The Central Bank of Nigeria (CBN) has decided to provide discounted US dollar sales to Bureau de Change (BDC) operators as the exchange rate fluctuates. In the official FX market, the naira fell to N1667.42, with the exchange rate settling at N1675 per US dollar.
Both rates have already reached the central bank’s “fear index,” at which point the authority reacts with market innovation and keeps its cool in the currency markets at rates lower than these.
In a statement, the apex claimed it had permitted 20,000 US dollar sales to Bureau de Change (BDC) operators in the informal currency market at a cost of N1590, which was N77.42 at the official exchange rate on Wednesday.
In the parallel market, the naira dropped from N1,660 to close trading session at N1,675 to the US dollar as demand for invisible FX payments continues to increase.
After keeping the market participant guessing about its next move, the CBN move to boost FX liquidity to meet retail market demand for eligible invisible transaction in the parallel market.
“This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market.
“To this end, the CBN has approved the sale of US$20,000.00 to each eligible Bureau de Change operator at the rate of N1,590. This is to meet the demand for invisible transactions,” the apex bank said in a statement.
According to the statement, all BDCs are allowed to sell to eligible end-users at a margin of not more than one percent (1%) above the purchase rate from CBN.
Oil prices fell on concerns that China’s stimulus package would be insufficient to maintain the economy, as well as recession fears in the United States.
Brent dropped to $74.17 per barrel. US benchmark West Texas Intermediate (WTI) dropped 0.52% to $71.19 a barrel. Yesterday, the People’s Bank of China announced measures to boost the economy of the world’s top crude oil importer.
Concerns that these incentives may not be sufficient to stimulate economic activity in the country put downward pressure on pricing by increasing market uncertainty.
Meanwhile, statistics provided in the United States raised concerns of a recession in the world’s top oil-consuming country and lowered demand appetite among market participants, supporting the downward direction of oil prices.
According to the data released in the country, the Conference Board Consumer Confidence Index decreased by 6.9 points month-on-month to 98.7 in September, below market expectations.
The decline in consumer confidence in September due to concerns about the labor market was the largest decline recorded since August 2021.
Moreover, the US Richmond Fed Manufacturing Index for September was minus 21, below estimates, while the S&P CoreLogic Case-Shiller US National Home Price Index rose 5% year-on-year in July.
The index pointed out a slowdown in the rate of increase in housing prices despite the record renewal in this period. On the other hand, uncertainty surrounding the US Federal Bank’s (Fed) next moves on interest rates limited further price decline.
While the expectation that the Fed will cut by 75 basis points by the end of the year remains strong, estimates that the bank might slash interest rates by 50 basis points in November have been recorded as 59%.
It is anticipated that the country’s rate drop will weaken the US dollar against other currencies, boosting oil demand.
Flour Mills of Nigeria Plc. (“FMN”), the majority shareholder, has obtained all requisite regulatory approvals to propose a buy-out offer to minority shareholders. FMN today, September 24, 2024, announced that its majority shareholder has made an offer to buy out minority shareholders.
The process, which is being conducted through a scheme of arrangement, has received a “No Objection” from the relevant regulators, namely the Nigerian Exchange Limited (“NGX”) and the Securities and Exchange Commission of Nigeria (“SEC”).
This strategic move, which has been recommended by the Board of the company, offers the majority shareholder the flexibility to properly align the FMN entities according to their peculiarities, in addition to seeking, attracting and obtaining the necessary investment in line with the vision of each entity, with a focus on long-term growth and value.
It is also expected to lead to improved management efficiency and decision-making process, as it allows the company to operate with greater agility.
Having notified the NGX and the SEC of the offer made by the majority shareholder to acquire the shares of all other shareholders and resolution of the board to recommend the offer to shareholders for consideration and approval if deemed fit, an application shall now be filed before the Federal High Court to convene a shareholders’ meeting during which a resolution to buy out minority shareholders will be proposed and passed, if agreeable to the shareholders.
The resolution will be deemed approved if at least 75% of the members who are present and voting, either in person or by proxy, support the resolution during the Court-Ordered Meeting (COM).
Commenting, Mr. Boye Olusanya, Group Managing Director, FMN, stated, “In-line with FMN’s ambition to become the leading Pan African Food business that feeds and enriches lives of its consumers every day with quality brands, this move aligns with our strategy aimed at positioning the company to achieve its ten-year vision of building a company that is sustainable, resilient, dynamic and adaptable in its people, systems, and structures. ”
President Bola Tinubu has urged world leaders to prioritize debt forgiveness for Nigeria and other developing countries from creditors and multilateral financial institutions. He also called on the United Nations to reinforce its commitment to multilateralism by strengthening relations among member states in accordance with principles of inclusivity, equality, and cooperation.
As the Chairman of the Authority of Heads of States and Government of the Economic Community of West African States (ECOWAS), Tinubu made this appeal while addressing world leaders during the General Debate of the 79th Session of the United Nations General Assembly at the UN headquarters in New York, United States.
Tinubu, represented by Vice President Kashim Shettima at the high-level annual global event, emphasized that countries of the global South cannot achieve meaningful economic progress without special concessions and a review of their current debt burdens.
In a statement made available to the press by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, the Nigerian leader drew the UN’s attention to the global debt burden undermining the ability of countries and governments to meet the needs of their citizens, trade barriers and protectionist policies destroying the hopes for nations, and the uncontrollable competition discouraging motivation and hampering global investments.
Based off the Q1 2024 report, according to the debt management office, Nigeria’s domestic and external debts stood at N121.67tn ($91.46bn).
Nigerian states experienced a 122 per cent increase in external debt servicing in the first six months of 2024, reaching N139.92bn compared to N63.06bn in 2023.
The surge reflected heightened borrowing costs amid currency depreciation, significantly impacting subnational expenditure and fiscal health.
Kaduna and Lagos states pay the highest external debt servicing costs, as some states seek relief from rising debt repayment costs.
Speaking on the debt burden, Tinubu said, “Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures, to enable sustainable financing for development.
“Countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden,” he stated.
Tinubu called for the recovery of proceeds of corruption and illicit financial flows, stating that the return of such funds to countries of origin “is a fundamental principle of the United Nations Convention against Corruption.
“Therefore, the international community must promote practical measures to strengthen international cooperation to recover and return stolen assets and to eradicate safe havens that facilitate illicit flows of funds from developing countries to the developed economies.”
