Economy
Nwokoma Charges Cardoso to Stop Political Interference in FX Market
By Dipo Olowookere
A professor of Financial Economics at the Department of Economics of the University of Lagos (UNILAG), Mr Ndubisi Nwokoma, has tasked the nominee for the position of the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to stop political interference in the foreign exchange (FX) market.
The don gave this charge when he appeared as a guest on Arise TV’s breakfast programme, The Morning Show, on Monday, monitored by Business Post.
He said the suspended CBN Governor, Mr Godwin Emefiele, allowed politicians to contribute to the crisis in the forex market today, saying he was not bold enough to say no to them.
According to Mr Nwokoma, the weakening of the Naira against the United States Dollar under the tenure of Mr Emefiele in eight years was worse, pointing out that having the Naira at about N200/$1 in 2015 and N950/$1 in 2023 is not acceptable and good for any economy.
“There are many questions about political interference in (the use of forex); where a particular big company will come and get a huge allocation of FX.
“The new CBN Governor must make sure such thing does not arise [again] because before Emefiele came on board, under (Charles) Soludo (the current Governor of Anambra State) and (Lamido) Sanusi, we had stability in the exchange rate.
“As of 2011 and 2012, we can say the exchange rate was like N150/$1, but when (Goodluck) Jonathan left office (as President of Nigeria in 2015), it was N197/$1; in the past eight years, we have had instability [in the forex market].
“In my view, there had been a lot of political interferences in the FX market; that is an area the new Governor will have to look at; minimise political interference, where people just come because they know somebody somewhere and get undue forex allocation, creating scarcity for those who genuinely forex.
“The exchange rate is a price tied to two factors; supply and demand. If the supply is shrinking because it is being cornered, then it can affect the rate. At the moment, we are talking about N940/$1 and N950/$1; it is unheard of, from N197/$1 or N200/$1 in 2015, over a period of eight years, that should never happen in any economy.
“There is no way that won’t affect the prices because of the imported input; Nigerians import a lot of things. The new CBN Governor will have to look into this,” Mr Nwokoma, who is also the Director of the Centre for Economic Policy Analysis and Research, stated.
Speaking on the competence of Mr Cardoso, Mr Nwokoma said the former Commissioner for Economic Planning and Budget in Lagos State is not a round peg in a round hole, noting that the role should have been given to someone with monetary policy experience and not someone with a fiscal background.
“If you take a look at the functions of the CBN, the first is to issue legal tender currency, the second is to maintain external reserves that will support the value of the currency, and the third is to maintain monetary and price stability.
“Cardoso has been a banker and a stockbroker; we should begin to look into having a former Deputy CBN Governor to head the central bank, like Tunde Lemo, though I am not speaking for him,” he said.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
