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Banks Documentation, Low Liquidity Crashes Naira

Banks Documentation, Low Liquidity Crashes Naira

Banks Documentation, Low Liquidity Crashes Naira

Banks documentation, low liquidity crashes Naira further to N532/$ at black market, CBN reacts

More Nigerians flocked to the black market on Monday, allowing speculators to further weaken the Naira against foreign currencies.

Nigerians see the black market as a more convenient way to avoid the lengthy process of obtaining dollars from banks and street traders are taking full advantage.

Data obtained from Aboki FX showed that the local currency traded against the United States Dollar at a new all-time low of N532/$1 on Monday.

Monday rate represents a loss of N2 or 0.38 percent when compared to the 530/$ it was traded by street traders on Friday.

In the same parallel market, Naira fell N1 against the British pound sterling yesterday, selling for N723/£1 compared to N722/£1 the previous session.

While, Naira depreciated against the Euro, closing at N625/€1, down from N622/€1 on Friday.

At the official market Naira appreciated marginally against the U.S dollars.

Data from FMDQ securities where Naira is officially traded, showed the Nigerian currency closed Monday trade at the Investors and Exporters window 37 kobo or 0.09 per cent stronger to settle at N411.13/$1 in contrast to N411.50/$1 on Friday.

This brings the difference between the official market rate and the unofficial rate for the dollar to N120.87 from N118.50 on Friday.

Meanwhile, the Central Bank of Nigeria has now authorised commercial banks to allow customers initiate domiciliary online account transfers on their online Banking platforms.

The move it is believed will help further bring liquidity to the forex markets and reduce pressure on the Naira.

The Domiciliary Account Transfer feature on online Banking platforms were temporarily inaccessible after a directive from the CBN.

However, to initiate the transfer customers daily limit is $10,000 (inflow/cash deposit) Monthly cumulative inflow of $20,000 (cash deposit)

For outflows the purpose of payment must be stated, including all supporting documents for foreign currency transfers to third parties such as: Form M, Form A, Proforma invoice, Medical, insurance, school fees and others.

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Business

MTN under attack as hackers breach network

MTN Nigeria on Friday, April 25, confirmed that it was recently targeted in a cyber attack but has moved to calm concerns, assuring customers, partners, and stakeholders that its key systems and customer data were not compromised.

The telecoms giant in a statement released on Thursday, April 24, revealed that it had detected unauthorized activity within its network, and had acted swiftly to isolate and neutralize the threat.

The Chief Executive Officer of MTN Nigeria, Karl Toriola disclosed that the attackers had sough to disrupt operation, but their attempts were unsuccessful.

He emphasized that the incident did not affect Nigeria specifically, and critical infrastructure, including customer information and core business functions, remained secure.

“We take cybersecurity very seriously and have robust systems in place to detect, isolate, and neutralize threats. Although this attack attempted to breach our defenses, our security protocols worked as intended, and our core infrastructure remains secure,” Toriola stated.

The telecom giants did not however reveal the nature or origin of the cyberattack on its systems, cybersecurity analysts warn that telecom companies across Africa are becoming prime targets for cybercriminals. This growing threat is linked to the sector’s vast subscriber base and the continent’s rapidly expanding digital economy.

An internal source within MTN confirmed that the breach did not affect operations in Nigeria, reinforcing the company’s earlier statement that local infrastructure and services remain intact.

The attack comes at a time when Nigeria is accelerating its digital transformation agenda, an ambitious effort that places increased responsibility on service providers to strengthen their cybersecurity protocols.

MTN has pledged to work closely with cybersecurity experts and government authorities to conduct a thorough investigation of the incident. The company also affirmed its commitment to bolstering its systems and defenses to prevent future breaches and safeguard customer trust.

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Business

Air Peace to resume flight operations nationwide

Lagos to Abuja now costs N100,000 as operators list challenges

Air Peace has said that it will resume flight operations on Friday following suspension of strike by the Nigerian Meteorological Agency (NiMET) workers.

The airline’s Head of Corporate Communications, Dr Ejike Ndiulo, made the disclosure in a statement on Thursday night in Lagos.

According to Ndiulo, Air Peace is grateful to its customers and the general public for patience, understanding and support throughout the period of the strike.

”Your resilience and trust in our brand mean the world to us

“We commend the active and decisive intervention of the Minister of Aviation and Aerospace Development, Mr Festus Keyamo (SAN), whose leadership and commitment were pivotal in resolving the impasse and restoring normalcy within the aviation industry,” Ndiulo said.

He noted the minister’s swift engagement with aviation stakeholders, his transparent approach and his dedication to the stability and progress of the aviation sector.

According to him, Keyamo’s efforts not only facilitated timely resolution of the industrial dispute but also underscored his broader vision for a safer, more efficient and investor-friendly Nigerian aviation industry.

Ndiulo reaffirmed Air Peace’s commitment to providing safe, reliable and world-class services.

NAN reports that NIMET workers on Thursday shelved the strike which began on April 22 following Keyamo’s intervention.

The workers downed tools in protest of alleged poor working conditions, including non-implementation of the 2019 Consequential Adjustment to the National Minimum Wage (affecting at least 30 staff).

They are also demanding a 25/35 per cent salary increase, 40 per cent hardship/peculiar allowance, and annual staff trainings.

Keyamo had promised to find lasting solutions to the problems.

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Business

BREAKING: Air Peace suspends flight operations nationwide

Lagos to Abuja now costs N100,000 as operators list challenges

Air Peace Ltd. has announced the suspension of all flight operations nationwide due to the ongoing strike embarked upon by the Nigerian Meteorological Agency (NiMET).

This is contained in a statement signed by the Head of Corporate Communications, Air Peace, Dr Ejike Ndiulo, on Wednesday in Lagos.

According to Ndiulo, the decision is necessary because NiMet is the agency responsible for issuing CNH (Current Nowcast of Hazardous Weather) reports, critical for safe landings, especially during this season of heavy rainfall and thunderstorms.

He said without these reports from the control tower, flight safety could not be guaranteed.

“As a safety-first airline, we have chosen to act responsibly by suspending operations until NiMet resumes full service.

“We understand this may cause inconvenience, and we sincerely apologise. Passengers will be contacted with updates and options for rescheduling,” he said.

The staff of NiMET on Tuesday commenced an indefinite strike over the condition of service and other demands.

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