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Expert Lauds CBN Handling Of Forex Challenges

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Expert Lauds CBN Handling Of Forex Challenges

Expert Lauds CBN Handling Of Forex Challenges

 

 

 

 

Financial experts have applauded the Central Bank of Nigeria (CBN) for the clearance of foreign exchange forwards owned multinational institutions in the country.

 

 

 

 

 

It could be recalled that the Central Bank of Nigeria (CBN), on Wednesday, took a significant move to eliminate outstanding foreign exchange liabilities by disbursing approximately $2 billion across pivotal sectors.

 

 

 

 

 

 

The key sectors include manufacturing, aviation, and petroleum, a statement said Wednesday.

 

 

 

 

 

This intervention which encompasses the complete clearance of liabilities for 14 banks and the initiation of settlements with foreign airlines span across manufacturing and petroleum.

 

 

Expert Lauds CBN Handling Of Forex Challenges

 

 

However, in a chat with our Correspondent, the head, Financial Institutions Ratings at Agusto& Co, Ayokunle Olubunmi, said despite numerous economic challenges inherited from past administration, the CBN has been able to stabilise and resolve the knotty issues leading to devaluation of Naira.

 

 

 

 

 

According to Ayokunle, the current administration has shown commitment in putting a stop to the slide of the naira, saying the result of the CBN effort in managing the naira would soon be felt by everyone.

“There are a lot of challenges inherited from the past administration and they have resolved it to an appreciable extent but, to me they have tried, however, when you are managing an economy, there’s a lot of give and take and there are no policies you implement that don’t have downside. For instance, some schools of thought said to stop the slide of naira, there should be increase interest rate and if they do that the demand for dollar will reduce but, it will affect the economy.”

“To me, they have tried and I believe we won’t feel the impact of their efforts until they clear the FX forward and we will actually see the impact of what they have done.”

Olubunmi who chided the past CBN administration over the mishandling of the nation’s monetary policies says, the current administration is clearing the mess created for the benefit of the economy.

“They have shown huge commitment to stop the slide of naira because it is an aberration and unheard of that a sovereign country is defaulting in its obligations and unfortunately when there is low supply, there are limitations on how far the country can meet its obligations. That is one of the flaws of Emefiele’s management styles on how he issued FX when there wasn’t enough ability to meet the obligations.

” They have tried despite the significant decline in supply. They have met so much of the FX forward and the full impact of their efforts will be seen in the next couple of months.Also, at the same time, let’s wait till we see the impact let’s wait till they finish clearing the FX forward and like what I gathered they are bringing policies forwards that will help the market.”

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NAWOJ: SEKINAT, CHARITY GETS VOTE OF CONFIDENCE 

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NAWOJ: SEKINAT, CHARITY GETS VOTE OF CONFIDENCE 

 

The Nigeria Association of Women Journalists,(NAWOJ), Ogun State Chapter Executives has unanimously passed a vote of confidence on Chairman NAWOJ SEKINAT Salam and the Financial Secretary, Charity James, saying that, their leadership reflect the ideal and objectives of NAWOJ.

 

This was revealed in a communique issued at an Emergency meeting of the Executive held at the NUJ State Council, Iwe-Iroyin in Abeokuta.

 

The vote of confidence on the Leadership of NAWOJ was unanimously signed by all the five executive members that attended the meeting with the vice chairperson taking apology for official engagement outside the state capital.

 

According to the communique ” Consequently, NAWOJ Ogun State Chapter, reaffirms it’s unwavering support and confidence in the Chairperson and the Financial Secretary, Sekinat Salam and Charity James respectively, Urge them to continue in their commitment to purposeful leadership in the best interest of the association and the society at large”.

 

Speaking briefly with Journalists after the emergency Executive meeting, the Chairperson, Nigeria Association of Woman Journalists (NAWOJ), Com. Sekinat Salam, said the meeting was necessary as the news of her suspension was laughable and insulting because it is like a pot calling a kettle black in this case, saying that the Leadership of the State Council, Com. Wale Olanrewaju has no local standing to suspend her or any executive member, even he cannot be a judge in his own case.

 

According to her” The Leadership of the Nigeria Union of Journalists, Ogun State led by Wale Olanrewaju has always been misusing power without recourse to the constitution of this noble Union, hence has no local standing to suspend me or any executive member “.