The President criticized the growing trend toward singularity and nationalism, which he argued are undermining efforts to address global challenges such as terrorism, climate change, poverty, food crises, hyperinflation, nuclear proliferation, and crippling debt burdens.
He reminded world leaders that the United Nations embodies multilateralism, which is based on inclusiveness and anchored on the three pillars of peace, sustainable development, and human rights.
The Nigerian leader expressed concern about the main objectives of the UN and its ability to maintain relevance and resilience. He noted that the organization’s foundational pillars are at risk of being compromised, jeopardizing the principles of inclusivity, equality, and cooperation.
“Today, these pillars of our organisation are threatened. They risk being broken by the relentless pursuit of individual national priorities rather than the collective needs of the nations that are assembled here today.
“While commitment to multilateralism offers us the surest guarantee of global action to address the existential challenges we face, singularity and nationalism are undermining the aspirations towards the peaceful and collective resolution of such challenges.
“From last year’s summit, and indeed from previous years, we have carried over the numerous challenges of terrorism, armed conflict, inequality, poverty, racial discrimination, human rights abuses, food crises, hunger, irregular migration, piracy, global pandemics, hyper-inflation, nuclear proliferation, grinding debt burden, climate change, and a host of other vexations.
“The continued manifestation of these challenges testifies to our failings rather than to any lofty achievements on our part. Billions of dollars are being committed to the prosecution of wars and the fanning of the embers of conflict,” he said.
Tinubu reaffirmed what he termed “Nigeria’s steadfast commitment to the deepening of multilateralism,” just as it did 65 years ago when it joined the United Nations as the 99th member-state.
“We remain committed to that desire to remain friendly with all nations and participate actively in the works of the United Nations, as expressed by our founding Prime Minister, Sir Abubakar Tafawa Balewa,” he said.
Speaking on recent developments in Africa, Tinubu lamented what he described as the return of unconstitutional changes of government and forceful military coups in some African countries.
He said these coups attested to how fragile democracy could become when it was not supported by economic development and sustained peace and security.
This, he said, should be of utmost concern in deliberations at the high-level segments of the 79th Session of the General Assembly, as the forceful changes of government had led to “the impatience in cities and villages at the sometimes slow and grinding turn of the wheel of democracy.
“Our people need employment. They need decent livelihoods. They desire good and affordable education and healthcare for their children and families. They need to live in healthy, safe and secure environments. They need hope and they need opportunity,” he added.
The President also called for reforms in the international financial architecture and a transparent multilateral trading system.
He expressed hope that the adoption of the “Pact for the Future” would change the narrative, reposition economies, and lead to concrete measures that address the challenges faced by developing and least-developed countries.
“It is for this and other reasons that we reiterate the call by countries, especially of the global South, for reform of the international financial architecture and promotion of a rules-based, non-discriminatory, open, fair, inclusive, equitable and transparent multilateral trading system,” he noted.
On insecurity, Tinubu noted that the menace was plunging citizens into untold hardship and misery that, in turn, affected the people’s confidence in democracy, stressing that bringing back confidence in democratic rule and constitutional order was the duty of the international community.
“We cannot build durable societies with the threat of terrorism, banditry and insurgency growing in our countries and regions. Indeed, violent extremism remains an existential threat to both national and international peace, security and development. We are making concerted efforts to contain and roll back this threat,” he said.
Tinubu, however, assured the world leaders that the “High-Level African Counter-Terrorism Meeting” hosted by Nigeria in April 2024 and its outcome – The Abuja Declaration – promised to provide solutions to the challenges presented by terrorists and insurgents.
He warned against the dangers of climate change, describing it as a driver of insecurity that posed a veritable challenge to sustainable development.
The President recalled the devastating flood in Nigeria which submerged large areas of the country, “including one of our largest cities, Maiduguri, in the North-East.”
The Nigerian leader implored the international community to stick to the implementation of the commitments made at the various Conference of the Parties meetings, pointing out that failure to do so would amount to postponing the inevitable, as no country was immune to the effects of climate change.
The President, who observed that conflict prevention was the main reason the UN was established, regretted that the task of preventing these conflicts had become arduous following their normalization, “when even the condemnation of violence and civilian casualties, and calls for a ceasefire, are somehow regarded as controversial.”
He listed some of the root causes of conflicts, including poverty, hunger, ignorance, inequality and exclusion, as well as other forms of injustice, just as he cited the conflict in Sudan and the war in Gaza and other Palestinian territories.
“What this tells us is that the international community has failed to live up to the spirit and aspirations of the United Nations to rid the world of inequality, violence and domination of one people by another. Justice is antithetical to revenge,” he stated.
The President further called for bold reforms in the UN Security Council to grant Nigeria and other African countries permanent seats on the council.
He emphasized that it is imperative for the UN to enhance its relevance and credibility in an increasingly dynamic world.
One of the six principal organs of the United Nations, consisting of 15 members responsible for maintaining international peace and security is the security council. It also recommends the admission of new UN members to the General Assembly and approves amendments to the UN Charter.
Additionally, the UNSC establishes peacekeeping operations, enacts international sanctions, and authorizes military operations.
Tinubu said, “Some permanent members of the United Nations Security Council have offered encouraging, if tentative, indications of support on the issue of reform of the Council. We welcome the change in tone and urge an acceleration in momentum to the process.
“The Security Council should be expanded, in the permanent and non-permanent member categories, to reflect the diversity and plurality of the world. We fully support the efforts of Secretary-General Guterres in this regard.
“Africa must be accorded the respect that it deserves in the Security Council. Our Continent deserves a place in the permanent members category of the Security Council, with the same rights and responsibilities as other Permanent Members.”
The Academic Staff Union of Universities (ASUU) has issued a 14-day ultimatum to the Federal Government to address several unresolved issues. ASUU is demanding the finalization of the renegotiation of the 2009 FGN/ASUU Agreement, based on the Nimi Briggs Committee’s Draft Agreement of 2021, as well as the release of salaries withheld during the 2022 strike.
In a statement released on Wednesday, ASUU President Emmanuel Osodeke expressed frustration with the government’s lack of commitment and delay tactics, stating that these actions are exacerbating the crisis in the public university system.
“In view of the foregoing, ASUU resolves to give the Nigerian Government another 14 days, in addition to the earlier 21 days, beginning from Monday, September 23, 2024, during which all the lingering issues must have been concretely addressed to the satisfaction of the membership of the union.
