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Nigeria’s forex inflow increases as overseas remittances rise

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The Central Bank of Nigeria reported that foreign exchange inflows to the country reached $2.3 billion in February, driven by a surge in remittances from overseas and a resurgence of interest from international investors.

Nigeria has been severely impacted by a lack of dollars, which has caused the naira to fall to all-time lows in recent weeks and led the central bank to weaken the currency twice in less than a year.

Hakama Sidi Ali, a spokesman for the Central Bank of Nigeria (CBN), foreign investors purchased at least $1 billion worth of Nigerian assets this month, increasing the total amount of portfolio inflows received to $2.3 billion. In contrast, $3.9 billion is allocated for the entirety of 2023.

Sidi Ali said in a statement that CBN statistics also revealed that international remittances more than doubled to $1.3 billion in February from $300 million the month before.

“All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off,” CBN Governor Olayemi Cardoso said in the statement.

In order to increase forex liquidity, the CBN has implemented a number of policies, such as restricting the amount of foreign currency that banks can store, prohibiting street trading of foreign currency, and capping net open positions at 20% of shareholders’ funds. peak levels reached during the session.

According to Sidi Ali, higher currency inflows also persisted in March as a result of investors’ growing interest in short-term sovereign debt following the CBN’s 4 percentage point increase in its benchmark interest rate to 22.75%, the highest level in about 17 years, in an effort to rein in skyrocketing inflation.

Foreign investors’ bids accounted for 79% of the total, or $530 million, at the CBN’s Open Market Operation auction on March 6, when it auctioned securities worth 1.053 trillion naira, according to Sidi Ali.

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Socialist Party accuses Zambian ruling UPND of abducting its candidates

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Zambian opposition party, the Socialist Party (SP), has accused the ruling United Party for National Development (UPND) of masterminding the abduction of its candidate for the Kaunga Ward by-election in Luangwa district of Feira Constituency, Maneya Mwale.

The SP, in a statement in Lusaka, also called on security agencies to arrest the UPND’s Lusaka Province Chairperson, Obvious Mwaliteta, for the alleged abduction of Mwale.

SP’s Vice President, Dr Cosmas Musumali, said Mwaliteta should be arrested together with his District Chairperson, Anderson Banda.

Musumali, who made the call at a media briefing in Lusaka, alleged that Mwaliteta, Banda and other people mentioned kidnapped his party’s candidate.

He also accused the ruling party and President Hakainde Hichilema of being behind such activities that had continued to happen in all the ward elections in the country.

“Those who know this President know that he micromanages everything. He has hands on type of leadership and this kidnapping have not happened once but have been happening, nothing has been done, no one has been arrested, what’s the conclusion, the conclusion is that he is okaying it, he sees nothing wrong with it and the Head of State who swore to uphold the rights and Constitution of Zambia,” Musumali said.

“This is something that can not be done without HH tolerating it, facilitating it and even giving it a go ahead. If it’s done once I would agree with you that some rogue UPND members did it outside his control,” Musumali added.

He also claimed that the UPND was not ready to uphold the democratic tenets of the country and were using all means necessary to win the elections.

“The candidate in Kaunga Ward, like in the other 6 Wards, was abducted during the nominations day, which forced the Socialist Party to look for other candidates and Hichilema has remained silent on such activities,” Musumali noted.

Musumali further called on the Electoral Commission of Zambia to invalidate the nominations for Chikenge and Chisanga wards and set a new date for filling in of nominations.

“We further demand that the Commission should ban the UPND from participating in these two wards due to the crimes committed, which are against the electoral code of conduct,” he demanded.

He expressed that “hell would have broken lose had it been the other way round, and that Socialist Party leader Dr Fred M’membe would have been called all sorts of names by the UPND and their surrogates.”

“This is the winning formular for the UPND, kidnapping, abductions have become child’s play for them, they are endangering people’s lives, you have the audercity to abduct a 22 years old girl and pointing a gun to her head,” Musumali said.

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Nigeria’s bleak economy will turn around by December— Tinubu

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President Bola Tinubu has once again assured Nigerians that the country’s wobbling economy will experience a complete turnaround by December.

Tinubu, who gave the assurance on Friday when state governors and the leadership of the National Assembly paid him a courtesy visit in Lagos, said he was very optimistic of the economy bouncing back by the end of the year due to the reforms and policies of his administration.

The President added that to achieve this, there must be a unity of purpose and deeper collaboration among the Federal Government, state governors and members of the National Assembly to achieve national development goals.

“Our economy has turned the corner. In the coming months, the economy will roar back to glory. By December, I hope we will have cause to celebrate,” Tinubu said while addressing his visitors.

In a statement after the meeting released by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu said the hardship Nigerians are currently going through will soon be over once the economy recovery process is completed.

Also speaking at the event, Vice President Kashim Shettima expressed optimism about the resurgence of the country’s economy and called for collective efforts to propel the nation forward.

“Let us unite, rally around our leader, and catapult this nation to a greater pedestal. By December, I hope we will have a reason to celebrate. Let us coalesce to take the nation to a greater pedestal.

“This gathering cuts across ethnic, religious, and political lines. Here, we have Pastor Eno of Akwa Ibom and Father Hyacinth of Benue, and as the President was seated, he was asking, ‘Where is Wammako, where is Yari’?

“That is the hallmark of true leadership. What binds us together supersedes whatever it is that may divide us,” the VP said.

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