 

She said only the Central Working Committee (CWC) has the constitutional rights to sanction or suspend any members found wanting after due process has been followed.

 

While calling on members to stay calm, Com. Sekinat Salam assured members of positive representation of NAWOJ at both the State and National level, adding the success recorded under her administration cannot be overemphasized.

 

She therefore called on the National leadership of NUJ to critically look into the matter, either by setting up independent committee to investigate the issues and resolve the matter as quickly as possible.

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Adron Homes Chairman Congratulates Oyo State on 50 Years of Progress

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Adron Homes Chairman Congratulates Oyo State on 50 Years of Progress

The Chairman and Chief Executive Officer of Adron Homes and Properties Limited, Aare Adetola Emmanuelking, has congratulated the Government and people of Oyo State as the state marks its 50th anniversary, describing the occasion as a celebration of resilience, cultural pride, and sustained progress.

He noted that since its creation, Oyo State has remained a strong contributor to Nigeria’s socio-economic and cultural development, emerging as a hub of commerce, education, and innovation.

According to him, the Golden Jubilee offers a moment for reflection and renewed commitment by government, private sector players, traditional institutions, and citizens toward building a more inclusive and prosperous state.

Aare Emmanuelking commended the state’s ongoing transformation through investments in infrastructure, economic expansion, and human capital development, adding that sustainable growth is deliberate and must remain purpose-driven.

He also praised the leadership of the current administration while acknowledging the contributions of past leaders whose efforts laid the foundation for today’s Oyo State.

Reaffirming Adron Homes’ commitment to national development, he described Oyo State as a land of opportunity. He wished the state continued peace and prosperity, expressing confidence that the next fifty years will bring even greater achievements for the Pace Setter State and its people.

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TY BURATAI HUMANITY CARE FOUNDATION CONDOLES WITH BIU EMIRATE OVER TRAGIC ATTACK

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TY BURATAI HUMANITY CARE FOUNDATION CONDOLES WITH BIU EMIRATE OVER TRAGIC ATTACK

TY BURATAI HUMANITY CARE FOUNDATION CONDOLES WITH BIU EMIRATE OVER TRAGIC ATTACK

 

In a profound expression of sorrow, the TY Buratai Humanity Care Foundation has extended its heartfelt condolences to the families of the victims and the entire people of Biu Emirate, Borno State, following the recent tragic attack attributed to Boko Haram. This devastating assault, which occurred at a work site in northeastern Nigeria, claimed the lives of dozens, including brave soldiers committed to protecting the nation.

In a statement released to the press and signed by the Chairman of the foundation, Ibrahim Dahiru Danfulani Sadaukin Garkuwan Keffi/Betara Biu, the Grand Patron of the Foundation, His Excellency Amb. Lt. Gen. Tukur Yusufu Buratai CFR (Rtd), former Chief of Army Staff, described the incident as “one too many senseless, barbaric, and ruthless displays of inhumanity.” His Excellency emphasized the heartbreaking impact of such attacks on innocent, hardworking citizens striving to make a positive difference in their communities.

The Grand Patron praised the swift and decisive response of military personnel during this critical time, underscoring their brave commitment to safeguarding the nation. He called upon them to maintain this momentum, commending their courage and sacrifice in the face of adversity. “May Almighty Allah forgive their souls and grant them Aljannah Firdouse,” he remarked, encouraging the nation to honor their spirit of sacrifice as they rally together to rebuild and restore hope across the region.

In his statement, Gen. Buratai highlighted the importance of collective action in overcoming the challenges posed by insecurity, urging concerned citizens to increase their efforts in fostering a virile community that future generations can cherish. “Together, we can surmount these troubles,” he asserted, calling on all patriotic leaders and citizens to unite in the fight against violence and insecurity.

TY BURATAI HUMANITY CARE FOUNDATION CONDOLES WITH BIU EMIRATE OVER TRAGIC ATTACK

The TY Buratai Humanity Care Foundation remains committed to supporting initiatives that promote peace, security, unity, and prosperity. As the foundation extends its condolences to the bereaved, it also calls upon all segments of society to collaborate in creating a better and safer future. May Allah guide and protect the nation and lead it toward enduring peace. Amen.

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