Headlines
Naira Records N100 Gain, Now N840/$ In Parallel Market
The Naira yesterday made a massive gain of N100, closing at N840/$ at the parallel market in Lagos.
It, however, closed lower at N850/$ in Abuja markets, representing a 9.57 per cent appreciation compared with Tuesday’s rate.
At the Investor and Exporter (I&E) window – the official market – the naira closed at N759 to the dollar, creating around N81 premium between the official and parallel markets. There was a $61 million turnover at the I&E window.
According to Bureau De Change operators in Wuse Zone 4, Abuja, the naira started the day at N940/$ and gradually increased to the current rate.
One of the traders, Ibrahim Bakori, told our reporter that he was surprised by the naira’s appreciation.
Asked what he thought was responsible, Bakori said it was “the result of the meeting between President Bola Tinubu and the Acting CBN Governor Folashodun Shonubi”.
Another Forex dealer, Nura, expressed shock at what he described as the “big fall” of the dollar at the parallel market.
Just like Bakori, Nura said the meeting between President Tinubu and Shonubi had sent signals of something significant about to happen in the Forex market.
Reacting to the news that the CBN might flood the market dollars in the coming days to check the fall of the Naira, a financial expert, Dr. Victor Adoji, cautioned against the planned release of dollars into the system by the CBN.
He said: “The money outside the Deposit Money Banks (DMBs), supposedly over N2 trillion, will swallow the ‘flood’ especially because of the rational appetite of Nigerians for holding dollar”.
He urged the CBN to “take a look at the outstanding demand portfolio for the dollar” before releasing more.
A Bureaux De Change (BDC) trader based in Marina, central Lagos, Garuba Sarki, said many forex dealers are not ready to buy dollars at present because of fears they might lose money.
“Many speculative dealers are taking the back seat.
“We expect the naira to continue to rebound until convergence between the official and parallel market rates occurs.
“Many traders are being cautious about losing funds in the coming days,” he said.
He said funding for BDCs or getting the banks to sell dollars to retail-end buyers will bring greater mileage to the naira.
President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, advised the Federal Government to enhance financial intelligence by tracking people with proceeds of corruption to sanitise the market.
He said many of the people with proceeds of corruption are the ones putting pressure on the forex market through their manipulative actions.
“The naira is depreciating not by forces of demand and supply, but by the collective action and impact of the people with illicit funds,” he said.
Former Executive Director of Keystone Bank Limited, Richard Obire, said Nigeria’s heavy and skewed outward-oriented consumption of goods and services as seen in decades of substantial bills for food and energy imports remains a hindrance to naira stability.
Another factor, he said, is the massive corruption-driven capital outflows which in turn severely damages Nigeria’s capacity to produce at scale.
On ways to strengthen the naira, he advised that in the short-term, there is a need to find non-market damaging ways to increase the supply of hard currencies and reduce the demand for same.
According to Obire, the right pricing for remittances and frictionless processes for their use by recipients should see the volumes growing again.
He said that insecurity hampering food production needs to be tackled with a sense of urgency and effectiveness.
“Priority should be given through deploying pragmatic incentive programmes to drive up the volume of food products for domestic consumption and industrial use to reduce our food import bill.
“All government consumption expenditures requiring the use of hard currencies should be suspended indefinitely, starting now,” he advised.
Obire said the turnaround maintenance (TAM) status of refineries in Port Harcourt and Warri should be appraised immediately.
“Effort should be focused on the one which can begin producing quicker. The other one should be made to be up and running, not long after. This should reduce the required forex for fuel imports.
“In the long term, only a strong economy will produce a stable currency. To achieve this will require addressing the fundamental structural defects in our political economy hampering an accelerated transition from an outward consumption-oriented economy into a mainly balanced production-driven one,” he said.
The CBN had in June unified the exchange rate and abolished multiple exchange rates.
The exercise led to a 40 per cent drop in the naira rate at the official market.
Dollar supply has remained a challenge, making it difficult for official and parallel market rates to converge.
The post Naira Records N100 Gain, Now N840/$ In Parallel Market appeared first on Jomog.
Education
1ST NIGERIAN TERTIARY INSTITUTIONS CONFERENCE ON UN SUSTAINABLE DEVELOPMENT GOALS (SDGS) ESSAY COMPETITION
Competition Overview:
The SDG Youth Essay Competition offers a grand prize of N1 million for the top three winners, along with free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
Competition Requirements:
1. Eligibility:
– Open exclusively to undergraduates in Nigerian tertiary institutions.
2. Entry Guidelines:
– Topic:The Role of Students in Attainment of SDG4
– length: Essays should be 1500 words.
