Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion emergency crude repayment loan to support the naira and stabilise the foreign exchange market.

NNPC Limited secured the crude-for-cash funding from the African Export-Import Bank (Afreximbank) headquarters in Cairo, Egypt.

While the details are still sketchy, it is understood that NNPC will repay the loan with crude oil at an interest rate between eight percent and 11 percent.

“NNPC Ltd. and Afrexim Bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday.

“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.”

Commenting on the development, Ajuri Ngelale, special adviser to President Bola Tinubu on media and publicity, said the new FX accretion is to enable NNPCL defray taxes and royalties in advance and provide the federal government with dollar liquidity to stabilise the naira via incremental releases based on the federal government’s needs.

“Stronger NGN = Lower Fuel Costs. This is a major buffer against the need to re-engage in subsidy regime,” Ngelale said in a X post on Wednesday.

The loan will save Nigeria from approaching the International Monetary Fund (IMF) for loans, and bring respite to the local currency, which had depreciated significantly against the dollar over the past week.

The naira depreciated on Friday to close the week at an all-time low of N950 to the dollar at the parallel market.

On Monday, President Bola Tinubu met with the acting CBN governor, Folashodun Shonubi, who said the apex bank would roll out its plans to stabilise the naira.

The local currency appreciated Wednesday, recovering from N950 per dollar to N890 to the greenback.

Nigeria produced an average of 1.255 million barrels of oil daily in July 2023, according to data from the Organisation of Petroleum Exporting Countries (OPEC).

The Cable

No fewer than 5,166 Nigerians were killed while there were 1,830 cases of abduction across the country between January and July this year.

This is according to a 2023 Nigeria Security Report by Beacon Consulting, an Abuja-based security risk management and intelligence consulting company.

According to the report obtained by our correspondent on Wednesday, 749 Nigerians were killed in January; 624 in February; 961 in March; 707 in April; 679 in May; 854 in June; and 592 in July.

It also revealed that 208 Nigerians were abducted in January; 173 in February; 411 in March; 302 in April; 168 in May; 239 in June; and 329 in July.

Speaking on the rising trend of insecurity in the country that has continued to claim lives and property, a retired Colonel, Hassan Stan-Labo, blamed the government for failing in its responsibility to protect the lives of its citizens.

Stan-Labo said, “The killing of Nigerians is a result of banditry, ongoing attacks in communities. The past government never took seriously, in the last eight years, our security situation. We had a government that was insensitive, nonchalant and which didn’t show commitment to taking care of the people.”Chief Executive Officer, Beacon Intel and a security expert, Kabir Adamu, said there has been a further collapse of social order and a yawning distrust between government and citizens.

He said, “Federal and state governments need to enhance collaboration for enhanced administration of criminal justice and the restoration of social order by addressing the root causes of these challenges, including drug addiction, socio-economic grievances, poverty, unemployment and the effects of climate change as well as the proliferation of small arms and light weapons.”

Punch

WESTERN PERSPECTIVE

Ukraine says it has no hope of using F-16 fighter jets this year

Ukraine will not be able to operate U.S.-built F-16 fighter jets this coming autumn and winter, air force spokesperson Yuriy Ihnat told Ukrainian television late on Wednesday.

"It's already obvious we won't be able to defend Ukraine with F-16 fighter jets during this autumn and winter," Ihnat told a joint telethon broadcast by Ukrainian channels.

Ukraine has repeatedly called its Western allies to supply the country with F-16s, which Ukrainian President Volodymyr Zelenskiy said would be a signal that Russia's invasion would end in defeat.

U.S. President Joe Biden endorsed training programmes for Ukrainian pilots on F-16s in May but no timing for the supply of war planes has been given so far.

"We had big hopes for this plane, that it will become part of air defence, able to protect us from Russia's missiles and drones terrorism," Ihnat said.

The West says it wants to help Ukraine defeat Russia but has repeatedly insisted it does not want to trigger a direct confrontation between the U.S.-backed NATO military alliance and Moscow.