“The union should not be held responsible for any industrial disharmony that arises from the government’s failure to seize the new opportunity offered by ASUU to nip the looming crisis in the bud,” ASUU said
ASUU is demanding the release of unpaid salaries for staff on sabbatical, part-time, and adjunct appointments affected by the Integrated Payroll and Personnel Information System (IPPIS), in addition to seeking the implementation of the 2021 agreement. They are also calling for the payment of outstanding third-party deductions, such as check-off dues and cooperative contributions.
The union is advocating for funding the revival of public universities, which is partially included in the 2023 Federal Government Budget, and the payment of Earned Academic Allowances, also partially covered in the same budget.
Addressing the proliferation of universities by Federal and State Governments, implementing the reports of visitation panels to universities, reversing the illegal dissolution of Governing Councils, and adopting the University Transparency and Accountability Solution (UTAS) as a replacement for IPPIS, are other demands of the union.
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has commenced the 2024 edition of its annual SME training. This initiative is designed to empower small and medium-scale enterprises (SMEs), stimulate economic growth, and promote entrepreneurial innovation across the country.
The event will be held in key locations across Nigeria, including Lagos, Kaduna, Kano, and Abia states, from Thursday, 19 September 2024, to Friday, 01 November 2024.
As part of its commitment to developing the Nigerian economy and supporting SMEs, Stanbic IBTC Bank has meticulously designed this programme to provide entrepreneurs and business owners in the open market with essential tools, knowledge, and networks to thrive in today’s competitive market. The Stanbic IBTC 2024 SME training promises to be a transformative experience for all participants, as Stanbic IBTC Bank brings banking solutions to their doorstep.
At the training sessions, attendees will engage in workshops led by experts, offering invaluable insights and practical skills from seasoned professionals and industry leaders. It is a prime opportunity for networking, allowing participants to meet and connect with like-minded entrepreneurs, potential partners, and investors, thus broadening their business opportunities.
The event will also provide access to innovative tools and resources to streamline operations, enhance productivity, and foster growth. Additionally, attendees will receive up-to-date market insights, including forecasts, strategies, and firsthand success stories from thriving businesses directly from market analysts. This setup ensures all participants acquire new knowledge, practical tools, and connections to advance in their respective industries.
Olajumoke Bello, Head, Enterprise Banking, Stanbic IBTC Bank, expressed tremendous enthusiasm for the SME training: “At Stanbic IBTC, our commitment to the success of Nigerian small and medium-scale enterprises (SMEs) is rock solid. We recognise these businesses’ role in nurturing economic development, and we provide a supportive platform to meet their immediate needs while paving the way for a sustainable future for businesses nationwide.” Olajumoke added that Stanbic IBTC empowers entrepreneurs through this initiative and creates a conducive environment where businesses can thrive and prosper. “Our objective is to ensure that Nigerian SMEs are well-equipped with the necessary tools, knowledge, and resources to achieve remarkable growth and contribute significantly to the nation’s economy.”
The event represents a significant advancement in efforts to engage with and support Nigeria’s small and medium-scale enterprise (SME) sector, a critical component of the national economy. Through initiatives like the 2024 specialised SME training programme, Stanbic IBTC is reinforcing its commitment to being a key player in fostering the nation’s socioeconomic growth.
Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has been unveiled, for the 2nd year running, as the headline sponsor for the Inspire Africa Conference, the largest gathering of product professionals in Africa, organized by the Silicon Valley Product Group (SVPG).
The annual conference, which is enjoying keen support from the Interswitch Group for the second consecutive year, is slated to take place from Tuesday, October 15, 2024, to Friday, October 18, 2024, at the Eko Convention Centre, Victoria Island, Lagos.
The 2024 edition, themed “Product is Hard”, highlights the challenges and intricacies of product development while showcasing innovative solutions and best practices from industry leaders to empower Africa’s product community.
The conference aims to bring together global product leaders and professionals to empower Africa’s product community and drive sustainable growth in the digital payment space, offering practical training and expert guidance for the product community in Africa.
Interswitch’s sponsorship of the conference underscores its commitment to nurturing talent within Africa’s tech ecosystem, actively supporting the development of the next generation of product professionals.
Interswitch’s sponsorship of the conference underscores its commitment to nurturing talent within Africa’s tech ecosystem, actively supporting the development of the next generation of product professionals. Christian Idiodi, Partner of Silicon Valley Product Group and Co-Founder of Inspire Africa Conference, said, “We are so grateful to have such a strong partnership with Interswitch. Mitchell, alongside his product and innovation teams, continue to support how we drive innovation in Nigeria and across Africa. With their partnership we are able to continue to build the next product leaders who are building tech to solve problems in Africa, for Africa.
Interswitch recognizes the vital role that product professionals play in shaping the future of technology and business. By supporting the conference, Interswitch aims to propel the growth of these professionals, fostering a dynamic community of innovation that transcends boundaries and drives meaningful change across the continent.
Speaking about the sponsorship, Tomi Ogunlesi, Divisional Head, Brands & Communications at Interswitch Group, said,
“At Interswitch, our commitment to fostering digital transformation in Africa drives us to equip product experts with the essential skills needed to thrive in an ever-evolving landscape. This sponsorship underpins our dedication to nurturing a vibrant community of innovators. We are excited to contribute to the growth of African talent and innovation, ensuring that Africa’s product professionals are fully prepared to meet the challenges of the future.”
The event will feature a host of local and international product leaders including Marty Cagan, Christian Idiodi, Chidi Afulezi and other partners from the Silicon Valley Product Group (SVPG).
Participants will gain valuable insights during the four-day event, which features engaging panel sessions, fireside chats, masterclasses & workshops, and networking sessions led by founders, product leaders and professionals from the product ecosystem, all dedicated to upskilling African product experts.
The Inspire Africa Conference has built a reputation for bringing together the brightest minds in the tech product space, offering a unique opportunity to exchange ideas, share insights, and explore cutting-edge solutions that will define the future of Africa’s technology ecosystem.
By throwing its weight behind initiatives like the Inspire Africa Conference, Interswitch is reaffirming its belief that empowering Africa’s product community will unlock unprecedented opportunities for growth, innovation, and economic transformation on the continent.
This year’s conference focuses on how to build and lead when solving complex problems in challenging landscapes and how hiring top talent, optimising product teams and leveraging new technologies like AI can drive success.
