Connect with us

News

Stakeholders kicks against bill seeking to modify CBN’s autonomy

Published

on

By Francesca Hangeior.

 

Stakeholders in the capital market have voiced reservations about the proposed amendments to the Central Bank of Nigeria (CBN) Act No. 7 of 2007, warning of potential adverse economic consequences.

In a statement signed by Joseph Kadiri, Team Lead, Public Relations and Internal Engagement, Group Communications and Partnerships of the NGX on Tuesday, the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) expressed concerns that the bill could undermine the independence of the CBN.

Advertisement

The legislation, which has passed its second reading and is scheduled for a public hearing on May 30th, seeks to modify the CBN’s autonomy by subjecting its budget to National Assembly approval and establishing a new coordinating committee for monetary and fiscal policies.

Critics argue that these changes could introduce political interference in monetary policy decisions, hampering the central bank’s ability to manage the economy effectively and objectively.

The President and Chairman of the Council of CIS, Oluropo Dada, emphasized the pivotal role of the CBN in maintaining economic stability and preserving international credibility.

“Safeguarding the independence of the Central Bank of Nigeria is crucial for aligning with global economic best practices and ensuring decisions are driven by sound financial principles, free from undue influence,” Dada stated.

Advertisement

Similarly, the Chairman of ASHON, Sam Onukwue, highlighted the potential impact on investor confidence.

He said, “An independent central bank is a cornerstone for maintaining the country’s standing in the global financial community, which directly affects investor confidence, credit ratings, and the overall economic outlook.”

While both organizations acknowledged the merit of some proposed amendments aimed at enhancing corporate governance and compliance, they stressed the importance of considering the broader ramifications.

“It is imperative to ensure that fiscal authorities do not encroach upon the central bank’s operational independence, as this is vital for effective and timely monetary policy responses,” Dada emphasized.

Advertisement

As the public hearing approaches, financial market participants, economists, and analysts will closely monitor the proceedings and subsequent legislative actions.

“The outcome will have far-reaching implications for Nigeria’s economic policy framework and its position in the global economic landscape.”

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

The Top Five Strongest Currencies In The World (+Photos)

Published

on

By Ojomah Austin.

Currencies are one of the most important factors in the global economy and play a large role in determining trade agreements, as well as representing the strength and stability of varying nations.

There are over 180 currencies recognised worldwide by the United Nations as legal tender, all with varying strengths. The strongest currency globally doesn’t owe its value to its popularity or usage, but rather to its purchasing power.

Express.co.uk has looked into the strongest currencies of 2024 – and found that neither the British pound nor the US dollar top the list.

Advertisement

British Pound Currency Note (GBP)

5. British pound

The British pound comes in at fifth on the strongest currency list. First introduced in the 1400s and decimalised in 1971, the independent, free-floating currency is very strong.

The Gibraltar pound, which is ‘pegged’ to the British pound, also comes in at number 5, with the British territory introducing its currency in the 1920s.

Jordanian dinar Currency Note

4. Jordanian dinar

The Jordanian dinar is the fourth strongest currency in the world, with one dinar being valued at 1.07 Pound sterling, and £1 being worth 0.94 Jordanian Dinar.

The dinar entered circulation in Jordan in the 1950s. The land-locked country in the Middle East has an economy largely dependent on oil and gas exports, but also tourism, banking and pharmaceutical sectors.

Advertisement

Omani Rial Currency Note

3. Omani rial

Largely dependent on oil reserves, Oman’s prosperous economy has led to the nation having one of the world’s strongest currencies. The rial was introduced in Oman, which lies on the southeastern coast of the Arabian peninsula, in the 1970s.

One rial is worth 1.97 Pound sterling, and £1 is worth 0.51 Omani Rial.

Bahraini Dinar Currency Note

2. Bahraini Dinar

Another Middle-Eastern currency tops the charts, with the Bahraini Dinar being the second strongest currency in the world. The diversified economy of Bahrain contributes to its currency’s success, with strong oil, gas, finance and tourism industries.

The dinar was introduced in 1965, with 1 dinar being worth 2.01 Pound sterling, and £1 being worth 0.50 Bahraini Dinar.

Advertisement

Kuwaiti Dinar Currency Note

1. Kuwaiti Dinar

The strongest currency in the world is the Kuwaiti dinar. One dinar is equal to 2.48 Pound sterling, and £1 is equal to 0.40 Kuwaiti Dinar.

