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Wednesday 22 June 2016
Monday 20 June 2016
Naira Slides Further at Interbank Market, Closes at N280/$
The Nigerian naira at the end of trading at the interbank market on Monday fell further to exchange at N280 per dollar, a 29 percent slide.
The currency had hovered around the 260 level as the Central Bank of Nigeria was said to sell dollars to help clear pent-up demand for foreign currency.
In addition, traders say the naira will further depreciate more than 10 percent in three months, forward contracts show.
“They can’t do this for months,” said Jonas David, a Zurich-based emerging-markets analyst at UBS Wealth Management. “‘We could see further pressure on naira to levels close to 300.”
There may be “higher volatility until the market becomes more functional,” Samir Gadio, head of Africa strategy at Standard Chartered Bank Ltd. in London. “Foreign investors will need to be convinced that the new foreign-exchange platform is sustainable before they resume the purchase of local assets.”
Gov. Fayose’s Words After Finding His Bank Account Frozen by EFCC
Ekiti State governor, Ayodele Fayose on Monday evening announced that his account with Zenith bank has been frozen by the EFCC.
Speaking at the bank premises in Ekiti, he said:
“I got mind of the fact that the EFCC had placed restriction order on my personal account and that of my associates. I came here today and I have been able to see it. This action shows that this government has no respect for the constitution because I enjoy immunity under Section 308.
“I support government fighting corruption, but it has to be within the ambit of the law. You can investigate me, it is their right, but they have to wait till 2018, because I will be done by then. They should
not be in a hurry because I will personally come to them for investigation
“I have become figure in this country that I don’t have anywhere to run to. This rascality of EFCC must stop. If they like, let them investigate the whole world. Is it because they are sitting government
now that nobody can ask them question? We will take every legal procedure to get things right.
“I am not leaving this bank until they give meant statement of account. They must put it into writing because EFCC has no right under the law to freeze my account.
“They did not communicate me. They want to destabilize the state and we will use all legal means to make them obey the constitution. They can investigate me, but they can’t coerce me”, he said.
According to him, the President’s wife, Aisha Buhari, was allegedly involved in the Jefferson’s Halliburton Scandal in United States under ex-President Olusegun Obasanjo’s administration.
“Mrs Buhari was accused of wiring $170,000 to Jefferson’s account and the man has been convicted. So Buhari and APC should not see themselves as saint”, he said.
On Sunday, hours after President Muhammadu Buhari arrived the country from London, Fayose accused him of plotting to remove him as governor of Ekiti state.
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