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FRSC to appeal court ruling restricting it to Federal Highways

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The Corps Marshal, Federal Road Safety Corps (FRSC), Dauda Biu says the Corps will file an appeal against a court ruling which restricted its operations to Federal Highways.

Biu said this in a statement by the Corps Public Education Officer, Assistant Corps Marshal Bisi Kareem, on Wednesday in Abuja.

The Court of Appeal sitting in Asaba, Delta, made the ruling in Appeal No. CA/AS/276/2019 filed against the FRSC by a lawyer, Darlington Ugo-Ehikim.

The appellate court on Monday affirmed the judgment of the Federal High Court, which held that the FRSC can only operate on Federal roads.

It dismissed the appeal filed by FRSC challenging the judgment of Justice E. Nwite of the Federal High Court, Warri.

The High Court on Jan. 25, 2019 entered judgement in favour of the Plaintiff, who is a member of the Nigeria Bar Association, Warri branch.

The court also granted all the reliefs sought by Ugo-Ehikim, which include a declaration that the FRSC has no right to operate and/or carry any activity on State and Local Government roads.

The trial court also issued restraining orders against the Commission from operating on roads other than federal highways and also awarded N10m cost against the FRSC

Biu said, “we are aware of the judgement of the Court of Appeal Asaba Judicial Division from the briefing received from our Legal Representatives.

“However, as at the moment, we are yet to obtain a Certified True Copy of the judgement.

“As soon as we obtain same, we would take time to look at the judgement and make an informed decision on it. Until then, we urge the public to remain calm.”

The Corps Marshal said that the implication of the judgement as reported in the media, was that FRSC personnel would not be able to attend to or rescue crash victims on roads other than federal roads.

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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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