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Naira fall: Senator warns CBN against artificial measures
Naira fall: Senator warns CBN against artificial measures
Senator Ned Nwoko, has advised the Federal Government and the Central Bank of Nigeria (CBN) against any measures that are capable of artificially forcing the Naira to gain value against dollar and other currencies.
Nwoko, who represents Delta North, gave the advice in a statement he personally signed and made available to the News Agency of Nigeria (NAN), in Abuja on Saturday.
He advised them to concentrate on tackling the main issues responsible for the Naira depreciation, saying there was no short-cut to success.
He said the quest for economic freedom and the strength of the nation’s currency was an ongoing journey.
Nwoko also said the continuous revisit of previously implemented policies and consideration of new ones were imperative.
He also said the value of a sovereign nation’s currency was the cornerstone of respect and collaboration among nations, while reiterating that Nigeria must stimulate Naira demand.
According to him, as a nation that exports crude oil and other commodities globally, it is imperative that all transactions on these items be conducted exclusively in Naira.
“This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity.
“Moreover, the foreign reserve policy warrants reassessment. The practice of maintaining reserves in foreign jurisdictions, termed “foreign reserves,” is not only objectionable but also counterproductive to Nigeria’s economic sovereignty.
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“Unlike other nations like the United States, Britain, France, and Japan, which hold their reserves domestically, Nigeria’s adherence to this practice raises questions about its colonial legacy.
“If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance“, Nwoko said.
According to him, this argument lacks merit when considering the limited number of traders involved in importing goods into Nigeria, which constitutes a negligible fraction of the nation’s population.
“Therefore, the notion that foreign reserves are indispensable for trade balance equilibrium falls short upon scrutiny”, he said.
The lawmaker who is a Solicitor, Supreme Court of England and Wales, there was the need to acknowledge that the recent appreciation of the Naira was not solely attributable to the CBN’s new measures.
“Rather, it can be attributed to the decline in refined oil imports following the production and distribution of refined petroleum from the local refinery – the Dangote refinery.
“Now envisage if other heavily consumed products were locally produced instead of imported. The success would be monumental and conspicuous,” he added.
In January, in a statement, he had preferred crucial measures to be adopted by the federal government CBN to combat dollarisation and stabilise the Naira.
Nwoko said that since the dissemination of that statement, various measures have been implemented to bolster the value of the Naira.
“However, the efficacy of these measures is yet to manifest fully, as the root cause of Naira devaluation remains unaddressed.
“Until we confront the underlying issues head-on, our efforts against dollarisation will be in vain,” he said.
Naira fall: Senator warns CBN against artificial measures
News
CBN in U-turn withdraws cybersecurity levy
CBN in U-turn withdraws cybersecurity levy
The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to implement a compulsory withdrawal of 0.05 per cent from every electronic transaction as cybersecurity levy.
The controversial directive for collection of the levy had attracted nationwide condemnation when the central bank introduced the policy last week, prompting the Presidency to immediately suspend the implementation of the Cybersecurity Levy.
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In a withdrawal circular that was issued by the CBN on Sunday night, it directed the banks not to go ahead with the initial directive, in line with the presidential directive. The apex bank authorities claimed it’s a sign that the present administration was a listening one that prioritises public good.
“Further to this, please be advised that the above referenced circular is hereby withdrawn,” CBN director in charge of payments system, Chibuzo Efobi, and the director, financial policy and regulation, Haruna Mustapha, said in the circular, adding that all banks should “Please be guided accordingly.”
CBN in U-turn withdraws cybersecurity levy
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Minimum Wage: Labour returns for negotiation with FG Tuesday, looks beyond N100,000
Minimum Wage: Labour returns for negotiation with FG Tuesday, looks beyond N100,000
The oganised labour says it will honour the invitation by the Federal Government for Tuesday, May 21, 2024 to continue the negotiation for a new minimum wage.
Even as it has announced readiness to back down on its earlier N615,000 proposal, it vowed not to accept N100,000 as the new minimum wage.
The organised labour, comprising the Nigeria Labour Congress and the Trade Union Congress of Nigeria, pulled out of the negotiation meeting last Wednesday when the government offered N48,000 as new minimum wage.
However, Chairman of the Tripartite Committee on the National Minimum Wage, Alhaji Bukar Goni, in a letter to the organised labour calling a meeting to be held tomorrow, indicated interest that the government would shift ground and asked the labour to do so too.
A report by Vanguard quoted the NLC Head of Information and Public Affairs, Benson Upah, as saying the organised labour would honour the invitation tomorrow but advised the government to be serious.
He said, “Our expectations are that government should be serious this time around. We expect them to take more seriously the issue of wages of workers.”
‘’So if the government is serious, it should not be thinking about N100,000. You know that when you create poor citizens, you create a poorer county,” he added.
News
I’ve never taken bribe since joining police in 2005 – Force PRO Adejobi
I’ve never taken bribe since joining police in 2005 – Force PRO Adejobi
Force Public Relations Officer (FPRO), Prince Olumuyiwa Adejobi, has boasted that he has never for once accepted a bribe of any kind since he started active service as a police officer.
Adejobi, who is an Assistant Commissioner of Police (ACP), made this revelation in a post on his verified X account on Sunday.
The Force PRO, while responding to a netizen who asked if he had ever taken bribes before, said accepting bribes is a taboo for him as a royal prince.
According to him, accepting a bribe is not just ungodly but also affects someone somewhere anytime it is taken.
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He noted that the essence of life is to put smiles on the faces of others and not to be the source of their tears.
He further revealed that he has taken it upon himself to preach against accepting bribery to his fellow police officers and other people around him.
He wrote, “No. It’s a taboo for a royal prince to take a bribe. Taking bribe definitely makes someone somewhere cry for many reasons, and it’s ungodly to do so. Your main purpose in life is to put smiles on people’s faces. It’s Godly and rewarding. It’s my personal principle and a call to duty. I preach this to my colleagues and many others always. May we have the grace to remain steadfast and purposeful in life.”
Adejobi, who is a prince from Orile-Owu Community in Ayedaade Local Government Area of Osun State, was reappointed as the Force PRO by the Inspector General of Police, Olukayode Egbetokun, in August 2023.
I’ve never taken bribe since joining police in 2005 – Force PRO Adejobi
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