U.S. reviewing agreements that expose it to World Court: Bolton

U.S. National Security Adviser John Bolton said on Wednesday the
administration was reviewing all international agreements that
could expose it to binding decisions by the International Court of
Justice calling the United Nations’ organ politicized and
ineffective.

His announcement came hours after U.S. Secretary of State Mike
Pompeo said Washington was terminating a treaty of amity with
Tehran, after the court ordered the United States to ensure that
sanctions against Iran, due to be tightened next month, do not
affect humanitarian aid or civil aviation safety.

The Hague-based court, which is also known as the World Court,
handed the victory to Tehran, which had argued that sanctions
imposed since May by the administration of U.S. President Donald
Trump violate the terms of a 1955 Treaty of Amity between the two
countries.

Citing what he called “Iran’s abuse of the ICJ,” Bolton said:
“We will commence a review of all international agreements that may
still expose the United States to purported binding jurisdiction,
dispute resolution in the International Court of Justice. The
United States will not sit idly by as baseless politicized claims
are brought against us.”

Bolton also said the United States would withdraw from the
“optional protocol” that gives the ICJ jurisdiction to hear
disputes under the 1961 Vienna Convention of Diplomatic
Relations.

The Vienna Convention is an international treaty setting out
diplomatic relations between states. It is often cited as a means
to provide diplomatic immunity.

In 2005, the Bush administration took issue with the ICJ after
it ruled that the execution of a Mexican national in Texas breached
U.S. obligations under international law.

Bolton told a White House briefing that the withdrawal from the
so-called “optional protocol” was related to a case brought by the
“State of Palestine” in September challenging the recent U.S.
embassy move from Tel Aviv to Jerusalem.

The Palestinians argued that the U.S. government’s placement of
its embassy in Jerusalem violated an international treaty and it
should be moved.

“This really has less to do with Iran and the Palestinians than
with the continued consistent policy of the United States to reject
the jurisdiction of the International Court of Justice, which we
think is politicized and ineffective,” Bolton said.

He added: “I’d like to stress the United States remains a party
to the underlying Vienna Convention on Diplomatic Relations and we
expect all other parties to abide by their international
obligations under the convention.”

The ICJ is the United Nations’ venue for resolving disputes
between nations. Palestine was recognized by the U.N. General
Assembly in 2012 as a non-member observer state, though its
statehood is not recognized by either Israel or the United
States.

Reuters

Forex: CBN Boosts Market with $210mn

The Central Bank of Nigeria (CBN) has again injected the sum of
$210 million into the inter-bank Foreign Exchange Market.

Figures obtained from the CBN on Wednesday, October 3, 2018,
indicate that authorized dealers in the wholesale segment of the
market were offered the sum of $100million, while the Small and
Medium Enterprises (SMEs) segment received the sum of $55 million.
Similarly, customers requiring foreign exchange for invisibles such
as tuition fees, medical payments and Basic Travel Allowance (BTA),
among others, were also allocated the sum of $55 million.

While confirming the figures, the Bank’s Director, Corporate
Communications Department, Mr. Isaac Okorafor reiterated the CBN’s
commitment to continue to boost interbank foreign exchange market
to ensure liquidity in the market and sustain stability in the
market.

It will be recalled that on Friday, September 28, 2018, the Bank
injected the sum of $210million into the inter-bank foreign
exchange market.

Meanwhile, the Naira on Wednesday, October 3, 2018 exchanged at
an average of N361/$1 in the BDC segment of the market.