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Tinubu administration heralds improved executive-legislature relations – Buni

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Gov. Mai Mala Buni of Yobe, on Sunday says the legislative background of President Bola Ahmed Tinubu and Vice President Kashim Shettima heralds improved executive-legislative relations for the country.

Buni, in a statement by his Director-General Press and Media Affairs, Alhaji Mamman Mohammed in Damaturu, said the Tinubu administration ”is a meeting point of the executive and legislative arms of government that could fast track development.

“Tinubu, Shettima and the SGF, George Akume were former Governors and Senators, while the newly appointed Chief of Staff, Mr Femi Gbajbiamila is the outgoing Speaker of the House of Representatives, making it a unique team.

“Their excellent backgrounds in the executive and legislative arms give them advantage to partner the National Assembly to execute government policies and programmes without or with less confrontation.

“Their backgrounds in public offices have no doubt prepared them for the task of delivering dividends of democracy to Nigerians with ease.

“I congratulate the President for making the right choice, and the new appointees, the Chief of Staff (COS) and Secretary to the Government of the Federation (SGF), for the opportunity given to them to serve the country.”

The governor assured the support and co-operation of the government and people of Yobe to the Federal Government led by Tinubu.

Buni solicited the co-operation of all Nigerians to the new administration for a successful take-off to meet the needs and expectations of Nigerians.

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Hardship: Protesters Defy Police Warning, Hit Lagos Streets

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Residents have hit the streets of Lagos State to protest against the increasing spike in the price of food and the high cost of living in the country.

The protest was facilitated by a human rights group identified as the “Take It Back Movement.”

This comes against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.

The protesters were seen carrying placards of various inscriptions at Ojuelegba Under Bridge area of the state to express their grievances.

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

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In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

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