FMDQ Securities Exchange has posted a turnover of N11.78 trillion in fixed income and currency (FIC) markets in May, 2020.
This is contained in a monthly FIC report obtained by the News Agency of Nigeria from FMDQ on Wednesday.
The report showed that the turnover represented a decrease of 29.46 per cent, when compared with N16.70 trillion in April.
FMDQ said that the turnover recorded in the FIC markets in May 2020, was the lowest turnover recorded since January 2018 (N11.71trillion).
It stated that money market comprising repurchase agreements and unsecured placements transactions and open market operations bills drove the total FIX market turnover in May, accounting for 61.26 pe cent.
According to the report, money market transactions replaced foreign exchange (FX) as the highest contributor to FIC markets turnover in May during the review period.
It noted that FX market turnover in May 2020 was 7.62 billion dollars (N2.94 trillon), representing decrease of 32.92 per cent or 3.74 billion dollars from 11.36 billion dollars or N4.38 trillion posted in April.
An analysis of FX market turnover indicated a general decrease in FX market activity by trade type, with Member-Client trades accounting for 55.61 per cent ($2.08 billion) of the total MoM decrease in FX turnover.
However, FX Derivatives accounted for 89.30 per cent ($3.34 billion) of the total MoM decrease in FX turnover by product type in May 2020.
It is noteworthy to mention that the turnover for Member-CBN FX Spot trades increased by 100 or cent MoM from 0.16 billion dollars in April to 0.32 billion dollars in May.
In May, the Naira depreciated against the United States dollar at the Investors’ and Exporters’ FX Window by N1.18 to close at an average of N386.17.
Also, in the parallel market, the naira depreciated against the U.S dollar by N22.37 to close at an average of N450 during the review period.
Edited By: Bola Akingbehin/Olagoke Olatoye (NAN)
New York prosecutor investigating Trump for fraud in fight over tax records
A New York prosecutor on Monday suggested he was investigating President Trump and his company for possible insurance and bank fraud – a much broader probe than previously known in an attempt to obtain Trump’s financial records.
District attorney Cyrus Vance made the disclosure in a court filing, arguing that Trump’s accounting firm should be forced to comply with a subpoena for his tax returns.
The subpoena is part of a grand jury investigation which until now was believed to focus on possible hush-money payments to two women who say they had affairs with the former real estate mogul.
The filing was in response to a bid by Trump’s lawyers last week to block the subpoena, calling it “wildly overbroad” and “issued in bad faith.”
Vance said Trump’s attorneys were relying on a false assumption that the investigation was limited to hush-money payments, without specifying the focus of the probe.
The district attorney said in the filing that “undisputed” news reports about “possibly extensive and protracted criminal conduct at the Trump Organisation” made it clear there was a legal basis for the subpoena.
In early July, the United States Supreme Court rejected Trump’s claims of presidential immunity in criminal investigations, potentially paving the way for Vance to obtain the records.
The Supreme Court did not order the tax documents to be handed over, and the ruling indicated the president could try to fight the subpoenas in lower courts.
Trump has fought the subpoena for nearly a year and his lawyers have vowed to continue the battle in lower courts.
Edited By: Emmanuel Yashim (NAN)
Nigeria’s candidate for WTO chief prioritizes fixing dispute settlement system if selected
Okonjo-Iweala, who is competing with seven other nominees for the position of director-general of the WTO, told Xinhua in a recent interview that her top priorities if selected, would be preparing for the WTO’s 12th Ministerial Conference (MC12) in Kazakhstan in 2021.
She also hoped to work on restoring the dispute settlement system and updating the WTO’s rule book.
The WTO’s dispute settlement body is currently paralysed.
The Appellate Body, considered as the Supreme Court for global trade disputes, is supposed to have seven judges and needs a minimum of three judges to function.
The United States administration has been blocking new appointments for more than two years, with United States officials claiming that the court had gone beyond its remit.
“I would be focusing, if I get the job, on the dispute settlement system because this is the fundamental pillar of the WTO,’’ Okonjo-Iweala said.
“If you have a rules-based organisation, you must have a place where rules are arbitrated and that’s what happens with the dispute settlement system.
“So, restoring that will be a top priority as well.’’
She also had a 25-year career at the World Bank, including as a managing director.
The candidate, who also sits on the board of Twitter and the Gavi Vaccine Alliance, said she was confident to win the selection process and that she would be a listener-in-chief as well as a tough negotiator.
“I have strong political skills and negotiation skills.
“I think that’s very much needed; I am a consensus-builder and I’m a good listener too.’’
The candidate showed her confidence to “find a way to unlock the seeming division’’ on the trade side, between China and the United States, underlining that finding areas of mutual interest and to build trust within the WTO trading system would be important.
“Actually, if you listen to the two members, they have some things in common,’’ Okonjo-Iweala added.
“The dispute settlement system of the WTO is valued by both, they want it to reform, they don’t want it to disappear.’’
