Witty Global blog

    As the inauguration approaches, demand for the dollar is on the rise, along with big-ticket purchases. To help readers fully comprehend the situation and make informed financial decisions, it would be beneficial to clarify the sources of the surge in demand for foreign exchange and explain why the naira can no longer resist the dollar. Additionally, providing more context on past governors and lawmakers who have fled the country with illegally obtained funds would emphasize the need for anti-corruption measures. It is crucial to explore the long-term effects of the current surge in foreign exchange demand and its potential implications for the Nigerian economy. As for recent developments, the naira has dropped to N760/$, losing its long-standing N750/$ resistance, which has gained attention due to the upcoming regime change. The market may have started pricing in uncertainty risk that comes with a change of national economic managers. Some dealers said yesterday that there has been

  Policemen have arrested a Point of Sale operator who reportedly went on a spending spree after N280m was erroneously transferred to his account by a commercial bank. The POS operator, identified as Alfa Rafiu, was arrested by the police on Monday in Ilorin, Kwara State capital. PUNCH Metro  gathered that the suspect is a resident of the Akuji compound, the Abayawo area in the Ilorin West Local Government Area of the state. According to sources in the area familiar with the issue, Rafiu went on a spending spree after he received the alerts in batches some weeks back. But instead of him to draw the attention of the bank that mistakenly transferred the huge fund, he went on a spending spree.“Rafiu bought houses and cars and sponsored people to lesser Hajj. Although he was generous to several people in the community, some residents were surprised about his sudden wealth as a POS operator,” one of the sources said. It was further gathered that the bank auditors later discovered the error

  An exchange rate of N462.50 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.67. The Naira on Thursday depreciated against the dollar at the investors’ and exporters’ window, exchanging at N461.67. The rate represented a decrease of 0.04 per cent compared to the N461.50 for which it exchanged to the dollar on Wednesday. The open indicative rate closed at N461.25 to the dollar on Thursday. An exchange rate of N462.50 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.67. The Naira sold for as low as N460 to the dollar within the day’s trading. A total of 80.03 million dollars was traded at the official investors’ and exporters’ window.

 The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 18 per cent from 17.5 per cent. T he CBN governor, Mr Godwin Emefiele said this on Tuesday when he read the communique issued at the end of the 290th meeting of the MPC. At the last MPC meeting in January, it was increased by 100 basis points, from 16.5 per cent to 17.5 per cent. According to Emefiele, 10 out of the 12 committee members present at the meeting voted for a moderate rise in the MPR. He, however, said that all other parameters remained constant. The Asymmetric Corridor of +100/-500 basis points around the MPR, the Liquidity Ratio of 30 per cent and Cash Reserve Ratio (CRR) of 32.5 per cent were thus retained. According to Emefiele, the committee debated whether to continue the rate hike to further check inflation. He said that the MPC also considered whether to hold the rate to observe emerging developments and allow for the impact of the last five rate