Connect with us


Take currency swap seriously, reduce reliance on dollars— Economist urges CBN



An economist, Prof. Akpan Ekpo, has urged the Central Bank of Nigeria (CBN) to take seriously the currency swap agreement with Peoples Bank of China (PBoC) to reduce reliance on dollars for trade.

Ekpo, a former Director-General of West African Institute for Financial and Economic Management (WAIFEM), gave the advice while speaking with the News Agency of Nigeria (NAN) on Saturday in Lagos.

“This is the time to implement the Nigeria-China currency swap so that we don’t put all our eggs in one basket.

“So Nigerians who are dealing with China should deal with Chinese currency or with naira not with dollar or euro; that will reduce the pressure on dollar or pound.

“This is the time to take it very seriously; the Federal Government signed the agreement, it was done briefly then we didn’t know what happened again.

“If you look at the global trend, emerging markets by the Brics are trying to trade with bilateral currency to downplay the importance of dollar, euro or pound because these currencies are not theirs and they can’t print them.

“So, if we can now implement the Chinese-naira swap, it will be very helpful for business trade.’’

The expert also linked the rising inflation to the exchange rate, saying “if any business man spends more naira to buy dollars and does not know what the cost will be the next time, he will jerk up the price.

“So inflation passed through the exchange rate will be automatic as business men continue to use more naira to buy dollars.’’

NAN recalls that the CBN in May 2018, signed a currency swap deal valued at renminbi (RMB) 16 billion (about $2.5 billion) with the PBoC.

The swap deal was signed by Godwin Emefiele, the suspended CBN Governor, and Yi Gang, the former PBoC Governor.

The deal was designed to provide the Chinese and Nigerian currencies directly to industrialists and other businesses from both countries.

The apex bank said the agreement would provide naira liquidity to Chinese businesses and provide RMB liquidity to Nigerian businesses, thereby improving the speed, convenience and volume of transactions between the two countries.


Let’s exercise patience with Tinubu, there’s hope for positive achievement – CAC President



The President, Christ Apostolic Church (CAC) worldwide, Pastor Samuel Oladele, has appealed to Nigerians to exercise patience with President Bola Tinubu, for there’s hope of positive achievement for Nigerians in his administration.

Oladele made the statement while addressing the press at the 2023 CAC Pastors’ Conference (Retreat, Refresh and Refire), at the CAC Babalola Memorial International Miracle Camp, on Wednesday, at Ikeji-Arakeji, Osun.

He said that the present economic downturn across the country requires that citizens would endure and persevere for a while, for there’s hope in the end.

“I observed that our president is a serious leader, and with the steps he has taken within a few months in office, things are changing drastically, though, gradually.

“If we can exercise patient with him, I believe that within his first four years, Nigeria would surely get to the promised land,” Oladele explained.

According to him, “if he’s not sabotaged while he is truly trying to resuscitate the economy, Nigeria will soon emerge strong and become a pride for all and sundry.”

Oladele admitted that now is the hardship period and called on Nigerians to support the present administration.
“Let all hands be on deck for the overall good of the country,” he said.

To all and sundry, especially political leaders, he admonished them to retrace their steps and return to God for Him to rescue the nation from impending calamities.

The CAC President urged the Federal Government to do the needful in making life bearable for the masses, saying that it’s too difficult for most people to survive the prevailing harsh conditions in the country.

“The country has a glorious end in sight; if the people can pray and live righteously, the current economic hardship in the country will soon end.

“The security of the country should be paramount in the mind of our President, while education must also be given priority attention,” he urged.

Oladele maintained that the security apparatus should be rejigged and more security personnel recruited to tackle the challenge of insecurity in the country.

He tasked the security personnel to redouble their efforts in the fight against insecurity.

The News Agency of Nigeria (NAN) reports that over 12,000 pastors attended the Conference.

Continue Reading


Reps will respond to yearnings of Nigerians, Speaker Abbas promises



House of Reps

Speaker of the House of Representatives, Hon. Tajudeen Abbas, says the 10th Assembly is committed to responding to the yearnings and aspirations of Nigerians.

The speaker said this at a roundtable with development partners of the National Assembly in Abuja.

Representatives of the development partners are: Policy and Legal Advocacy Centre, Department for International Development and the Foreign, Commonwealth and Development Office.

Others are: Konrad Adenauer Stiftung, United Nations Development Programme and Order Paper.

He said as the representatives of the people, institution building remained the gateway to professionalism, efficiency and productivity.

Abbas said he would ensure that the 10th House of Representatives responded to the yearnings and expectations of the citizenry.

He noted that the legislators had been called to serve at the most critical period in the nation’s political history.

He said only a committed legislature, which was properly equipped would be able to deliver service to meet the expectations of the people.

According to him, one of his cardinal policy thrusts, on assumption of office as speaker, is capacity development for members and staff of the house.

“This has become more imperative following the high turnover rate of the 10th House of Representatives where we have over 200 new members with hundreds of legislative aides.

“This number of members and aides requires improved capacity to cope with the offices’ demands,” the speaker said.

He added that institutional capacity development was considered as one of the priority components of the legislative agenda of the house.

Representatives of the development partners in their remarks, expressed readiness to offer more technical assistance to the National Assembly in various thematic areas.

These, according to them, include electoral laws, legislative processes and law-making, training as well as capacity building.

The partners also suggested that a technical session be organised for all stakeholders to deliberate and come up with a policy document on how they will assist.

This, according to them, will be in the area of design and implementation of the 10th legislative agenda.

Continue Reading