16 Jun 2016

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CBN Suspends Dollar To Naira Trades Till Monday

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Nigeria’s central bank made no dollar to naira trades on the interbank market on Thursday but settled $13.6 million of trades made on previous days at about the naira’s pegged rate of 197.5 per dollar, an official said.

The central bank said on Wednesday it would begin open-market foreign currency trading next week, abandoning its 16-month-old peg against the dollar and setting the stage for the Nigerian currency to fall sharply.

Dealers said they expected no interbank currency market activity until the new trading regime starts on Monday.

“Central bank is not selling any money. Those who want to trade can do that among themselves,” the official said, referring to the volumes as “carryover trades” agreed but not settled before Wednesday’s announcement.

Nigeria, Africa’s largest crude exporter, has resisted devaluing its currency for more than a year even though other major oil producers, including Russia, Kazakhstan and Angola, have allowed their currencies to fall as crude prices plunged.

Currency traders were meeting on Thursday to discuss the new rules and will seek to determine trading spreads including circuit breakers, if any, they say.

“The rules are just a guideline. The practicality is totally different so people are holding on until Monday,” one trader said.

Three economists estimated the fair value of the naira at between 280 and 300 against the dollar, although the black market rate is around 370.
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New Naira Policy: See 8 Things That Might Happen In The Next Few Days

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The Central Bank of Nigeria, CBN, on Wednesday released modalities for the country's new flexible foreign exchange regime.

Here are things that are expected to happen in the next 10 days as a result:

1. Naira will get a new official price against the dollar when the market opens on Monday

2. The naira will appreciate against the dollar immensely at the black market

3. Scarcity will be reduced as dollar will be more available to buy

4. The gap between the official market and the parallel market will shrink

5. Round-tripping by dollar dealers (individuals and companies) will be massively reduced

6. The restrictions on naira cards abroad will be removed

7. The pump price of petrol may reduce

8. Inflation rate will reduce
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Cynthia Morgan And Banky W Caught On Camera Kissing Passionately (See Photo)

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NorthSide Entertainment Signee and Naija Ragga artiste Cynthia Morgan and E.M.E boss BankyW were caught on camera sharing a passionate kiss.

BankyW who seems to be so engrossed in the kissing session had his eyes shut and am just wondering what the could be going through Burna Boy's mind right now, as he happens to be Cynthia morgan's boyfriend.

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Court Set to Remove Buhari, over forged WAEC Certificate

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Justice Adeniyi Ademola, of the Federal High Court, sitting in Abuja, has fixed Thursday, June 16, to hear the case seeking the disqualification of President Muhammadu Buhari, over an alleged forged certificate.
Earlier, President Buhari, had brought a preliminary objection in a suit filed by an Abuja based Legal practitioner, Nnamdi Nwokocha-Ahaaiwe.
However, in a shocking move, Justice Ademola, quashed the suit and adjourned hearing till Thursday.
Nwokocha-Ahaaiwe, had alleged that Buhari was unqualified to aspire to the Office of the President of the Federal Republic of Nigeria, because he did not sit for the Cambridge West African School Certificate, WASC, in 1961, as he claimed.
However, Justice Ademola, in his ruling had held that it was incompetent and upheld the service of the originating court processes on Buhari.
The judge held that the service of the court’s processes on the president, through the secretariat of the All Progressives Congress, APC, was proper.
The court was satisfied that if it was served on a senior officer of the APC at the National headquarters, it would be brought to Buhari’s attention.
Dissatisfied with this ruling, Buhari, through his legal team, filed a notice of appeal at the Court of Appeal, Abuja Judicial Division, on seven grounds of appeal.
The President’s legal team, which endorsed the notice of appeal, is led by Chief Wole Olanipekun (SAN). Others are Mr. Lateef O. Fagbemi (SAN), Chief Akin Olujinmi (SAN), Oluwarotimi O. Akeredolu (SAN), Kola Awodein (SAN), Professor Taiwo Osipitan (SAN), Charles Edosomwan (SAN), Emeka Ngige (SAN), Femi Atoyebi (SAN), Femi Falana (SAN), Funke Aboyade (SAN), H.O. Afolabi (SAN), Muiz‎ Banire (SAN), and 10 other counsel.
When contacted on the phone, the plaintiff, Nwokocha-Ahaaiwe, said the President has the constitutional right of appeal and was within his rights to exercise it, particularly since he had not yet submitted a defense to the substantive action, and had filed nothing in defense of the merits of the case.
Meanwhile, the Principal Registrar of the Federal High Court, Abuja, Jane Egbo, has issued summons to the parties, to appear before the court to settle the records of the President’s appeal.
Also, a check at the Registry of the Federal High Court, Abuja, confirmed that the plaintiff has filed an application to amend his originating summons, to include prayers for the nullification of the election of Buhari, as he was not qualified ab initio to contest the election, having contravened the Electoral Act and committed perjury, in claiming to have had a WASC, when he never even sat for the examination.
The plaintiff also wants to add prayers for the court to order the Independent National Electoral Commission, INEC, to withdraw the certificate of return issued to Buhari, and issue a fresh one to Goodluck Jonathan, who came second in the 2015 presidential election.
The plaintiff’s motion on notice for amendment of his originating summons, has been served on all the defendants and will come up for hearing on Thursday, June 16, 2016.

