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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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EU to Pay Nigerian Govt to Deport Nigerians from Europe

EU to Pay Nigerian Govt to Deport Nigerians from Europe
admin | April 29, 2016 | 2 Comments

The Nigerian government is about to sign a pact with the European Union to receive aid from the union in exchange of the deportation of Nigerian economic migrants.

This is similar to a recent pact EU had with Turkey that is dramatically curbing migration flows from the Middle East.

A “readmission agreement” would involve migrants from Nigeria being deported in exchange for EU economic aid for Nigeria.

It would be the bloc’s first major return deal with a sub-Saharan African nation — its only existing one is with tiny island nation Cape Verde.

The EU and Nigeria agreed to “take the necessary steps to launch negotiations” for a deal after meetings in Brussels last month, and diplomats there have since been working to secure a mandate from member states to start the negotiations, an EU diplomat said.

Financial Times

#OccupyNASS: Protesters Receive About N400, 000 Daily

The OccupyNASS campaign group has denied claims that it is being sponsored to move against the National Assembly, or its embattled chairman, Bukola Saraki.

The group said it benefits instead from a robust support package from unnamed Nigerians, at an average of N400, 000 daily, throughout its campaign.

The group on Thursday said it would bring down its tents and leave the main gate of the National Assembly on Friday morning, three days after starting a sit-in there.

At a hastily-arranged press briefing on Thursday night, the movement listed its achievements, demands and plans for its future.

Bunmi Awoyemi, the convener, said the protest was ending on a good note for all Nigerians.

“This is the first time in the history of Nigeria that Nigerians from all walks of life were able to galvanise each other to come to Abuja to shut down the National Assembly,” Mr. Awoyemi said. “We succeeded in sending a very strong message that Nigerians will no longer be taken for a ride.”

Delta Monarch Gives Fulani Herdsmen 9 Days To Quit His Kingdom

The Ovie of Idjere, Ethiope West Local Government Area, Delta State, HRM Erhiekevwe I, yesterday, ordered all Fulani herdsmen operating in his domain to vacate within nine days or face the wrath of his people.

 The Ovie of Uvwie, HRM, Emmanuel Sideso, the Idjere monarch’s order to the herdsmen came when Commanding Officer of the Nigerian Army, Lt Col. Igwe Partrick paid him a courtesy call over recent killings, rape, and destruction of crops by the herdsmen across farm lands in the community.

The Idjere monarch said: “Farming is my people’s mainstay. The Hausas/Fulani people rearing cattle here have created too many problems, including killing of innocent people. They also defile our women and destroy their crops while grazing. They must leave in nine days or face the wrath of my people who I will unleash on them.”