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Dollar rise: EFCC continues crackdown on cryptocurrency platforms, others

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The Economic and Financial Crimes Commission has instituted a further crackdown on currency speculators and cryptocurrency platforms manipulating the naira, Sunday PUNCH has learnt.

Impeccable sources within the commission said the EFCC was not only going after Binance but every cryptocurrency platform and others involved in the manipulation of the Nigerian foreign exchange market.

A source said, “The EFCC is going after all currency speculators to stabilise Nigerian forex.”

Another source noted, “The commission is not only going after Binance but other cryptocurrency compliance and exchanges, this has been helping in stabilising the market.”

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Reacting to the development when contacted, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything lawful to ensure sanity within the country’s forex market.

“The commission is doing everything within the ambit of the law to ensure that there’s sanity in Nigerian the foreign exchange market,” he said.

Meanwhile, some foreign exchange market analysts have stated that the dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.

A money market analyst, Agba Akin, had on Friday posted a snapshot of the P2P trading platform on X, saying, “Since Wednesday, the dollar has started increasing again at BDC, here is why. The emergency lovers of Binance are back speculating on other P2P apps.

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“They’ll keep adding N50 every day until they take it back to 2,500 which was their initial plan, and recoup their loss. CBN, act now.”

Reacting, a BDC operator identified as Yasir Arafat Jubril@oil_shaeikh said, “The problem with speculative manipulation is even if CBN keeps bidding dollars to BDC at a low rate, the prevailing speculated rate will lord over the market and you’ll be forced to sell at that price to keep afloat. CBN must crack down on all speculative platforms.

“They don’t know anything; if we talk, they’ll say we are aboki BDC behind Nigeria’s problem. Over 40 years that BDC has been operating, we never manipulated the naira by adding 50 to N100 a day till P2P ojukokoro boys came with their lack of fear of God.”

Speaking with Sunday PUNCH, the Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, Almustapha Muhammed, said while it was true that the dollar gained during the week, the BDCs were not behind the currency gaining as it resulted from certain moves of the commercial banks.

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He said, “Some people just want to put it at the BDCs. Actually what happened was that the dollar rose from the interbank rates and not from the BDCs. BDCs are parallel markets, while the banks are connected with the Federal Government’s official rate.

“CBN is giving us dollars at N1,101, but some commercial banks are doing interbank conversions. They convert from their accounts – domiciliary accounts and naira accounts. But the parallel markets are doing lower than the Federal Government.”

Speaking further, he said, “Last week, the CBN gave the dollar at N1,101, but the parallel market sold at N950. That was what even made some BDCs not bid for a collection of dollars at CBN, because when you collect that dollar from CBN, automatically you run at a loss because we sell at N950. Unfortunately for the dollar, banks are now doing their interbank.

“That was what made people rush into the parallel market and buy it (the currency) at the lower rate and then deposit it in the commercial banks, automatically making N20, N40, N60 gains, because when you deposit your dollar into your domiciliary account and ask for its conversion into naira, automatically, you are making that difference. That is exactly what happened.”

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In his reaction, an economist identified as Opeoluwa on X said, “On this issue, I reached out to a source in the relevant security agency on this matter. I was reliably informed that it has been flagged as ‘imminent danger’ and it’s being looked into.

“I am told that they (the security agency) may have to extend their hands to them, just like they did to Binance.”

When our correspondent contacted the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, he did not pick up calls.

Culled from PUNCH

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Shettima becomes 1st VP to lead Nigeria’s delegation to UN Assembly in 25 yrs

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President Bola Ahmed Tinubu has decided not to attend the 79th United Nations General Assembly (UNGA) session in New York this year.

The president has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.

President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, according to a statement yesterday by his spokesman, Bayo Onanuga, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.”

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“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations,’ will run from Tuesday, September 24, through Saturday, September 28, 2024,” the statement added.

Since return to democratic governance in 199, Shettima will be the first Vice President to Nigeria’s delegation to UNGA.