Visit inspireafricaconference.com for more details about the conference. For more details of the companies behind the conference visit:
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1675.00 per $1 on Wednesday, September 24, 2024. Naira traded as high as 1597.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1664 and sell at N1675 on Tuesday 24th September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1664
Selling Rate
N1675
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1596
Selling Rate
N1597
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
It’s surprising how many people in Nigeria don’t realise just how useful gift cards can be. They’re not just for buying things online or sending to someone as a gift. You can actually use them to pay for services, unlock premium subscriptions, or even sell them for cash.
But even for those who know how valuable gift cards are, a lot of them don’t know where to actually buy one here in Nigeria. Sure, there are lots of vendors offering to sell or trade gift cards, but the real challenge is finding a platform that won’t scam you or rip you off with terrible rates.
That’s where I come in. I’ll show you a platform you can trust, where you can buy gift cards or trade your unused ones for Naira, all while getting the best possible rates. Sounds interesting right? Let’s get started!
Where To Buy Gift Cards Online In Nigeria
Finding the right place to buy gift cards online in Nigeria can feel like searching for a needle in a haystack. You might be tempted to buy from random sellers on Jiji or Facebook Marketplace, or even try other platforms.
But honestly, trusting those options can sometimes feel like a gamble. You’re never quite sure what you’ll get, and the rates? Not always the best.
This is why Cardtonic has become my go-to platform, and the one I’d recommend to anyone looking to either buy or sell gift cards for cash. It’s not just the convenience; it’s the peace of mind.
Cardtonic offers secure transactions and juicy rates that are hard to beat. I’ve used it myself, and honestly, it’s been a real lifesaver.
How To Buy Gift Cards On Cardtonic In 2024
So, you’re ready to get your gift cards but might be wondering how to actually buy one on Cardtonic. Trust me, it’s simple. Simply download the Cardtonic app, register, and open the app. From there, click on “Buy Gift Cards,” choose your preferred gift card type, select the unit and quantity, and proceed to payment. Your gift card code will be sent directly to your email.
Here’s how it works:
1. Download the Cardtonic app. It’s available on both the Google Play Store and Apple App Store. Once it’s installed, go ahead and register.
2. Open the app and tap “Buy Gift Cards” on the homepage.
3. On the next screen, choose the country of the gift card you want. If you’re buying locally, pick Nigeria, or select other countries depending on the card you’re after.
4. Now, select the gift card brand. They have a wide range to choose from.
5. Once you’ve decided on the brand, select the unit and quantity. Whether you need a $50 card or several $100 cards, just set the amount you need.
6. Click “Proceed” to go to the checkout page.
7. Before confirming, you’ll see a transaction summary. Double-check everything looks right, and when you’re good, tap “Submit Purchase.”
That’s it. Now just sit tight for a moment, check your email, and your gift card details will arrive shortly. Honestly, it’s that easy.
4 Reasons Why You Should Buy Gift Cards On Cardtonic
When it comes to buying or selling gift cards in Nigeria, Cardtonic stands out with competitive rates, exciting promos, top-notch customer service, and a secure, legit platform you can trust.
1. Competitive Rates:
Cardtonic consistently offers some of the best rates you’ll find. I’ve personally compared it with other platforms, and Cardtonic always delivers better value. When you’re selling gift cards for cash, it’s important to know you’re getting the most out of your card.
That’s exactly why I stick with them—you get real value without feeling ripped off.
2. Regular Promos
Another thing that makes Cardtonic stand out is their regular promotions. These deals give you extra value just for using their platform. Whether it’s reward points or discounts on purchases, Cardtonic keeps things fresh with ongoing promos.
It’s a nice perk, especially when you’re looking to get the most out of your transactions.
3. Reliable Customer Service
Cardtonic isn’t just about great rates. Their customer service is genuinely reliable. If you ever run into an issue, their team is ready to help.
They respond quickly and make sure things are sorted out without too much back-and-forth. Knowing there’s a real support system behind the platform makes using it that much easier.
4. Legit and Secure
In a market where scams are unfortunately common, Cardtonic stands out as a platform you can trust. I’ve used it several times and never had a single issue with my transactions.
The app is secure, and your information is safe. This level of reliability means you can buy or sell without constantly looking over your shoulder.
Frequently Asked Questions About Buying Gift Cards On Cardtonic
1. What Is The Best Gift Card Trading Site In Nigeria?
When it comes to trading gift cards in Nigeria, Cardtonic stands out for its reliability. The platform offers competitive rates and a secure environment, making it a top choice for anyone looking to buy or sell gift cards without worrying about scams.
2. Where Can I Convert My Gift Card To Cash?
You can easily convert your gift card to naira using Cardtonic. The process is straightforward: upload your gift card, and once it’s verified, the equivalent value in naira is sent directly to your bank account.
3. What Are Gift Cards Used For?
Gift cards can be used in many ways, from purchasing products and services online to paying for subscriptions. If you have no need for the card, platforms like Cardtonic allow you to sell it for cash, giving you flexibility in how you use the value of the card.
4. What App Is The Best For Buying Gift Cards Online?
The Cardtonic app is one of the best apps for buying gift cards online. It’s easy to navigate, offers a variety of popular gift card options, and ensures secure transactions. Plus, you can handle everything; from buying to selling, within the app, making it convenient.
5. Is It Safe To Buy Gift Cards Online?
Yes, buying gift cards online is safe, but only when you use trusted platforms like Cardtonic. They prioritize security, with encryption to protect your transactions and personal data, so you can confidently buy and sell without concerns about fraud.
Conclusion
Buying and selling gift cards online doesn’t have to be complicated, and with Cardtonic, it’s not. Whether you’re looking to grab a gift card for personal use or convert an old one to cash, Cardtonic’s got you covered.
With competitive rates, secure transactions, and a user-friendly app, you won’t have to stress about finding the right platform anymore.
So, next time you need a gift card or have one lying around, you know where to go. Cardtonic is the way to go, trust me—you’ll thank yourself later.
Airtel Nigeria, a prominent telecommunications provider in the country, is embracing solar energy as a budget-friendly alternative to power its telecom infrastructure. This move comes in response to skyrocketing diesel prices that have raised the company’s fuel costs to an alarming ₦28 billion.
This shift towards renewable energy is part of a larger strategy to cut operational costs and boost sustainability in light of Nigeria’s ongoing energy issues.
As part of a broader strategy, this transition to renewable energy is aimed at reducing operational expenses and enhancing sustainability in response to Nigeria’s persistent energy challenges.
