U.N CHIEF GUTERRES CALLS FOR COUNTRIES FUELING SUDAN'S WAR TO BE HELD ACCOUNTABLE. (PHOTO).

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 U.N chief Guterres calls for countries fueling Sudan's war to be held accountable United Nations Secretary-General Antonio Guterres called on Wednesday for countries providing weapons to the warring parties in Sudan that are used to attack civilians to be held accountable. "What is happening in Sudan is absolutely horrible. The humanitarian situation in Sudan is devastating. The level of suffering of the Sudanese people is intolerable," Guterres told reporters ahead of the annual gathering of world leaders at the United Nations in New York next week. Sudan's war, which erupted in April 2023 following a power struggle between the military and the paramilitary Rapid Support Forces, has displaced more than 14 million people and created one of the world's worst humanitarian crises. "It is true that the conflict is fueled by a number of countries from the outside," Guterres said, Reuters reported. "In my opinion, there should be accountability for the k...
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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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