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BDC Operators Caution Currency Speculators As Naira Strengthens Further

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The Association of Bureau de Change Operators of Nigeria has warned those speculating against the naira to be wary.

The President of ABCON, Aminu Gwadabe, gave the warning in a WhatsApp message sent to The PUNCH on Friday.

He noted that the Central Bank of Nigeria was set to inflict pain on currency speculators.

“What is happening in the market and the continuous naira rebounds are the manifestations of the CBN double-edged sword measures of dollar liquidity injection and naira mopping through the instrumentality of interest rates hikes.

“It is a good development as it is a greatest risk to speculate, hoard and substitute naira for other currencies,” Gwadabe declared.

The local currency strengthened by 15.18 per cent to N950/$ in the alternative market on Friday from N1,120/$ it traded the previous day.

The dollar was sold for N783.67/$ in the Importers’ and Exporters’ forex window, compared to N807.27/$ on Thursday, according to data on the CBN website.

 

The naira reversed the depreciating trend it had witnessed this year after the CBN started to clear the forex demand backlog in banks.

“As we continue to observe developments, there is the need for a caution in attacking the naira, as it all appears that the CBN has gotten the arsenal and the logic to continue to enshrine the success recorded,” ABCON added.

The association noted that there had been “panic selling as against panic buying”.

The BDC operators called on the apex bank to continue to make clarifications and implement some of their recommendations to include them in the foreign exchange market.

Gwadabe said that would enable BDCs to play their roles of meeting the needs of the critical retail end sector, “as they pose highly pass-through effects of the Central Bank foreign exchange rate policy of stability and elimination of disparities in the overall market.

“The BDCs are necessary for the demand measures of the apex bank transaction monitoring mechanism, and clients utilisation with correcting and moderating potential.”

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Fagbemi warns against obstructing EFCC from performing its lawful duty

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The Minister of Justice, Lateef Fagbemi, SAN has warned against obstructing the Economic and Financial Crimes Commission (EFCC) from carrying out its lawful duty .

Fagbemi’s warning is contained in a statement in Abuja.

“This is a matter of very grave concern, it is now beyond doubt that the EFCC is given power by the law to invite any person of interest to interact with them in the course of their investigations into any matter, regardless of status.

“Therefore, the least that we can all do when invited, is not to put any obstruction in the way of EFCC, but to honourably answer their invitation.

“A situation where public officials who are themselves subject of protection by law enforcement agents will set up a stratagem of obstruction to the civil and commendable efforts of the EFCC to perform its duty is to say the least, insufferably disquieting’’.

He added that running away from the law will not resolve issues at stake but only exacerbate them.

“Nigeria has a vibrant judicial system that is capable of protecting everyone who follows the rule of law in seeking protection.

“I therefore encourage anyone who has been invited by the EFCC or any other agency to immediately toe the path of decency and civility by honouring such invitation instead of embarking on a temporising self-help and escapism.

 

“This can only put our country in bad light before the rest of the world’’.

He said institutions of state should be allowed to function effectively and efficiently.

“I stand for the rule of law and will promptly call EFCC, and indeed any other agency to order when there is an indication of any transgressions of the fundamental rights of any Nigerian by any of the agencies’’.

NAN reports that the EFCC had on Wednesday warned members of the public that it was a criminal offence to obstruct officers of the Commission from carrying out their lawful duties.

Section 38(2)(a(b) of the EFCC Establishment Act makes it an offence to prevent officers of the Commission from carrying out their lawful duties. Culprits risk a jail term of not less than five years.

The warning , the EFCC said, became necessary against the background of the increasing tendency by persons and groups under investigation by the Commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC.

On several occasions, the anti graft agency said, operatives of the Commission have had to exercise utmost restraint in the face of such provocation to avoid a breakdown of law and order.

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Unknown Gunmen Abduct Channelstv Reporter In Port-harcourt

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Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.

Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.

The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.

 

Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.

Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.

His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.

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