After one week of depreciation, the naira appreciated against the dollar at the parallel market on Tuesday, trading at 390.

The nation’s currency traded at N380 (buying rate), and N390 (selling rate), stronger than N395 recorded on Monday, while the pound sterling and euro closed at N480 and N415 respectively.

At the bureau de change (BDC) window, the naira was sold at N362 to the dollar, while pound sterling and the euro closed at N483 and N430 respectively.

Trading at the interbank market saw the naira close at N306.25.

Traders at the market said the intervention by the Central Bank of Nigeria (CBN) at the different segments of the foreign exchange market was driving the strengthening of the naira against the dollar.

Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria (ABCON) had predicted the appreciation of the naira.

Gwadabe said the improved inflows of diaspora remittances into the economy in spite of falling oil prices would fast-track rates convergence and unification.

The CBN remained resolute in its efforts to boost liquidity at the interbank market and the BDC sector of the foreign exchange market.

The apex bank had earlier directed BDC operators to credit their balances as the apex bank made moves to increase the apportioned amount to the latter from $8,000 to $10,000 and sell forex to them twice weekly.

http://www.cospileaks.com/index.php/2017/04/04/naira-rebounds-as-cbn-intervene/
cc oluwaseun osewa

FORMER President Goodluck Jonathan has expressed confidence that the Peoples Democratic Party (PDP) will resolve its crisis and become stronger again, just as he stresses the need to urgently return power to the people in the party.


Jonathan, who had championed the possibility of a political solution to the impasse in the party, argued that litigation had handed the mandate of the people to the judiciary.

Jonathan, while receiving the report of the Governor Seriake Dickson-led PDP reconciliation committee, at his country home, Otuoke, Bayelsa State, on Saturday, gave the assurance of PDP resurgence in not too distant future.

According to him, “resorting to courts for political disagreements was abnormal.”

He also commended the committee for getting the two factions of the party to the negotiating table and added that a truce was in sight given the commitments so far by the party faithful.

“I have always believed that political differences should be resolved outside the courts. But unfortunately, we are already involved with it and gone up to the Supreme Court. We are hopeful of a political solution.

“Party politics is supposed to be a family affair and ought to be resolved amicably without resorting to the courts,” Jonathan said.

In his reaction, Governor Dickson disclosed that he accepted the challenge of rebuilding the PDP and expressed gratitude to the party that gave Bayelsa the platform to lead Nigeria through Jonathan.

He said political option remained the best way of resolving the crisis within the party.

He noted that Jonathan laid the foundations for a political solution when he convened a meeting of PDP governors a few weeks ago that approved the peace plan.

He said the report, which is a roadmap to achieving peace, was open to review and urged stakeholders with ideas to rebuild the party to table such ideas for discussion.

Speaking earlier, a member of the reconciliation committee Mr Mohammed Gana, said Jonathan epitomised peace in the way he conceded defeat at the last general election, a development that stabilised the country.
http://www.cospileaks.com/index.php/2017/03/26/pdp-will-baounce-back-in-2019-gej/

Money released for capital projects to federal ministries, departments and agencies, MDAs, from the 2016 budget, have surpassed a record N1 trillion, the Minister of Finance, Kemi Adeosun, has disclosed.

Mrs. Adeosun described the achievement as the highest ever budgetary release in Nigeria’s annual funding for capital projects.

“So far, N1trillion has been released on capital allocations. This is the highest so far in the history of this country,” the minister said.

“With the current stability in (crude) oil prices and the return of normalcy in Niger Delta, I am sure we will do more this year (2017),” she said.

The Minister disclosed the figures in an interactive exchange with members of the House of Representatives Tactical Committee on Recession in her office in Abuja.

She said the amount was released for various projects proposed in the 2016 budget, including the commencement of the construction of a dual standard railway line that would link Lagos and Kano, rehabilitation of roads, expanding irrigation facilities to boost agriculture and the upgrading of aviation infrastructure throughout the country.

Details of the releases, the minister explained, include aggregate releases to the MDAs of N870.1billion as at the end of February 2017 and additional releases of N65.4 billion.

Other releases included manual authority to incur expenditure (AIEs) in February 2017 (N11.18 billion) and an additional manual AIEs worth N45.8billion as at March 13, 2017.


Mrs. Adeosun noted that the overall capital releases totalling N992.4 billion had significantly impacted the country’s economy, by creating jobs, stimulating economic activities in communities and upgrading infrastructure, thereby improving the wellbeing of Nigerians.

She said contractors returning to project sites around the country have employed workers, contributed to economic growth and improved the wellbeing of Nigerians in line with the strategic objectives of the present administration.

“We are determined to transform the economy. This is why we are focused on capital expenditure. If we have our rails, road and power, then we will be able to generate jobs and prosperity,” she said.

The release of the capital vote in the budget is in line with government’s drive to devote more resources for the execution of capital projects, especially the upgrade of the country’s infrastructure to provide the enabling environment for investment in the economy.

The Executive Council of the Federation in its meeting on March 22, 2017 had approved the reconstruction of 12 more major highways across the country for N80 billion as part of efforts to boost transportation in the country.

http://www.cospileaks.com/index.php/2017/03/26/buharis-administration-have-released-1trillion-naira-for-capital-project-kemi-adeosun/