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What CBN should do to crash FX rate to N1000 per dollar – Aja

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A financial expert, Kalu Aja has told the Central Bank of Nigeria to sell the Naira at an exchange rate of N1000 to USD.

Aja disclosed this in a statement on Sunday on his official X handle.

Recall that the Association of Bureaux de Change Operators begged the apex bank to review the allocation rate of Dollar below

The call came amid the continued appreciation of Naira against dollar both at foreign and parallel exchange markets resulting in the exchange rate standing at N1,251 per dollar on Friday.

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He, however, stressed that the real economic fundamentals remain unchanged as the country gets 89 per cent of FX earnings.

“It’s not magic. Sell dollars at N1000 and market prices will crash to N1000

“This is how all central banks across the world intervene in a floating market, they buy and sell currency in the floating market, It’s legal monetary policy

“The issue, as I have pointed out, is the Cost of the defense, not the defense. CBN has issued Bonds (FPI) and is using those bond proceeds to “defend” the Naira exchange value. The alternative is to use oil export earnings and it will have the same effect, strong Naira

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“The real fundamentals Are unchanged, the oil revenues which make up 89% of forex earnings are still down. What the CBN has done is buy time for the executive to pump More oil, if that oil output changes, then the fundamentals have changed and the dollar pressure will ease to a new level”, he stated.

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BREAKING: FG declares Wednesday, Thursday public holidays for Christmas, New Year

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The President Bola Tinubu has declared Wednesday 25th, Thursday 26th December 2024, and Wednesday 1st January, 2025 as Public Holidays to celebrate Christmas celebrations, Boxing Day and New Year respectively.

Dr, Magdalene Ajani, the Permanent Secretary in the Ministry of Interior, on behalf of Dr. Olubunmi Tunji-Ojo, the Minister of Interior, made the announcement in a statement on Monday in Abuja

According to her, the minister extended greetings to all Nigerians, encouraging them to use the festive period to reflect on the values of love, peace, and unity that the season signifies.

The minister who emphasized the importance of the season, which according to him, is a time to foster harmony and strengthen bonds called on Nigerians to remain committed to the peace, unity and progress of the nation for national development.

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“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” said Dr. Tunji-Ojo.

He assured citizens of the Federal Government’s continued commitment to ensuring peace, security, and prosperity across the nation.

“While wishing Nigerians a merry Christmas and a prosperous 2025, the Minister expressed his confidence in the Renewed Hope Agenda of President Tinubu’s Administration ushering in the new year, a better and prosperous economy that will be the envy of the world”, the statement added.

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Nigerian Govt promises support for stampede victims’ families

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Vice-President Kashim Shettima has said the Federal Government will support families of victims of recent stampedes across the country.

Shettima made this known in a condolence message on Sunday in Abuja.

He expressed sorrow over the losses and offered prayers and condolences to the affected families.

Recall that on Saturday in Okija, Anambra, a Christmas palliative distribution event turned tragic with 22 persons losing their lives in an early morning stampede.

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The same day in Abuja, another tragedy struck when ten persons died during an annual Christmas food-sharing event at Holy Trinity Catholic Church, Maitama.

There was also a stampede on Wednesday at the Islamic High School, Bashorun, Ibadan, Oyo State, where about 35 children lost their lives and others sustained injuries during a holiday fun fair.

The vice-president, who described the incidents as a national tragedy, revealed that the Federal Government had directed relevant agencies to provide immediate support to affected families.

“I am extremely saddened by these tragic incidents that have claimed innocent lives.

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“My prayers and thoughts are with the grieving families of all victims, including those who sustained injuries and are undergoing treatment.

“I am particularly distraught by the fact that so many lives of Nigerians, particularly children, have been lost in stampedes that ought to have been avoided through proper planning and organisation,” he said.

He prayed the Almighty God to grant eternal rest to the souls of the departed.

“We stand ready to support the bereaved families through this difficult period, and no effort will be spared in providing the necessary assistance they need.”

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Umahi rules out compensation for bare land owners

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The Minister of Works, David Umahi, has reiterated that the Federal Government does not compensate for bare lands, adding that all lands belong to the government.

He disclosed this at the inspection of the Lagos-Calabar Coastal Highway, Section 1 at kilometre 18, Okun Ajah axis, recently.

He said, “Go and read the law; there is no compensation for bare land. All land belongs to the government. Hence, if you are taking what belongs to you, you do not pay compensation; it is the president that directed that anywhere we see a shanty on our corridor, we should pay compensation; it is a kind of human meekness from the president towards the people. We broke no law.

“So, where there is no infrastructure on land, they have to write to Mr. President for a direction on that.”

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In an interview with The Punch, the General Secretary, Nigerian Institute of Quantity Surveyors, Lagos Chapter, Folusho Ogunrinde, said land was undeniably an asset whether owned by individuals, businesses, or the government.

He said, “Governments recognise the value of land as an asset and manage it as such. For instance, you cannot encroach on government-owned land for development because it is considered part of their assets.

Similarly, individuals and private entities acquire land either through inheritance, purchase, or investment. When such land is taken away, the argument that compensation should only be for developments and not the land itself is fundamentally flawed. It disregards the asset’s intrinsic value and how it was acquired.

“The 99-year lease system in Nigeria further underscores the value of land as an asset, as this lease is renewable. If governments require compensation for the renewal of a lease or when public use necessitates land acquisition, individuals and private owners deserve similar recognition and compensation for their land when expropriated.

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“The law, as it stands, needs urgent redress. The idea that landowners should not be compensated for their land is, frankly, unjust and tantamount to fraud. Land is more than a physical space; it is an economic and generational asset. To deny compensation for it is to undermine the principles of equity and justice. Hence, there is a need for a review of the Land Use Act and constitutional provisions to align with the realities of land as a critical and valuable asset.”

In a similar vein, the Team Lead, Arbitration, Maritime, and Real Estate Practice Group, Stren & Blan Partners, Joseph Siyaidon, posited that non-payment of compensation on bare land was unconstitutional.

He said, “The Land Use Act is merely an existing Act and not part of the Constitution. We humbly submit that the provisions of the Land Use Act, which limit the payment of compensation for private properties compulsorily acquired by the government to only unexhausted improvements on the land, are unconstitutional in that they violate the provisions of Sections 43 & 44 of the Constitution of the Federal Republic of Nigeria (as amended), which extends the right of compensation to all immovable properties, bare lands included.”

Umahi disclosed that the first phase of the coastal highway will be completed by May 29, 2025.

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He said, “By May 29 we are facing the commissioning, and we have directed all the comptrollers of works that, by the end of April, every comptroller of works in all the states must give us a minimum of three projects that Mr. President is going to commission.

“From Channel 0, we are going to be commissioning the first 20 kilometres; however, another 10 kilometres would be ready at the end of the project within this period, but we are not commissioning that one, it is going to be phase 2 of section 1 for commissioning. Generally, across the country, we are going to be commissioning projects in phases.”

Meanwhile, the Acting Director of Road Design, Engr. Musa Saidi, assured that the highway construction adheres to approved specifications and includes additional measures for durability. Any realignment is for public interest, safety, and economic reasons,” he said.

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