Connect with us

News

You’re A Disappointment – Oba Of Benin Tackles Buhari’s Minister, Agba

Published

on

The Oba of Benin, Oba Ewuare II, has expressed “total disappointment “over what he described as the “lopsided representation “by the immediate past Minister of State Budget and National Planning, Prince Clem Agba.

According to NAN, the Oba said this in a statement in Benin by Mr Iguobaro Osaigbovo, the Chief Press Secretary to the monarch.

The King noted that while in office, the ex-minister failed to extend ministerial benefits to Edo South and Edo Central senatorial districts.

According to the statement, Oba Ewuare expressed disappointment while responding to the Minister who was on a thank-you-visit to the palace for its role in his appointment as a minister by former President Muhammadu Buhari.

Oba Ewuare noted that having benefited from the goodwill that led to his appointment, Agba should have reciprocated the kind gesture to the entire three senatorial zones of the state rather than engaged in “politics of disintegration “.

Oba Ewuare advised all Edo indigenes to use their good offices to attract development to the state and to better the lots of the people.

He said the erstwhile Minister of State Budget and Planning performed “below expectation “.

News

Hardship: Protesters Defy Police Warning, Hit Lagos Streets

Published

on

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.

Continue Reading

Headline

CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

Published

on

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.

Continue Reading

Facebook

Trending