The naira appreciated against the dollar in both the official and parallel foreign exchange markets, closing the week on a positive note as FX supply increased.

According to data from FMDQ, the naira strengthened to ₦1652.62 per dollar on Friday, an improvement from ₦1658.57 per dollar recorded on Thursday.

This represents a gain of ₦5.95 in the official market within a single day.In the last 48 hours, the naira has seen a cumulative gain of ₦35 against the dollar, signaling a rebound in the local currency’s performance.

This trend was also evident in the black market, where the naira firmed to ₦1750 per dollar on Friday, improving from ₦1755 per dollar the previous day.

The appreciation in both markets reflects a growing supply of foreign exchange and improved sentiment.

The uptick in FX supply was evident in the rise of transaction turnover in the official market. On Friday, FX transaction turnover increased significantly to $243.05 million, up from the $163.66 million recorded on Thursday.

This 48.5% surge in turnover highlights improved liquidity and market activity, which contributed to the naira’s recovery.

Despite the positive developments in recent days, a week-on-week analysis shows a marginal depreciation of the naira in the official market. Compared to last Friday’s exchange rate of ₦1652.25 per dollar, the naira lost ₦0.35, highlighting some lingering pressure on the local currency.

Nevertheless, the recent gains provide optimism for sustained recovery in the coming weeks.In the broader economic context, the Central Bank of Nigeria (CBN) reported an increase in the country’s external reserves, which rose to $40.277 billion as of November 20, 2024.

This marks a critical development, as higher reserves bolster the CBN’s ability to intervene in the FX market and stabilize the naira.

The naira’s improved performance can be attributed to several factors, including increased FX inflows, a more active interbank market, and efforts by financial authorities to boost dollar supply.

These efforts have eased pressure on the naira, particularly in the parallel market, where speculative activities had previously driven rates higher.

As Nigeria continues to address challenges in its FX market, the recent appreciation offers hope for a more stable exchange rate regime.

Market analysts, however, caution that sustaining this momentum will require consistent policy measures, increased foreign investment inflows, and further improvements in economic fundamentals.

The Chairman of the Committee, set up by Gov. Okpebholo on Monday to recover government vehicles, Mr Kelly Okungbowa, declared that over 200 vehicles were missing on Friday.

He stated that the committee had within 24 hours recovered three vehicles in a private residence in Benin.

Okungbowa, who spoke to newsmen on the success of the committee’s assignment, said within 24 hours three vehicles including one Hilux van and two Toyota Hiace buses have been recovered.

He disclosed that in one of the Toyota Hiace buses, the committee recovered some palliatives which were meant to have been distributed to Edo people.

The chairman added that the palliatives included bags of garri and rice.

He appealed for more information from members of the public, adding that it was the information earlier obtained that led to the recovery of the three vehicles.

Okungbowa assured whistleblowers that a handsome reward awaits them provided their information were correct and verifiable.

“Yesterday, we were inaugurated, we promised to follow the law to carry out the mandate of Mr Governor which is to recover all missing government vehicles in private hands.

” We are glad to inform the people of Edo State that we have recorded success within 24 hours of our inauguration.

”I am glad to announce to you that we have recovered one Hilux and two Toyota Hiace buses in private custody.

“We assure Edo people and the State Government that we are going to do the job to the best of our ability. We will make sure we recover all the stolen vehicles.

“This is not private property but the property of Edo citizens and it is not good for a private individual to steal government property,” he said.

He appealed to former government officials and other citizens holding back government vehicles to return them within 48 hours.

The Economic and Financial Crimes Commission (EFCC) has warned banks against fraudulent practices including making themselves available as instruments of fraud.

The Executive Chairman of the EFCC, Ola Olukoyede gave the warning on Friday, November 22, 2024 when the management team of Moniepoint, led by its founder and Group CEO, Tosin Eniolorunda paid a courtesy visit to the commission.

Olukoyede who spoke through his Chief of Staff, Commander of the EFCC, Michael Nzekwe noted that Nigerian banks over the years have become notorious as conduits of financial crimes.

Nzekwe advised that they should turn a new leaf for the sake of the growth of the country, saying: “There is hardly any financial crime that would not go through the financial institutions.

“Money laundering is a major issue and you find out also that the perpetrators go through the banks. Nigeria will be the greatest beneficiary when we do the right thing,” he said.

Addressing the Moniepoint delegation , he said: “Try as much as possible on your own to avoid any form of connivance and don’t be a channel for money laundering.

