JUST IN: SAD!!! President Muhammadu Buhari Receives Very Bad News, Barely 24-Hours To The Ekiti State Gubernatorial Poll 

By Joshua Amaugo July 13, 2018 11:17

JUST IN: SAD!!! President Muhammadu Buhari Receives Very Bad News, Barely 24-Hours To The Ekiti State Gubernatorial Poll 

Barely 24-hours to the Ekiti State Gubernatorial poll, reports reaching Post-Nigeria indicates that Nigeria’s external reserve has dropped by $102 million, which is reportedly a bad news for President Muhammadu Buhari, who has been working tirelessly to revamp the economy, before 2019.

Also, the development is coming at a time when the Governorship candidate of the Peoples Democratic Party in Ekiti State, Professor Kolapo Olusola Eleka, had accused the Federal Government of moving part of the $321 million recovered from late Abacha’s family, to Ekiti State, for Saturday’s Governorship election.

Olusola said: “Last week Saturday, two bullion vehicles were moved to the Akure Airport, to evacuate cash brought from Abuja by a chartered flight.

“The flight landed when it was raining, and all staff members of the Airport were barred from going near the aircraft, while the cash was evacuated into the two bullion vehicles.

“After offloading the huge cash, the bullion van first moved to the Ondo State Government House, in Akure, from where they left for Isan Ekiti, the hometown of the APC Governorship candidate, Dr. Kayode Fayemi”, Olusola alleged.

As at today, Post-Nigeria gathered that the nation’s foreign exchange reserve has pared some of the gains recorded last month, falling by $102 million in the six days to Wednesday.

Available data obtained from the Central Bank of Nigeria, CBN, on Thursday, showed that the reserve stood at $47.697 billion on July 11, down from $47.799 billion on July 5.

Recall, that the reserve rose to $47.789 billion on June 29, from $47.605 billion on May 31, according to Central Bank Nigeria, CBN, data.

As at Tuesday, the CBN said it injected the sum of $210 million into the interbank foreign exchange market, to meet customers’ requests in various segments of the market.

The apex Bank said that it offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium-Scale Enterprises segment got the sum of $55 million.

Reacting to the development, a Nigerian named Oloyede Israel, said: “The current government has turned democracy to autocracy, with the way and manner it launches out attacks on opposition, both parties and individuals that show their dissatisfaction with its governance. How can government which always claims that it is charting the course of fight against corruption, be caught in an illegal cash movement, in order to buy the conscience of voters in Ekiti. If this happens in just Ekiti State, only God knows what 2019 election will look like.

“I have said that those who still follow these people, have either been enchanted, or have lost the power to reason on their own”, Israel lamented.

Meanwhile, the naira has been trading between N362 and N363 per dollar for a while, as customers shy away from trading the currency weaker. Traders say dollar liquidity improved this week, with lenders selling export proceeds to customers.

CBN added that customers needing forex for invisibles, such as tuition fees, medical payments, and Basic Travel Allowance, BTA, among others, were also allocated the sum of $55 million.

On the official interbank market, the naira is quoted at around N305 against the dollar.


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