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Naira gains, exchanges at N757.51 to dollar

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Naira gains, exchanges at N757.51 to dollar

Naira

The Naira on Tuesday appreciated against the dollar, exchanging at N757.51 at the Investors and Exporters window.

The Naira gained by 2.23 per cent when compared with N774.78 for which it exchanged for the dollar on Monday.

The open indicative rate closed at N782.

59 to the dollar on Tuesday.

A spot exchange rate of N799.

90 to the dollar was the highest rate recorded within the day’s trading before it settled at N757.51.

The Naira sold for as low as N700 to the dollar within the day’s trading.

A total of 45.98 million dollars was traded at the investors and exporters window on Tuesday.

(NAN)

Business News

CGC Raises Concerns, as Customs Intercepts Cannabis, Codeine Worth N4.1b

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From Anthony Nwachukwu, Lagos

The Comptroller-General of Customs, Adewale Adeniyi, has warned of the severe and devastating effects of the growing misuse and abuse of drugs on the youth and the society at large, as the agency intercepted cannabis indica and codeine worth N4.

1 billion.

Adeniyi spoke in Lagos over the weekend while showcasing the unwholesome imports comprising 1x40ft container of regulated, unregistered pharmaceuticals and another 1x40ft container of illicit psychotropic substances intercepted by the Tin Can Command of the Nigeria Customs Service (NCS).

He disclosed that one of the 1x40ft containers No. GAOU 669921/5 imported from Canada, with approximate street value of N3.

216 billion, concealed three plastic drums with several packets of cannabis indica and 46bags of 2,144 packets of cannabis indica – all weighing 1,072kg.

The other contained 877 cartons of Barcadin cough syrup with codeine (200 bottles of 100ml per carton), and 82 cartons of Really Extra Diclofenac Sodium 50mg tablets (600 packs per carton) from India. The approximate street value of the cough syrup is N964.340 million.

According to him, the agency has made concerted efforts to prevent illegal entry and exit through diverse routes and means of conveyances, leading to a number of successfully executed interceptions and seizures of illicit drugs, arms and ammunition, illegal wildlife and petroleum products at various locations in recent months.

However, “these interceptions have brought to light a concerning trend wherein criminal networks engage in collaborative attempts to subvert the competency of the agencies tasked with mitigating the trafficking of such illicit substances,” he noted.

 “The misuse and abuse of drugs, particularly cannabis indica and codeine, pose severe dangers to our society. Codeine, a restricted drug in Nigeria, has been widely abused, leading to devastating effects on our youth.

 “This substance not only impairs the health and well-being of individuals but also contributes to the rise in criminal activities.  Cannabis indica, similarly, has become a significant concern, with its abuse leading to mental health issues, addiction, and social problems.

 “Unchecked activities involving restricted items serve multiple purposes for criminal elements. These drugs, for instance, are used as stimulants by criminals, further fueling societal unrest and instability.

 “Additionally, the proceeds from the illicit drug trade are often used to finance disruptions by non-state actors, posing a significant threat to our national security and economic stability.”

Nevertheless, Adeniyi noted that within its mandate of obstructing harmful and illegal substances from Nigerian communities, the NCS “will continue to work closely with relevant national and international agencies to conduct operations that lead to the interception of illegal goods and the disruption of criminal networks.

He disclosed that investigations were ongoing to bring perpetrators to book, while warning those engaging in illicit activities of the NCS’ unwavering vigilance and dedication to protecting the society and ensuring that all Nigerians benefit from a stable and prosperous economy.

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Business News

Investing in Davido, Meme Coins Highly Risky – SEC

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By Tony Obiechina, Abuja

The Security and Exchange Commission has warned that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk.

According to the Commission in a Circular, “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to a meme coin known as “$Davido” allegedly linked to the popular Nigerian singer, David Adedeji Adeleke AKA Davido.

“Generally, meme coins are crypto-currencies inspired by memes and internet jokes. They are often envisaged as fun, light-hearted crypto-currencies promoted through a social media community and sometimes through celebrity endorsements”.

The SEC further stated that Meme coins are also NOT intended to serve as a medium of exchange accepted by the public as payment for goods and services, or as digital representation of capital market products such as shares, debentures, units of collective investment schemes, derivatives contracts, commodities or other kinds of financial instruments or investments.

The Commission therefore advised the general public that meme coins lack fundamental value and are purely speculative.

“The general public is further WARNED that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk.

“Capital Market Operators are by this Notice warned not to associate with instruments that fall outside the SEC’s regulatory purview. Such instruments should not in any manner be distributed or monitored through any capital market mechanism”.

The SEC also emphasised that the Commission does not recognize $Davido as an investment product or investable asset class under its regulatory purview, as such individuals who patronize it, do so at their peril.

“The Commission will continue to monitor developments within the ecosystem and will not relent in deploying its regulatory powers as and when required” , the circular added.

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NEWS

NSCDC Uncovers Illegal Bunkering Sites in Rivers Cemeteries

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The Nigeria Security and Civil Defence Corps has busted illegal crude oil refining sites at cemeteries in Abalama and Oproama Communities in Asari-Toru Local Government Area of Rivers State.

The security outfit said the feat was achieved by its Marine Anti-vandal Squad after a four hour operational tour on water across the two coastal communities.

Speaking to newsmen after the operation, the NSCDC spokesman, Rivers State Command, Superintendent Olufemi Ayodele, said its operatives successfully uncovered the illegal bunkering sites through credible and sustained intelligence.

Ayodele recalled that the NSCDC Commandant General, Dr Ahmed Abubakar Audi, gave a marching order to all formations in the Niger Delta to step up intelligence and operational efficiency in the fight against oil theft and illegal oil bunkering activities.

He expressed worry about how the miscreants devised a new means of converting cemeteries to illegal bunkering sites, saying they had already loaded several illegally refined crude and refined Automotive Gas Oil also known as diesel was sighted in boats by the riverside.

The state NSCDC image maker however said on sighting its operatives the hoodlums took to their heels though they were giving a hot chase, pointing out that men of the Marine Anti-Vandal Squad are on their trail to ensure they are arrested and prosecuted.

He stated, “Acting on this directive the Rivers State Commandant of the NSCDC, Basil Igwebueze, deployed the Marine Anti-vandal Squad to the crime scene where several boats filled with crude oil and refined Automotive Gas Oil were sighted.

‘This is the Abalama community and behind us is the Oproama community as well where Cemeteries were converted to illegal bunkering sites; Upon our arrival, the suspects took to their heels knowing the squad had superior firepower.

‘The NSCDC as an environmentally friendly agency condemns outright all acts of environmental pollution, degradation of aquatic life and economic sabotage.

“We have contacted some good people in the two communities and they are cooperating with us so that the perpetrators would be apprehended in due course. However, the quantities in litres of the locally refined AGO cannot be ascertained.”

He added, “Consequently, the NSCDC Rivers State Command helmsman has further issued a stern warning against the activities of vandals and illegal bunkers in the state affirming that the fight against oil theft is a relentless war and suspects arrested with their sponsors would be made to face the full wrath of the law.”

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