Who The Parallel Forex Market ‘Epp’?

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Who the Parallel Forex Market ‘Epp’?, By Olamide Eyinla

The main issue in Nigeria presently is the value of the naira. Sometime in June 2016, the naira was floated to reflect its true value as the government ran out of resources to maintain her defence of the artificial value of the naira. Ceteris paribus, this decision would lead to the eventual closure of the parallel market. Sadly, this aspiration remains an aspiration and does not look like it would be actualised any time soon.

This piece was written by Olamide Eyinla. The views and opinions expressed here are those of the author and do not necessarily reflect the official policy or position of 360Nobs.com.

A layman’s definition of the parallel market would shed some more light on why it remains a vibrant option in Nigeria despite the seemingly deliberate attempt to eradicate its existence. According to Google, a parallel market is an unofficial market in goods or currencies, especially in a country with a ‘controlled’ economy. Now, this is where the problem lies. As stated earlier, the foreign exchange market was deregulated in June. What this ordinarily should lead to is a systematic closure of the parallel market, however, the market remains as viable as ever.

Now, why is the parallel market in Nigeria reluctant to die? I am of the opinion that the market condition calls for it. Like every market, there must be a buyer and a seller which are consequences of demand and supply. The truth is that there is a state policy to create demand for foreign currencies through the parallel market. When there was financial pressure on the dollar supply before the deregulation of the naira, the monetary policy custodian in Nigeria – the Central Bank (CBN) placed a ban on the provision of the scarce dollars for the importation of 41 items that can potentially be produced in Nigeria. These items range from rice, margarine, palm kernel/palm oil/vegetable oil, textiles, clothes, plastic and rubber products, polypropylene granules, cellophane wrappers, etc.

The logic behind these bans are commendable and necessary in order to develop the products locally, however the kind of ban effected was the incorrect one. The CBN, noting the importance of some of these products, decided not to allow their importers access to dollars through the official sources. This situation led to the demand for forex that needs to be met. The value of the demand was premium and hence, capitalists sought avenues to meet this demand by placing more value on forex than obtains through the official channel. This led to the creation of the much vilified parallel market. To further exacerbate the case, these demands are in billions of dollars. The attractiveness of the parallel market to its operators and sellers allows for the availability of more supply of forex in this market, thereby making it a market of choice to buyers.

The market is often on a cash and carry basis, and hence attractive to the buyers and sellers alike. With the current scarcity of forex in the official market, the parallel market becomes more attractive, leading to the increase in the price of the dollar and an over 20 percent price differential between the official and parallel market rates. The effect of this behaviour cannot be over-emphasised as the current inflationary trend in Nigeria is a cost-push one, which is primarily as a consequence of the parallel market price of the dollar, as manufacturers also patronise this market to meet with their dollar requirements as the speed of access is guaranteed.

A thorough look at the current foreign exchange market reveals a controlled currency market. We know that in a free market, the price of goods or a currency will be determined at the equilibrium of demand and supply, but certainly, the current price of forex is not at equilibrium hence its scarcity. Sadly, the parallel market price is closer to the equilibrium, hence there is an improved and reliable supply there in comparison to the official market. How else can Nigeria react to a massive drop of activities in the official foreign exchange market? Barely two years ago, the foreign exchange market traded an average of 300 million dollars per day, but now trades 1.5 million dollars a day. This shows the level of decline in the official market, meaning that the parallel market has increased in size significantly.

So to the topical question: Who benefits the most from the parallel market? I am of the opinion that only the market operators do. The buyers and the sellers in this market do not benefit as much as they might believe because they pay way too much premium on the forex they procure. Any gain made by either the buyers or sellers from the market is short term as the economy cannot develop on the high level of the vibrancy of the parallel market. When the choice market for forex buyers or sellers is the parallel market, there is no way the economy can develop or get out from whatever financial quagmire it is in.

So, to manage the parallel market into extinction, I am of the opinion that the first decision is to reduce the demand in that market, and consequently reduce the supply. To reduce demand, the CBN needs to unban all the 41 items on its ban list for access to forex and then the Customs Service can ban the importation of all the 41 items. For some that may not be outrightly banned, increases in their excise duties should be introduced to reduce their viability for import. A waiver (reduction and not total) can be issued to businesses that can prove that they (or their sister companies) have investments locally that can produce these items in the country.