Only Goodluck Jonathan represented Nigeria as Acting president in September 2010 at the 65th UNGA, while late President Umaru Musa Yar’adua was away in Saudi Arabia due to his ill health.

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Plateau Assembly approves N5.8bn for LG election

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The Plateau State House of Assembly, on Thursday, approved N5.8bn for the conduct of the local government election in the state slated for October 9, 2024.

The approval by the House followed a communication from Governor Caleb Mutfwang, which was read at plenary by the Assembly Speaker, Gabriel Dewan.

The Speaker stated that the request was necessary as there was no budgetary allocation for the LG elections in the 2024 budget.

A member of the State Assembly, who declined to be named because he was not authorised to speak for the Assembly, confirmed the development to The PUNCH in Jos on Thursday.

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The lawmaker said, “Governor Mutfwang, at Tuesday’s plenary, sought the House’s approval for N5.7bn as the 2024 supplementary, which was increased after upward review by the legislators.”

He continued, “The House leader, Joseph Bukar, presented the bill during our plenary. While soliciting the support of members for speedy passage, he said PLASIEC was running out of time in preparation for the election.”

“In their individual contributions, Hon. Kalamu Dal suggested a downward review of the budget size, while Hon. Daniel Nanbol urged for a critical review and deliberations. Afterwards, members approved a revised sum of N5.8bn, as opposed to the N5.7bn requested.”

The increase, as explained by Bukar, was due to an increase in security allocation for the election, from N2.7m to N4.2m. “So, that is what happened, and that is where we are at the moment regarding the forthcoming LG election,” the lawmaker concluded.

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Enugu, Kwara tighten security ahead of LG polls

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Security measures have been intensified in Enugu and Kwara states ahead of their Local Government elections scheduled for Saturday, September 21, 2024.

In Enugu State, the Police Command has pledged to ensure the safety of lives and properties during the elections.

However, the peace accord signing for the elections was marred by the absence of major parties like the Peoples Democratic Party, All Progressives Congress, and Labour Party.

Only representatives from the All Progressives Grand Alliance and Accord attended but chose not to sign the accord, citing the lack of participation from the leading parties.

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Enugu State Commissioner of Police, Kanayo Uzuegbu, said all wards and flashpoints had been identified, and security personnel would be on high alert to prevent any disruptions.

The Chairman of the Enugu State Independent Electoral Commission, Prof. Chris Ngwu, said the commission was fully prepared for the elections with the support of the state government in procuring necessary materials.

In Kwara State, security agencies have been actively coordinating to ensure a smooth electoral process.

Over 3,000 personnel from the Nigeria Security and Civil Defence Corps have been deployed across the state.

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The Kwara State Independent Electoral Commission has completed arrangements for a trouble-free election.

Kwara State Police Public Relations Officer, Toun Ejire-Adeyemi, reported that a strategic meeting with heads of various security agencies, including the Nigerian Army, Navy, Air Force, and others, had been held to ensure coordinated efforts for maintaining law and order.

The Commissioner of Police, Victor Olaiya, guaranteed maximum security for the election period.

The NSCDC Commandant, Dr. Umar Mohammed, announced the deployment of 3,000 personnel to various polling units and emphasised their role in preventing violence, ballot snatching, and other disruptions.

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Meanwhile, the Chairman of the Benue State Independent Electoral Commission, Telumun Tombowua, announced on Thursday that eight political parties will participate in the upcoming LG elections in the state, scheduled for October 5, 2024.

Addressing journalists in Makurdi, Tombowua said the election would be conducted fairly and transparently.

He emphasised that the law establishing the BSIEC does not permit the use of Bimodal Voter Accreditation Machines for this election.

Regarding the APC, Tombowua confirmed that the National Working Committee of the party had requested the commission to work with the seven-man caretaker committee appointed to oversee party affairs in the state.

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He noted that while 14 parties had initially shown interest, only eight completed the necessary processes and submitted their candidates.

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