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CCB speaks on revealing details of President Buhari’s assets

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The Code of Conduct Bureau (CCB) has said it cannot disclose the details of President Muhammadu Buhari’s assets.

CCB stated this in response to a Freedom of Information (FoI) request by Socio-Economic Rights and Accountability Project (SERAP), which sought a disclosure of assets declared by successive presidents and governors from 1999 till date.

SERAP had asked the CCB to provide “details of declarations made immediately after taking offices and thereafter, and for those who have left public offices, at the end of their term of office.”

They also wanted the CCB to make public, “information on the number of asset declarations so far verified by the CCB and the number of those declarations found to be false and deemed to be in breach of the Code of Conduct for Public Officers, by the Bureau.”

However, in a letter signed by Musa Usman, the bureau said the request “falls short of the requirement of the law”.

The letter with reference number CCB/HQ/LU/047/59 said only the National Assembly, can prescribe conditions for the release of the forms.

“Paragraph 3(c) of the 3rd schedule to the 1999 Nigerian constitution (as amended) empowers the bureau to retain custody of asset declaration and make them available for inspection by any citizen on such terms and conditions to be prescribed by the national assembly. These terms and conditions are yet to be prescribed.

“Assuming the freedom of information Act is the term and condition, Sections 12(1)(v) and 14(1)(b) of the Act makes information in the asset declaration form private and producing such information would be an invasion of privacy of presidents and governors. Section 14(2)(3) of the same Act stipulate conditions for granting requests for private information but these have not been met by SERAP’s application.

“Section 12(1)(a)(4)(a)(b) exempt production of information relating to investigation for the purposes of law enforcement and such investigation must have been carried out pursuant to an Act or regulation. Verification is an investigation carried out pursuant to Code of Conduct Bureau and Tribunal Act for the purposes of law enforcement.

“Referring breaches of the Code of Conduct for public officers to the Code of Conduct Tribunal for prosecution is a matter of discretion of the bureau and not a matter of FOI.

“Consequently, I am further directed to convey to you that the request in SERAP’s application for information on details of asset declarations by presidents and state governors since the return of democracy in 1999 is hereby denied on the grounds that it falls short of the requirement of the law. Please accept the assurances of the highest esteem of the Chairman CCB,” the letter read.

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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