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Dollar to sell for N360, ABCON insists

Association of Bureau De Change Operators of Nigeria has given assurances to the public of continued sale of dollars at the official price

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Dollar to sell for N360, ABCON insists, ABCON President explains why there is forex crisis, lists sources of forex for BDCs 

In a bid to help create stability in the foreign exchange market as a result of uncertainties in the market due to crash in crude oil prices globally, the Association of Bureau De Change Operators of Nigeria (ABCON) has given assurances to the public of continued sale of dollars at the official price of N360 per dollar.

This was contained in a statement, which was issued by ABCON to members of the public, urging them to patronize Central Bank of Nigerian (CBN) licensed BDCs to buy dollars at the official price, in order to avoid falling victim of currency hoarders and speculators who is creating the impression of dollar scarcity in the economy.

Central Bank Continues intervention in Forex market to stabilize Naira

In the statement, ABCON pointed out that there is no pressure in the foreign exchange market to necessitate an increase in the exchange rate above the official rate.

Going further in its statement, ABCON said, “In recent times, governments across the world, in a bid to stop the spread of the deadly Covid-19 virus, have imposed travel restrictions which have led to a sharp decline in the volume of global passenger travel.

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READ MORE: ABCON backs CBN’s clean note policy, as CBN and banks trade blames

“Trade is also at its lowest level globally due to widespread shutting down of businesses in most countries especially China which accounts for about 25% of Nigeria’s import.

“One of the consequences of these developments is the general decline in demand for trade and travel-related services including foreign exchange. In recent times ABCON has observed a steady decline in demand for dollars across the various categories of forex end users.

“Based on this observation and information from BDC members of ABCON, we can categorically state that demand for dollars is at one of its lowest points in the market. Furthermore, CBN has sustained its weekly dollar sale to BDCs at the same level, hence keeping dollar supply constant and eliminating any apprehension of scarcity or rationing of forex. 

“In view of the above, we believe there is no need for anybody to buy dollars from anyone at the exchange rate above the official rate. CBN sells dollars to BDCs at N357 per dollar while BDCs are mandated to sell to the public at N360 per dollar for eligible transactions namely, BTA; PTA; Medicals; Mortgage; and School fees.”

(READ MORE: ABCON disagrees with those calling for naira devaluation )

The association went further to assure members of the public of enough supply of dollars to meet up with the demand of all the above-mentioned transactions at the CBN approved rate of N360 per dollar.

It could be recalled in an earlier report by Nairametrics, CBN, in a bid to address the panic in the foreign exchange market, had assured the public of its decision not to devalue the Naira as the fundamentals do not support that.

The apex bank cautioned fraudulent and unscrupulous players in the forex market against sharp practices as there will be consequences or sanctions which include heavy fines or even revocation of operating licenses.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Coronavirus

WHO approves protocol for phase 3 clinical trials for COVID-19 herbal medicine

A COVID-19 herbal medicine has gained approval by WHO for phase 3 clinical trial.

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WHO is concerned that vaccine hoarding could prolong pandemic, COVID 19: Facebook provides free Ads to help WHO combat Misinformation, COVID 19: Facebook supports WHO, provides free Ads to combat Misinformation, Coronavirus: WHO says Nigeria is among countries with highest cases, WHO warns countries against rushing to lift coronavirus restrictions, Covid-19: WHO lists conditions for relaxing restrictions

The World Health Organization (WHO), in collaboration with the African Centre for Disease Control and Prevention and the African Union Commission for Social Affairs, has approved a protocol for phase 3 clinical trials of herbal medicine for Covid-19.

The Regional Expert Committee on Traditional Medicine for Covid-19, which was formed by the 3 institutions, while giving the approval also endorsed a charter and terms of reference for the establishment of a data and safety monitoring board for herbal medicine clinical trials.

READ: Fidson’s plan to dominate the pharmaceutical space in the next 10 years

The Director Universal Health Coverage and Life Course Cluster at WHO Regional Office for Africa, Dr Tumusiime, said, “Just like other areas of medicine, sound science is the sole basis for safe and effective traditional medicine therapies. The onset of COVID-19, like the Ebola outbreak in West Africa, has highlighted the need for strengthened health systems and accelerated research and development programmes, including on traditional medicines.’

