Nigerian press focuses on depreciating value of national currency, others

APA – Lagos (Nigeria)
The report that Nigeria’s naira tumbled against the United States dollar at the parallel market (unofficial market) on Wednesday, closing at 900/dollar is one of the trending stories in Nigerian newspapers on Thursday.
The Punch reports that naira tumbled against the United States dollar at the parallel market on Wednesday, closing at 900/dollar.
This came barely two weeks after the local currency was sold 960/dollar at the black market.
The naira, which had gained in recent days, returned to a downward trend as the shortage of the greenback hit the black market again.
The local currency had traded between 850/dollar and 880/dollar earlier this week.
On Wednesday, the naira fell further at the parallel market, while it also fell on the Investor & Exporter window to 773.42/$. The local currency had closed at 757.10/$ at the I&E Window on Tuesday
Bureau De Change operators in Lagos, Kano Abuja and airports told the dollar between 895/dollar and 905/dollar on Wednesday.
A BDC operator at the Lagos airport, who simply identified himself as Sanusi Ibrahim told The PUNCH that “We bought and sold the naira today at 890/$ and N900/$.”
At the Central Business District in Abuja, a BDC operator, Yusuf Kareem, said, “The dollar is still scarce. We sold for N900 today.”
As naira continued to defy efforts to tame its slide, the Central Bank of Nigeria has threatened to revoke operating the licences of BDCs who violated its rules.
The President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, confirmed this to The PUNCH, after a sensitisation engagement with BDC operators.
The newspaper says that a vessel, ‘MV Cecilia’ arrested with about 350,000 litres of stolen Automated Gas Oil also known as diesel in Woji, Obio/Akpor Local Government Area of Rivers State has been set ablaze by the Nigerian Navy.
Recall that the vessel was seized by personnel of the Nigerian Navy Ship, Pathfinder, Port Harcourt on Wednesday, August 16, 2023, while three suspects were arrested.
The Commander, Operation Delta Safe, Real Admiral Olusegun Ferrera, represented by the maritime component commander of the Joint Taskforce for Operation Delta Safe, South-South, Navy Commodore Adedokun Siyanbade, had conducted newsmen around the arrested vessel.
Ferrera, said the vessel which has not been put in use for two years was used as a storage tank for illegally refined products.
He said as part of efforts to actualise the mandate of the Operation Delta Safe, the Commander JTF, South-South of OPDS directed the NNS Pathfinder based on credible intelligence to conduct a convert operation in the area, which led to the arrest.
He stated, “The vessel has the capacity all together including the fuel and water capacity of about 350,000 litres.
“The water tanks have been converted as a storage tank for this illegal products and the vessel has not been to sea for the past two years.”
The newspaper reports that President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief Dele Oye, has charged the Federal Government to speed up the operationalisation of the African Continental Free Trade Area (AfCFTA) Agreement to facilitate intra-African trade and boost economic integration.
Oye also urged Nigerian businesses to embrace the opportunities presented by the AfCFTA, saying the agreement presents an unprecedented opportunity for African businesses to expand into new markets, develop new products and services and create more jobs and wealth for the people.
Oye said this at the second phase of AfCFTA Secretariat Mission in Nigeria, in conjunction with the National Action Committee on the African Continental Free Trade Agreement, NACCIMA and the business community.
The NACCIMA boss: “It gives me great pleasure to reflect on our early endorsement of the AfCFTA and unwavering commitment to its success. As one of the first organisations to endorse the agreement, NACCIMA has actively supported preparation for the implementation of the AfCFTA in Nigeria.
“I am delighted to announce that NACCIMA has successfully organised the AfCFTA lecture series in collaboration with Deloitte, an initiative that has been instrumental in sensitising our members on the potential benefits of the agreement. Through these series of lectures, we have provided valuable insights into the opportunities and challenges presented by the AfCFTA to our members.
“We are delighted to note the significant progress made so far, including the establishment of the AfCFTA Secretariat in Ghana and the launch of the operational phase of the agreement. The AfCFTA presents an unprecedented opportunity for African businesses to expand into new markets, develop new products and services and create more jobs and wealth for our people.”
As the largest economy in Africa, Oye Said, Nigeria has a crucial role to play in the success of the continental agreement. He said the country must work with others to make Africa an economic powerhouse.
The Guardian says that a former Nigerian minister has been charged with bribery offences, following a National Crime Agency (NCA) investigation.
Diezani Alison-Madueke, aged 63, who also served as president of the Organisation of Petroleum Exporting Countries (OPEC), was a key figure in the Nigerian government between 2010 and 2015.
The NCA suspects she accepted bribes during her time as Minister for Petroleum Resources, in exchange for awarding multi-million-pound oil and gas contracts.
Assets worth millions of pounds relating to the alleged offences have already been frozen as part of the ongoing investigation.
In March this year, the NCA also provided evidence to the US Department of Justice that enabled them to recover assets totalling $53.1 million linked to Diezani Alison-Madueke’s alleged corruption.
She is alleged to have benefitted from at least £100,000 in cash, chauffeur driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.
Her charges also detail financial rewards including furniture, renovation work and staff for the properties, payment of private school fees, and gifts from high-end designer shops such as Cartier jewellery and Louis Vuitton goods.
Madueke, who currently lives in St John’s Wood, London, will appear at Westminster Magistrates Court on 2 October.
Andy Kelly, Head of the NCA’s International Corruption Unit (ICU), said: “We suspect Diezani Alison-Madueke abused her power in Nigeria and accepted financial rewards for awarding multi-million-pound contracts. These charges are a milestone in what has been a thorough and complex international investigation.
“Bribery is a pervasive form of corruption, which enables serious criminality and can have devastating consequences for developing countries. We will continue to work with partners here and overseas to tackle the threat.”
GIK/APA