The Director of Corporate Communications and Corporate Social Responsibility shared insights based on the company’s records as of May during a media roundtable in Lagos on Tuesday.
Harmanpreet Dhillon, Airtel Nigeria’s Chief Technical Officer, indicated that the company is actively exploring alternative energy sources like solar power.
This transition seeks to address the challenges caused by Nigeria’s intermittent power supply, which currently necessitates telecom operators to rely heavily on diesel generators.
The Federal Government, through the National Salaries, Incomes and Wages Commission (NSIWC), has announced that the payment of the new minimum wage will start in July 2024. This statement was made during a press briefing on Tuesday in Abuja by Ekpo Nta, NSIWC Chairman.
This date was chosen because it coincided with the President’s approval of the bill, following its passage by the National Assembly, the commission had clarified.
Although, contrary to this, an earlier announcement by the Minister of State for Labour, Nkiruka Onyejeocha, who had stated that the payment would begin on May 1, 2024. Consequently, if payments commence by the end of October, the government will only be required to pay two months’ worth of arrears.
Additionally, the NSIWC announced the approval of the revision of the Consolidated Public Service Salary Structure and other salary frameworks.
Last week, the Committee on Consequential Adjustments in Salaries for civil servants met on Friday as regards the new minimum wage template and agreed that the effective date for implementation of the new minimum wage be set at July 29, 2024.
The committee also recommended that the wage award which was discontinued by the government should also be paid up till July 28, 2024.
The committee headed by the Head of Civil Service of the Federation, Didi Walson-Jack, noted that the government took note of the economic situation in the country before it took its decisions.
But reacting in an interview, Benson Upah, the Head of Information of the Nigerian Labour Congress, faulted the decision of the government, describing it as unacceptable. “The backdating to July is not fair. It is not acceptable,” he said.
Timmy Etim, the National Vice President of the Trade Union Congress, has condemned the government’s decision. He argued that since Nkiruka Onyejeocha, the Mnister of State for Labour assured workers on May Day that the new minimum wage would take effect in May, it is unjust for the government to backtrack on this commitment.
In response to the criticism during the press briefing in Abuja on Tuesday, the NSIWC Chairman explained, “The President has approved the revision of the Consolidated Public Service Salary Structure, effective from July 29, 2024.”
“The commission wishes to clarify that the effective date for the commencement of the National Minimum Wage is the 29th of July, 2024 as that was the day Mr President assented to the act after the bill was forwarded to him by the National Assembly.”
He added that any federal public service, whether self-funded or treasury funded that had not received a circular to this effect, specifically from the NSIWC, should contact it for further directives.
Nta said, “This is to avoid an uncoordinated implementation which tends to destroy the existing salary relativities in the federal public service.”
He said that NSIWC would issue further directives on how pensioners, NYSC members and interns would benefit from the implementation.
The chairman outlined additional revised templates, which include the Consolidated Research and Allied Institutions Salary Structure, the Consolidated Universities Academic Salary Structure, and the Consolidated Tertiary Institutions Salary Structure II.
He also mentioned the Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure, the Consolidated Tertiary Educational Institutions Salary Structure, and the Consolidated Medical Salary Structure.
Furthermore, Nta identified other structures such as the Consolidated Health Salary Structure, the Consolidated Para-Military Salary Structure, and the Consolidated Police Salary Structure.
Lastly, he listed the Consolidated Intelligence Community Salary Structure and the Consolidated Armed Forces Salary Structure.
“This is consequent to the enactment of the NSIWC Amendment Act 2024 and the Memorandum of Understanding reached by the committee on consequential adjustments in salaries arising from the National Minimum Wage (Amendment) Act, 2024.
”Between the Federal Government of Nigeria and the Trade Union sides of the Joint National Public Service Negotiating Council Sept. 20,” Nta ended.
Interbank rates were adjusted upward in response to the Central Bank of Nigeria’s (CBN) monetary policy tightening, despite the absence of liquidity pressure. The pricing of money market instruments has been affected by the rate hike, and is expected to impact the borrowing rate at the CBN’s standing lending facility (SLF).
According to analysts, today, despite a substantial liquidity balance in the financial system, money market rates edged higher. Conversely, as noted by the Cowry Asset Limited, the Nigerian interbank offered rates (NIBOR) declined across all tenors, reflecting overall system liquidity.
However, the open repo rate and overnight lending rate increased due to adjustments in the money market environment. Analysts indicated that the opening system liquidity improved further with additional credits entering the system.
FAAC inflows boosted the balance in the financial system, supplemented by inflows from matured OMO bills and bond coupon payments. Data from the FMDQ securities exchange platform revealed that the open repo rate (OPR) and the overnight lending rate (O/N) increased by 18 bps and 8 bps to 20.33% and 20.88%, respectively.
Weighing the impacts of rates adjusted made by the CBN, investment banking analysts at AIICO Capital Limited anticipate that interbank rates will increase in response to the recent MPC decision.
The two-day Monetary Policy Committee (MPC) meeting in September 2024 concluded with the Central Bank raising the benchmark lending rate by an additional 50 basis points to 27.25%. The committee considered inflation to remain high despite recent deceleration.
Other notable measures included raising the Cash Reserve Ratio (CRR) for commercial banks to 50.00% from 45.00% and increasing the CRR for other financial institutions to 16.00% from 14.00%.
According to an FMDQ report, foreign exchange turnover via the Nigerian Autonomous Foreign Exchange Market surged to N15.74 trillion ($9.90 billion) in August 2024. This increase coincided with the Central Bank of Nigeria’s revelation that foreign inflow into the country rose to $585 million during the same month.
At the official market on Tuesday, the naira’s value fell by N1 to N1,658 against the United States dollar from Monday’s rate of N1,659 at the official market on Tuesday. Meanwhile, black market sellers were trading at N1,670.
The CBN announced that the turnover via the Nigerian Autonomous Foreign Exchange Market experienced a notable month-on-month rise of 33.88 percent, increasing by N2.51 trillion from N13.23 trillion ($7.39 billion) in July 2024 to N15.74 trillion ($9.90 billion) in August 2024, as reported by the FMDQ.
In the same month, the CBN disclosed that foreign inflows into Nigeria surged to $585 million. This surge reflects heightened trading activity and investor engagement in the foreign exchange market.
