GROUP DEMANDS DECLARATION OF ABA NORTH ASSEMBLY SEAT VACANT, THREATENS PROTEST. (PHOTO).

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 Group demands declaration of Aba North Assembly seat vacant, threatens protest A group known as the Coalition of Aba North Ethnic Youth Groups has mandated the Speaker of Abia State House of Assembly, Emmanuel Emereuwa to declare the Aba North seat vacant in seven days. The Aba North seat has been a subject of controversy since November 27, 2023, when the Court of Appeal sitting in Lagos sacked Destiny Nwagwu of LP and declared Aaron Uzodike of the PDP, the duly elected member to represent Aba North. However, the seat has remained unoccupied since November 2023, as Uzodike of PDP has not been inaugurated by the Speaker, despite his several appeals. A fresh controversy erupted Friday, as the Coalition of Aba North Ethnic Youths Groups, asked the Speaker to declare the seat vacant within seven days or expect a city-wide protest in Aba. A protest letter signed by the leader of the group, Uka Matthew and some other members in Aba, said they have been without a representative in the Abia S
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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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