** Ukraine retakes village but warns of trouble in northeast - Kyiv

Ukraine announced the recapture of the village of Urozhaine from Russian troops in the southeast on Wednesday, but warned the situation on the northeastern front was deteriorating amid Russian counter-attacks.

Urozhaine, on the edge of Donetsk region, is the first village Kyiv says it has retaken since July 27, a sign of the challenge Ukraine faces advancing through heavily mined Russian defensive lines without powerful air support.

"Urozhaine is liberated," Defence Minister Hanna Maliar said on the Telegram messaging app. "Our defenders are entrenched on the outskirts."

The village is one of several small rural settlements near the Mokri Yaly river that Ukraine has declared liberated since early June, when it launched a long-touted counteroffensive against Russian troops who occupy swathes of the south and east.

Its recapture would bring Kyiv closer to threatening the village of Staromlynivka, several kilometres to the south, which military analysts say is a Russian stronghold in the area.

Russia's defence ministry did not confirm losing Urozhaine in a statement on Telegram but said its artillery and warplanes were attacking Ukrainian forces in the Urozhaine area.

The village's recapture would indicate Ukraine is pressing ahead with an offensive drive south towards the Sea of Azov that aims to cut Russian occupying forces in half. Urozhaine lies just over 90 km (55 miles) from the Sea of Azov.

PRESSURE BUILDS IN NORTHEAST

Hours after the Urozhaine announcement, Oleksandr Syrskyi, one of Ukraine's top generals, said the situation on the Kupiansk front in the northeastern region of Kharkiv was growing more difficult.

Kupiansk, a town with a pre-war population of around 27,000, was seized by Russia in the early days of the February 2022 invasion before Ukrainian troops recaptured it in a lightning offensive last September that embarrassed Moscow.

"Due to the complication of the situation in the Kupiansk direction, I worked most of the day with units that lead the defence on the approaches to the city," Syrskyi was quoted as saying by Ukraine's Military Media Center.

"The enemy is trying to break through the defences of our troops every day, in different directions, with assault squads consisting mainly of convicts, with the aim of blockading and then capturing Kupiansk," he said.

Losing Kupiansk a second time would be a major blow to Kyiv's battlefield momentum at a time when its summer counter-offensive has so far failed to deliver significant territorial gains, except for villages such as Urozhaine.

Regional authorities announced a mandatory evacuation of civilians from near the Kupiansk front earlier this month due to daily Russian shelling.

"Our house is the only one standing, there are no other houses left intact around ours," said Oleh Yanytskyi, a resident of the village of Kurylivka who was evacuated by the Ukrainian Red Cross this week.

Kyiv says its counteroffensive is progressing slower than it wanted because of vast Russian minefields and prepared Russian defensive lines.

Russia controls nearly a fifth of Ukraine, including the peninsula of Crimea, most of Luhansk region and large tracts of the regions of Donetsk, Zaporizhzhia and Kherson.

Reuters could not independently verify the battlefield reports.

RUSSIAN PERSPECTIVE

Ukrainian leadership split over counteroffensive – Newsweek

Ukraine’s failure to break through Russian defenses has driven a wedge between top officials in Kiev, with heated debates underway over whether the country should press ahead with, or abort, its much-hyped counteroffensive, Newsweek reported on Wednesday.

Describing the dilemma facing Ukrainian President Vladimir Zelensky, the outlet has claimed that he must now decide “whether to go all-in and risk a costly failure, or to cut Ukraine’s losses and accept a politically damaging defeat.”

The Ukrainian leadership has therefore split into two camps. One group insists that Kiev should pull back and wait for an anticipated Russian offensive in the fall and spring. The second group, which includes army chief Valery Zaluzhny, wishes to continue the counteroffensive while dismissing any criticism as “impatience rooted in misunderstanding,”according to the article.

“There definitely are some differences among the Ukrainian leadership about the military strategy,” an unnamed source “close to the Ukrainian government” told Newsweek. 