– Entry Period: Thursday, February 1, 2024 – Thursday, February 29, 2024
– Referencing: APA Style (6th Edition).
– Font: Times New Roman, 12-point font size.
– Documentation: Typed in 1.5 line spacing, MS Word format only.
– Plagiarism: Only original content is accepted; plagiarized entries will be disqualified.
Benefits:
– Prizes:
– 1st Prize: N500,000
– 2nd Prize: N300,000
– 3rd Prize: N200,000
– Winners will also receive free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
Required Documents:
– Student’s Institution ID Card
– Copy of Student’s Admission Letter
– One recent passport-size photograph
– WhatsApp telephone number and email address
Application Procedure:
– All entries and submissions (essay and required documents) should be scanned and sent to nigeriaessay@sdgyouth.org before the deadline.
For Further Inquiries:
– Call: 08068931151, 08133846739, 07067772964
– Email: nigeriaessay@sdgyouth.org
Deadline: February 29th, 2024
Don’t miss this opportunity to contribute to achieving SDG4 and win exciting prizes. Submit your entry and required documents before the deadline. For any inquiries, feel free to contact them via phone or email.
Competition Overview:
The National Essay Competition invites undergraduate law students to showcase their expertise and contribute to the discourse on AI, privacy, and data protection. In addition to cash prizes, participants have the chance to intern with Pentagon Partners, gaining valuable hands-on experience.
Competition Requirements:
1. Eligibility:
– The competition is open to 400-level and 500-level undergraduate law students in Nigerian universities.
2. Essay Requirements:
– Length: Essays should not exceed 1500 words.
– Format: Double spaced, 12pt Times New Roman font.
– References: OSCOLA format for citations with 10pt font size for footnotes and endnotes.
– Submission Format: Essays must be submitted in PDF format.
– Entrant Details: Include full names, school, level, phone number, and email address in both the body of the email and on the last page of the essay.
– Single Entry: Each entrant is allowed only one submission.
– Originality: Plagiarism will result in automatic disqualification.
Competition Benefits and Timeline:
1. Prizes:
– Winner: N200,000
– 1st Runner Up: N150,000
– 2nd Runner Up: N100,000
2. Internship Opportunity:
– In addition to cash prizes, winners have the exclusive opportunity to intern with Pentagon Partners, enhancing their career prospects.
Application Procedure:
– Interested participants should submit their essays to essay@pentagonpartnerslp.com during the submission period.
– The subject of the email should be the Essay topic
For additional information and updates, visit www.pentagonpartnerslp.com.
Deadline: March 22nd, 2024
Don’t miss this chance to showcase your legal expertise, contribute to important discussions on AI and law, and vie for enticing cash prizes. Pentagon Partners looks forward to receiving your submissions.
Purpose:
Inaugurated in 2020, the CDEC is part of SystemSpecs’ Corporate Social Responsibility (CSR) commitment to promoting capacity development in the Nigerian ICT industry. By encouraging young Nigerians to tackle everyday issues, the competition contributes to intellectual growth and societal progress.
Topic:
The theme for the 2024 competition is “Protecting the Nigerian Child from the Dangers of Online Technology.” Participants are tasked with exploring strategies to safeguard children in an increasingly digital world.
Eligibility:
– Open to primary and secondary school students in Nigeria aged 9 to 16.
– Junior category (ages 9 to 12) essays must not exceed 1,000 words.
– Senior category (ages 13 to 16) essays must not exceed 1,500 words.
Prizes:
– Winners will receive generous rewards, including a high-capacity laptop, premium headphones, a portable laptop stand, a smart wristwatch, and one year of internet data, among other items.
– Consolation prizes will be awarded to other participants.
Application Process:
– Interested candidates should access the application page
– Essays must be written in English and reflect original thought.
– Each participant is limited to one entry.
– Entries must be endorsed by an accredited school official, parent, or legal guardian.
– Deadline for submissions is April 12, 2024.
Submission Guidelines:
– All submissions must be in PDF format and include the student’s name, home and school addresses, email address, and contact phone number.
– Double entries will result in automatic disqualification.
– Submissions must be received by March 15, 2024, at 5:00 p.m.
Notification of Winners:
– Successful students and schools will be contacted in the second quarter of the year.
– Updates on winners will be announced on @nercng social media platforms.
The SystemSpecs Children’s Day Essay Competition offers a unique opportunity for Nigerian students to demonstrate their creativity and problem-solving skills. By addressing the theme of online child protection, participants contribute to building a safer and more secure digital environment for all. We encourage eligible students to seize this opportunity and showcase their talent and ingenuity.
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