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CBN MOVES TO END BLACK MARKET IN FOREIGN EXCHANGE MARKET

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Central Bank of Nigeria’s (CBN) governor Godwin Emefiele. / AFP PHOTO / PHILIP OJISUA The Central Bank of Nigeria will move to eliminate the foreign exchange black market in Africa’s biggest economy, the country’s finance minister said on Tuesday. The naira trades, sometimes 40% below the official rates, against the dollar. Adeosun said the CBN has been mandated to scrap the damaging market. The central bank (CBN) “has been directed to do this and CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy”, Adeosun told a conference. A CBN spokesman, Isaac Okorafor, said the central bank was working towards “ensuring that the forex market operates as effectively as we would envisage”. He said the aim was to “ensure there is no black market” but did not give details of how this would be achieved. Nigeria had pegged the naira to the dollar at 197-199 since March 2015 but the CBN scrapped the 16-month-old peg in June in ...
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Brigadier General Victor Okwudili Ezugwu escape death from angry soldiers

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Victor Ezugwu, the General Officer Commanding of the Nigerian Army 7 Division in Maimalari, escaped being lynched by rampaging Nigerian soldiers on Friday morning, PREMIUM TIMES can report. Details of the attempted assault on Mr. Ezegwu, a major general, by troops attached to ‘Operation Rescue Finale’ in Sambisa Forest, came a day after he denied our report about a mutiny on the battlefront. The troops were enraged over poor welfare arrangement and alleged deceit by their commanders, our sources recounted. Specifically, they accused the commander of leaving them to fight for two days without food. The incident occurred in Sambisa Forest on Friday morning, as this newspaper reported. Most of the soldiers involved in the mutiny were deployed to Sambisa from 21 Brigade in Bama, Borno State. PREMIUM TIMES obtained new details of the incident on Saturday, that show that the soldiers went from 9:00 a.m. on December 14 till 6:00 p.m. on December 15 — more than 24 hours — without food. When Mr...
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