Commercial banks, CBN, and international oil firms are the major sellers of forex at NAFEM. According to the financial markets monthly report for August published by the FMDQ and obtained by our correspondent on Tuesday, the increase in turnover was driven by the increase in T.bills, OMO Bills, and FGN Bonds transactions, while transactions in other bonds recorded a MoM decrease of 18.43per cent (N10bn).
Despite this increase, the naira experienced continued depreciation, contributing to increased exchange rate volatility.
The report read, “Spot FX market turnover was $9.90bn (N15.74tn) in August 2024, representing a 33.88 per cent ($2.51bn) MoM increase from the turnover recorded in July 2024 ($7.39bn).”
It also stated that total secondary market turnover on FMDQ Exchange was N40.43tn, which represents a MoM increase of 31.97 per cent (N9.79) and a YoY increase of 128.57 per cent ( 22.74tn) from July 2024 and August 2023 figures, respectively.”
The FMDQ added that foreign Exchange and Money Market transactions dominated secondary market activity, jointly accounting for 69.98 per cent of the total secondary market turnover in August 2024.
In August, the naira traded within a range of 1,543.84 to N1,617.08, indicating heightened fluctuations compared to the previous month’s range of 1,500.32 to N1,621.12.
It said the average spot exchange rate rose by 1.68 per cent (N26.24) to close at N1,586.56, compared to N1,560.32 in July.
“In the FX Market, the Naira depreciated against the US Dollar, with the spot exchange rate increasing by 1.68 per cent ($/N26.24) to close at an average of $/ N1,586.56 in August 2024 from $/N1,560.32 recorded in July 2024.
“Further, exchange rate volatility increased in August 2024 as the Naira traded within an exchange rate range of $/N1,543.84 – $/N1,617.08 compared to $/N1,500.32 – $/N1,621.12 recorded in July 2024.”
This increased volatility underscores the challenges facing the Naira amidst ongoing economic pressures, including inflation and shifts in global market dynamics.
Last month, the Central Bank of Nigeria auctioned $876.26m to end users through 26 commercial banks in its latest effort to strengthen the ailing Naira.
This policy led to a temporary appreciation of the Naira against the US Dollar, with the exchange rate adjusting to N1,596.52/$ from N1,601/$.
To alleviate rising demand pressures in the forex market and promote price discovery, the auction sold approximately $876.26 million.
The sales report showed visible benefits for businesses in the manufacturing sector, which secured dollars for importing spare parts, industrial raw materials, plain paper, pharmaceutical products, and equipment for breweries.
The value of the naira dropped by N1 to N1658 on Tuesday at the official market, against the United States dollar from N1659 on Monday, while black market sellers offered it at N1700.
Although, Olayemi Cardoso, CBN Governor stated that the value of the naira against international currencies cannot increase unless the fundamentals of forex expenses are addressed.
Speaking at a press briefing following the 297th Monetary Policy Committee meeting, Cardoso revealed that Nigeria’s external reserves had increased again, reaching $39.07 billion as of September 19, 2024. He emphasized that while the apex bank aims to unlock as many diversified sources as possible into the foreign exchange section, this strategy alone is insufficient and cannot replace addressing the fundamental issues.
He said, “The external reserve stood at US$39.07bn as at 19th September 2024 an increase of 17.4 per cent compared with US$33.28bn in the corresponding period of 2023. This represents 8 months of import cover for goods and services and 13 months of imports of goods only.”
“As of August, inflow from remittances was $585m and this is a big deal as it is 130 per cent for the corresponding period last year. These figures didn’t drop from the ceiling but our deliberate and calculated effort. We recognised that certain things were not happening. We liberalised the IMTOs and encouraged them to open accounts in naira and we are normally dealing with them regularly and this has incredibly paid off.
“But on the naira, I must tell you that since the strategy of the central bank is to unlock as many diversified sources. it is not enough and can never replace the fundamentals.”
The central bank governor further explained that as long as the country operates on a monolithic economy, achieving a strong exchange rate “that we all so desire” would continue to be hampered.
“Non-oil exports must also increase. Having an exchange rate that we all so desire will continue to be hampered. We need to diversify our economy to boost the naira. We may like to think or dream it can, but it can’t. Until the fundamentals are fixed and in place, you will continue to sub-optimise,”
“Oil production has got to be ramped up to the level that will carry the economy. I think we are all ongoing witnesses to the efforts that are being made in that sector. It has to happen. I spoke about the sad situation that we as Nigerians face today whereby we are a monolithic economy.
“We need to diversify our economy. There is so much that a central bank can do. Without the fundamentals in the right position, we will continue to sub- optimiser,” Cardoso added.
The CBN governor emphasized the necessity for Nigerians to develop strategies for achieving import substitution.
“It can not just be about import and we must be able to calibrate accordingly our taste for foreign goods,” Cardoso stated.
“These are all things that will determine essentially where we settle in respect to our foreign exchange rate.”
He said the central bank is determined to play its part in ensuring that the market operates efficiently while warning that the apex bank is ready to penalise “those who play the market”.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 50 basis points, to 27.25 percent from 26.75 percent.
Yemi Cardoso, Governor of the Central Bank of Nigeria, made the announcement on Tuesday in Abuja while reading the communiqué from the MPC’s 297th meeting.
Cardoso also revealed that the committee has decided to increase the Cash Reserved Ratio (CRR) for Deposit Money Banks (DMBs) by 50 basis points, from 45% to 50%, while it is 14% to 16% for commercial banks.
The committee kept the Liquidity Ratio at 30% and set the Assymetric Corridor at +500/-100 basis points around the MPR.
Sustained demand for UBA, Access Holdings, and Nigeria’s 3-F banks (FBNH, FCMB, and Fidelity Bank) boosted the banking index as the Nigerian Exchange rose further. The surge in interest in banking names coincided with the Central Bank’s decision to raise the benchmark interest rate by 50 basis points.
Additionally, UBA and Access Holdings contributed to the momentum. Prior to its rights offering, UBA’s market price grew by +4.53%, while ACCESSCORP increased by +1.84%. FBN Holdings began the process of recouping losses after the financial services group announced the divestiture of its merchant division.
FCMB became an investor favorite after its capital raising exercise, aided by better sentiment. Fidelity Bank experienced a similar event, and its stock price has remained on an upward trajectory.
Stock analyst said momentum in banking tickers, drove the Banking Index up by 3.01%, led by strong performances in FBNH, up by +9.93% and FIDELITYBK rose by +9.70% while FCMB gained 2.7%.