“Don’t be a tool, don’t make your system porous. You are a major stakeholder when it comes to the fight against corruption. We are open and would assist, however we can. No one is above the law.”

Olukoyede observed that there was a high level of poor internal control by fintechs at the level of the unbanked, the under-served and the middle class population spectrum.

“There’s quite a whole lot of fraud that goes around that particular level, so the issue of KYC (Know Your Customer) is very important, especially because of the issue of how fintechs open tier-one accounts, sometimes without attention to KYC,” he said.

“And people take advantage of this and are quick to commit fraud through this negligence. So, that’s one area you have to also look at to see how you can improve on your KYC.

“Increasing your level of collaboration with the EFCC would mean to see yourselves as stakeholders in the fight against corruption.

“We would like you to be able to respond to us when we make inquiries and when we make requests.”

Speaking further on the readiness of the Commission to collaborate with Moniepoint to get things right, Olukoyede said: “On our part, we are open to whatever it is that you want us to do.

“We value it that you are here today to seek a stronger tie and collaboration. When we have stakeholders come in and want to be part of what we are doing, majorly stakeholders like you, it gives us joy because we know that no one man can fight corruption alone.

“The collaboration you seek tells us that you want to strengthen your system; you want to be able to create more internal controls.

“You want to be able to put in place things that will mitigate those weaknesses that will lead to fraud within your system, that’s what we do.

“Our core mandate is enforcement and investigation of economic and financial crimes. So, we’re glad and wish to collaborate with you.”

Earlier in his remarks, Eniolorunda noted that the expansion in the operations and services of the fintech and microfinance company have come with challenges which have made the need for a strategic collaboration with the EFCC compelling.

“Moniepoint has over the years grown to become one of Nigeria’s largest payment service providers and the bank for mostly mid-class businesses and the under-served.

“Today, Moniepoint processes roughly 70% of Nigeria’s payments on Point-of-Sale (PoS) and transfers.

“We are present also in the U.K and we are going through some potential set-up also in Kenya, which is at an advanced stage with its Central Bank. And also in Tanzania.

“Of course, with all this growth comes also challenges. One of the biggest challenges is the nature of our country, where if people find the opportunity to make fast money, they will make fast money. 

“And we have realized that as Moniepoint is helping people make ends meet, these sorts of people are also trying to use Moniepoint channels  to achieve their criminal objectives.

“So, we are actively fighting, improving all the necessary KYC accounts, money laundering and fund protection systems, but we know that we can’t do this alone. 

“There are experts in a government organization like the EFCC that we believe we need to have a strategic relationship with to be able to fight these people together.

“There are intels that you see that we don’t see. There are many things that come across your desk, every day that we don’t see. 

“There are also things that we see that we think that if we should show to you, we will all be able to come together and fight these bad guys. 

“We have, over the years improved on many things; discover a lot of potential fraud, collaborated with law enforcement agencies. 

“With our whole management team, we will be able to find a strategic partnership with the EFCC that would take us to the next level. 

“So we need to quickly build stronger alliances to prevent any form of risks that will blossom into national security issue,” he said.

The Nigerian Navy, Forward Operating Base (FOB), Ibaka, Akwa Ibom State has arrested three suspected oil thieves with 2,000 litres of Premium Motor Spirit (PMS), and 1000 cartoons of beer with the intention of smuggling to the Republic of Cameroon.

The Commanding Officer of the Base, Capt. Uche Aneke disclosed this while handing over the suspects, seized items and other goods to the Nigeria Security and Civil Defense Corps (NSCDC), Akwa Ibom Command on Friday.

Aneke said the suspected oil thieves were arrested on Wednesday, at about 7 pm, while on routine night patrol at Mbo River during stop-and-search.

“Navy intercepted a wooden laden with about 1,000 cartons of different brands of beer and other goods, upon thorough search own gunboat discovered 2,000 litres drums of PMS carefully concealed under the cartons with the intention of smuggling into the Republic of Cameroon,” he said.

He warned individuals or groups involved in smuggling or any form of criminal activity within Nigeria’s waters, urging them to desist immediately.

Aneke reaffirmed the Navy’s commitment to combating maritime crimes in the state under the leadership of Chief of Naval Staff, Vice Admiral Emmanuel Ogalla.

He also stated that criminal elements in the FOB Ibaka area of operations under the Eastern Naval Command Area of Responsibility would continue to be detected using advanced surveillance equipment and intelligence.