Pertaining to the reduction of supply, ordinarily a decline in demand leads to a reduction in the price of forex. This reduces an incentive to sell forex in the parallel market. Other ways are for the government to increase dollar receipt through securing the Niger Delta, since that would reduce demand for petrol as power generation improves, refinery productivity improves, and income earnable from crude oil and gas improves. The Nigeria Exports Promotion Council should have incentives for exporters who repatriate their fund through official channels.

Olamide Eyinla, a Human Resources practitioner, wrote from Lagos.

This piece was written by Olamide Eyinla. The views and opinions expressed here are those of the author and do not necessarily reflect the official policy or position of 360Nobs.com.

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Landlord Evicts Tenants For Supporting APC

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A landlord in Edo state has evicted at least 5 tenants in his house in Uzea Community, Esan North East Local Government Area for supporting the All Progressive Congress.

The landlord, identified as Mr David Agberemole, who is a supporter of the People’s Democratic Party (PDP) has apparently been making life hard for the APC supporting tenants.

PDP landlord evicts APC tenants

One of the tenants, Okosun Christiana said, “We don’t have any problem, just party differences. He told us he wanted everyone in his house to support PDP because he is a member of the party but I refused. I told him I have been in APC for a long time. Even if PDP is buying me a car I prefer to remain in the APC. He said if that’s my stand, i should consider myself evicted from his house.”

Another of the evicted tenants, Sylvester Chukwuemeka revealed that his rents were up to date. He also added that the actions of the landlord were unfair just because they refused to support the PDP.

“I don’t understand why the landlord will just decide to drive us out of his house because we are not supporting PDP. I pay my rent regularly and this is not fair to me. The state government should come to our aid. I don’t know when it became a crime to support a party.”

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Eid-el-Kabir: Nigerian Gov’t Declares Monday, Tuesday Public Holiday

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The federal government of Nigeria has declared Monday and Tuesday respectively as public holidays to mark the Eid-el-Kabir celebration.

Speaking on behalf of the Federal Government, the Minister of Interior, Lt Gen. Abdulrahman Dambazau (retd.), enjoined all Muslim faithful and Nigerians in general to support, co-operate and join hands with President Muhammadu Buhari “in his sustained efforts to diversify the economy and progressively accelerate the pace of economic recovery.”

A statement issued on Wednesday in Abuja from the office of the acting Permanent Secretary, Ministry of Interior, Alhaji Muhammadu Maccido, stated that the government was aware of the present economic challenges confronting the nation, due to the downturn in oil prices.

READ ALSO: Sultan Declares Monday, Sept. 12 As Eid el-Kabir Day

He, however, assured that efforts are being put in place to address the issues, especially through revitalising the agricultural sector, the ‘Youth Empowerment Scheme’ in Information and Communication Technology, the ‘Change Begins with Me’, a value re-orientation programme and other social intervention programmes, as well as through massive capital release, all aimed at stimulating the economy towards the path of recovery and growth.

The statement continued: “The minister  expresses optimism that the present economic difficulties will soon be over and therefore urges all to continue to support the government towards building a new formidable Nigeria where peace, unity, security and sustainable development are guaranteed. He wishes all Nigerians, a happy Eid-el-Kabir celebration.”

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18,511 INEC Official, 25,000 Police Officers Deployed As 1.9M Voters Prepare For Edo Poll

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The Independent National Electoral Commission (INEC), has announced that a total of 1,925,105 voters will vote during Saturday governorship election in Edo state – the gubernatorial poll, which would be supervised by over 18,511 officials of the Commission.

READ ALSO: Security Agencies Warn INEC To Postpone Edo Election

Speaking on Wednesday to political parties civil society organisations, nongovernmental organisations, interest groups and other stakeholders in meeting Benin City, capital of Edo state, the Chairman, Prof. Mahmood Yakubu, assured that the officials had been well trained on issues pertaining to election and electoral guidelines.

He said that majority of the personnel were drawn from “the pool of young Nigerians on national assignment through the National Youths Service Corps Scheme (NYSC)’’.

Yakubu, who disclosed that accreditation and voting will commence simultaneously, stressed that no voter would be allowed to the polling units with security escort.

