Business

BREAKING: Kano Govt Sues FG Over Naira Redesign Policy

Published

2 months ago

February 10, 2023

The Kano State Government on Thursday evening filed a suit against the Federal Government at the Supreme Court in respect of the naira redesign policy of the Central Bank of Nigeria.

In suit number: SC/CS/200/2023, sighted by The PUNCH, the Kano State Attorney General, through his Counsel, Sunusi Musa, SAN, is asking the apex court to declare that the President, Major General Muhammadu Buhari (retd.), cannot unilaterally direct the CBN to recall the now-old N200, N500 and N1,000 banknotes without recourse to the Federal Executive Council and National Economic Council, respectively.

The Kano government is praying a mandatory order seeking a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation due to the policy affecting the economic well-being of over 20 million Kano citizens.

The applicant is also seeking for mandatory order, compelling the Federal Government to reverse the naira redesign policy for alleged failure to comply with 1999 Constitution (as amended).

The applicant is similarly praying for mandatory seeking the apex court to compel the Federal Government to reverse the cash swap policy for allegedly not complying with the 1999 constitution and other extant legislation.

“A Declaration that the combined reading of the provisions of the section 148(2) of 1999 constitution and Part 1, and Paragraph 19 of the Third Schedule thereof, the President cannot unilaterally without recourse to the Federal Executive Council and National Economic Council respectively give approval to the Central Bank of Nigeria for the implementation of cash withdrawal limit pursuant to the demonetization economic policy of the Federal Government of Nigeria,” the suit read.

In the originating summon, the Kano State Government, further prayed for a declaration, that the president’s directive to the CBN for the implementation of cash withdrawal limits policy pursuant to the demonetisation of Federal Republic of Nigeria without recourse to FEC and NEC respectively is unconstitutional, illegal null and void.

The applicant is also praying for a mandatory order reversing the policy of the Federal Government on the recall of the old currency notes for allegedly failure to comply with the provisions of Constituiton and other extant legislation.

Recall that on Wednesday, the Supreme Court gave an interim order to the CBN not to end the use of old naira notes on February 10, 2023 in an ex-parte application by the three applicant states including Kaduna, Kogi and Zamfara.
PUNCH

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Business

25 Nigerian Crude Shipments Struggle To Find Buyers In Europe

Published

7 hours ago

March 27, 2023

Editor

Nigeria is toiling to find buyers for its crude oil as strikes in the French refining sector and seasonal maintenance at European plants cut into the OPEC producer’s sales.

There are reports that about 25 shipments of the country’s crude for April loading were still searching for buyers, according to four traders specialising in the West African market. Each cargo was reported to contain about a million barrels of crude.

According to tanker-tracking data compiled by Bloomberg, France, one of Nigeria’s biggest buyers, took an average of 110,000 barrels daily of Nigeria’s oil over the past year.

However, demand has shrivelled this month, with France’s overall crude imports dropping by half in March as the nationwide dispute over pension reforms escalated.

Bloomberg also reports that European plants are also buying less crude because of seasonal maintenance adding to the impact of the strikes.

“The Nigerian backlog is a combination of higher freight costs, lower tanker availability — specifically into Europe — as well as lower overall demand for West Africa light sweet as crude from other regions is deluging markets,” said Viktor Katona, a lead crude analyst at Kpler.

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Business

Uncertainties Might Persist Amid High Risks To Financial Stability – IMF

Published

7 hours ago

March 27, 2023

Editor

Amid the continued tension necessitated by the Russia-Ukraine war and the post-COVID-19 pandemic effect, the International Monetary Fund warned on Sunday that risks to financial stability have increased following the recent sector in the financial industry.

Speaking at the China Development Forum in Beijing, IMF Managing Director Kristalina Georgieva said she expected 2023 to be another challenging year.

Her position is based on the rate of global growth slowing to below 3.0 per cent due to the war in Ukraine, monetary tightening and scarring from the pandemic.

She also stressed the need for vigilance despite the high risks.

She said, “Uncertainties are exceptionally high, with the outlook for the global economy likely to remain weak over the medium term. It is clear that risks to financial stability have increased.”

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Business

Stock Investors Record N13bn Loss In Seven Days Over Interest Rates Hike

Published

8 hours ago

March 27, 2023

Editor

At the end of last week’s trading activities in the Nigeria Stock Market, the market capitalisation declined by N13 billion following the Central Bank’s Monetary Policy Rate hike to 18 per cent.

According to data gathered by DAILY POST, the All-Share Index closed 0.04 per cent lower at 54,892.53 compared to the 54,915.39 it commenced last week.

A review of last week’s trade showed that similarly, all other indices finished lower except for NGX Consumer Goods and NXG Growth, which appreciated by 1.11 per cent and 2.90 per cent, respectively, while the NGX ASeM, NGX Oil and Gas indices and NGX Sovereign Bond index closed flat.

The NGX ASI went up slightly on Wednesday, a day after the new MPR rate was announced, but it continued to dip till the close of trading on Friday.

The Monetary Policy Committee of the Central Bank of Nigeria raised Monetary Policy Rates, MPR, to 18 per cent from 17.5 per cent last month.

Muda Yusuf, the director of the Centre for the Promotion of Private Enterprise, CPPE, earlier disclosed to DAILY POST that interest rate hike would affect investors in Nigeria.

However, stock analysts are optimistic that the market will bounce back since the elections are over.

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