…As CBN weakens naira to 307/dollar for first time***
The Movement for the Actualisation of Sovereign State of Biafra on Monday asked President Muhammadu Buhari; former Vice President Atiku Abubakar and others nursing presidential ambition in 2019 to perish their thoughts, saying Nigeria would disintegrate before then.
In a statement made available to our correspondent in Awka, Anambra State by the MASSOB leader, Uchenna Madu, the group said three nations would emerge from Nigeria before 2019.
The statement read, “MASSOB wishes to inform the political gladiators of the Nigerian state that their 2019 political ambitions will not materialise because Nigeria as an entity will not exist beyond the year 2019.
“Before the end of the year 2019, there will be no more Nigeria as a political entity; there will be newborn nations called Biafra, Oduduwa and Arewa republics”.
It said President Buhari would be the last president of a “ unified’ Nigeria.
The group described as a painful irony the way Nigeria retained the name given to her by the colonial masters, adding that countries such as Gold Coast(Ghana) Upper Volta(Burkina Faso) and Tanganyika (Tanzania) immediately after their independence changed their names to reflect indigenous content.
The statement read in part, “We also wish to inform the voluntary and forced citizens of this failed entity called Nigeria that Mohammed Buhari is the last president of this geographical expression called Nigeria
“As every nation of the universe has its spiritual anchor and stronghold, MASSOB gladly wishes to inform the people of Biafra that the spiritual anchor and stronghold of Nigeria entity has been broken.
“No military might or alliances with Islamic countries will stop the emergence of Biafra soon. MASSOB in collaboration with other pro-Biafra groups in the genuine spirit of Biafra revolution declares that enough is enough.”
He added, “The coming together of pro-Biafra groups will multiply our synergies and double our consistent efforts towards Biafra actualisation and restoration through our undying demand and pressure for a referendum that will determine our stake in the Biafran project.”
In the meantime, the Central Bank of Nigeria on Monday weakened the naira marginally, selling dollars at 307 for the first time on the official interbank market.
Foreign exchange traders said the development signalled a gradual move to merge the regulator’s multiple exchange rates.
According to a Reuters report, the country’s convoluted exchange rate system has been used to manage what the CBN described as “frivolous” demand for dollars at the peak of a currency crisis which began two years ago.
Nigeria currently has at least five exchange rates including the official rate which the CBN uses for masking pressure on the currency.
In April the CBN allowed foreign investors to trade the naira at market-determined rate through the establishment of the Investors and Exporters FX window, which has weakened the naira to around 360/dollar.
The CBN has sold $500,000 almost on daily basis on the official spot market since creating several exchange rates to alleviate dollar shortages.
However, it had sold the United States currency at rates of between 305 and 306 for months before Monday’s move. ”It’s possible the central bank is working towards a gradual convergence of rates, one trader told Reuters.
Earlier this month the central bank sold dollars at 306 for the second time after maintaining a level of around 305 on the spot market for two months.
Dollar shortages gripped the economy as crude sales, Nigeria’s mainstay, plunged at the start of an oil price rout in 2014. That triggered a recession last year and frustrated businesses, which had to find dollars on the black market as a result.