News
Nigeria Renews Currency Swap Deal With China
By Kayode Sanni-Arewa
Nigeria and China have renewed the currency swap agreement between both countries.
The renewal is valid for three years and can be renewed upon mutual consent.
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, who shared the information on his social media account, said China’s central bank confirmed on Friday that it has renewed a bilateral currency swap agreement with the Central Bank of Nigeria (CBN).
The total value of the agreement is 15 billion yuan (about 2.09 billion U.S. dollars), or 3.28 trillion Nigerian naira, the People’s Bank of China said in a statement on its website.
It said that the renewal of the currency swap arrangement will strengthen financial cooperation between China and Nigeria, expand the use of the two currencies, and promote and facilitate bilateral trade and investment.
Recall back in 2018, the CBN and its Chinese counterpart, signed a currency swap deal after two years of negotiations between the two countries.
The deal, valued at about $2.5bn, is aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby reducing the difficulties encountered in the search for third currencies.
The move is also aimed at facilitating bilateral trade and investment and promoting the financial stability of both countries.
Prince AbdulKadir Mahe, the Chief of Staff to Kwara State Governor AbdulRahman AbdulRasaq, is dead.
He passed away on Saturday morning, December 28, 2024.
He will be buried today at his home on Moro Street, Adewole Estate, Ilorin, after the Asr prayer.
The governor and others have sent their sympathies to his family and loved ones.
The Chief Press Secretary to the Governor, Rafiu Ajakaye confirmed the development also confirmed in a statement.
The statement said: “In total submission to the will of Allaah, we regret to announce the passing of the Chief of Staff to His Excellency, Prince AbdulKadir Mahe.
“He died this morning, December 28, 2024, as has been destined by Allaah.
“The late CoS will be buried today at his residence on Moro Street, Adewole Estate, Ilorin, after the Asr prayer.
His Excellency deeply mourns the death of Prince AbdulKadir Mahe, a perfect gentleman, community leader, urbane public servant, and a statesman.
“The governor commiserates with the Emir of Ilorin, Alh. Ibrahim Sulu-Gambari, the immediate family of Prince AbdulKadir; government establishments; and cabinet members.
“We ask for the understanding of everyone at this mournful period as the government and family mourn the quintessential public servant.
“We pray that Allaah accept his return, ease his accounts, admit him to al-jannah Firdaus, and uphold his family upon goodness
The Transmission Company of Nigeria (TCN) has announced planned power outages in certain areas this weekend to allow for maintenance work on its transmission equipment.
According to a statement by the General Manager of Public Affairs, Mrs. Ndidi Mbah, the exercise is aimed at ensuring better service delivery.
On Saturday, December 28, 2024, from 9:00 a.m. to 1:00 p.m., Gwagwalada and nearby communities will experience a temporary power outage. This is to allow engineers to perform maintenance on a 60MVA transformer and related switchgear at the Gwagwalada Transmission Substation.
Similarly, on Sunday, December 29, 2024, power will be interrupted in several areas, including Wuye, EFCC, Federal Medical Centre, Coca-Cola, Idu Railway Station, Citec, and Life Camp. The outage will occur from 9:00 a.m. to 1:00 p.m. as engineers carry out work on another 60MVA transformer at the Kukwaba Transmission Substation.
In the statement, TCN apologized for the inconvenience caused by the outages and sought the understanding of affected customers. It emphasized the importance of the maintenance work to ensure the power equipment functions optimally. “TCN apologizes for the inconvenience this may cause, especially during the end-of-year season. However, it is important that maintenance is carried out as scheduled for optimal performance of power equipment,” the statement read.
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