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CIBN supports Tinubu on exchange rate unification

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CIBN supports Tinubu on exchange rate unification

 

The Chartered Institute of Bankers of Nigeria (CIBN) has commended President Bola Tinubu for unifying the Naira exchange rate to save the country from financial crisis.

The President/ Chairman of Council of CIBN, Dr Ken Opara, said this at the 2023 Lagos Bankers Night with the theme, ” Exchange Rate Unification: Glocal Implications, Organisation’s and the Country “, on Friday night in Lagos.

According to him, the institute has always advocated transparency and a free market that would allow the interplay of supply and demand.

He said, “The Chartered Institute of Bankers of Nigeria totally supports the Central Bank of Nigeria’s reform as it relates to the unification of the exchange rate and other measures basically taken to ensure the true value of the Naira.

“As a matter of fact, we have been advocating for this and during the week, Dr ‘Biodun Adedipe, leading other scholars, and Mr Laoye Jaiyeola of the Nigeria Economic Summit Group, gathered at the Bankers House to applaud the reform, especially as it relates to the unification of the exchange rate.

“We have seen that the effort that the Central Bank of Nigeria has initiated is already yielding dividend.

“We can see that the exchange rate between the Naira and the dollar has started coming down which means it is a good initiative that is well thought out.”

Opara said that the institute recently organised a half year economic review, where captains of industries also spoke in support of the reform.

He urged Nigerians to take advantage of the good opportunities that the reform had presented, saying wherever there are challenges lie in opportunities.

The CIBN president pledged the institutes continued commitment to making contributions and suggestions relating to what should be done to support and grow the country.

He said, “As it is the concept of the industry; we played this role very well when the industry was facing challenges and we will continue to do that because we believe that the banking industry is very solid, stable and efficient.”

He described the payment system in Nigeria as “the best” all over the world, stressing that it is a system that one could consummate transactions on an online real-time basis.

Opara said this showed that the banking industry and its regulator had done well in stabilising what an effective payment system.

He debunked media reports that its Lagos branch was not in support of the exchange rate unification, describing as “untrue”, but calculated to cause panic.

Chief Consultant of B. Adedipe Associates Ltd. (BAA Consult), Dr ‘Biodun Adedipe, said that the exchange rate unification, which was not new in Nigeria, had gone through the route before with different appellations.

“Let me trade very quickly what I brand as Nigeria’s journey to exchange rate unification.

“Nigeria has gone through this route before but with different appellations like devaluation, correction, alignment, depreciation, all of which are matter of semantics.

“The simple interpretation of this is to remove the premium on the official rate and the parallel market or road side market.

“Of course, this is a typical Bretton Woods recipe; keep premium within five per cent to decentivise round tripping and then find liquidity to sustain it.

“This is the easy way out; but, it never brings enduring solution to the persistent crisis in the external sector of the Nigerian economy.”.

 

According to him, there are 54 evidence-based research documents to establish that free float is not always the most appropriate for all economics.

Giving historical illustrations, the expert noted that exchange rate movements had a more significant impact on all other prices more than interest rates adjustment.

He said the only period that Nigeria experienced a successful and stable rate convergence in the country was when it had a significant external reserve.

Adedipe said it took the country an average of two to six weeks for the parallel market rates to diverge from the official exchange rate during each episode of premium removal.

He added that speculative attack on the currency occured each time there was no clear sight to a stable and enduring supply.

NAN recalls that President Bola Tinubu, had during his inauguration on May 29, said his administration would seek to bring the different exchange rate regimes being operated across the country’s foreign exchange channels under a single regime.

However, in June, Tinubu through the Special Adviser on Special Duties, Communications, and Strategy, Dele Alake, announced the implementation of a unified exchange rate to save the country from a financial crisis.

He emphasised that his decision to implement a managed float, similar to his approach to fuel subsidy removal, was in the best interest of Nigeria.

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Unknown Gunmen Abduct Channelstv Reporter In Port-harcourt

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Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.

Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.

The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.

 

Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.

Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.

His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.

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Lassa Fever Kills 150 In Nigeria — NCDC

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According to the Nigeria Centre for Disease Control and Prevention (NCDC), 150 people died from Lassa virus in 125 local government areas throughout 27 states in the federation between January and March 2024.

The NCDC reported that the deaths were recorded with a case fatality rate (CFR) of 18.6% overall from week one to week thirteen, 2024. This is higher than the CFR for the same time in 2023 (17.5%).

In its Lassa Fever Situation Report Epi Week 13, which was released on March 25–31, 2024, the agency revealed that 806 of the 5,295 suspected cases that were recorded were confirmed. Eyes Of Lagos reports,

According to the report, in week 13, the number of new confirmed cases decreased from 25 in Epi week 12, 2024 to 15. These cases were reported in Ondo, Bauchi, Plateau and Edo states.

 

In total for 2024, 27 states have recorded at least one confirmed case across 125 LGAs, even as 62 percent of all confirmed Lassa fever cases were reported from Ondo, Edo, and Bauchi states, while 38 percent of cases were reported from 24 states with confirmed Lassa fever cases.

Of the 62 percent confirmed cases, the NCDC said Ondo reported 24 percent, Edo 22 percent, and Bauchi 16 percent. The predominant age group affected is 31-40 years (Range: 1 to 98 years, Median Age: 32years), with a male-to-female ratio for confirmed cases of 1:1.

From the report, the number of suspected cases (5,295) increased compared to that reported for the same period in 2023 (4,338).

The agency confirmed that the National Lassa fever multi-partner, multi-sectoral Incident Management System has been activated to coordinate response at all levels at the Emergency Operations Centre, EOC.

No new healthcare worker was affected in the reporting week 13, the report noted.

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