Economy

Nigeria’s democracy is not genuine – Falana

Published

5 years ago

May 30, 2019

Eric

Human rights lawyer, Femi Falana SAN, has declared that Nigeria’s democracy cannot be said to be genuine until insecurity is resolved.

He made the remark yesterday at a protest organised by the People’s Alternative Front, held at the Gani Fawehinmi Freedom Park in Lagos.

Falana called for adequate funding of the Nigeria Police Force to resolve the intractable problem of insecurity in the country.

According to him: “Nigeria is in a crisis of terrorism, banditry and armed robbery. And unless these problems are addressed, we cannot have genuine democracy in our country.

“There is no democracy in the country and so, we are not in the position to join public offices at the stadia today to celebrate democracy.

“Section 14 of the Constitution provides that the security and welfare of the people shall be the primary purpose of government.

“We want the Nigerian Police Force (NPF) to be adequately funded, equipped and motivated so that the security of our people can be guaranteed.”

Falana also bemoaned the military’s involvement in the internal security of the country, stressing that the dictates of the constitution should be strictly adhered to.

“We do not want military involvement in the security of the country. Under the Constitution, the Military is to defend the territorial integrity of the country, while the Police Force is obligated to discharge internal security.

“It is part of the legacy of Military dictatorship that the government has abandoned the Nigerian Police Force and is currently using the Armed Forces to secure the country, including the management of elections,” he said.

Economy

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

Published

4 weeks ago

March 22, 2024

Eric

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.

Economy

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

Published

1 month ago

March 13, 2024

Eric

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.

Economy

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

Published

2 months ago

March 5, 2024

Eric

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