20 Jul

The week ahead – Security will remain the concern, but the economy is under strain

Last week saw Boko Haram unleashing more suicide bombings across the North-East region, with the terror group killing hundreds on Eid at the Damaturu prayer ground in Yobe State.

They may be responding to the rejig of the national security architecture by President Muhammadu Buhari. In our last briefing, we have warned the government to, as a matter of urgency, revitalise intelligence

................   read more

16 Jul

Daily Watch

Global ratings firm Standard & Poor’s has said Nigeria cannot avoid devaluing the naira in the near future, recommending devaluation by as much as 15 percent, it is of the opinion that the devaluation could come in a gradual fashion. S&P says that the Central Bank’s attempts to curb access to foreign currency on the official market by importers of certain goods are simply delaying the inevitable. Non-deliverable forwards, which are derivatives used to hedge against

................   read more

15 Jul

Daily Watch

A deal was reached between negotiators representing six world powers, and the Islamic Republic of Iran on Tuesday, which could see sanctions lifted and Iran re-engaged with world commerce. Although the deal was hailed as landmark, it has been received with mixed reactions from observers. The biggest concern among sceptics is that Iran continues to be the lead sponsor of terrorism in the world, and relieving sanctions would make the its regime flush with cash and create a more dangerous

................   read more

14 Jul

What do we expect from Buhari’s security team?

In a long awaited announcement, President Muhammadu Buhari yesterday announced his national security team, appointing new service chiefs, a new Chief of Defence Intelligence and a National Security Adviser.

What got most observers talking is the fact that the Chief of Army Staff, and the National Security Adviser hail from Borno State. The significance of the two appointments is in the fact that Borno is the epicentre of the Boko Haram insurgency, and both men may have

................   read more

14 Jul

Daily Watch

    • President Muhammadu Buhari on Monday, instructed the NNPC to review agreements behind a programme to swap crude for refined products, his spokesman said on Monday. The Nigerian Extractive Industries Transparency Initiative (NEITI) revealed in earlier audits of the oil and gas industry that there is at least a $600 million gap in revenue due to a discrepancies between the value of the crude and the products delivered.

    Also on Monday, President Muhammadu Buhari sacked his army, navy, air

    ................   read more

13 Jul

Daily Watch

    • The Department of Petroleum Resources has blamed the unending scarcity of petroleum products on “unscrupulous marketers and depot owners”. According to the DPR, marketers make double gains arising from an escalated ex-depot price, and the collection of subsidies from the Petroleum Support Fund. The regulatory body claims that the marketers are charging an additional N17 to sell at N95, going against the government mandate to sell at an ex-depot price of N77.60

    The Interbank

    ................   read more

10 Jul

The week ahead – More suicide bombings ahoy

More suicide bombings on the way The government of President Buhari appears to have made a little shift from the previous government’s strategy on tackling Boko Haram. The doctrine of “relentless pursuit” is not being fully adapted, and the attempt to deny Boko Haram freedom to move around without hindrance seems to have been hampered with the despite the reinstatement of road blocks and check points in flash point areas. Within the last

................   read more

10 Jul

Daily Watch

    • The naira fell to a new low of 235 to the American dollar in the black market on Thursday, as dollar shortages in the economy persist. According to Aminu Gwadabe, president of Nigeria’s Bureau de Change Association, people were holding on to their dollars to protect themselves against further naira weakness. At the interbank, the naira traded at 196.95 against the dollar.

    On its part, the Central Bank says that the parallel market is not as important in determining the exchange rate

    ................   read more

09 Jul

Daily Watch

    • Deposit Money Banks (DMBs) in Nigeria reported 10,612 fraud cases in 2014, compared with 3,786 cases reported in 2013, representing an increase of 182 percent, the Nigeria Deposit Insurance Corporation (NDIC) said in its annual report, with the amount involved increasing by N3.81 billion or 17.5 percent, from N21.80 billion in 2013 to 25.61 billion in 2014. The banking industry regulator also said its operating income increased by 28 percent to N66.94 billion.

    Some state governments are

    ................   read more

07 Jul

Daily Watch

    • The naira continued to slide yesterday, reaching a new low of N232 to the American dollar at the parallel market on Monday. The record low is a N2 drop from N230 which it closed at on Friday. At the interbank market, the naira continued trading at N198.50 per USD.

    Anxiety over renewed petrol scarcity is gradually mounting, with queues reappearing as consumers make attempts to replenish their stock of petrol. Watchers are of the opinion that the persistence of black

    ................   read more