BMI WEEK AHEAD (December 19 – 26)

Naira finds solace amid festivities

The naira is expected to remain firm at both the official interbank and parallel markets this week, as the festive season rolls in.

Businesses will be winding down activities and demand for hard currency tends to slow in this period, which means the naira can find some solace.

The naira traded steady last week at N485 to the dollar on the parallel market as demand for the greenback waned, while it exchanged for N305 to the dollar at the inter-bank market.

Diaspora inflows will also grease the currency market this week, as Nigerians living abroad return home for the holidays, providing extra support for the naira.

The festive period usually goes as fast as it comes, and the naira would be left with nowhere to hide if monetary authorities drag in boosting the dollar supply end of the market.

Monday, December 19

Court decides on IMF chief Lagarde

The Republic’s Court of Justice, which judges cases involving government ministers and has proceeded with the trial despite the prosecutor’s recommendation, is to hand down a verdict on IMF chief Christine Lagarde, December 19.

Lagarde, standing trial on negligence charges over an arbitration ruling passed down by a three-person panel when she was French finance minister, has denied wrongdoing.

Prosecutors last week said that they do not support a conviction against 60-year-old Lagarde.

In 2015, the prosecutor’s office had already recommended dropping the case, but the court’s investigating committee decided to move forward.

If she is found guilty, she could face up to a year in prison and a fine of 15,000 Euros.

Council Summons Arik over Alleged Baggage Delay, Rights Abuse

Following complaints of alleged ill-treatment by passengers of recent London-Lagos Arik Air flights, the Consumer Protection Council (CPC), has summoned the management of the airline to appear before it to provide facts relating to the allegations.

The summon, which was issued by the Council last week Wednesday, called on the airline’s Chief Executive Officer, Michael Arumemi-Ikhide, the Chief Operating Officer, Conor Prendergast, and the Managing Director, Chris Ndulue, to appear before the Council on Monday, December 19, 2016.

Tuesday, December 20

Kogi to clear salary backlog

The Kogi State Government has reaffirmed commitment to clear the backlog salaries of all the genuine workers and pensioners in the state by 20 December.

The Director General, Research and Development, Kogi State, Moses Okafor, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lokoja last week Wednesday.

Sunday, December 25

Christmas Day

 

LOLADE AKINMURELE