READ ALSO: WAEC Relocates Candidates | NYSC Pleads For Corps Members’ Protection Ahead Of Edo Poll

According to him, highly placed personalities are not eligible to come with thugs and security men to polling units to vote, just as he said that after voting, voters should leave.

“Heads of the security agencies from our various inter-governmental agencies meetings have given their assurances that they will provide adequate security for the electorate, INEC and ad hoc staff and materials. “No orderly may accompany these high profile personalities to the polling centres, but where they escort them, they are not expected to display their arms,’’ he stated.

In his contribution, acting Inspector General of Police, Ibrahim Idris, assured the people of the state of adequate security, saying that the police had earlier deployed 25,000 personnel to complement those in Edo command.

Photo credit: Channelstv

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Man Uses N100 As Bait To Defile 9 Boys Through The Anus In Kano

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A certain man accused of ‘forcefully’ engaging nine under-age boys in the act of anal intercourse using N100 as bait has been dragged to court in Kano state.

Alhassan Musa, 28, on Wednesday, appeared before a Magistrates’ Court sitting at Audu Bako Secretariat, Kano, for allegedly sexually abusing nine minors.

The accused, who hails from Gwammaja Layin Jirgi, Kano, was charged with unnatural offence, contrary to Section 284 of the Penal Code, Vanguard said.

READ ALSO: In Ekiti: Man Kills 14-Year-Old Daughter After Impregnating Her

During court sitting, the prosecutor, Suleiman Danladi, told the Chief Magistrate, Muhammad Jibril, that the parents of two of the abused victims, Ahmed Musbahu and Fatihu Hibbu, jointly reported the matter on July 24.

According to the prosecutor, the suspect lured the nine minors between the ages of 11 and 12 to defile them at separate times in July.

His words: “Your Worship, from our investigation, the accused lured the minor into his Shop at Gwammaja Layin Jirgi Quarters to have unlawful sex with each of them through their anus. “He had his way at different occasions to perform the unlawful carnal knowledge of the children by offering them N100.”

The accused person pleaded not guilty to the charge.

The Chief Magistrate, however, remanded the accused in prison custody, and adjourned the case till Sept. 29 for further hearing.

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Security Agencies Warn INEC To Postpone Edo Election

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Two premier security agencies in Nigeria – the Nigeria Police Force (NPF) and the Department of State Security (DSS) – are urging the Independent National Electoral Commission (INEC) to postpone the gubernatorial election in Edo state – scheduled to take place on Saturday, September 10, 2016.

READ ALSO: WAEC Relocates Candidates | NYSC Pleads For Corps Members’ Protection Ahead Of Edo Poll

Speaking to newsmen on Wednesday in Abuja, they cited security concerns as the reason for the request.

The Force Public Relations Officer, Don Awunah, and an agent of the DSS‎, Garba Abdullahi, stressed that the call was necessitated following the threat by those they referred to as “insurgents” and “extremists” to cause mayhem in the country between September 12 and 13.

More details to be added as the story develops…

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Iniesta: Guardiola Will Adapt To The EPL

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Andres Iniesta is confident his former manager, Pep Guardiola will adapt to the Premier League at Manchester City.

The Barcelona captain is confident in the signings the Spanish manager made and believes the addition of Mikel Arteta to his backroom staff is a major plus.

Guardiola bought Ilkay Gundogan, Nolito, Leroy Sane, John Stones and Claudio Bravo in a round of summer spending which totalled more than £174m.

“Pep knows how to adapt and he’ll adapt to the Premier League,” Iniesta told the Daily Mail. “He has made sure to get people on his staff who are going to help him do that. Mikel Arteta is only going to speed up that process.

“And they have strengthened the squad very well over the summer. City are competitive in all departments. I know Nolito very well because he was with me at Barcelona and he’s a team-mate with Spain. He’s made a great start. I hope that everything goes well for him and that he continues to play as well as he has so far.

“And David Silva was already there. I have admired him throughout my career. He is exceptional.”

“We passed from one era to the next and suddenly there was a different way of playing and a different way of understanding what we were trying to do and how we would go about trying to hurt the opposition,” said Iniesta.

“There was coming out with the ball using the centre backs or with the full backs, then there was the tactic of dropping the holding midfielder between the central defenders. I had never experienced such a definitive style of play.

