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Nigerian Naira Hits New Lows Against Dollar Despite CBN Intervention



The Nigerian Naira has significantly declined versus the US dollar, despite recent intervention efforts by the Central Bank of Nigeria to resolve foreign currency backlogs and rebuild confidence. The Naira closed at N996.75 per dollar on the official market, but the parallel market recorded an exchange rate of N1090 per dollar, a new low and stoking fears about the currency’s stability.

On Thursday, the Naira recorded a notable N122.04 loss, reflecting a 12.24% decline compared to the previous day’s closing rate of N874.71. This represents a new all-time low, surpassing the previous record of N993.8 on October 30th.

Forex turnover at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window experienced a substantial increase of 101.32%, reaching $228.54 million at the close of Thursday’s trading.

In the parallel market, there was a 5.5% depreciation, with an exchange rate quoted at N1090/$1. The narrowing gap between the official and black market rates, approximately N100, signifies a nearly 10% premium, a margin deemed acceptable in financial circles.

Financial experts, as reported by Nairametrics, are urging the Central Bank of Nigeria to implement decisive strategies to counteract the continuous depreciation of the Naira. Dr. Biodun Adedipe, founder of B. Adedipe Associates Limited, advocates for the de-dollarization of the economy by prohibiting local transactions in US dollars and selling crude oil to local refineries in Naira.

Addressing concerns about the stability of the economy as official and parallel market exchange rates converge, demands for transparency in transactions within the Investors and Exporters Window are escalating. Calls for broader market reforms are gaining momentum.

Aminu Gwadabe, President of the Association of Bureau de Change Operators of Nigeria (ABCON), warns currency speculators of impending consequences, asserting that the CBN is prepared to counteract hoarding and substituting Naira for other currencies. He views this as a positive development, emphasizing the risks associated with speculating, hoarding, and substituting the Naira with other currencies.


UAE Commits To Strengthening Diaspora Relations With Nigeria



United Arab Emirates (UAE) is committed to strengthening relations with Nigeria, which will further lead to a better collaboration that is beneficial to both Nigeria and UAE , Ambassador Salem Saeed Al-Shamsi, UAE Ambassador to Nigeria said.

He gave commitment during the visit of Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, amid the removal of the visa ban by the United Arab Emirates (UAE).

Dabiri-Erewa stated that NiDCOM intends to engage and sensitize Nigerians in the UAE to be good ambassadors of their country of stay and country of origin, to excel in whatever they are doing and never to forget home. She added further.

She added that this initiative aims to foster better understanding and compliance with local regulations. “this initiative aims to foster better understanding and compliance with local regulations”. She said

She also disclosed that 190 Nigerians were repatriated to Nigeria, with an additional 250 expected to return soon. She noted that the actions of individuals in a host country can greatly impact the overall image of their home country. She also noted the role of Western media imperialism in perpetuating negative stereotypes about Nigerians.

Amb. Salem Saeed Al-Shamsi explained that the visa ban on Nigeria has been officially lifted. He confirmed that the Visa on Arrival policy has been cancelled for all countries, but assured that the new procedures are designed to facilitate tourism and ensure travellers’ safe return.

The Ambassador expressed his commitment to providing the best possible services for Nigerians, with the support of the determined Nigerian government. He also acknowledged the UAE’s role in safely repatriating 96 Nigerians at no cost.

Marking his one-year anniversary as the UAE Ambassador to Nigeria, Al-Shamsi shared his positive impressions of Nigeria, describing it as a beautiful country with warm-hearted people who share similar cultural, religious, and ethnic backgrounds with the UAE. He expressed his eagerness to continue collaborating with NiDCOM to strengthen ties between the two countries

She noted that the actions of individuals in a host country can greatly impact the overall image of their home country, and acknowledged the role of Western media imperialism in perpetuating negative stereotypes about Nigerians.

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Standard Chartered Complement Singapore, Others with 14 new Hires



Standard Chartered has hired more than a dozen new bankers to its private banking teams in Singapore, Hong Kong and the United Arab Emirates in a bid to grow the affluent business, a bank statement said on Thursday.

The hires includes Nicholas Cheng, who joined as managing director, head of private markets group. He reports to Foo Tian Ong, regional head of private banking in Southeast Asia and Singapore, the statement said.

Cheng joined the Singapore-based private banking teams with another seven new hires. They will focus on building relationship and offering advisory to ultra-high-net-worth individual clients in the region, it added.

The bank also recruited four relationship managers in Hong Kong and two relationship managers in the UAE, the statement said.

“Aligned with the ambition to grow the affluent business, the bank has been building up the private bank in the last few years,” the statement said, adding the hiring of new talents will boost the frontline teams to support the needs of clients.

Standard Chartered reported a 5.5% rise in first-quarter pretax profit in May, as a surge in income from its trading and wealth businesses more than compensated for additional credit losses.



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US Sues Trump-Linked Former CEO For Security Fraud



The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Patrick Orlando, the former CEO of Digital World Acquisition Corp, the company that facilitated the public listing of Donald Trump‘s social media venture. The lawsuit, filed on Wednesday, alleges Orlando of committing securities fraud.

The SEC has accused Orlando of violating securities regulations by issuing misleading and false statements during his tenure at the special purpose acquisition company, reported Reuters on Thursday.

The lawsuit claims that Orlando deceived investors by not disclosing the company’s plans to acquire Trump Media & Technology Group Corp before DWAC’s initial public offering.

Orlando’s company, Digital World, completed its merger with Trump Media & Technology Group in March. This company owns Truth Social, a social media platform endorsed by Trump.

The SEC had previously charged DWAC with making “material misrepresentations” to investors in July last year. The company agreed to a cease-and-desist order and an $18 million penalty if the merger was finalized.

This lawsuit against Orlando comes amid a series of events surrounding Trump’s social media venture. In April, a board member of Trump Media was implicated in a hacking lawsuit, alleging a corporate coup aimed at removing Orlando, the original architect of the deal to take the social media company public.

Trump Media’s public debut was largely due to emergency loans received in 2022, preventing a potential failure to merge with Digital World Acquisition Corporation. A securities investigation into the merger in 2021 led to the rapid depletion of Trump Media’s cash reserves while awaiting its stock market debut.

Amid these legal and financial challenges, Trump’s net worth surged, pushing him into the list of the world’s 500 wealthiest individual following the successful listing of Trump Media & Technology Group in March.

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