Ukraine’s slow progress on the battlefield has also led to rumblings among civilian officials, with “a blame game …. brewing in Kiev,” the outlet wrote. 

“There’s a sense that they were misled by the military in terms of how well this counteroffensive would go, that they were provided with overly rosy assessments from the military side. They’re unhappy about that,” the source said, adding that he would not rule out possible changes in the country’s military command.

However, a Ukrainian Defense Ministry spokesperson has pushed back against reports of an alleged rift among Ukrainian leaders, dismissing them as a Russian propaganda narrative in a statement to Newsweek. 

Ukraine launched its much-anticipated full-scale offensive along several sections of the front in early June after being reinforced by hundreds of Western-supplied tanks and other heavy equipment. However, despite two months of intense fighting, Kiev has still not gained any ground, while losing 43,000 service members since the start of the push, according to Moscow. 

Kiev officials have acknowledged the difficulties, blaming them on delays in Western military assistance, lack of air support, formidable Russian defenses, and extensive minefields. In recent weeks, numerous Western media outlets have reported that Kiev’s backers were unimpressed or outrightly “alarmed” by its slow progress on the battlefield. 

On Saturday, the Times reported that NATO had been overly optimistic about Ukraine’s push, partly due to “miracles” promised to the bloc by officials in Kiev.

** West makes money on Ukrainian conflict, does not need peace — Medvedev

The West is not interested in negotiations on a peace settlement in Ukraine, because it is keen to make as much money as possible for its military-industrial complex, Deputy Chairman of Russia’s Security Council Dmitry Medvedev told the media.

"Their speculations to the effect time is ripe to come to the negotiating table and start peace talks merely show how sly they are. They don't want this at all. They want to keep the military flywheel going in order to make money for their budgets," Medvedev said during a visit to the Army-2023 forum.

He recalled that Russian soldiers were "very successful" in burning Western-supplied equipment and would continue to do so. Against the backdrop of losses, the West periodically resumes "speculations that it is necessary to return to the negotiating table to find some compromises," Medvedev said.

"But we need to bear in mind that this is only part of the story, while the other part is the US military-industrial complex, and the European one as well, are making money on this. And this is a way for them to make mammoth profits by supplying their equipment to Ukraine. They are making money on this war," Medvedev explained.

During his visit to the exhibition of weapons seized by Russian forces during the special operation he took a look at many Western-made grenade launchers, anti-tank systems and small arms. He was also shown a US-made M777 artillery system, Hummer armored vehicles and Western communication equipment.

At the open exposition where captured armored vehicles are on display Medvedev was shown Ukrainian T-64BV and T-72AG tanks, a Swedish CV90-40 combat vehicle, as well as a Triton armored vehicle and a US M113 APC upgraded in the Netherlands. At the same exposition, Medvedev saw a burned Australian Bushmaster armored vehicle, a French AMX-10RCR wheeled tank, as well as British combat vehicles Husky, Mastiff and AT105 Saxon.

Reuters/RT/Tass

Amateur dancer Omowunmi Otunuyi, who is deaf, delighted an audience in the Nigerian city of Ibadan, as she performed with her dance troupe in a show intended to challenge preconceptions about deafness.

"I am so glad we were able to show the audience what we could do, I'm excited because we made it happen," said the 20-year-old in sign language.

Public performances by deaf artists are rare in Nigeria, where there is little provision for people with disabilities to access cultural and artistic activities.

Otunuyi's way into the world of dance came through professional coach Samuel James, who launched the Seams Deaf-Pro Foundation with an ambition to give deaf performers opportunities to excel and to combat prejudice against them.

"When we go to a place to dance [people] say 'how is this possible, how are they able to work with songs, the sounds'... that has been our target and that is what we always push," James said.

Otunuyi and others in the group credit James with helping them express rhythm and flow during rigorous training sessions.

"Some may think it is just a waste of energy, a waste of time," Otunuyi signed. "I'm a born dancer. I believe there is success in this."