“We always played a midfield three with one holding player flanked by two more attacking players. I was one of the attacking midfielders and I used to have to come back to receive the ball. But Pep changed that; he told me to be much higher up the pitch to be ready for the next phase of play.”

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NCC Begins Crackdown On illegal SIM Card Registration Centres

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The Nigerian Communications Commission (NCC) has begun a crackdown on illegal and unlicensed SIM card registration centres in Abuja, warning that any agent found wanting would be dealt with appropriately.

This disclosure was made by Mr. Salisu Abdullahi, the assistant director (enforcement) of the Commission, during the closure of the offices of illegal SIM card registration agents at Wuse Market, Abuja.

READ ALSO: 37 Unlicensed Filling Stations Sealed In Akwa Ibom

Abdullahi stressed that for some time now the NCC has been trying to apply the SIM regulation so that all SIMs are duly registered, but there have been reports that people were registering SIM cards and selling them to the general public.

According to him, the clampdown on illegal dealers and centres became necessary following its tendency to compromise national security.

He said:  “Today we have gone to MTN premises; we are now in Wuse market, the purpose of the exercise is all about SIM registration. For some time, NCC has been trying to apply the SIM regulation so that all SIMs are duly registered.

“However, we have been having report that people are registering SIM cards and selling it to the general public. There is serious danger in doing that perhaps, it compromises national security. So we have gotten report that in so many locations in Abuja and nationwide this activity is on-going.

“Earlier on we were doing this exercise and we have mopped unregistered SIM cards in the market, however it has come back again. Fine and sanction have been applied and despite all efforts today we still find SIM cards in our market. That is the purpose of this exercise today.

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In Ekiti: Man Kills 14-Year-Old Daughter After Impregnating Her

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In Ekiti: Man Kills 14-Year-Old Daughter After Impregnating Her

A 50-year-old man accused of murdering his 14-year-old daughter after raping her severally to the point of pregnancy has been handed over to authorities in Emure, Ekiti state.

The suspect, identified simply as William, whose wife and mother of the teenage girl, had separated from him, was said to have had sexual intercourse with his daughter, threatening to kill her, if she told anybody about the incest.

According to sources in Emure community, the deceased remained with her father during the unsuccessful coupling as the rest of her younger siblings went with their mum.

The ‘scornful’ focus of attention then beamed on Williams the moment when the pregnancy of the deceased became conspicuous – as locals stood their ground that the teenage girl was never known to have any boyfriend in her lifetime nor was she promiscuous.

The Nation gathered that William was on Sunday apprehended at a spot where he was allegedly digging the grave to secretly bury the daughter after allegedly strangling her to death.

The prompt intervention of the chiefs at the town’s palace prevented the angry mob from lynching him to death as they were urged not to take the law into their hands.

Speaking on the incident, a resident of the community, Anike, claimed that William in a bid to cover up the crime of serial rape of his daughter took her to his farm located in Aba Iso area of the community and allegedly strangled her to death with the unborn baby.

She said: “We are sure Williams killed his pregnant girl so as to cover up his crime because the girl’s pregnancy was already becoming very conspicuous and everyone knew that it was her father, who slept with her.”

Another resident, Omodele said: “It took us a while before we were able to apprehend William and drag him to the Oba’s palace.”

When contacted, the police spokesman Alberto Adeyemi said the matter had not been reported to the state police command headquarters.

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Armed Robbers Attack Basketmouth At Lekki Home

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Popular comedian Bright ‘Basketmouth’ Okpocha was today the victim of an armed robbery attack.

The MTV Ridiculousness host was robbed at gunpoint in his home in Lekki Phase 1 in the early hours of Wednesday morning. The incident was revealed by his close friend and fellow comedian, Bovi.

READ: PHOTOS: Basketmouth, Rita Dominic And More With Mark Zuckerberg

Basketmouth robbed in Lekki

Bovi wrote on Instagram: “@basketmouth was robbed this morning in his home in lekki phase 1 between the hours of 2am and 4am, 7th of September 2016.”

“He and his family were held at gun point while the sad episode lasted. Nobody was hurt. Valuables were  however taken including the cctv device. A report has also been made at the police station. He can’t be reached at the moment but will be back on as soon as possible.”

Our thoughts are also with the family.


