NDC STATEMENT ON COURT RULING. (PHOTO). #PRESS RELEASE.

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 NDC STATEMENT ON COURT RULING Our attention has been drawn to a ruling by the Federal High Court sitting in Lokoja this morning, wherein His Lordship, Honourable Justice Isah Dashen, gave a ruling on an application filed by an unregistered association known as Peace Movement Party. The public knows that by December 2025, the Nigeria Democratic Congress  as an association complained of INEC’s refusal to register us as a political party, whereupon we proceeded to the Federal High Court. The Federal High Court upheld our constitutional right to freedom of association under the Constitution and compelled INEC to register us, which INEC did. Since then, we have started political activities, embarked on the registration of members, held congresses from ward to national levels, held conventions, and concluded primaries to all offices following INEC’s timetable. We have been fully participating in all INEC activities without let or hindrance. NDC also fielded candidates, and fully pa...
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DOLLAR FALLS TO N755 AT BLACK MARKET AFTER TINUBU'S INAUGURATION. (PHOTO).

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Dollar Falls To N755 At Black Market After Tinubu’s Inauguration

May 29, 2023

…New President Vows To Unify Exchange Rate

Nigeria’s unofficial foreign exchange market reacted positively on the inauguration day of Bola Ahmed Tinubu as Nigeria’s 16th President.

The black market opened on Monday at N763 against the US dollar but dropped by N9 at the close of trade.

Prices at Zone 4, a popular Bureau de Change hub in Abuja closed between N755 and N754 against the dollar, according to THE WHISTLER.

The naira has been trading low against the dollar over low foreign exchange earnings.

But Tinubu said in his first inaugural speech that he will unify the exchange rate.

Nigeria has four FX windows: the Investors’ & Exporters’ FX Window (“I&E FX Window”), a market trading segment for investors, exporters and end-users.

The secondary market intervention sales retail window, the small and medium-size enterprises (SME) window, and the window for invisibles.

The blackmarket for the BDC dealers is another unofficial window with a huge margin.

He said, “Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate.

“This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

“We shall ensure that investors and foreign businesses esses repartiate their hard earned dividends and profits home.”

 

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