The technical documents that were approved are aimed at empowering and developing a critical mass of technical capacity of scientists in Africa to conduct proper clinical trials to ensure quality, safety and efficacy of traditional medicines in line with international standards.

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READ: South Africa moves to become first African country to produce COVID-19 vaccine

This appears to add to the global effort to develop vaccines for the coronavirus disease, which are at different trial stages. The WHO had disclosed that there are well over 100 Covid-19 vaccines currently under development across the globe with about 8 of them at the phase 3 trial stage.

The phase 3 clinical trials are quite crucial in fully assessing the safety and efficacy of a new medical product. The data safety and monitoring board will ensure that the accumulated studies data are reviewed periodically against participants’ safety.

The late-stage trial will also make recommendations on the continuation, modification or termination of a trial, based on evaluation of data at predetermined periods during the study.

READ: Moderna’s shares gain over 16% as COVID-19 vaccine passes first human trial

Dr Tumusiime explained that if a traditional medicine product is found to be safe, efficacious and quality assured, the WHO will recommend for a fast-tracked, large-scale local manufacturing. The WHO also noted that through the African Vaccine Regulatory Forum, there is now a benchmark upon which clinical trials of medicines and vaccines in the region can be assessed and approved in less than 60 days.

The Expert Committee Chairman, Professor Motlalepula Gilbert Matsabisa said, “The adoption of the technical documents will ensure that universally acceptable clinical evidence of the efficacy of herbal medicines for the treatment of COVID-19 is generated without compromising the safety of participants.”

The 25-member Regional Expert Advisory Committee on Traditional Medicine for Covid-19 was mandated to support countries to improve on research and development of traditional medicine based therapies against the virus.

It is to also provide guidance on the implementation of the approved protocols to generate scientific evidence on the quality, safety and efficacy of herbal medicines for Covid-19.

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Coronavirus

COVID-19 Update in Nigeria

On the 20th of September 2020, 97 new confirmed cases and 3 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 57,242 confirmed cases.

On the 20th of September 2020, 97 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.

To date, 57,242 cases have been confirmed, 48,569 cases have been discharged and 1,098 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321  tests have been carried out as of September 20th, 2020 compared to 479,712 tests a day earlier.

COVID-19 Case Updates- 20th September 2020,

  • Total Number of Cases – 57,242
  • Total Number Discharged – 48,569
  • Total Deaths – 1,098
  • Total Tests Carried out – 482,321

According to the NCDC, the 97 new cases were reported from 12 states- Lagos (46), Kwara (12), Rivers (11), Adamawa (4), Niger (4), Ogun (4), Osun (4), Ekiti (3), Imo (3), Kaduna (3), Plateau (2), FCT (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,943, followed by Abuja (5,551), Oyo (3,231), Plateau (3,231), Edo (2,611), Kaduna (2,348), Rivers (2,243), Delta (1,799), Ogun (1,766), Kano (1,734), Ondo (1,597), Enugu (1,234), Ebonyi (1,038), Kwara (1,025), Abia (881), Katsina (848), Osun (817), Gombe (799), Borno (741), and Bauchi (689).

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Imo State has recorded 562 cases, Benue (473), Nasarawa (448), Bayelsa (394),  Jigawa (322), Ekiti (317), Akwa Ibom (288), Niger (254), Adamawa (234), Anambra (232), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Economy & Politics

Godwin Obaseki wins Edo State governorship election

Incumbent governor, Godwin Obaseki emerged winner in the Edo State gubernatorial election.

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Oil theft gulped $1.35 billion in first six months - Obaseki 

Independent National Electoral Commission(INEC) has declared Godwin Obaseki the winner of the Edo State gubernatorial election today.

Mr. Obaseki will return as the Governor of the state for a second term.

The results were declared by INEC on Sunday afternoon after the results were counted from all LGA’s on Saturday.

Obaseki had 307,955 votes, which was enough to be declared a clear winner over Ize-Iyamu’s 223,619 votes.

Obaseki took to his Twitter handle to thank the people of Edo State for their votes. He stated,

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“Words fail me in saluting our teeming supporters who displayed immense courage in the face of threats, intimidation and brutalization. The collective will of Edo people made it possible for us to triumph over godfatherism. Congratulations to all Edo people. This is our victory!”

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