Connect with us

News

New naira crisis: World Bank, IMF warn CBN on Friday deadline

Published

on

 

On Wednesday, the International Monetary Fund and the World Bank urged the CBN to extend the Friday, February 10 deadline time limit for the new Naira policy.

The advice of the international organisations was in line with the Supreme Court ruling against the Friday deadline.

The IMF and the World Bank stated that the short timeframe for the currency was causing hardships in the country.

IMF advises CBN

In a statement after an official staff visit to Nigeria by the IMF, the multilateral organisation equally asked the CBN to continue tightening its monetary policy.

The statement read, “Looking ahead, directors recommended decisive fiscal and monetary tightening to secure macroeconomic stability, combined with structural reforms to improve governance, strengthen the agricultural sector, and boost inclusive sustainable growth.”

It added, “Directors urged decisive and effective monetary policy tightening to avoid a de-anchoring of inflation expectations.

‘’Noting recent increases in the policy rate, they encouraged the Central Bank of Nigeria to stand ready to further increase the policy rate if needed, and to implement additional actions, including fully sterilising central bank financing of fiscal deficits and phasing out credit intervention programs. Strengthening the CBN’s independence and establishing price stability as its primary objective is critical.”

See also  Nnamdi Kanu asks for negotiation with FG over trial

The IMF also encouraged the Nigerian government to remove the fuel subsidy by June and increase well-targeted social spending, alongside boosting revenue mobilization.

The global institution also urged the Nigerian government to finalise securitization of the CBN’s Ways and Means Advances, while emphasizing that the bank’s budget financing should strictly adhere to the statutory limits.

It called for a continued move toward a unified and market-clearing exchange rate by dismantling various exchange rate windows at the CBN.

On its part, the World Bank Nigeria said though it was normal to have periodic currency redesigns and demonetisation, such a transition usually takes about one year or more.

In an email response to our correspondent’s enquiry on Wednesday, the World Bank’s Senior External Affairs Officer for Nigeria, Mansir Nasir, noted that the bank was concerned about the short transition period announced by the CBN.

The email response read, “Periodic currency redesigns and demonetization of older notes are normal internationally. However, they usually involve transition periods of one year or longer so as to minimize economic disruption.

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Some people want Rivers to experience black Christmas, says Fubara

“After the Central Bank of Nigeria announced the naira redesign on October 26, 2022, with a short implementation timeframe through January 31, 2023 (now extended for a short additional period until February 10, 2023), the World Bank expressed concern about the timing and short transition period (see Nigeria Development Update, December 2022).”

W’Bank on effects

The World Bank further noted that rapid demonetisation could be costly to small businesses and poor and vulnerable households.

It added that it was highly unlikely that digital payments would increase fast enough to cover up for the shortage of new notes.

“This concern is based on international experience which suggests that rapid demonetizations can generate significant short-term costs, with small-scale businesses, and poor and vulnerable households, including in rural areas, being particularly affected as they are liquidity-constrained and rely heavily on day-to-day cash transactions.

“It is highly unlikely that digital payments can increase quickly enough to compensate for the shortage of new notes; according to the latest available data (from before this policy), only 45 per cent of Nigerian adults had a bank account, 34 per cent reported paying or receiving money digitally over the past year, and only 9 per cent made an in-store payment by digital means.

See also  Nigerian doctor Mamman jailed in UK over death of patient

‘’Digitisation is a structural challenge that will take time and require a systematic approach, especially to address inclusion challenges,’’ it affirmed.

The Bretton Woods institution further explained that households and firms already faced elevated financial pressures from prolonged high inflation recently compounded by external food and fuel price shocks and the phasing out of existing naira notes over a short time period may add to their challenges.

“In view of the apparent ongoing scarcity of new notes and the potential adverse economic and social impacts should the shortage of cash persist, the World Bank remains concerned about the short timeframe and would encourage the authorities to consider allowing a longer period for the redesign,” it added.

Continue Reading
Click to comment

Leave a Reply

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

News

Two Oyo commissioner, special adviser resign

Published

on

By

Two senior officials in the Oyo State Ministry of Budget and Economic Planning have resigned their appointments from Governor Seyi Makinde’s administration.

The officials are Ayobami Ojo, the Commissioner for Budget and Economic Planning, and Simeon Oyeleke, the ministry’s Special Adviser on Budget and Economic Planning.

In separate letters dated November 2, and addressed to Mr Makinde, both officials said their resignations would take effect immediately, while thanking the governor for the opportunity to serve but did not give specific reasons for their decisions.

In his letter, Ojo referred to his appointment letter dated 22 June 2026 and formally announced his resignation as commissioner.

“With reference to your letter dated 22nd June, 2026 (SP.S.662/2/VOL.IV/192), I respectfully write to formally resign my appointment as Honourable Commissioner for Budget and Economic Planning, with effect from today, 2nd November, 2026,” he wrote.

He described his time in government as an honour and said he appreciated the opportunity to serve the state.

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Some people want Rivers to experience black Christmas, says Fubara

Oyeleke also tendered his resignation with effect from 2 November.

In his letter, he thanked Mr Makinde for the confidence reposed in him and the opportunity to contribute to the administration’s policies and development programmes.

