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INEC Chairman, Mahmood Yakubu a ‘very weak man, lacks initiative’ – Sagay

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Prof. Itse Sagay, SAN, Chairman of the Presidential Advisory Committee Against Corruption, PACAC, has described the Chairman of the Independent National Electoral Commission, INEC, Mahmood Yakubu as a “very weak man” who lacks initiative.

Sagay said this while lambasting the INEC Chairman over plans to register more political parties, ahead of the 2023 general election.

He accused Yakubu of not being proactive and collapses easily under problems.

Speaking with Independent, the PACAC Chairman insisted that the INEC chairman only articulates problems without any solutions while waiting for somebody else to do it for him.

According to Sagay: “Well, I think INEC is to blame for all these. A body like INEC should be proactive. When they found that the whole thing was getting out of hand with 91 parties, they should have done something about it.

“I myself with my level of education find it very difficult to identify my party logo out of the 73 political parties that contested in the presidential election. Now, INEC is talking of 200 and they are just saying it without thinking of what to do about it so that we don’t get to that level.

“Shouldn’t INEC now through the government propose an amendment to the provisions of the constitution for registration of political parties?

“That is what INEC should be talking of. They should get their lawyers to draft a document and send it to the Ministry of Justice so that the conditions for registration can be made more drastic and at the end, we won’t have more than 10 political parties.

“For me, it’s all a sign of INEC’s weakness which has been a serious problem particularly in these 2019 elections as against the one in 2015 when we had a chairman of INEC who knew what he was doing.

“The current INEC chairman is a very weak man and doesn’t have any initiative. He is not proactive and collapses easily under problems and just articulates the problems without any solutions while waiting for somebody else to do it for him.”

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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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