Kuwait, which is a country in the Middle East, introduced the dinar in 1961. The nation’s lucrative oil reserves can attest to its currency’s considerable economic strength, which lies in the Persian Gulf.

Continue Reading

News

FG shuts Eko Bridge, ramps for 8-week repairs

Published

on

The Federal Government has shut down the Eko Bridge and Ramps for eight weeks for essential asphalt resurfacing.

The Federal Controller of Works, Lagos, Mrs Olukorede Kesha, made this known in a statement on Saturday in Lagos.

Kesha said the Federal Ministry of Works plans essential asphalt resurfacing work on Eko Bridge and Ramps for eight weeks effective from Friday, September 20, by 7.00 a.m, through November 20.

According to her, due to the closure, there will be detours and alternate routes for drivers.

Advertisement

Providing information on how to navigate the area during the closure, she said motorists going to the Island from Funsho Williams Avenue, should use the service lane at Alaka to connect Costain and access Eko Bridge.

“The closure will be full at some sections of the bridge and partial at other sections.

“This critical project aims to improve road safety and enhance the driving experience of motorists.

“The work involves milling of the existing asphalt and relaying new asphalt on the bridge and Ramps. This will address wear and tear and ensure a smoother, safer roadway,” she added.

Advertisement
Continue Reading

News

‘Fraudster’ Arrested After Murder Attempt  On Hookup Girl In Abuja

Published

on

By Ojomah Austin.

 

A 30-year-old internet fraudster, known locally as a “Yahoo Boy,” have been apprehended while attempting to rob and potentially kill a hookup girl at an Abuja hotel, has confessed to luring and robbing four other victims he met through dating sites before being caught by a team from the Nigeria Security and Civil Defence Corps (NSCDC).

The suspect, Joseph Efe, who hails from Edo and Ondo States, was arrested at Top View Hotel in Wuse Zone 5, Abuja, as he attempted to flee after allegedly leaving his victim tied up in the hotel room.

Advertisement

FCT Commandant of the NSCDC, Olusola Odumosu, who paraded the suspect noted that Efe was apprehended following the officers’ keen observation.

“When he came out of the hotel premises allegedly to meet his accomplice, our officers noticed something was off and stopped him. He tried to escape, but we pursued and apprehended him, and on returning to the hotel, we found a young woman, Olivia Ijeoma Chukwuemeka, bound and gagged,” Odumosu explained.

According to the Commandant, Efe targeted women through dating platforms like Badoo, Tinder, and Insta Love, luring them to hotels with the intention of robbing them.

He met his latest victim, Olivia Ijeoma Chukwuemeka on a dating site – “Coded Runs” before luring her into the said hotel. ‘

Advertisement

Odumosu revealed that after conducting a thorough investigation, it was revealed that Efe had arrived in Abuja from Lagos on Tuesday, September 17, and had already victimised another woman at a different hotel, FAB, by Top Rank Hotel, adjacent Old Federal Secretariat, Area 1, where he managed to escape due to inadequate security.

Sadly, rather than retreat upon his escape, the adamant suspect then proceeded to Top View Hotel, checked in by 2:30am on Wednesday, September 18, 2024, where he invited his latest victim who arrived at 9am with a promise to pay her a N100,000.

Odumosu who urged hotel owners to prioritise the safety of their guests and to be vigilant against criminal activities occurring on their premises, emphasised that the NSCDC operates with professionalism and does not condone the release of unverified information to the media.

He emphasied that the video circulating on social media regarding the incident was not recorded or released by his team, which he described as highly professional.

Advertisement

“We are committed to performing our duties with diligence before taking any necessary steps to prosecute or transfer a suspect to the appropriate agency,” he stated.

According to him, the incident serves as a stark reminder of the dangers associated with online dating, highlighting the importance of caution and awareness among users.

The victim, a beautician from Enugu, shared her harrowing experience, stating, “He used my clothes, a cellotape and a pillowcase to tie me up and threatened to kill me with a poisonous injection if I didn’t comply.”

She recalled how he confiscated her Android phone and demanded access to her Opay mobile banking app. “He

Advertisement

was contemplating what to do next when, thankfully, I was rescued.”

In a separate case, the Commandant also presented another suspect, Usman Ibrahim, who was arrested for vandalising armored cables from a transformer at the Nigeria Atomic Energy Commission’s Nuclear Technology Centre in Sheda Village, Abuja.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News