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Naira stable after CBN interest rate cut

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By Lukman Otunuga, FXTM Research Analyst,

The Naira continues to experience stability despite an unexpected rate cut from the Central Bank of Nigeria earlier this week.

This is highly encouraging and suggests that the currency has scope to appreciate if macroeconomic conditions in Nigeria stabilize further. With the jump in Brent Oil prices boosting government revenues and pushing foreign exchange reserves to $44 billion, the CBN has ammunition to defend the currency. However, external risks in the form of global growth concerns and trade developments could still create headwinds for the Naira further down the road. It must be kept in mind that the Naira is not alone, as many other emerging market currencies are also feeling the pressure.

Brexit stalemate deepens as Parliament rejects all alternatives

The drama, confusion and sheer uncertainty over Brexit intensified on Wednesday evening, after British MPs rejected all eight options aimed at breaking the Brexit deadlock.

With none of the indicative votes gaining a majority, the options in moving forward are becoming increasingly limited, with speculation in the air of a general election down the line. While MPs plan to trim the list of options and vote again on Monday, the clock is ticking with the risk of a no-deal Brexit rising by the day. Although Theresa May has pledged to stand down by May 22 if MPs back her plan, it remains uncertain whether Commons Speaker John Bercow will allow her deal to be brought forward for the third time on Friday. If May’s deal is rejected once again and Parliament is unable to agree on anything, the UK could slip into a no-deal Brexit which will have severe consequences on the British Pound.

Sterling tumbled on Wednesday evening as Brexit uncertainty haunted investor attraction towards the currency. However, looking at Sterling’s overall price action, it does feel like the risk over a no-deal Brexit is underpriced. The year-to-date uptrend for GBPUSD is still intact despite the twist and turns. There have been higher highs and higher lows so far in 2019 with prices trading around 1.3162 as of writing. While the GBPUSD has the potential to challenge the 1.3300 resistance, further gains beyond this point are likely to be limited by Brexit developments.

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Dollar running on borrowed time

Even as markets heed the Fed’s dovish tone and have ramped up expectations of a US rate cut as soon as September, the Dollar Index has repeatedly tried to break above the 97.0 handle.

Although the Dollar has been resilient in recent months, it may be time for bulls to throw in the towel as concerns mount over the health of the US economy. With the US Treasury yield curve inverting at the start of the week, warning lights are flashing over the largest economy in the world potentially entering a recession. These lingering fears are likely to dampen appetite for the Dollar as investors park their money elsewhere.

Should there be further confirmation of the largest economy in the world cooling or the Fed remaining firmly dovish, the Dollar may lose its grip on the throne.

Commodity spotlight – Gold

It has not been the best of trading weeks for Gold, with prices trading around $1311 as of writing. Although a stabilizing Dollar during the early parts of the week dragged the metal lower, the medium to longer-term outlook favours bulls. With global growth fears and geopolitical risks weighing on investor confidence and market sentiment, Gold will remain a destination of safety for investors. In regards to the technical picture, bulls remain in control above the psychological $1300 with a breakout above $1313 opening a path towards $1324.

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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African Parliamentarians Seek Answers from Telcos on Quality of Service

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African legislators across the continent are increasingly demanding answers from mobile network operators for chronic poor service. Parliamentarians in Cameroon, South Africa and Zambia are demanding answers on data pricing, network connectivity needs in rural regions, contributions to job creation, data security and privacy, and adherence to universal service obligations.

Zambia is the latest country to question telcos over quality of service, and National Assembly speaker Nelly Mutti has ordered minister of technology and science Felix Mutati to deliver a ministerial statement on the Airtel network’s repeat outages and the steps being taken to resolve them.

Lawmakers have expressed concerns about the impact of inconsistent connectivity, particularly in rural areas where mobile communication is important for emergencies and essential services.

This come after telecoms regulator, Zambia Information and Communications Technology Authority (ZICTA) read the riot act to Airtel, after its most recent outage last week.

This was not the first time the telco had experienced service interruption, which prompted ZICTA to threaten the telco with a fine.

Meanwhile, the speaker of parliament declared that the nation has to be informed about the causes for the network provider’s bad service and the steps being taken to address the issue.

Mutti said: “This matter is affecting everyone. We need to know why the services are poor and what is being done to ensure service providers comply with stipulated guidelines.”

The move by the Zambian parliament comes a few days after South African parliament also summoned mobile network operators to respond to a range of concerns that lawmakers felt impacted consumers.

The following issues were considered by parliamentarians: network connectivity standards in rural areas, contributions to job creation, transformation, and economic inclusion and empowerment for blacks in general, women, youth, and people with disabilities, data security and privacy, adherence to universal service obligations, and spectrum conditions for universal connectivity.

 


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TD Africa, HP Strengthen Partnership to Advance Africa’s Tech Ecosystem

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TD Africa, Sub-Saharan Africa’s foremost technology distributor, took a bold step toward strengthening almost three decades of collaboration by hosting a high-level strategic meeting with HP Inc. at an exclusive gathering in Ikoyi, Lagos.

The meeting brought together top executives from both organisations to reaffirm their commitment to advancing digital transformation and deepening technology penetration across Nigeria and Africa.

