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Alleged naira re-denomination: Registrar cautions FG, says it will threaten economic stability

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The Registrar, Chartered Institute of Treasury Management (CITM), Mr Olumide Adedoyin, has cautioned the Federal Government on the alleged plan to re-denominate the naira, saying it would threaten economic stability.

Adedoyin said this in a statement in Abuja on Tuesday against the backdrop of an alleged plan to re-denominate the naira.

He said a strategic focus on government Investment for economic stability rather than currency re-denomination would suffice.

According to him, re-denomination may provide a temporary solution to the exchange rate fluctuation, but it does not address the root causes of the volatility.

The Registrar said, “re-denominating the naira could potentially undermine the confidence of investors, both domestic and foreign.”

He added that the sudden change in currency denomination could lead to concerns about the stability of the economy and the government’s management of monetary policy.

He said the country possessed the resources necessary to navigate these uncertainties and foster sustainable economic growth.

Adedoyin said naira re-denomination would only be seen as a quick fix that neglected the need for structural reforms and responsible fiscal policies.

He said re-denomination would create inflationary pressures on the economy, adding that rounding up prices and recalibrating monetary values might lead to confusion and adjustments in the pricing of goods and services.

He said this could disrupt consumer and business behaviour, adding that the process of re-denomination involved significant administrative and logistical challenges.

“The costs associated with printing new currency, updating financial systems, and educating the public about the changes could be substantial.

Speaking on economic diversification and investment, he said it could be achieved by leveraging external financing.

Adedoyin added that Nigeria could fund infrastructure projects, improve education and healthcare, and stimulate economic growth.

He said, “this approach lays the foundation for sustainable development rather than focusing on a singular currency change.”

“Mr. President, I strongly believe that our country’s funds are sufficient to finance our activities and drive economic progress.

He said by focusing on prudent government investment, Nigeria can tap into the nation’s potential, insulate the country from external economic volatility and create a legacy of sustainable growth for future generations.

He urged president Bola Tinubu to consider this strategic perspective as the country navigates the complex economic landscape.

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Navy disowns list of successful candidate for Batch 35 recruitment

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The Nigerian Navy (NN) has disowned the purported list of successful candidate for its Basic Training School (NNBTS) Batch 35 Recruitment, saying it is fake.

Commodore Adedotun Ayo-Vaughan, the Director of Naval Information, said this in a statement in Abuja.

Ayo-Vaughan said the exercise was conducted in three centres across the country, namely; Lagos, Rivers and Kaduna States.

He described the information, being circulated recently as fake, and handiwork of fraudulent miscreants who were trying to dupe some unsuspecting applicants.

He said the list of successful candidates had not been released and that no form of invitation for training, via text message had also been disseminated by the Nigerian Navy.

‘’The alarming rate of circulation of fake information by unscrupulous individuals, regarding enlistment or recruitment into Navy is quite worrisome.

‘’Efforts are on to track and arrest the miscreants.

“Members of the public especially prospecting applicants who participated in the said recruitment are strongly enjoined to always authenticate information from the NN official website, https://www.navy.mil.ng, and other official social media handles, as well as other credible mainstream media platforms.

“Similarly, miscreants and mischief makers are warned to desist from this unwholesome practice, otherwise they will face the full wrath of the law,” he said.

Ayo-Vaughan said the text message, had invited unsuspecting applicants to report for military training at NNBTS Onne, Rivers, following their purported selection.

He said the criminals further claimed in the text message that the exercise would commence on Oct. 6.

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Gov. Alia condemns kidnapping of commissioner, one other

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Gov Alia Hyacinth Alia

Gov. Hyacinth Alia has strongly condemned the kidnaping of Mr. Matthew Abo, his Commissioner for Information, culture and Tourism, and former Chairman Ukum Local Government Area (LGA), Mr. Iorwashima Erukaa.

This is contained in a press statement on Monday, signed by his Chief Press Secretary (CPS), Sir Tersoo Kula, and made available to the News Agency of Nigeria (NAN) in Makurdi.

According to the statement, while Mr Abo was kidnapped by unknown gunmen in his Sankara home at about 8pm on Sunday, September 24, Mr. Erukaa was taken away by a yet-to-be identified gunmen on Saturday, September 23.

The Governor, who described the act as barbaric and unacceptable, has directed security agencies to immediately commence operations to ensure the safe release of the duo.

He called on the people of the State to remain calm, as his administration would do everything possible to make the State safe for all.

“The kidnappers have made contacts with the family of Mr Erukaa but are yet to contact Mr Abo’s family,” the statement stated

Several gunmen had stormed the the commissioner’s residence in Zaki-Biam, Ukum LGA and kidnapped him.

Eyewitnesses who spoke to NAN, said that the kidnappers who came on four motorcycles, ordered everyone in the house, including the his wife and children, to lie face down and took him away to an unknown destination.

The witnesses said the abductors compelled the commissioner at gun point to sit behind the rider of one of the motorcycles while a gunman sandwitched him.

Mr Abo was sworn in as a member of the Benue State Executive Council on August 29.

He hails from Ukum Local Government Area of Sankera axis, a major flashpoint of criminal activities with rampant killings and kidnappings for years now.

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