APA – Lagos (Nigeria)
The report that Nigeria’s external reserves lost $167.2m in July as the naira fell further to the dollar is one the trending stories in Nigerian newspapers on Tuesday.
The Punch reports that Nigeria’s external reserves lost $167.2m in July, as the naira fell further to the dollar.
The figures obtained from the Central Bank of Nigeria on movement of external reserves showed that the reserves which ended June 30, 2023 at $34.12bn, fell to $33.95bn as of July 28, 2023.
In the past two weeks, the naira fell from 820/$ to 868/$ at the parallel market on Monday.
At the I&E window on the FMDQ, the naira trading commenced at 784.91/$ and reached a high of 830/$ before closing at 756/$.
“The core objectives of the harmonization of the multiple exchange rate is to discourage arbitrage and rent seeking, however, the recent trajectory does not seem to achieve that.”
A Bureau de Change Operator in Lagos, Mr Abudul Ahmed, said, “We bought and sold the dollar today (Monday) at 860/$ and 868/$.”
The newspaper says that the organised labour has said it will hold its planned nationwide protest on Wednesday despite the Monday rollout of subsidy removal palliative plans by President Bola Tinubu.
Tinubu had in a national broadcast unveiled N500bn palliative for manufacturers, small businesses and farmers. He also released plans to increase salaries and acquire 3,000 mass transit buses.
Notwithstanding the President’s last-minute moves to avert the protest, the Nigeria Labour Congress President, Joe Ajaero, said the rally would hold in line with its schedule.
Ajaero spoke shortly after talks between the organised labour and the Federal Government on Monday became inconclusive. The talk is expected to resume on Tuesday (today).
The Presidential Steering Committee on Palliatives meeting between the government and labour was held at the Aso Rock Villa, Abuja.
“We just adjourned to go and listen to Mr. President’s speech and to continue with our conversation tomorrow (Tuesday). Our peaceful rally will go on as scheduled…this rally has been fixed,” Ajaero told journalists after the meeting.
Ajaero allayed the fears that the peaceful protest could be taken over by hoodlums, saying that such had never happened in any of its workers’ protest.
However, he said security agencies were responsible for safeguarding workers in such exercises.
The meeting of the steering committee was adjourned till 12noon on Tuesday.
The Guardian reports that President Bola Tinubu, yesterday, insisted the current economic hardship is a necessary price Nigerians must pay to achieve a “balanced” and fair economy.
The President, in a national broadcast, told Nigerians that he understood the “hardship” they face but wished “there were other ways” to achieve an inclusive economy.
“Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways.
“But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love,” Tinubu said in a prepared speech delivered at 7pm. He recalled the imbalance caused by fuel subsidy payment and the “preferential” exchange rate system that ended up making “the elite of the elite” richer and the majority of Nigerians poorer.
“This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
“The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.
“The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year.
Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable,” he noted.
The newspaper says that amid pomp, President Bola Tinubu, yesterday, decorated newly-appointed service chiefs with their ranks at the Presidential Villa, Abuja, charging them to maintain teamwork and ensure peace and stability in the country.
The Senate had previously confirmed their appointments before the ceremony. The service chiefs are: Chief of Defence Staff (CDS), General Christopher Musa; Chief of Army Staff (COAS), Lt-General Taoreed Lagbaja; Chief of Air Staff (CAS), Air Marshal Hassan Abubakar, and Chief of Naval Staff (CNS), Vice Admiral Emmanuel Ogalla.
The President stressed the importance of teamwork, which he credited for gains recorded, thus far, in the security sector. He also commended dedication, commitment and steadfastness displayed by the Armed Forces, acknowledging their contributions to the nation’s peace and stability.
‘’We have seen that we are recording positive results in our security challenges because of your dedication, commitment and steadfastness,” Tinubu said, assuring them of the government’s commitment to discharge their responsibilities.”
The President urged all members of the Armed Forces to view themselves as one single family, regardless of their diversity, even as he offered prayers for blessings upon the Armed Forces, wishing them success in their endeavours.
Speaking on behalf of the chiefs, Musa expressed unalloyed commitment to ensure security and defence of the nation in their respective positions.
He said: ‘’Our appointment is a clear manifestation of the confidence reposed in us and recognition of our humble abilities to deliver for our dear nation. We pledge to carry out our duties with utmost dedication and full loyalty.
‘’I assure Mr. President that the Armed Forces of Nigeria is 100 per cent loyal to the government. We will go wherever we are ordered, whether by air, sea or land.
‘’We will ensure that Nigeria is projected in a good light. May God bless Nigeria and guide the Armed Forces in our efforts to guard our nation’s territorial integrity and ensure peace and security reigns supreme.”
GIK/APA