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Police raid: Gov. Ishaku blasts APC, Buhari govt

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Governor Darius Ishaku of Taraba State, yesterday, berated the All Progressives Congress, APC, over the raid on his Abuja residence by the police.

He described the democracy being practised under the President Muhammadu Buhari government as embarrassing and insulting without respect for the rule of law.

The Governor stated this in Jalingo, the State capital on Tuesday when he fielded questions from journalists shortly after he received former minister of Women Affairs and Social Development, Senator Aisha Alhassan.

Alhassan paid the Governor a congratulatory visit at the Government House.

He said the siege on his private residence in Abuja by the Nigeria Police Force was disgraceful.

“I feel very bad that the democratic government of the All Progressives Congress is not living according to the tenets of the constitution. It is disgraceful, embarrassing and insulting,” Ishaku said.

“I’m shocked that only my party, the Peoples Democratic Party condemned the police’s siege on my house. APC didn’t talk about it. Don’t they have governors? Can somebody walk into an APC governor’s house and search it?

“They broke the gate, broke all the doors of my house, threw out my children. I used two years to beg them (children) to come back to Nigeria. Now, one of them has gone back, I’m still begging him to come back to Nigeria. This is nonsense.”

Alhassan, a former Minister in the present administration, was Ishaku’s main challenger in 2015 and in the March 2019 governorship election.

During the visit, she pledged to work with the governor for the development of the sate.

“I believe that leadership is ordained by God and we cannot all be governors at the same time, therefore, I have accepted my fate.

“My visit to you is to demonstrate oneness as we all contested to better the lives of our people but we cannot emerge at the same time.

“It becomes expedient to team up together with you to move the state forward. I and my supporters are ready to assist whenever there is a need for us to render assistance,” she said.

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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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Economy

Senate Summons CBN Governor over Naira Free Fall

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The Senate, on Wednesday, summoned Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over the free fall of the Naira and hyper inflation.

The summons was through its Committee on Banking, Insurance and other Financial Institutions headed by Senatorial Adetokunbo Abiru.

The governor and his team were asked to appear on Tuesday next week to explain the state of the economy and the free flow of the Naira at the forex market.

The committee, at a meeting on Wednesday, expressed concern over the endless depreciation of Naira that saw it rise to N1,520 to a US dollar as of Wednesday.

Speaking with journalists after the meeting held behind closed door at the National Assembly, Senator Abiru said the state of the economy, especially the inflation index, is of great concern to the lawmakers.

He said: “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.

“We are all living witnesses of what is going on.

“Underlining the major issue of the economy is the way the inflation index has been and of course it is a major concern to us.

“We have deliberated among ourselves. Critical issues were addressed and we believe that the next line of action is to summon the governor of the Central Bank on Tuesday at 3 O’clock to brief us properly on the state of the economy.

“That we have resolved, and will communicate to the governor of the Central Bank after which we will have further communication with members of the press.”

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