News
How CBN is stablising naira, by deputy governor
The Central Bank of Nigeria (CBN) has phased out high-interest foreign exchange (FX) swaps to stabilise financial markets.
It has settled 80 per cent of FX forward obligations, thereby boosting liquidity and market confidence.
Deputy Governor, Monetary Policy, Mohammed Sani, said the CBN has also maintained robust external reserves to support exchange rate appreciation.
He stated these in a presentation titled “Enhancing FX Market Efficiency” at a meeting of the Economic Management Team (EMT) convened by the Federal Government to assess critical economic policies and progress in key sectors.
Sani highlighted the launch of the Electronic Foreign Exchange Matching System (EFEMS), which aims to improve transparency and enhance market operations.
The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, focused on strengthening economic resilience.
A statement by Mohammed Manga, Director, Information and Public Relations at the Ministry of Finance, said the meeting noted efforts to address market reforms and agricultural performance.
Edun commended the progress made in the foreign exchange and agricultural sectors.
He urged stakeholders to accelerate efforts toward achieving economic stability, food security, and sustainable growth.
He emphasised the importance of coordinated implementation of policies to support President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at ensuring affordable food and improved living conditions for Nigerians.
Minister of Agriculture, Senator Abubakar Kyari, presented a report on the 2024 wet season performance, revealing a 4.5 per cent increase in overall crop production.
However, millet production declined slightly by 0.2 per cent.
The minister expressed concern over rising production costs, particularly maize, which surged by 69.7 per cent, and significant food price increases, with cowpea prices rising by 300 per cent.
He lamented the food crises reported in 31 states, which have severely impacted the Northeast.
Despite these challenges, there were slight improvements in mechanisation and farmland expansion, with a two per cent increase in tractor use and a 2.3 per cent rise in cultivated farmland.
The Ministry of Agriculture outlined ambitious plans for 2025, which include boosting food security through hybrid seed production, technology adoption, and climate-smart practices; promoting export crops such as cocoa, sesame, and ginger; and enhancing rural infrastructure with cold chain facilities, feeder roads, and electrification.
President Bola Tinubu has described the Federal Capital Territory, FCT, minister Nyesom Wike as a performing and dogged technocrat.
Naijablitznews reports Tinubu made this assertion during his maiden presidential chat on Monday.
The president rounded up by saying “I doff my hat for the performing minister.
Watch clip below:
By Gloria Ikibah
Prominent human rights lawyer and activist, Dele Farotimi, has been released after fulfilling his bail conditions.
Farotimi, who had been in custody over allegations of defaming Senior Advocate of Nigeria and founder of Afe Babalola University, Ado Ekiti (ABUAD), Afe Babalola, regained his freedom on Tuesday morning.
He is currently enroute to his home in Lagos.
Confirming the development, activist and politician Omoyele Sowore stated on X, “I am pleased to report that Dele Farotimi is no longer being held in the prison facilities of Ekiti State and is now returning home to Lagos. The struggle continues!”
Earlier, a Chief Magistrate’s Court in Ado Ekiti granted Farotimi bail, setting conditions that included a N30 million bond, two sureties (one of whom must be a property owner), the submission of his passport, and a restriction on granting media interviews following his release.
By Kayode Sanni-Arewa
Following the intervention by the National Assembly leadership, the National Assembly Service Commission, NASC, has reversed the appointment of Dr Ibrahim Atiku as Deputy Clerk to the National Assembly, DCNA.
The Commission has replaced Atiku with the permanent secretary [Estate and Works Directorate], Engineer Bashir Yero.
This was consequent upon the outcome of a meeting convened Monday night by the Senate President, Godswill Akpabio, with Speaker Tajudeen Abbas and their deputies in attendance.
Present also at the meeting were the Chairman of the NASC, Engineer Ahmed Amshi, two commissioners from NASC, and some permanent secretaries in the NASS bureaucracy.
THE CONCLAVE learnt that the high-level meeting took place in the Senate President’s residence.
Reports from the meeting said that the chairman of the NASC and his commissioners could not justify the appointment of Atiku when asked by the speaker how the choice of Atiku was arrived at.
THE CONCLAVE reports that it was at that point that the commission chairman sought the leave of the Senate President and the Speaker to ask that the permanent secretaries present should excuse them since they could not be sitting over a matter in which they had personal interest.
Upon their return to the room, after the leadership had arrived at a resolution one way or another, it was agreed that Engr. Bashir Yero of Estate and Works Directorate be appointed the DCNA, while Engr Sanda Liman of Procurement Directorate, be redeployed in Estate and Works.
The newly promoted Ibrahim Atiku [to the position of permanent secretary], as resolved and directed, should be deployed in Procurement Directorate.
The NASC is expected to formalise and/or activate the decision soonest.
Source: CONCLAVE
WATCH moment Tinubu hails FCT minister for his doggedness, sterling performance
BREAKING: Human Rights Lawyer Dele Farotimi Released
NASC backpedals reverses Atiku’s appointment as DCNA, replaces him with Yero
Just in: Terrorists ambush military truck, kill all soldiers on board
Nigerian Dancer, Korra Obidi Attacked with acid, stabbed on stage In UK
Meet Rare Gem 16 Years Old Chiaza, CEO of ‘RUN MARKET PLACE’
-
Metro13 hours agoAppeal Court Affirms 12-Year Jail Term for Businessman Over $1.4 Million Fraud
-
News13 hours agoAgain, Senator Manu shares 10,000 bags of rice, 15,000 cartons of spaghetti, transport fares to constituents (Photos/Video)
-
Sports12 hours agoAlex Iwobi Spreads Holiday Cheer with Free Food Donations in East London
-
Entertainment12 hours agoPortable’s Baby Mama Honey Berry and New Man Dance Romantically to Singer’s Song, Tag Him to Post
-
News20 hours agoJust in: Tinubu exposes those behind deadly stampedes
-
News12 hours agoOutcry against Tax Reform Bills misplaced, says Senator Umeh
-
News12 hours agoFG gives banks, telcos six-month ultimatum on N250bn USSD debt
-
News12 hours agoCDS Musa sets high bar for newly-decorated Major Generals