society
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.
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.”
Grab Dr Chris Okafor Prophetic declaration for the 3rd week of September 2024
….. Unusual favour shall come your way this week…okafor
Popular Lagos Prophet Dr Chris Okafor of Grace Nation global has made some powerful Prophetic declarations for the third week of the month of September 2024.
The lead Pastor Grace Nation world-wide Popularly known as The Generational Prophet of God Dr Chris Okafor declared that if you believe every resistance that resists you last week is clear from your way this week as you serve your God in truth and in spirit this week.
The clergyman also declared that this week you will wax stronger, and your life will continue to move forward, where you fail last week, this week you shall prosper ,divine help will come your way, the door that did not open last week is open for you this week, Your net will catch plenty fish this week.
Almighty God will Protect and defend you throughout this week, so shall it be, The Generational Prophet of God Dr Chris Okafor declared.
It will be recalled that the Apostle of alters and Generational Prophet of God Dr Chris Okafor is a Servant of God blessed with the words of salvation and Accurate prophecy, also gifted with the spirit of Humanitarian services.
Currently over 2000 widows are beneficiary of his monthly food support, also over 1500 less privileged students are on his scholarships scheme under the Chris Okafor humanity foundation.
The Man of God has also provided his immediate community with good water (boreholes), The Generational Prophet of God also constructs Roads around the Church for it community uses.
Join Dr Chris Okafor at any of the church Service at the international Headquarters of Grace Nation world-wide aka Liberation City in oshofisan street by Ereke Bus stop Ojodu Berger Lagos Nigeria for a Prophetic encounter and your life will never remain the same.
Ajia Marks His Birthday With Message of Encouragement to Nigerians
Asks Nigerians to Take Charge of Their Destiny
Drops hashtag #NigeriaWeDeserve
Sahara Weekly Reports That The President/CEO of Funab Group of Companies Ltd, Alhaji Ibrahim Mohammed Ajia, marks his 45th birthday with a strong call for credible leadership that can harness Nigeria’s vast potentials for prosperity.
The call was made in his birthday message, released by his Director of Communications, Malam Abdulrahman Aliagan. In his message, Ajia emphasized the urgent need for sociopolitical and economic reforms to address the myriad of challenges facing the nation towards paving the way for a brighter future for all Nigerians.
With a firm belief in the transformative power of effective governance and sustainable economic development, Ajia firmly believes that the problems the nation is facing are surmountable, maintaining that the problems are primarily sociopolitical and economic in nature, as such if adequately and effectively addressed would bring succour to the people.
Furthermore, Ajia highlighted the importance of cohesive and strategic interventions to steer the nation towards sustainable development.
“As I celebrate my birthday, I present to you a vision for a Nigeria that thrives on the principles of justice, accountability, and inclusive growth,”.
Ajia pointed out that the solution to Nigeria’s problems lies in leadership while expressing deep concerns on the quality, sincerity, commitment, and patriotism of those in leadership positions. Ajia, however, urged citizens not to be overwhelmed but rather take charge of their own destiny.
The Ilorin-born politician said, “We still have the power to make things better for ourselves, our families, and our communities, despite leadership challenges. We must raise our voices, take action, and work together to build a better Nigeria.”
He called on Nigerians, especially the people of Kwara State, to embrace their collective power and strive for positive change.
Ajia’s message resonates with many, as the country faces numerous challenges.
Funab President urges Nigerians to raise their voices on issues affecting their communities, take action through volunteerism and community service, support local businesses and initiatives that can promote development while embracing their collective power to work together for positive change.
He therefore advised Nigerians to share their thoughts and ideas on how to build a better Nigeria using the hashtag #NigeriaWeDeserve. “Let us work together to create a brighter future for all.”
As a respected business leader and philanthropist, Ajia’s commitment to Nigeria’s development is evident. His birthday serves as a reminder that individuals can make a difference and contribute to the country’s growth.
Ajia’s vision for a prosperous future hinges on the collective efforts of all Nigerians, and he calls for unity and collaboration across sectors to implement these solutions effectively.
With a clear roadmap for progress and prosperity, Nigeria stands at a pivotal moment where transformation and growth are within reach, awaiting the unwavering dedication and concerted action of its leaders and citizens alike.
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