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Profile Of Chief Of Defence Staff, Maj-Gen Christopher Gwabin Musa

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Christopher Gwabin Musa was born in Sokoto on December 25, 1967. He originally hails from Zangon Kataf Local Government Area of Kaduna State. He is a member of the 38 Infantry course, admitted into the Nigerian Defence Academy in 1986 and commissioned a Second Lieutenant in the Infantry Corps in September 1991.

He holds an Advanced Diploma in Security Management from University of Lagos, Advance Diploma in Defence and Strategic Course (China) – International College of Defence Studies -National Defense University (ICDS-NDU) – Changing – China, amongst others.

Major-General Musa has attended all statutory Military Courses and Trainings both in Nigeria and outside Nigeria.

On previous positions held, he was at one time Commander, General Staff Officer 1 Training/Operations at HQ 81 Division, Commanding Officer 73 Battalion, Assistant Director Operational Requirements at Department of Army Policy and Plans, Infantry Representative/Member Training Team at HQ Nigerian Army Armour Corps, Commandant of the Nigerian Army Depot, Managing Director of the Nigerian Army Farms and Ranches Limited (NAFARL).

Also, he was the Deputy Chief of Staff Training/Operations at HQ Infantry Centre and Corps, Commander Sector 3 OP LAFIYA DOLE, Commander Sector 3 Multinational Joint Task Force in the Lake Chad Region, and other positions too numerous to mention.

He took over as the Theatre Commander Of Operation HADIN KAI in 2021 (after the elevation of the former Commander, Faruk Yahaya as COAS), a position he held until January 2023 when he was transferred to head the Infantry Corps in Kaduna.

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Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

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AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

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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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