James and his students have a clear purpose.

"We are trying to break the biases, the prejudices against deaf people," he said.

Reuters

Many an unflattering adjective has been deployed to describe the vulgarisms of Senate President Godswill Akpabio. None of it matters.

If you thought his predecessor, Ahmad Lawan, was too servile in his dealings with the executive, Akpabio leaves you with no doubt that he would be a lickspittle. In the video his aides made of him attending the plenary session last month, Akpabio’s cap carried an inscription of the Bola Tinubu campaign insignia. For a man who would lead the legislature—a branch of government that presumably serves the democratic function of checking and balancing the excesses of the powerful executive—to show up on his first day at work declaring his fealty to the president, you know he is not ready to even feign autonomy. The only “checks and balances” that will exist is what he can cash to serve his narrow interests.

Take the other instance of him trivialising the ongoing hardship in the country by turning the cry of “Let the poor breathe!” into a joke. His latest thoughtless act before the public glare was him informing his colleagues, amidst all the massive suffering regular Nigerians are being enjoined to patriotically weather, that an undisclosed sum had been sent to their respective bank accounts for them to enjoy their parliamentary recess. When he realised that he had inadvertently exposed their crookedness, he took back his comment with a tactless joke.

While several critics have rightfully pointed out his indecorousness, I am inclined to think that Akpabio’s lack of self-awareness is, in fact, strategic. What if there is a method to this madness? And what if you are not even the target audience of his crassness? When you think about it, Akpabio is too tainted—in every wise—to hold the exalted position he occupies.

Before he became Senate President, people raised genuine concerns that a man with so many corruption allegations hanging around his neck would be so elevated. Yes, corruption allegations are standard for politicians, but the consistency with which they have dogged Akpabio’s career is perversely outstanding. Despite having held one public position in one capacity or the other, he has no distinguished record of achievement that marks him out as a perspicacious leader. Instead, what has trailed every single office he has held are allegations bordering on his cupidity. It is almost impossible to keep up with the lists of mind-boggling financial infractions levelled against him by various agencies and petitioners. If he could become the number three man in the land despite such weighty moral baggage, what motivation does he have to be different?

In 2015, the Economic and Financial Crimes Commission summoned him to explain financial mismanagement amounting to N108bn during his tenure as governor of Akwa Ibom State. Out of that sum, he allegedly withdrew N18bn from the state’s coffers for spurious purposes. He was also accused of using fronts to acquire real estate in prime locations in Lagos and the Federal Capital Territory. Shortly after his case came up with the EFCC, Akpabio began his moves to defect to the All Progressives Congress, the ruling party. He finalised his defection in 2018 and officially became an APC member under—mother of all ironies! —the watch of so-called anti-corruption President Muhammadu Buhari who made him Minister of Niger Delta Affairs. The years he spent in that office were more memorable for the attendant corruption allegations than any notable achievement. In 2020, while still a minister, lawmakers investigated allegations of N40bn fraud perpetrated in the Niger Delta Development Commission, an agency under Akpabio’s watch. In 2021, he was accused of trying to bribe the EFCC chairperson Abdulrasheed Bawa with $350,000. Even if you want to give him the benefit of the doubt, you must still wonder why one man leaves a trail of scandals everywhere he goes.

He has not been in office as Senate President for up to 100 days, but SERAP, a social advocacy group, has already filed a lawsuit against him and Speaker of the House of Representatives, Tajudeen Abbas, over “the unlawful plan to spend N40bn on 465 exotic and bulletproof cars for members and principal officials, and N70bn as ‘palliatives’ for new members.” At a time the government is asking Nigerians to endure more pains for a vague promise of greater glory that lies ahead, Akpabio and his fellow travelers have no qualms treating themselves to lushness at collective expense.