FBN Holdings has gained N3.50 in the last two days, up from N27.50 to N31, with total market capitalization ending at N1.112 trillion. In two days, FCMB has gained N1 or 10% to settle at N9, and its market value reached N178.223 billion in the equities market.
Fidelity Bank has gained N2.80 over two days in the equities market, up from N13.60 at the close of trading session last week to N16.40. Its total market value has surged to N525 billion.
Access Holdings, Nigeria’s largest banking group by total asset currently above N36 trillion has total market value of less than N700 billion.
Ahead of its rights issues to shareholders, UBA shares have surged higher, and stockbrokers said improved sentiment could drive the pan African lender price upward as the market prepares for the third quarter’s earnings.
The naira saw significant negative price fluctuations in the foreign exchange (FX) market as demand for import payments increased. The FX market was unable to meet the potential buyers’ US dollar demand due to a scarcity in the official window.
The acute FX market shortage pushed the exchange rate closer to the Central Bank of Nigeria’s (CBN) fear index, triggering US dollar sales to banks or Bureau de Change to increase FX liquidity, based on the authority’s previous defensive moves.
The naira declined by 6.13%, closing at ₦1,658.48 per US dollar at the official market, based on FX spot data from the FMDQ. Nigeria is experiencing an extreme shortage of US dollars in the economy as a result of an overreliance on foreign inputs from corporate entities and other government US currency price-related arrangements. The Naira has reached a level that often prompts CBN action. Some analysts believe the CBN would sell FX to approved dealer banks this week to decrease exchange rate volatility.
Since August 8, the CBN has not held any Dutch FX auctions; they will restart in 2024 as the central bank continues to fight a stealthy assault against the dominant US dollar. Previous FX moves show that the CBN will protect the naira before the exchange rate surpasses N1700, as today’s lethal spiral; signifying that the negative trend in the currency market has deepened.
The naira closed at ₦1,660 to the greenback in the informal currency market. The depreciating local currency witnessed demand pressure from invisible FX users for personal and business travel allowance.
Last week, the Nigerian autonomous foreign exchange market rate traded within the range of N1,500 – N1,672, and closed at N1,541.5 in the spot market. This points towards an appreciation of +0.3% or N4.9 week on week, traders said. In the forward market, a 1-month contract appreciated by +1.7% to close at N1,639.5, and a 3-month contract appreciated by +1.4% to close at N1,713.7.
In the parallel market, the naira closed at an average of N1,669.30 on Friday, Coronation Research said in a note. This left the gap between the NAFEM and the parallel market rate at 9% on the back of market wide decline in the value of the local currency.
According to data from the FMDQ platform, total turnover at Nigeria autonomous FX market declined by 47.6%, or USD615.5 million, to close at USD677.2 million on Friday. >>> Naira Rises against US Dollar Ahead of Sept. FX Auction
Meanwhile, the NAFEM window recorded an inflow of USD616.6 million, with the CBN accounting for 25.5% of the total inflow, FPIs 3.2%, non-bank corporates 27.2%, exporters 29.5%, and others accounted for 14.6%. At the CBN monetary policy committee (MPC) meeting, members pointed out unabating demand pressure in the FX market and the recent efforts to stabilise the naira.
The monetary authority also highlighted the positive impact of the Dangote Refinery, which potentially reduces FX demand for fuel imports and supports the overall balance of payment. The committee also noted the sustained accretion in the FX reserves in the near-recent weeks. External reserves moved near a 2 year high due to sustained FX inflows into the economy from yet-to-be identified sources.
In the global commodities market, oil prices increased due to news of monetary stimulus from top importer China and concerns about potential supply disruptions in the Middle East and the United States.
Brent prices increased by 1.58% to $75.04, and WTI prices rose by 1.44% to $71.38. Additionally, gold reached a record high as Middle East tensions fueled its safe-haven appeal, and investors reacted to fresh cues for more U.S. interest rate cuts.
According to the National Bureau of Statistics (NBS), Nigeria’s unemployment rate was 5.4% in 2023. At the state level, Abia had the highest unemployment rate (18.7%), while Nasarawa had the lowest rate of 0.5%. The NBS claimed this in its Nigeria Labour Force Survey for 2023, which was issued in Abuja on Tuesday.
According to Mr Sunday Ichedi, Director of Communications and Public Relations, NBS, the research gave a complete picture of Nigeria’s labor market performance for 2023, as well as critical insights into important labour market indicators.
Ichedi stated that the 2023 annual report was the first of its sort, conducted in accordance with the International Labour Organization (ILO) rules during the fourth quarter of 2022 and the 3rd Quarter of 2023.
He said the findings offered detailed state-level data on critical labour market indicators such as unemployment, underemployment, wage employment, informal employment, and youth participation in education, employment, or training. Further highlights of the report showed that in terms of educational attainment, the rate of unemployment was highest among persons with post-secondary education at 9.4 percent in 2023.
“This was followed by those with secondary school education at 6.7 per cent, and those with primary education at 4.1 per cent.
“The lowest rate was recorded among those with no formal education at 3.2 per cent.”
The report said in 2023, the working-age population was 116.6 million, representing 53.8 percent of the total population, with women accounting for 52 percent and men with 48 percent. It said the annual labour force participation rate was 76.3 percent, which was equivalent to 88.9 million individuals.
“Bauchi state recorded the highest participation rate at 92.3 per cent, while Ekiti State had the lowest rate at 63.4 per cent.”
The report said 84.1 million individuals were employed out of the total working-age population in 2023, which included 20.6 million persons between the ages of 15 and 24 years. It said in 2023, the national employment-to-population ratio was 72.2 percent, with rural areas accounting for 77.3 percent and urban areas at 68.7 percent.
“Bauchi state had the highest employment-to-population ratio at 88.4 per cent, while Rivers recorded the lowest at 55.7 per cent.
“By sex, the employment-to-population ratio was 73.7 per cent for males and 70.7 per cent for females.”
The report said 77.6 million individuals were engaged in informal employment in 2023, accounting for 92.2 percent of the employed population. It said Kano State had the highest number of informal workers, with about 5.2 million individuals engaged in informal employment.
“This was followed by Lagos state with 4.6 million people (excluding agriculture).”
The report said the national time-related underemployment rate stood at 11.1 per cent, with men accounting for 8.3 per cent and women at 13.4 per cent.
