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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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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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