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Tinubu’s Ministerial List Not Ready Yet, Says Dele Alake

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The Presidency, on Thursday, said President Bola Tinubu’s ministerial list is not ready.

The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, made this known during a briefing with journalists at the State House in Abuja.

Alake urged Nigerians to disregard the rumours surrounding the awaited ministerial list.

“About the ministerial list, there is no iota of truth in all of those things,” Alake said.

“When the President is good and ready, you will be the first to know about his intentions.

“I can tell you all of those things you’ve been reading in the media are mere fabrications. This is an executive presidency; we’re not running a parliamentary system. So, the President, the bucks stops on his table, and he decides when it’s fit and proper for him to make his cabinet list.”

Tinubu, a former Lagos State governor, was inaugurated as Nigeria’s 16th President on May 29, 2023 at the Eagle Square, Abuja.

Although the constitution gives the President 60 days to constitute his cabinet, Tinubu is yet to announce his ministers to form the Federal Executive Council five weeks into his administration. He has, however, appointed some special advisers and new service chiefs.

The President, in June, appointed Dele Alake as his Special Adviser on Special Duties, Communications and Strategy and Yau Darazo as Special Adviser on Political and Intergovernmental Affairs.

Tinubu appointed Wale Edun as Special Adviser on Monetary Policies.

He also named Olu Verheijen as Special Adviser on Energy and Zachaeus Adedeji as Special Adviser on Revenue.

Others are John Uwajumogu (Special Adviser, Industry, Trade and Investment), and Salma Anas (Special Adviser, Health).

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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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