“I think the best thing China can do is to recover quickly.
“Because it’s one of the engines of growth in the world and it’s almost a quarter of world trade,’ she told Xinhua.
“So, if it recovers quickly, it means that it can help the rest of the world recover.
“So, that’s the role I would see for China.’’
Roberto Azevedo, the incumbent WTO chief, announced in May that he will officially leave his post on Aug. 31, a year before his term expires.
The second phase of the selection process, in which the candidates “make themselves known to members’’, will end on Sept. 7 and then the General Council chairperson will consult with all WTO members before making the final decision.
Edited By: Abdulfatah Babatunde (NAN)
School feeding programme gulps over N500m during Lockdown – Minister
The Federal Government expended about N523.3 million on school feeding programme during the lockdown against the coronavirus pandemic.
Farouk made the revelation against the rumours and speculations going around one of our key interventions of the government – the Home Grown School Feeding Programme.
She said that the programmed was modified and implemented in three states following a March 29th, Presidential directive.
“It is critical at this juncture to provide details that will help puncture the tissue of lies being peddled in the public space.
“The provision of ‘Take Home Rations’, under the modified Home Grown School Feeding programme, was not a sole initiative of the MHADMSD.
“The ministry, in obeying the Presidential directive, went into consultations with state governments through the state Governor’s Forum, following which it was resolved that ‘take-home rations’, remained the most viable option for feeding children during the lockdown.
“So, it was a joint resolution of the ministry and the state governments to give out take-home rations.
“The stakeholders also resolved that we would start with the FCT, Lagos and Ogun states, as pilot cases,’’ the minister said.
According to her, each takes home ration was valued at N4,200 and that the figure was arrived at with proper consultation.
“So, each household is assumed to have three children.
“Based on the original design of the Home Grown School Feeding programme, long before it was domiciled in the ministry, every child on the programme receives a meal a day.
“The meal costs N70 per child.
“When you take 20 school days per month, it means a child eats food worth N1,400 per month.
“Three children would then eat food worth N4,200 per month and that was how we arrived at the cost of the ‘take-home ration’.
“The agreement was that the federal government will provide the funding while the states will implement.
“To ensure transparency in the process, we partnered with the World Food Programme (WFP) as technical partners.’’
“TrackaNG monitored and gave daily updates validating the programme.
“In the FCT, 29,609 households were impacted, 37,589 households in Lagos and 60,391 in Ogun, making a total of 124,589 households impacted between May 14, and July 6.
“If 124,589 households received take-home rations valued at N4,200, the amount will be N523,273,800.
Edited By: Bola Akingbehin/Abdulfatah Babatunde (NAN)
United States judge whose son was killed by gunman speaks out
A United States Federal Judge whose son was killed and husband wounded by a gunman disguised as a FedEx driver detailed her last moments with her only child in an emotional video posted online.
“Two weeks ago, my life as I knew it changed in an instant and my family will never be the same,” United States District Judge Esther Salas said in the video posted to YouTube on Monday.
The attack on Salas’ family in New Jersey happened July 19. The accused gunman, attorney Roy Den Hollander, was later found dead in an apparent suicide in upstate New York.
He is described as an anti-feminist lawyer, and officials said Salas had recently presided over one of his cases.
That morning the Salas family was getting ready to clean up after a party. They had just celebrated her son’s 20th birthday.
“Daniel always wanted to spend his birthdays with his dad and me so he asked that we host a party for a few of his Catholic University of America friends,” she says in the video.
Despite the pandemic, they agreed.
“We thought we could adhere to safety guidelines,” she says.
After going to church with her husband, Salas said she went alone to the basement to wake up her son.
“We were chatting, as we always do, and Daniel said, ‘Mom, let’s keep talking. I love talking to you, Mom,’” Salas says, struggling to hold back tears. “And it was at that exact moment that the doorbell rang.”
Her son ran upstairs. Moments later, she heard gunshots and screams.
“I later learned that this monster, who had a FedEx package in his hand, opened fire,” she says in the video, her voice shaking.
“But Daniel, being Daniel, protected his father and he took the shooter’s first bullet directly to the chest.”
Her son later died. Her husband, Mark Anderl, a 63-year-old criminal defense lawyer and former prosecutor, was shot three times, she explains. One bullet struck his chest, another his stomach, and the third his right forearm.
“While my husband is still in the hospital recovering from his multiple surgeries, we are living every parent’s worst nightmare,” she pauses for a moment, before adding: “Making preparations to bury our only child, Daniel.”
Salas noted that the gunman was easily able to find her personal information online. She then pleads for lawmakers to help protect the private details of federal judges, so no one else suffers the same fate as she and her family.
“My son’s death cannot be in vain, which is why I am begging those in power to do something to help my brothers and sisters on the bench,” she says.
Edited By: Isaac Aregbesola (NAN)