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Senate Initiates Investigation into Printing of New Naira Notes by NSPMC in 2022

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The Nigerian Senate has taken a significant step towards investigating the printing of new Naira notes by the Nigerian Security Printing and Minting Company Plc (NSPMC) in 2022.

This move comes in response to the Central Bank of Nigeria’s (CBN) extensive redesign of major Naira denominations, including the N100, N200, N500, and N1000, which led to a cash shortage and considerable hardship for the populace.

Ahmed Wadada, Chairman of the Senate Public Accounts Committee (SPAC), confirmed the Senate’s decision to probe the exercise when the NSPMC appears to address queries raised in the 2019 report of the Auditor General of the Federation.

The call for the investigation was initially suggested by Adams Oshiomhole, a Senator representing Edo and a member of the Committee.

During a Committee meeting, Oshiomhole urged the managing director of the NSPMC to present documents related to the printing of the new Naira notes.

“When coming to see us, you should come with documents related to the printing of new Naira notes, to enable us to see how much was printed and how much was spent on this project because it happened under your watch,” he emphasized.

The documents requested by Oshiomhole are expected to shed light on the quantity of new currency notes printed and the expenditure associated with the printing process.

In response to the Senate’s decision, the Chairman noted that the probe would be conducted as part of the ongoing assessment of the currency’s redesign.

This investigation underscores the Senate’s commitment to ensuring transparency and accountability in the management of the nation’s currency and financial systems.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Naira

Naira Rises 2.5% on Dollar at Official Market, Slides at Parallel FX Market

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Naira Exchange Rates - Investors King

The Naira appreciated on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, November 7, as the local currency sold for N1,639.50/$1.

This happened as improved supply boosted the rate as the market faced heavy illiquidity.

At the official market, the domestic currency recorded a 2.51 per cent or N42.15 drop compared to the N1,681.65/$1 it was valued at the previous session on Wednesday.

This occurred as supply rose at the session as turnover published on the FMDQ Group website stood at $244.96 million indicating that the session’s turnover climbed by 24.5 per cent, indicating that there was an increase of 48.18 million compared to $196.78 million which was published the day (Wednesday).

Since the administration of President Bola Tinubu came into power, the Naira has fallen 72 percent. This is largley due to illiquidity in the FX market has led to volatile outcomes for the Naira despite the country recording high fixed-income yields and the local currency getting interventions from the Central Bank of Nigeria (CBN).

Also, the domestic currency witnessed gains against the British currency and the Euro in the week’s penultimate session.

On the Pound Sterling, the local currency made a rise of N8.94 to wrap the session at N2,160.43/£1 from N2,169.37/£1 that it sold at the previous session and against the Euro, the Nigerian currency closed at N1,796.61/€1 versus N1,819.86/€1, indicating an N23.25 appreciation.

In the parallel market, the local currency weakened further against the US Dollar and the Canadian Dollar but made gains against the Pound Sterling and  the Euro.

The Naira lost N5.75 against the greenback to close at N1,721.48 to the US Dollar compared to N1,715.73/$1 it closed on Wednesday.

Against the Canadian Dollar as it depreciated further by 63 Kobo to close at N1,231.86 per Canadian Dollar, compared to the midweek’s N1,231.23 per CAD.

On the English currency, there was rise of N4.42 to wrap the session at N2,215.37/£1 from N2,219.79/£1 and it appreciated N11.81 on the Euro to quote at N1,848.28/€1 versus the previous day’s rate of N1,860.09/€1.

 

 

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Naira Falls Across Multiple FX Windows as Trump Emergence Boost Dollar Value

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Naira Exchange Rates - Investors King

The Naira weakened to N1,681 per Dollar on Wednesday, November 6 in the official foreign exchange market, the Nigerian Autonomous Foreign Exchange Market (NAFEX) as the American Dollar strengthened in the global market following the emergence of Donald Trump as the US president.

The local currency fell by N10.33 or 0.61 percent to close at N1,681.65/$1 compared with Tuesday’s closing rate of N1,671.32/$1.

The daily supply of FX as measured by secondary data from FMDQ Securities Exchange Limited indicated that turnover slumped by $21.99 million or 10.1 percent to $196.78 million from $218.77 million.

The decline in supply comes as the Central Bank of Nigeria (CBN) limited the sale of forex in order to regulate cash sales in the FX market to ensure stability and compliance.

Also, the emergence of Donald Trump as the next US president made the Dollar stronger and weakened a host of other currencies, like the Naira.

The market will be looking forward to Trump’s potential policies and what it would mean for the global economy.

However, the Naira weakened in its value against the Pound Sterling in the official market by N8.74 to sell at N2,169.37/£1 compared with the preceding session’s N2,160.63/£1.

It closed flat against the Euro in the midweek to trade at the rate of N1,819.86/€1.

The local currency also weakened across the Dollar, Pound Sterling, and the Canadian Dollar in the black market.

The Naira lost N7.38 against the greenback to close at N1,715.73 to the US Dollar compared to N1,708.35/$1 it closed on Tuesday.

The Naira lost N3.33 to sell at N2,219.79/£1 compared with the preceding session’s N2,216.46/£1 and against the Canadian Dollar as it depreciated further by N6.61 to close at N1,231.23 per Canadian Dollar, compared to Tuesday’s N1,224.62 per CAD.

However, it followed a different pattern against the Euro as it appreciated N4.48 to quote at N1,860.09/€1 versus the previous day’s rate of N1,864.57/€1 and it extended losses

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Naira Rises on Dollar at NAFEM, Black Market as American Currency Weakens Globally

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NAIRA - Investors King

The Naira rose at the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM) as well as at the unofficial parallel market on Tuesday, giving a lifeline to the local currency which latched on to a weaker US Dollar in the global market.

The local currency gained 0.33 percent on the US Dollar at the official market to exchange at N1,671.32 /$1 on Tuesday, November 5 amid an improvement in supply at the official market.

The local currency rose on the American currency by N5.58 versus N1,676.90/$1 which it closed at the previous session on Monday.

Data showed a jump in supply as the turnover published on the FMDQ Group website stood at $218.77 million. This indicated that the session’s turnover fell by 175.3 percent, indicating an appreciation of $139.30 million compared to the $79.47 million published in the last trading session.

In the black market, the Naira added 52 Kobo against the greenback to close at N1,708.35 to the US Dollar compared to N1,708.87/$1 it closed on Monday.

Traders had adjusted their position, leading to a weaker position for the Dollar as voters went to the polls to choose the 47th president of the US.

There was a flat outcome for the Naira against the Pound Sterling but it depreciated against the Euro in the official market. The domestic currency closed on the British currency at N2,160.63/£1.

Meanwhile, against the Euro, the Nigerian currency closed at N1,819.86/€1 versus N1,816.40/€1, indicating an N3.46 depreciation.

The Naira gained against the British currency in the black market as it added by 93 Kobo to sell at N2,216.46/£1 compared with the preceding session’s N2,217.39/£1.

However, it followed a different pattern against the Euro as it depreciated N1.65 to quote at N1,864.57/€1 versus the previous day’s rate of N1,862.98/€1 and it extended losses against the Canadian Dollar as it depreciated further by N2.29 to close at N1,224.62 per Canadian Dollar, compared to Monday’s N1,222.33 per CAD.

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