has been murdered.
Mr Bola Longe, Commissioner of Police in the state, confirmed the death of the APC chairman to reporters on Sunday in Lafia. According to him, the body of Shekwo was found in an area near his house in Lafia on Sunday and corpse has been evacuated to the Dalhatu Araf specialist Hospital.
His body was found dumped few meters away from his private residence at Anguwar Bukan -Sidi in Lafia metropolis on Sunday morning.
Gistflash was gathered that the gunmen armed with sophisticated weapons invaded the chairman’s residence around 11: pm on Saturday, November 21.
They opened fire at the gate, forcing a policeman guarding the house to take cover and then went straight into Shekwolo’s bedroom and whisked him away to an unknown destination.
The spokesman of the Nasarawa State Police Command, ASP Ramhan Nansel, who confirmed the abduction to newsmen, said policemen were immediately deployed to the scene, adding that the police engaged the gunmen in a shoot out but they managed to escape with the victim.
No suspect has yet been arrested over the kidnapping or murder.