“Plateau had the highest time-related underemployment at 33.9 per cent, while Nasarawa recorded the lowest rate at 0.3 per cent.”
It said the time-related underemployment rate was the share of employed people who were working less than 40 hours per week but who would be willing and available to work more. The report said the youth not in employment, education, or training (NEET rate) was 15.6 percent in 2023, with Abia recording the highest NEET rate at 38.1 percent and Zamfara recording the lowest at 4.5 percent.
The Nigerian Exchange’s (NGX) equities market capitalization increased as investors gained around N105 billion following the policy rate hike. Buying momentum pushed key performance indicators higher by 0.18%. The market index, or All-Share Index, increased by 181.99 basis points to close at 98,568.59 points.
Stockbrokers said the market rise was fueled by investors’ increasing buying appetite in various major market sectors, particularly the banking industry. However, market activity was mixed, with the total volume traded for the day falling by 5.85% and the total value exchanged rising by 42.05%.
Approximately 763.00 million units valued at₦11,780.55 million were transacted across 12,081 deals, Atlass Portfolios Limited said in a note. FIDELITYBK was the most traded stock in terms of volume, accounting for 16.53% of the total volume traded on the local bourse.
Other volume drivers include TRANSCORP (13.55%), UBA (9.64%), CAVERTON (5.72%), and ELLAHLAKES (5.52%) to complete the top 5 on the volume chart. Stockbrokers also noted that FIDELITYBK emerged as the most traded stock in value terms, with 17.05% of the total value of trades on the exchange.
NIDF topped the advancers’ chart for today with a price appreciation of 9.94 percent. Other gainers include FBNH (+9.93%), ELLAHLAKES (+9.76%), FIDELITYBK (+9.70%), ABCTRANS (+9.52%), WEMABANK (+9.40%), and twenty-nine others.
Twenty-two stocks depreciated according to trading records. OANDO was the top loser, with a price depreciation of -10.00%. Other decliners include OKOMUOIL (-9.98%), CAVERTON (-9.88%), FIDSON (-9.74%), FTNCOCOA (-9.70%), and DANGSUGAR (-3.38%). Given the trading direction, the market breadth closed positive, recording 35 gainers and 22 losers.
Momentum in banking tickers drove the Banking Index up by 3.01%, led by strong performances in FBNH (+9.93%) and FIDELITYBK (+9.70%). The insurance sector (+2.16%) and industrial goods sector (+0.04%) also shared in the bullish sentiment, driven by buying interests in MANSARD (+9.26%) and WAPCO (+0.69%), respectively.
Conversely, the Consumer Goods (-0.28%) and Oil and Gas (-0.11%) sectors faced pressure from selloffs in DANGSUGAR (-3.38%) and profit-taking in OANDO (-10.00%). Overall, the equities market capitalization of the Nigerian Exchange gained 104.58 billion to close at 56.64 trillion.
The Federal Government has approved a modification to the Consolidated Public Service Salary Structure (CONPSS), effective July 24. Ekpo Nta, Chairman of the National Salaries, Incomes, and Wages Commission (NSIWC), made the statement during a press briefing in Abuja on Tuesday. Nta stated that President Bola Tinubu signed the Act after it was forwarded to him by the National Assembly.
He stated that any federal public service, whether self-funded or treasury-funded, that has not received a circular in this regard, specifically from the NSIWC, should contact it for further instructions.
Nta said, “This is to avoid an uncoordinated implementation that has the tendency to destroy the existing salary relativities in the federal public service.”
He said that NSIWC would issue further directives on how pensioners, NYSC members, and interns would benefit from the implementation.
The chairman listed other revised templates to include: Consolidated Research and Allied Institutions Salary Structure (CONRAISS), Consolidated Universities Academic Salary Structure (CONUASS), and Consolidated Tertiary Institutions Salary Structure II (CONTISS II).
He said others were: the Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure (CONPCASS), the Consolidated Tertiary Educational Institutions Salary Structure (CONTEDISS), and the Consolidated Medical Salary Structure (CONMESS).
Nta named others to include: consolidated health salary structure (CONHESS), consolidated paramilitary salary structure (CONPASS), and consolidated police salary structure (CONPOSS).
The rest were: Consolidated Intelligence Community Salary Structure (CONICSS) and Consolidated Armed Forces Salary Structure (CONAFSS).
“This is consequent to the enactment of the NSIWC Amendment Act 2024 and the Memorandum of Understanding reached by the committee on consequential adjustments in salaries arising from the National Minimum Wage (Amendment) Act, 2024.
”Between the Federal Government of Nigeria and the Trade Union sides of the Joint National Public Service Negotiating Council Sept. 20,” Nta said.
Accord Party’s Governorship Candidate in Edo State, Dr. Bright Enabulele has called for the securement of the Bimodal Voter Accreditation System (BVAS) with blockchain technology in future elections to deter human interference.
Enabulele made this call as he accused the Independent National Electoral Commission (INEC) of failing to use BVAS in polling units in the just-concluded Saturday, September 21, 2024, election.
According to the Accord Party flagbearer, the failure to use BVAS in polling units led to the disenfranchisement of many eligible voters, and election results manipulation across Edo State.
Enabulele argued that blockchain technology would ensure greater transparency and prevent the manipulation of election results, making the process more secure, seamless, and inclusive.
To further this cause, he volunteered to collaborate with INEC in adopting blockchain technology for future elections.
“Blockchain’s decentralised and tamper-proof system can transform our electoral process, and I am ready to work with INEC to make this a reality,” he stated.
He also urged the media to not only focus on major political parties, as it encouraged results manipulation.
In addition, Enabulele congratulated the supporters of Accord, assuring them that their efforts would not go unnoticed.
“Even though voter suppression was evident, our voices will not be silenced. I entered this race to fight for the rule of law, and I will continue to amplify your voices for change and work hard for our shared vision of good governance and accountability,” he affirmed.
Enabulele further emphasised that the election is not simply about winning or losing, but about making principled choices that will shape the future. “It’s about the life we leave behind. We must reject nepotism and ensure we elect the right leaders for the sake of our future generations. Corruption starts from how we elect our leaders,” he added.
He concluded by maintaining that Nigerians can only have the leaders they elect if the electoral system is seamless, trusted, and reliable.
“How can we create a society governed by fairness, justice, and the rule of law, when we are being governed by the leaders we didn’t elect, but selected”? Enabulele queried.
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Strictly Necessary Cookies
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.