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ICYMI: Easy Win For Djokovic, As He Makes It Into Semis Of US Open

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Novak Djokovic has signed a note of warning to his future opponents about his freshness, after easing into the US Open semifinals with another walkover.

The Serb was leading Jo-Wilfried Tsonga 6-3 6-2, until the Frenchman pulled out with a left knee injury.

Djokovic will play another Frenchman in Gael Monfils in the last four. The 10th seed had earlier beaten compatriot Lucas Pouille 6-4 6-3 6-3.

Djokovic has now spent just six hours and 28 minutes on court at Flushing Meadows after earlier withdrawals from Jiri Vesely and Mikhail Youzhny.

The extra rest has proven timely for Djokovic, who arrived in New York nursing injuries to both his left wrist and right elbow and the the top seed said: “I am not really concerned.

“Actually, in this stage of the season, considering some physical issues I have had in the last month, month and a half, this was the scenario that I needed and I wished for.

“I got a lot of days off and recovered my body. Right now I’m feeling very close to the peak. That’s the position where I want to be. This scenario was ideal at this stage. I’m reaching my peak in terms of my form.”

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‘Wanted’ Boko Haram Suspect, 2 Other Terrorists Arrested In Yobe

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The Nigerian military on Wednesday morning announced that its troops have arrested a Boko Haram suspect, Muhammed Bulama, who is number 105, on its wanted list, in Yobe state.

READ ALSO: Corpses Of Drowned Soldiers Of ‘Operation Crocodile Smile’ Recovered

Troops arrest wanted Boko Haram suspects in Yobe

Troops arrest wanted Boko Haram suspects in Yobe

A statement from Acting Director Army Public Relations Officer, Col. Sani Usman Kukasheka said they were arrested while riding on horseback and bicycle shepherding some sheep towards the market.

The statement read: “The Boko Haram suspect on the wanted list number 105, Muhammed Bulama, has been arrested by troops on Tuesday 6th July 2016 in Yobe State.

“Bulama was arrested along side with 2 other suspected Boko Haram terrorists; Ardo Abba Muhammed (elder brother to Bulama as claimed) and Muhammadu Kaigama, in Azare community, Gujba Local Government Area of Yobe State, with the help of the local vigilantes in the town.

“They were arrested riding on horseback and bicycle shepherding some sheep towards market.

“During preliminary investigation, the suspected terrorist personally confirmed his photograph on the wanted list and further revealed that he specialized on rearing animals for the terrorist group.

“He further confessed that they came to the village to sell the animals as they had ran out of cash in their hideout and would also get some food items back to for the upcoming Sallah festivity.”

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Ramires Ready For Brazil Return

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Brazil international and Jiangsu Suning midfielder Ramires is ready and eager to feature for his country again.

The former Chelsea midfielder has not been called up to the Selecao in over a year, but believes he is ready.

Ramires has discussed a return to the Brazil setup with new coach, Tite, but understands he has to work for it.

“There are players who play in China being called, Gil, Renato Augusto and Paulinho, for example, and I’ll continue to work here. It’s always a pleasure to defend the selection.”

Ramires joined the Chinese Super League side in January, making him the most expensive player in the division at the time, and continues to be excited by his role at the club.

“In my case, it was advantageous for both sides. To me, it was presented as a project of which I am an important piece, while there was an improvement in financial terms.

“I’m very happy here. I was very well received since the first day I arrived in China, the country is very organized, Jiangsu too.”

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37 Unlicensed Filling Stations Sealed In Akwa Ibom

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The Department of Petroleum Resources (DPR) in Eket has announced that it had sealed 37 unlicensed filling stations in the last three months in Akwa Ibom.

READ ALSO: Petrol Price: FG Reacts As Oil Marketers Demand Increase To N165

This announcement was made by Mr Bassey Nkanga, the DPR’s Operations Controller, during an interview with the News Agency of Nigeria (NAN) in Eket Local Government of the state on Tuesday.

READ ALSO: Petrol Price Increase Looms As N145/litre Is No Longer Feasible

According to him, the owners of the unlicensed filing stations would have to pay a sum of N1 million each as fine for their offences.

His words:  “In the last three months, we have sealed over 37 filling stations for illegality and three filling stations were caught violating DPR’s seal order in Akwa Ibom.

“We have sealed them and they will not be opened for three months until they pay a fine of N1 million each.”