“Such criminals will be apprehended and duly prosecuted. Nigeria’s waters and the Nigerian coastal areas are not for illegal activities,” Aneke said.

Receiving the items, suspects and other goods, Mr Willie Sunday, Assistant Superintendent Corps, said the corps would further investigate and possibly prosecute the suspects.

The Labour Party (LP) has refuted claims circulating on social media that its leadership is collaborating with President Bola Tinubu ahead of the 2027 general elections.

The allegations stem from a video where activist Deji Adeyanju alleged that the LP had entered into a partnership with Tinubu in preparation for the next presidential poll.

In a statement released on Friday, the National Publicity Secretary of the Labour Party, Mr. Obiora Ifoh, categorically denied the claims, emphasizing that the party remains committed to its role as a leading opposition force in Nigeria.

“The Labour Party has repeatedly and firmly denied any understanding or collaboration with the ruling All Progressives Congress (APC) regarding the 2027 elections,” Ifoh said.

He highlighted the party’s consistent criticism of the current administration under the leadership of its National Chairman, Barrister Julius Abure. “Our chairman has been at the forefront of opposing the government, critiquing its policies, and offering constructive solutions,” Ifoh stated.

The Labour Party, he noted, has undertaken several initiatives to strengthen its position as a credible opposition, including:Establishing an Electoral Reform Committee to advocate for credible, fair, and transparent electoral processes.

Creating a Political Education Committee to reorient citizens towards a more positive and informed approach to politics.

Launching an e-membership registration platform to deepen participatory democracy, which has already attracted thousands of subscribers.

“These efforts are aimed at repositioning the Labour Party as a formidable political force,” Ifoh said, describing the allegations as baseless and damaging.

He challenged Adeyanju and others making similar claims to provide concrete evidence of any alleged collaboration between the Labour Party and Tinubu or the APC.

“It is both irresponsible and absurd to attempt to tarnish the image of a party dedicated to reforming Nigeria’s political landscape,” Ifoh concluded.

The National Bureau of Statistics (NBS) says the most prevalent shock affecting households across Nigeria is the price increases on major food items.

The NBS said 71 per cent of households reported this shock.

The NBS disclosed this in its General Household Survey-Panel (GHS-Panel) Wave 5 2023/2024 unveiled in Abuja.

The report said urban households experienced the shock of food price increases at 75.5 per cent more than rural households at 68.9 per cent.

It said the issue was most pronounced in the South-East and South-South zones at 83.6 per cent and 79.3 per cent, respectively.

“In general, the data indicate that price hikes on essential goods are a major concern for households nationwide.”

The report revealed the other top most common economic shocks were increase in price of oil and fuel at 52 per cent, and increase in prices of other fuels at 32.2 per cent.

“This was followed by increase in price of farming/business inputs at 28.8 per cent, floods at 8.8 per cent, droughts at 5.8 per cent, and pest and plant disease at 5.7 per cent.

“Shortage/scarcity of petrol at 5.3 per cent, irregular rains at 4.7 per cent and very high temperatures (>40°C) at 4.7 per cent.”

It said these households dealt with shocks in a variety of ways, but the main coping mechanism was reducing food consumption at 48. 8 per cent.

“To cushion shock effects, some households also received assistance from friends and family at 36.1 per cent and reduced purchased quantities compared to the last at 32.6 per cent.

“In contrast, a significant proportion of households did nothing to deal with the shocks at 28.3 per cent.”

The report revealed that only 4.0 per cent of households nationwide received safety-net assistance, a decline compared to GHS-Panel Wave 4 at 10. 4 per cent.

The report showed that households in the urban areas had a higher coverage of receiving assistance at 5.2 per cent compared to rural areas which has a coverage of 3.5 per cent.

“Also households in the urban areas had a stronger reliance on cash assistance at 60.5 per cent compared to the rural areas at 49.6 per cent.”

The report said at the zonal level, the South-South and North-West zones recorded the highest share of households with safety nets at 6.7 per cent and 5.6 per cent, respectively.

The News Agency of Nigeria (NAN) reports that the GHS-Panel is Nigeria’s nationally representative longitudinal household survey which commenced in 2010 and the NBS has implemented five waves of the survey.

The panel nature of the data enables tracking household-level changes in critical areas of welfare, work, and socio-economic outcomes over time, yielding insights for policy.