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Ceasefire: Nigerian Military Disobeys Buhari...Read What Happened After

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NOTWITHSTANDING the two-week ceasefire declared by the Federal Government, last Monday, soldiers on Wednesday morning, swooped on Tebijor, also known as Okpelama, an Ijaw community in Gbaramatu Kingdom, Warri South-West Local Government Area, Delta State, in five gunboats hunting for militants.
Operatives of the Nigeria Navy Ship, NNS Delta on Tuesday arrested three persons suspected to be pipeline bombers and oil thieves.
These came as a new militant group, Niger-Sea Commandos, NDSC, said it had broken away from the Niger Delta Avengers, NDA.
Meanwhile, the Niger Delta Liberation Force, NDLF, a non-operational militant group founded by the late John Togo, has slammed the Joint Niger Delta Liberation Force, JNDLF, for using its name without permission to announce plan by militants to launch missiles and attack government establishments.
Commander of the Commander, Nigerian Navy Ship, NNS Delta, Commodore Raimi Mohammed, confirmed to Vanguard on phone that navy arrested three suspects
“I can confirm that the arrest was made, but I maintain my earlier stance that I do not want to attach group names to people. We are up against oil assets destroyers, oil thieves and other criminals in the waterways. Therefore, it is true we have made arrest of the three, but I am not at the moment concerned about what group people claim to belong. “
“We deal with the impact of their crimes and through information they provide get hold of their collaborators. Identity claim could issue for another day, but there could identity claims though,” he said.

A villager, who spoke on the arrest, said: “Three youths from Tebijor were unlawfully arrested today (Tuesday) by Nigerian Navy. The youths were coming from fetching mangrove sticks to set a fishing trap when they were apprehended by navy personnel on patrol at Tebijor.”
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“YOU DON’T KNOW ME, I WILL FINISH YOU AND YOUR ENTIRE FAMILY”.- GOV. WILIE OBIANO THREATENED PETER OBI

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Chief Joe Martin Uzodike, answering question of Obiano’s threat to Obi which is online lost his voice trying to say it.
During the meeting of Omanbala people with Obi on Saturday, 11th of June in Hon. Nwobu Alor’s Agulu house, Obi narrated his experience with Chief Willie Obiano.
One Omambala man at the meeting told me what transpired in confidence.
Since Joe Martin has said it half way, Ishall complete the rest.
Obi welcome them for seeking peace and narrated how he has been treated. He said that even as Wilie Obiano’s people were seeking peace, that the same Obiano, during Prof. Nwabueze’s 85th birthday on the 9th of June excused the Igwe that was staying beside him and Archbishop Anikwenwa and sat beside him and said “Ina epioghari from one place to another, it will not help you. I shall deploy all I have to make sure you lose and that you are nobody in Nigeria. Victor ga ewini gi. Obughi Onye kwue motto ya afue”.
Pointing at Peter Obi now, with Obi reminding him that certain acts are not expected from a Governor of a State, he continued: “I will deal with you, you do not know me, I will finish you and your entire family”.
At this point Obi attempted leaving the seat, but Archbishop Anikwenwa pushed him back and ask him not to leave. This was exactly what was heavy in Joe martin’s mouth.
Joe Martin only succeeded in telling us that the Governor Wilie Obiano was drunk.
In fact everybody there asked Peter Obi to keep cool because the man was under influence of some sought
The man who told me this story said that even at the meeting, Joe Martin came with written petition to the police on threat to life, but was restrained by Omambala people not to submit it as they seek peace between the duo.
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