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Orji Kalu congratulates IBB at 82 HomeOrji Kalu congratulates IBB at 82

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Orji Kalu congratulates IBB at 82

The Senator representing Abia North Senatorial district, Sen.Orji Kalu has congratulated former President Ibrahim Badamasi Babangida (IBB) on the occasion of his 82nd birthday anniversary.

Kalu in a goodwill message on Thursday in Abuja, acknowledged Babangida’s contributions to the development of the country.

The former governor of Abia described Babangida as a nationalist and patriotic statesman who contributed to nation building through various platforms.

He said the former President is known for his passion for unity and progress of Nigeria.

While noting that Babangida is compassionate, urbane and patriotic, Kalu urged the former president not to relent in his humanitarian gestures.

He said: “I join family, friends, associates and well-wishers in celebrating former President Ibrahim Babangida on the occasion of his 82nd birthday.

“The former president has made invaluable contributions to the social, economic and political development of Nigeria in various capacities.

“He has consistently mentored his contemporaries and the younger generation in all facets of life.

“As a great achiever, Babangida deserves to be celebrated for his contributions to humanity.’

Kalu prayed for longer life for the former President.

Recall that IBB served as a military president of Nigeria from 1985 until his resignation in 1993.

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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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