NIGER SAYS MILITARY ACTIVITY IN CAPITAL BROUGHT UNDER CONTROL. (PHOTO).

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 Niger says military activity in capital brought under control Niger's defense minister said Saturday that military activity in the capital, Niamey, had been brought under control and security forces had regained control of critical sites that were targeted. Gen. Salifou Mody's remarks were broadcast on national television after heavy gunfire and explosions were reported around Diori Hamani International Airport and the presidential palace in Niamey. Mody said a group of soldiers had "broken away from military order" and attempted to detain some of their fellow soldiers at the Base 101 military facility in Niamey before opening fire on several critical sites in the capital. He said the activity was brought under control thanks to the swift intervention of Nigerien defense and security forces, adding that control was gradually restored in the targeted areas. Mody urged residents of Niamey to remain calm and continue their daily activities as usual.
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PRESIDENCY TO CURRENCY SPECULATORS: DUMP YOUR STOCK OF DOLLARS NOW TO AVOID SORROWS, TEARS. (PHOTO).

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 Presidency to Currency Speculators: Dump your stock of dollars now to avoid sorrows, tears

 

The Presidency has issued a stern warning to forex speculators, urging them to divest their holdings of Dollars, as the Naira is poised to appreciate in value.


Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu, conveyed this message via a statement posted on his official X handle on Thursday.


In his statement, Onanuga urged currency speculators to act swiftly and dispose of their stock of dollars to avoid facing potential losses.


He emphasized, “With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears.”


The warning comes in the wake of the Central Bank of Nigeria’s (CBN) announcement that it successfully cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.


Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, confirmed the resolution of all valid FX backlog claims in a statement released on Wednesday.


Ali disclosed that the CBN engaged the services of Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions and ensure that only legitimate claims were honored.


She added that any invalid transactions were referred to the relevant authorities for further investigation.


The CBN’s concerted efforts to address the FX backlog have yielded positive results, with the country’s external reserves experiencing a significant surge. As of March 7, 2024, the external reserves stood at $34.11 billion, marking the highest level recorded in the past eight months.


The statement from the Presidency underscores the government’s commitment to stabilizing the forex market and bolstering the value of the Naira against foreign currencies.


As the country continues its economic recovery efforts, such measures aim to instill confidence among investors and safeguard the nation’s currency from speculative activities.

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