Economy
Currency Swap Deadline Extension Shows Emefiele Misled Buhari—Doguwa
By Dipo Olowookere
The Majority Leader of the House of Representatives, Mr Alhassan Ado Doguwa, has accused the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, of misleading President Muhammadu Buhari on the Naira redesign policy.
On October 26, 2022, Mr Emefiele announced that the bank would change the look of the N200, N500, and N1,000 currency notes. The president unveiled the new notes a month later before hitting circulation last month.
During the announcement, the CBN chief said the old banknotes would cease to be legal tender in Nigeria from January 31, 2023, but last Sunday, Mr Buhari approved an extension of 10 additional days.
While speaking on Channels Television’s Politics Today on Monday, Mr Ado Doguwa said the lower chamber of the National Assembly would not accept the 10-day extension because it violates the laws of the land.
The green chamber had asked the central bank Governor to extend the deadline by six months to July 31, 2023, to allow more Nigerians to return their old notes, especially because the new currency notes were still very scarce.
At the programme monitored by Business Post, the lawmaker accused Mr Emefiele of misleading President Buhari on the policy, emphasising that this was why he approved the 10-day extension.
“You see, Mr President may have been presented with a misleading briefing [on the policy], which may have made him act in the wrong direction by approving it.
“It (the extension) goes to confirm to you that if the President were actually briefed ab initio of the implications of the Naira redesign, he would not have come now to extend the deadline by 10 days, which means there is an issue.
“If the President were initially given the correct information of the policy with a specified deadline, certainly, he would not have made a U-turn to extend it. We are even saying the 10-day extension is not the position of the law and is not acceptable to the parliament because it contradicts the law.
“The CBN Act says when there is a redesign of the Naira notes, the old and the new currency notes are allowed to operate side-by-side until the old notes naturally vanish from circulation,” the lawmaker stated.
“I am sure Mr President will be one humble leader to understand when he is misled, and he should be able to come now to look at the right thing and take the right decision like he is doing now,” Mr Doguwa, who doubles as the Chairman of the House Adhoc Committee, added.
He further said the CBN did not consult with the National Assembly before redesigning the currency banknotes.
“The constitution of Nigeria says the central bank, being an institution of the land, must, at all times when it wants to embark on a new policy, must consult relevant committees or the leadership of the National Assembly.
“They did in the case of the cashless policy. You remember we invited them, the Governor was not able to attend, he sent the deputy governor to explain everything to us.
“But I want to tell you that for the Naira redesign, we were not consulted. It was purely their business and we believe this policy will affect the economy, the security of the nation and the forthcoming general elections. In fact, why change the Naira just some days before the election,” he said.
When asked if he suspects the election is being scuttled with the policy, he responded, “Yes, for someone who wanted to partake in the (APC) presidential primary. So, I won’t be surprised that he is doing all these to scuttle the polls.
“You don’t limit the amount of cash with politicians about 30 days to an election. Even INEC, and security officials will need cash for logistics and others. Their allowances are also paid in cash. So, I wonder how you create this problem at a critical period. I believe this move is political.”
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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