Speaking at the meeting, Dr. Leo Stan Ekeh, Chairman of Zinox Group (parent company of TD Africa), traced the long-standing partnership between HP and TD Africa and emphasised the need for a more intentional synergy going forward.

“The relationship between TD Africa and HP goes beyond business; it’s a shared vision to use technology as the catalyst for a smarter, more prosperous Nigeria. Technology is the new oil, and together, we must build the infrastructure to power a 21st-century Africa,” said Dr. Ekeh.

Also, Mrs. Chioma Chimere, Coordinating Managing Director of TD Africa, reaffirmed the company’s commitment to digital inclusion and local empowerment. “At TD Africa, we are passionate about pushing technology to every part of the country and the continent. Our vision is to see an Africa where every individual, business, and institution is IT-ready and globally competitive,” she stated.

On behalf of HP, Kingsley Osuala, Distribution Business Manager, Central Africa, expressed appreciation for the enduring relationship with TD Africa and stressed the importance of local tech adoption.

“We are grateful to TD Africa for staying true to their mission of empowering Africa through technology. As the digital age accelerates, Nigerians must stay ahead by embracing innovation and high-performance tech solutions. That is how we stay globally relevant,” Osuala remarked.

The meeting concluded with renewed resolve from both parties to explore deeper collaboration and build on their shared legacy, one that prioritizes access, innovation, and the digital empowerment of Africa.


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Court Orders Lawyer to Produce “Bail-Jumping” Client in MTN Cyber Fraud Case

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Justice Ambrose Allagoa of the Federal High Court sitting in Lagos has ordered Mr Nnamdi Kalu, a legal practitioner, to appear before the court on July 9, 2025, to provide explanations regarding the whereabouts of Richard Ironbar Edemadem, his client,  who is accused of cyber-related fraud and has allegedly jumped bail.

Court Orders Lawyer to Produce “Bail-Jumping” Client in MTN Cyber Fraud Case

The judge issued the directive during the ongoing trial of Edemadem and four others, namely: Samuel Okpapi, Nelson Ojovbo, Bamigbade Olushola, and ISD Technology Limited, who are standing trial on charges of tampering with the critical mobile telecommunications infrastructure of MTN Nigeria and illegally profiting from unsolicited messages sent to subscribers.

The prosecution, led by Mr Nnemeka Omewa of the Economic and Financial Crimes Commission (EFCC), informed the court that Edemadem, the first defendant, had jumped bail and ceased communication with both his counsel and the court.

He further revealed that Mr Kalu, who represented the defendant at the early stage of the trial, had stopped appearing in court and was unreachable.

During the trial proceedings, Justice Alagoa queried the continued absence of the first defendant, especially as his name had come up repeatedly during the testimony of the EFCC’s witness.

Upon receiving the explanation from the prosecutor, the judge expressed concern that no attempt had been made to bring the sureties to account, as required when a defendant absconds.

Responding to the judge’s query, Omewa said the prosecution had made efforts to trace the sureties and review the bail bond documents.

However, they discovered that no valid documentation about the sureties or their contact addresses could be found in the court file.

Disturbed by the absence of such critical records, Justice Alagoa directed the absentee defendant’s counsel, Mr Kalu, to appear before the court on the next adjourned date to provide clarity on his client’s disappearance and explain his failure to participate further in the trial.

In the meantime, the trial resumed with the testimony of Mr Olamide Sadiq, the fourth prosecution witness and an investigating officer with the EFCC.

Sadiq detailed how the defendants fraudulently manipulated MTN’s telecom systems to send unsolicited messages to thousands of unsuspecting subscribers.

According to his testimony, the defendants, who were employed as IT professionals for various telecom value-added service providers, compromised MTN’s Critical Mobile Telecommunications Network System between 2017 and 2018, adding that by exploiting the system’s vulnerabilities, they deployed mass unsolicited messages that led to unauthorised deductions from subscribers’ airtime balances.

Sadiq explained that these illegal deductions were routed into multiple accounts linked to the defendants and their affiliated entities, notably ISD Technology Limited.

The stolen proceeds, totalling N36,837,438.20, were subsequently distributed among the conspirators, he said.

Following the witness’s testimony, the court adjourned the matter to July 9, 2025, for the continuation of the trial and to enable Mr Kalu to appear and address the court on the issue of his absconding client.

The EFCC had filed a three-count charge against the defendants, detailing their alleged roles in the multimillion-naira fraud.

On count one of the charges, the defendants, Richard Ironbar Edemadem, Samuel Okpapi, Nelson Ojovbo, Bamigbade Olushola, ISD Technology Limited, and a fugitive known only as “Sola”, were accused of conspiring to tamper with a critical mobile telecommunications network system.

This, the EFCC said, is contrary to Sections 27(6)(b) and 10 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, and punishable under the same law.

The second charge stated that the defendants were charged with unauthorised tampering with MTN’s network infrastructure, an offence also contrary to Section 10 of the Cybercrimes Act, punishable under the same provision.

Counts three of the charges posited that the defendants allegedly took possession of N36,837,438.20, which they reasonably ought to have known were proceeds of an unlawful act, namely, stealing, contrary to Sections 15(2)(d) and (6) of the Money Laundering (Prohibition) Act, 2011 (as amended), and punishable under the same.

 

Source: Tribune

 


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