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http://ift.tt/2qZiozi By Babajide Komolafe The Naira,  Tuesday, appreciated to N363 per dollar in the parallel market due to a combination of weak demand and increased dollar supply. Vanguard survey revealed that the parallel market exchange rate dropped to N363 per dollar from N371 per dollar on Monday, indicating N8 appreciation for the Naira. Confirming this development, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said it was due to increased confidence in the foreign exchange market due to consistent dollar injection by the Central Bank of Nigeria (CBN). “Most of the huge demand for dollars and spike in the rate were fuelled by speculation and hoarding. The sustained dollar injection by CBN has eliminated these types of demand, hence low level of demand and appreciation of the Naira,” he said. On Monday the CBN injected $190 million dollars into the interbank market. This comprised $100 million for wholesale interventi...

http://ift.tt/2qZiozi By Babajide Komolafe The Naira,  Tuesday, appreciated to N363 per dollar in the parallel market due to a combination of weak demand and increased dollar supply. Vanguard survey revealed that the parallel market exchange rate dropped to N363 per dollar from N371 per dollar on Monday, indicating N8 appreciation for the Naira. Confirming this development, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said it was due to increased confidence in the foreign exchange market due to consistent dollar injection by the Central Bank of Nigeria (CBN). “Most of the huge demand for dollars and spike in the rate were fuelled by speculation and hoarding. The sustained dollar injection by CBN has eliminated these types of demand, hence low level of demand and appreciation of the Naira,” he said. On Monday the CBN injected $190 million dollars into the interbank market. This comprised $100 million for wholesale interventi...

http://ift.tt/eA8V8J DELTA State Police Command has paraded alleged leader of a five-man kidnapping syndicate, one Mr. Tola Saliu, a 40-year-old former army lance corporal who was said to have specialised in the abduction of women riding flashy cars in Asaba and environs. Also paraded were 174 other suspects arrested across the state for kidnapping, armed robbery, rape and defilement, fraud, car snatching, murder, cultism and vandalism. Parading the suspects, the state Commissioner of Police, Mr. Zanna Ibrahim, said the former lance corporal and his gang had been terrorizing Asaba, the state capital. Decrying the high rate of cultism in the state, the police boss said: “Cultism is one of the issues we have in the state. It has extended from higher institutions of learning to secondary schools, unions and the communities. But we are not resting on our oars to reduce the trend to the barest minimum. We are doing this through advocacy programs.” The post Poor power supply: Lawmaker, ...

http://ift.tt/eA8V8J By Babajide Komolafe The naira yesterday appreciated to N389 per dollar in the parallel market following dollar sales to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN). The apex on Wednesday sold $20,000 to each of the over 3000 BDCs in the country, boosting dollar supply for retail forex transactions. As a result the parallel market exchange rate dropped from N391 per dollar to N389 per dollar. Confirming this to Vanguard, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Gwadabe said that BDCs have already paid to purchase another $20,000 from the CBN which would be delivered today, expressing optimism that the supply will further enhance the appreciation of the naira against the dollar. Meanwhile, the CBN said that banks and other authorized dealers have again failed to fully subscribe to the $150 million it offered yesterday. It stated that the dealers could only pick the sum of $43.5 million, which represents...