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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 Depreciates Further, Sells at N1,517/$

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The Naira, on Monday, continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, said that the Naira was sold as high as N1,517 per dollar on Monday morning.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission (EFCC) operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

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Economy

Bloomberg Report Captures Naira As World’s Worst Performing Currency

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Nigeria’s naira has experienced a reversal in its recent gains, emerging as the world’s worst-performing currency over the last month, according to a new Bloomberg report.

The Friday report emphasised that this development places increased pressure on the Central Bank of Nigeria to continue raising interest rates.

The naira has depreciated to 1,466.31 against the dollar, marking its weakest level since March 20.

This decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply.

CBN governor, Yemi Cardoso, had previously hailed the naira as the best-performing currency globally as of April 2024.

The naira faced challenges in March, plummeting to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market.

Cardoso attributed this achievement to a series of foreign exchange market reforms and positive sentiment from leading international investment institutions.

The Punch

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Economy

Naira Begins Week on a Low, Trades at N1,419/$1 in Official Window

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The Naira began the week on a losing note against the American dollar on Monday, April 29, 2024 at the official window to trade at N1,419/$1.

This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Monday, the Naira lost N19.88 against the dollar compared to the previous exchange rate of N1,399.23/$1 on Friday, April 27, 2024.

The intra-day high and low recorded during the day were N1,451/$1 and N1,060 /$1 respectively, representing a wide spread of N391/$1.

However, the Naira gained against the dollar at the parallel section of the market trading at N1,330/$1 representing a gain of N100 compared to the N1,430/$1 it traded the previous day.

Contrastingly, the Naira gained against the pound. The domestic currency appreciated by N10 against the British Pound to trade at N1,640/£1 as against the previous trading price of N1,650/£1 representing a gain of N10 for the local currency,

The Canadian dollar however closed flat against the naira to trade at N1,000/CA$1 same as the previous trading day rate.

The Euro also slumped against the Naira to trade at N1,430/€1 as against the rate of N1,450/€1 the previous trading rate indicating a gain of N20 for the Nigerian currency.

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