Until four months ago, the EFCC still asked Akpabio to report at their Abuja headquarters over some outstanding issues. Of course, he did not show up. His lawyer claimed he had a scheduled medical appointment overseas. In a crazy turn of fate that could only happen in a bewildering country like Nigeria, Akpabio is not only the Senate President, but the Bawa who summoned him for questioning is in jail (and will be there for an indeterminable while). In Nigeria, up is always down and down can go in any direction.

For a man like that to have come this far, he must be much more than the fool his critics take him to be. His indiscretions might be off-putting, but they go a long way to reassure those who put him in that office of his pliancy. The day the powers that elevated him detect as much as a whiff of seriousness, a slight shred of resolve, or the emergence of a character that can be (mis-) interpreted as the stirrings of integrity, his case file in the EFCC’s office will miraculously surface. He will be promptly sent to the meat grinder. When a man must survive, he will wear the motley in his brain.

The greatest loser, overall, is Nigeria. It is hard to properly aggregate the extent to the ascent of morally contaminated characters erode confidence in every institution including—or especially—the family. Certain figures in the present administration—from the president whose moral baggage is heavier than what John Bunyan’s Christian hauled around, to the party chair caught on video pocketing dollars, to the various ministerial nominees whose case files are still pending with the EFCC (and other anti-corruption) agencies—entirely undermine the traditional values that our parents and elders taught us. They taught us never to steal because doing so would bring shame to the family name. I am no longer sure any parent in the country still says that with any conviction. Stealing only brings shame if you steal insignificantly. Steal enough, and it will become the basis for which politics propels you to the highest offices. What we call “traditional values” and morals are totally dead in our society.

Akpabio is never going to be different; the truth is that he need not be. He did not become the number three man in the Federal Republic of Gbéwiri by being a rational and moderate human being, so why start now? Who in their right mind changes a method that works? When you compare the lack of self-moderation that makes him make tasteless jokes during the parliamentary sessions to the number of zeroes behind the sums he allegedly stole, you see a pattern of his excessiveness. As Senate President, he will continue to overdo things if it distracts you from noticing that the legislature under him will not achieve anything meaningful but will still be bogged down by scandals.

By already going overboard with his poor composure and projected spendings amidst grueling hardship, you at least know better than to expect any moderation from him. If he disappoints your expectations, you have yourself to blame. You knew how he clowns so why expect anything different?

Go ahead and use up all the harsh adjectives on him, but none of that will ultimately matter. His methods are working for him. He has no reason to be better.

Punch

Dara Khosrowshahi doesn't have time for your hot takes.

Since taking over as Uber's CEO six years ago, Khosrowshahi has taken a beating from critics. Most acknowledge that Khosrowshahi has had a difficult task – turning around a toxic culture – but they also claim he hasn't done enough to leverage the company's potential since then.

Take Uber's former chief business officer Emil Michael. On a podcast earlier this year, Michael admitted that he and former Uber CEO Travis Kalanick left Khosrowshahi with "challenges." 

Khosrowshahi worked out those challenges, said Michael, because he was a better diplomat, and someone who the press simply "liked a lot more" than him and Kalanick. But likability and effectiveness, said Michael, are separate things.

"Ideally you want to be both," Michael said. "[Khosrowshahi] clearly ranks high in the likability score. But from an effectiveness standpoint, if you're measuring by stock price, that's been a D or a D-minus."

Michael also goes on to criticize Uber for getting "whooped" by DoorDash in the US food delivery business. The reason?

"Tony Zhu [DoorDash's CEO] is an entrepreneur," Michael said. "Not sort of a, you know, caretaker, diplomat type CEO."

When confronted with Michael's comments in a recent interview with Wired, Khosrowshahi had a perfect response.

"These are sound bites," said Khosrowshahi. "I don't label people. If you're a founder, you have your strengths and weaknesses. And if you're a professional CEO, you have your strengths and weaknesses. I have a lot of respect for Tony. I think we've got the best team in the business and a competitive advantage in scale and in our platform. So, I'll let the results speak."

Khosrowshahi's reply is full of lessons in emotional intelligence, the ability to balance and manage emotions. But five words really stick out: 

"I'll let the results speak."