“What we are doing is to ensure that there is no illegality and to ensure that the dispensing efficiency of the entire dispensing pump is really good and accurate.”

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Short Time: Taylor Swift Reportedly Dumps Tom Hiddleston

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Taylor Swift has reportedly called time on relationship with new boyfriend, actor Tom Hiddleston.

The couple’s romance had begun in June, when they were first photographed together in public. This was barely 2 weeks after Swift’s break up with previous boyfriend, British DJ Calvin Harris.

The couple became official on social media soon after, and in July, Hiddleston confirmed they were an item.

Taylor Swift dumps Tom Hiddleston

“The truth is that Taylor Swift and I are together and we’re very happy, the Thor actor also told The Hollywood Reporter. Thanks for asking. That’s the truth. It’s not a publicity stunt.”

According to reports, Swift called time on the 3-month relationship because Hiddleston wanted a more public relationship, and she didn’t.

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Luiz: I’ll Play Where Conte Wants

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David Luiz has stated he is ready to play anywhere Antonio Conte wants, as he prepares for his second Chelsea debut this coming weekend.

The Brazilian sealed a return to Chelsea from PSG on deadline day, signing a three-year deal with the blues.

Whether he will line up in defence or in a holding midfield role remains to be seen, and Luiz is ready to fill in wherever needed as his side prepare to travel to face Swansea City.

“It doesn’t matter where [I play], I want to help and when I am in the team I am there to try to help,” he told the club’s official website.

“The coach is an amazing coach, he understands a lot of tactical things and I know he chooses every match the best line-up, so if he needs to play three, four or two [at the back], it doesn’t matter.

“I am there if he wants me to play. In different positions I am available.”

During his time away from the club, Luiz won two league titles with PSG and hopes he can continue that run with a maiden Premier League winners’ medal.

He added: “It is time to do it [win the league]!

“And I hope it will be this year. I am working hard for that and this is our goal this season.

“We don’t have the Champions League to fight for so for sure we will try to win the Premier League and both cups.”

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WAEC Relocates Candidates | NYSC Pleads For Corps Members’ Protection Ahead Of Edo Poll

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The West African Examinations Council (WAEC) has relocated its candidates sitting for the General Certificate in Education (GCE) in Edo State on Saturday to centres in Ore, Ondo State and Agbor in Delta State, due to the governorship election that would take place that same day.

Confirming the relocation on Tuesday to pressmen, the Head, Public Affairs Unit of WAEC in Nigeria, Mr Demianus Ojijeogu, stated that the relocation was not the idea of the council, but at the instance of the Independent National Electoral Commission (INEC) and the security agencies.

According to him, early August, the council wrote to INEC, notifying it that the Mathematics paper would take place on Saturday (the Election Day), and requested for an exemption from the restriction on movement that would be imposed on that day, for the examination officials and the candidates.

He continued: “The next thing we saw was a letter inviting us to a meeting in Benin, Edo State. It was held in the office of the Commissioner of Police. The DIG Operations, who happened to be in the state, chaired the meeting.

“Other security agencies were there. The Resident Electoral Commissioner was there. They asked us to postpone the examination; we told them we could not postpone the examinations because of its international nature and that the integrity of the examinations cannot be compromised.”

According to him, “On August 29, we got a letter from INEC telling us categorically that they cannot grant our request for exemption from restriction of movement; that we should relocate the candidates to states that are contiguous to Edo State.

“So, if INEC and security agents have told you that you can’t hold the examinations in Edo State, what is left for the council to do? We looked at the contiguous states (for centres) – Delta and Ondo.

“We’ve gone to Ore; we’ve been able to get centres there. We went to Agbor in Delta State; we managed to get centres there, for candidates to relocate in order to write the examinations – still open, believing that INEC would shift ground, and that the state government would intervene and allow the candidates to write the examinations in Edo State.”

Meanwhile, the Director-General, of the National Youth Service Corps (NYSC), Brig.-Gen. Sule Kazaure, has pleaded for adequate security measures for corps members who will participate in the election.

“We are soliciting for cooperation to ensure the safety of our corps members. We need adequate security for our corps members who will be participating in the process before, during and after the election,” he said when he visited 4 Mechanised Brigade, Police Headquarters and Department of State Services.

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