16 Feb

Daily Watch – Naira slides further, FG mobilises to stop oil sabotage and kidnap

  • The naira has weakened to a new all-time low, trading at N345 to the dollar in the parallel market. The currency eased 1.47 percent from Friday‚Äôs 340 to the dollar, while the official rate remained at 197.50 to the dollar at the close of trading on Monday. Operators are seeking to have oil companies and banks sell dollars to them to reduce apparent scarcity. Traders claim that the slip in the black market rate was as a result of apprehension news that the CBN will soon stop allocating forex for Nigerians with school and medical bills to pay abroad.
  • President Buhari has replaced the Director-General of the budget office, Yahaya Gusau with Tijjani Abdullahi. Gusau who was appointed in August was replaced following the widespread irregularities in the 2016 budget. The President also approved the appointment of Ben Akabueze as the Special Adviser on Planning to the Minister of Budget and National Planning.
  • Dangote Rice has started a multi-billion naira, 8000 hectare scheme in Jigawa State. The Rice Outgrowers Scheme in Hadejia, is part of the company’s partnership with governments to reduce food imports. The project, which is expected to be replicated in six other states, is a fallout of a memorandum of understanding signed between Dangote and the Federal Government on one hand, and the Jigawa State government on another.
  • Nigeria has started mobilizing the military and task forces to stop the sabotage of oil facilities and kidnapping of citizens for ransom in the Niger Delta region. The President announced this while meeting with a delegation from the United States Institute of Peace. There has recently been a rise in kidnapping and piracy in the region, as well as sabotage of oil installations.