Just a few hours after Khosrowshahi's reply was published, the world found out via a quarterly earnings call what Khosrowshahi already knew: 

Uber had become profitable. 

Yes, for the first time since the company began reporting earnings, Uber reported a quarterly profit – to the tune of $326 million in operating income for the second quarter. And Khosrowshahi says the company plans to be profitable every quarter moving forward.

Let's analyze why Khosrowshahi's response is so valuable, and see what business owners can learn from it. (If you enjoy this article, check out my free emotional intelligence course, which will help you and your team build emotional intelligence.) 

How to reply with emotional intelligence: Focus on results

As a business owner, it's easy to get distracted by noise from critics. 

Sometimes, that noise takes the form of a thoughtless comment. Other times, it may be a sound bite that's been taken out of context. And, yes, sometimes it's a direct attack on your performance, or even your character.

It's easy to take comments like this personally. But doing so is self-defeating. When you sit and fume – or, even worse, expend extra energy responding to those comments – you lose time and distract yourself from your primary goals.

That's why this response is so great.

With just five words, Khosrowshahi:

• Doesn't take the comments personally
• Avoids getting baited into a meaningless fight
• Shifts focus to what really matters

In doing so, Khosrowshahi provides a real-life case study in emotional intelligence, and shows how to make emotions work for you, instead of against you.

So, the next time someone criticizes you, or relays criticism from someone else, resist the urge to take offense. Instead, stay focused on what's important and ...

Let the results speak for themselves.

Inc

Ajuri Ngelale, special adviser to President Bola Tinubu on media and publicity, says his principal has promised there will be no further increase in the petrol pump price.

Speaking to journalists in Abuja on Tuesday, Ngelale said the proposed strike by the NLC is premature.

“The president wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace. We have heard very recently from the organised labour movement in the country with respect to their most recent threat,” he said.

“We believe that the threat was premature and that there is a need on all sides to ensure that fact-finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.

“Secondly, Mr. President, wishes to assure Nigerians, following the announcement by the NNPC limited just yesterday, that there will be no increase in the pump price of petroleum motor spirit anywhere in the country.

“We repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit.”

Ngelale said Tinubu is determined to maintain competitive tension within all sub-sectors of the petroleum industry.

He said the president is determined to ensure that “our policy drawn up as well as policy implemented follows the cue that there will not be any single one entity dominating the market”.

“The market has been deregulated. It has been liberalised and we are moving forward in that direction without looking back,” Ngelale said.

“The president also wishes to affirm that there are presently inefficiencies within the midstream and downstream petroleum sub-sectors that once very swiftly addressed and cleaned up will ensure that we can maintain prices where they are without having to resort to a reversal of this administration’s deregulation policy in the petroleum industry.”

The Cable

Nigeria’s inflation rate climbed to a fresh 18-year high on surging transport costs and food prices, adding to pressure on the central bank to raise borrowing costs when it meets next month.

Consumer prices rose an annual 24.1% in July, compared with 22.8% in the prior month, according to the data published on the National Bureau of Statistics’ website on Tuesday. Inflation was last at that level in September 2005. The median estimate of seven economists in a Bloomberg survey was 23.6%. Prices rose 2.9% month-on-month.

The uptick was broad-based with annual food inflation quickening to 27% in July from 25.3% a month earlier and core, which excludes farm produce, accelerating to 20.5% from 20.3%.

The upswings were fueled by a 40% slump in the Naira against the dollar since June, the widening spread between the official and parallel market rate, and the removal of costly fuel subsides introduced in the 1970s.

The currency depreciation is being stoked by dollar shortages, the easing of foreign-exchange controls, and revelations in the central bank’s long-delayed financial statements that effective forex reserves at its disposal were much lower than previously disclosed.

Acting central bank Governor Folashodun Shonubi on Monday blamed the widening spread on speculators and said the regulator would act soon to address it.

