Economy

WASTE! CBN Gov, deputies buy N10bn SUVs despite hunger, economic downturn

Published

2 weeks ago

August 31, 2024

Admin

The Central Bank of Nigeria (CBN) has come under fire for recent expenditures reportedly amounting to several billions of naira, despite the ongoing economic challenges facing the country. The bank’s spending spree includes the acquisition of armoured vehicles and substantial allowances for its top officials.

According to reports from Daily Nigerian, the newly appointed CBN governor, Yemi Cardoso, along with his four deputies, have acquired six armoured Lexus LX 600 vehicles, with each vehicle costing over N10 billion. The governor is said to have retained two of these luxury SUVs for use in Lagos and Abuja, while the deputies each received one. Additionally, the CBN reportedly purchased 20 Toyota Camry cars for its management and board members, worth an estimated N84 million.

Insider sources also claim that the governor and his deputies have significantly increased their annual housing allowances to approximately N1 billion, despite already residing in official government-provided residences in Abuja. Furthermore, these officials have allegedly upgraded their international travel privileges to first-class, with a nightly allowance of $7,000 for foreign trips.

The CBN’s top officials, including Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi, were nominated and confirmed by the Senate in September 2023. The bank’s recent spending has sparked outrage, particularly in light of the current economic difficulties in Nigeria, where many citizens struggle to afford basic necessities.

The Lexus LX 600, according to information from www.fox7austin.com, is based on the latest Toyota Land Cruiser and is favored by government agencies and aid organizations in hostile regions. The armoured version of the vehicle is designed to withstand shots from a 7.62mm rifle and simultaneous blasts from two hand grenades, and it includes features like night vision cameras and escape hatches. The standard LX 600 starts at $88,245, while the armoured versions can exceed $200,000.

Efforts by Sahara Reporters to contact the CBN’s spokesperson, Hakama Sidi-Ali, for comments were unsuccessful, as he did not respond to calls or messages at the time of reporting.

The bank’s lavish spending has raised serious questions about its priorities, especially at a time when many Nigerians are grappling with economic hardships.

Economy

SEE Black Market Dollar to Naira Exchange Rate Today: September 12, 2024

Published

10 hours ago

September 12, 2024

Naijablitznews

By Mario Deepromoter

As of today, September 12, 2024, the exchange rate for the Dollar (USD) to Naira (NGN) at the black market, also known as the parallel market (or Aboki fx), has shown notable fluctuations. Here’s a snapshot of the latest rates:

Black Market Exchange Rates:

Buying Rate: ₦1650
Selling Rate: ₦1660
In Lagos, parallel market participants report that a dollar is being bought for ₦1650 and sold for ₦1660. These rates reflect the current demand and supply dynamics in the informal forex market.

Central Bank of Nigeria (CBN) Exchange Rates:

Buying Rate: ₦1611
Selling Rate: ₦1612
It’s important to note that the Central Bank of Nigeria (CBN) does not officially endorse the black market rates. The CBN encourages individuals to engage in foreign exchange transactions through their respective banks to access the official rates.

Economy

Naira Plunges to N1,660/$ as Forex Scarcity Worsens

Published

2 days ago

September 11, 2024

Kayode Sanni-Arewa

Nigeria’s foreign exchange (Forex) market has come under fresh pressure as scarcity worsens.

Consequently, demand pressures which has been building up since August have compelled huge depreciation of the Naira to N1,660 per dollar in the parallel market. The market had closed high last weekend at N1,645 per dollar, significantly above the N1,625 it closed the previous week.

Dealers who spoke to The Press yesterday attributed the depreciation to the slowdown in the volume of forex that has been coming into the parallel segment of the market since last month.

There has been significant declines in the volume of forex supply at the official segment of the market.

The volume of dollars traded (turnover) in the market yesterday declined by 22 percent to $197.37 million from $254.17 million traded last weekend.

However, the Naira appreciated to N1,580.46 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1580.46 per dollar from N1,593.32 per dollar last weekend , indicating N12.86 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rate widened to N79.54 per dollar from N51.68 kobo per dollar last week Friday.

credit:vanguardngr.com

Economy

CBN sells $20,000 to BDCs at 1,580

Published

6 days ago

September 7, 2024

Kayode Sanni-Arewa

The Central Bank of Nigeria has announced the sale of dollars to Bureau De Change operators.

This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, Dr W. J Kanya, on Friday.

The latest intervention of the central bank comes days after the Nigerian naira has been taking a beating at both the official and parallel market where it has depreciated to about 1,670/$ on Friday.

The circular partly read, “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.”

The bank said the BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

Eligible BDCs interested in this transaction were advised to make the Naira payment to the CBN.