“Sooner rather than later, the speculators should be careful, because we believe the things we’re doing when they come to fruition may result in significant losses to them,” he told reporters in Abuja, the capital.

The currency pressures and second round effects from the scrapping of fuel subsidies may persuade the central bank’s monetary policy committee to increase interest rates at its Sept. 25-26 meeting for an unprecedentedninth time in a row.

The MPC has increased rates by 725 basis points since May 2022 to rein in inflation that’s been at more than double the top end of its 6% to 9% target range for over a year.

Bloomberg

The dollar has crashed to between N805 to N790 at the parallel exchange market on Tuesday.

It started a steady decline from N925 to N930 that it was exchanged in the morning till around 4:00 pm when news about a possible Central Bank of Nigeria (CBN) intervention filtered through to the Bureau De Change (BDC) operators.

Recall that the CBN announced plans to take critical decisions to reverse the slide of the naira in the next few days, thereby resulting in significant losses to the speculators.

Acting CBN governor, Folashodun Shonubi, dropped the hint on Monday while briefing State House reporters after a meeting with President Bola Tinubu at the Presidential Villa, Abuja.

Checks by our reporters at Allen Avenue and Gbagada in Lagos suggest that the BDCs were buying at N900 and selling at N910, after touching N970 to the dollar earlier in the day.

At the Wapa forex market in Kano, the BDCs were buying at N875 and selling at N905 to the dollar.

Further checks at Zone 4 BDCs market in Abuja revealed how the money speculators in the area were taken unawares by the development.

However, at the Investors and Exporters window, the dollar opened at N789/$, got to a high of N799/$ and a low of N740/$ and eventually closed at N774/4, N10 higher than the N764/$ it closed the previous day.

Reacting to the development, one of the money exchange operators who spoke to our reporter said, the dollar may crash further adding that many people will lose money because they purchased the dollar at a higher rate than what it is being exchanged for.

A customer who spoke to our correspondent said, he asked about the exchange rate in the morning and was told it is being exchanged at N930 to a dollar.

He however said on coming to exchange it in the evening he was told that it had crashed adding that, the first price he was told was N850, but in less than 30 minutes, it crashed to N790 and when he was left without a choice, he had to exchange it at N790.

One of the BDC operators at Zone 4, Ibrahim Muhammad said on the telephone, that the crash has caused a sudden turn of events that will cause a huge loss to many people in the parallel exchange market.

“They have just sent the BDCs bidding eligibility list to us. Nobody can predict what will happen next.

“If this happens after the meeting, what will happen after the CBN comes up with a new intervention policy to shore up the Naira can just be imagined. So, for now, we are waiting to see what happens tomorrow. It may appreciate a little, but it may also crash further. It is still being exchanged between N800 and N790 as we speak”.

Daily Trust

Federal government prosecutors filed a 20-count indictment against suspended and detained Central Bank of Nigeria governor Godwin Emefiele on Tuesday, one of them accusing him of "conferring unlawful advantages", a government lawyer said.

President Bola Tinubu has launched a probe of the CBN under Emefiele after criticising its policies at his inauguration in May, especially moves to prop up the Naira.

It was not immediately clear what the new charges were. But court documents deposed by the Attorney General's Office last month showed that Emefiele faced criminal breach of trust and criminal misappropriation of funds charges, among others, which carry long jail terms.

Emefiele, who was detained on June 10, a day after Tinubu suspended him, pleaded not guilty to a charge of possessing a firearm. A judge granted him bail following his plea on July 25 but he was immediately rearrested.

"We have filed a matter with comprehensive charges" and "we are withdrawing the (firearm) case at the Federal High Court in Lagos," a government lawyer told our correspondent.

Emefiele has challenged his detention and filed an application for bail. He could not immediately be reached for comment.

Emefiele introduced a multiple exchange rate policy to keep the currency artificially strong, which former President Muhammadu Buhari had viewed as a matter of national pride.

Buhari appointed Emefiele for a second five-year term in 2019. He was due to retire next year.

Reuters