He also expressed appreciation for the governor’s leadership, support and encouragement during his time in office.

“I remain grateful for the opportunity to have been part of this administration and to have contributed to its laudable achievements. I also remain committed to the peace, progress and development of Oyo State,” he wrote.

The latest resignations come amid a series of exits of political appointees and other officials from the Makinde administration in recent months.

It would be recalled that Segun Ogunwuyi resigned as the governor’s chief of staff on 12 October, a position he had held since July 2021. His resignation took immediate effect, although he did not state a reason for his departure.

A few hours after Ogunwuyi’s departure, Makinde appointed Bashorun Akinwole, popularly known as Wolekanle, as his replacement.

See also  Nnamdi Kanu asks for negotiation with FG over trial

On the same day, Tara Adefope, the Director-General of the Oyo State Due Process Office, also resigned from her position, while in late October, Kabiru Salami, the governor’s Executive Assistant on Security Coordination, also tendered his resignation.

Other officials who have left the administration include Funmi Arulogun, a Senior Special Assistant on Diaspora Matters, who resigned in August, citing personal and political considerations.

Babatunde Oduyoye, a member of the Oyo State Advisory Council, also resigned in July, while Fatai Owoseni, a former Commissioner of Police who served as the governor’s Special Adviser on Security resigned in May.

Continue Reading

News

Good morning! Nigerian Newspapers Headlines: Campaigns: OK Movement insists on independence

Published

on

By

1. The OK (Obi/Kwankwaso) Movement has declared that it will maintain its independent identity while mobilising support for the Nigeria Democratic Congress (NDC) and its candidates ahead of the 2027 general election. 

Movement’s leader John Ughulu said the group remained committed to its original mission of securing the election of former Anambra State Governor Peter Obi and erstwhile Kano State Governor Rabiu Musa Kwankwaso.

Speaking in an interview, Ughulu dismissed suggestions that the movement’s decision to campaign independently would undermine its support for the NDC, insisting that the focus should be on achieving a common  political objective.

2. President Bola Ahmed Tinubu’s re-election bid got a big boost at the weekend with endorsements from across the country. His achievement, the need for consolidation, national cohesion, and other reasons were adduced for the show of solidarity. The presidential election is billed for January 16, 2027

3. The Federal Government has vowed to crack down on inflated public contracts and procurement violations, warning heads of government-owned agencies, corporations, councils, authorities and commissions that they risk sanctions for breaching procurement regulations. The government raised the alarm over contract awards that exceed approved price benchmarks.

See also  Family of 24 killed in Sokoto after eating poisonous food

4. The African Democratic Congress has rescheduled its presidential campaign kick-off in Sokoto State to Wednesday, November 4, despite alleging threats, attacks on its members and attempts by the state government to frustrate the event. The party said its decision to proceed with the campaign was a demonstration of its determination to exercise its constitutional rights despite what it described as growing political intimidation ahead of the 2027 general elections.

5. Troops of Operation Hadin Kai have neutralised four leaders of the Islamic State West Africa Province, including two Arabs, a commander and several of their foot soldiers in Kukawa Local Government Area of Borno State. The Army said they were neutralised on October 31, 2026, by combined troops of the Joint Task Force deployed to Kukawa following a massive ISWAP terrorists attack on their locations.

6. United States President, Donald Trump, has agreed to grant an immediate visa to the mother of a 15-year-old Ghanaian boy shot dead in New York, following a request by the city’s mayor, Zohran Mamdani.
Mamdani announced the development on Saturday after speaking with Trump, saying the visa would allow the teenager’s mother to travel to the United States and attend her son’s funeral.

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Some people want Rivers to experience black Christmas, says Fubara

7. The National Drug Law Enforcement Agency has arrested two Nigerians based in Europe after they allegedly ingested 200 wraps of cocaine weighing 3.46kg while attempting to travel from Abuja to Paris, France. The suspects, identified as Aliocus Odife and Sam Blackborn, were arrested on Wednesday during the outward clearance of an Air France flight, AF 832, at the Nnamdi Azikiwe International Airport, Abuja.

8. Gunmen suspected to be kidnappers have abducted a 100-level female student of Plateau State University, Bokkos, while another person sustained injuries during an attack on off-campus student residential areas in Bokkos Local Government Area of Plateau State. It was learnt that the incidents, which occurred on Saturday evening at about 8:40pm, had heightened concerns over the safety of students residing outside the university campus.

9. An early-morning fire outbreak at the weekend destroyed no fewer than 110 buildings and structures at Kofar Ruwa Timber Market in the Kano metropolis. The Kano State Fire Service, while confirming the incident in a statement on Sunday, said the inferno razed 75 permanent buildings and 35 temporary structures across different sections of the market.

See also  Nnamdi Kanu asks for negotiation with FG over trial

10. The immediate past National Chairman of the Labour Party, Julius Abure, has declared his readiness to align with President Bola Tinubu or former Vice-President Atiku Abubakar ahead of the 2027 presidential election, while ruling out support for the presidential candidate of the Nigeria Democratic Congress, Peter Obi.

Continue Reading

News

Relief as suspected Ebola cases in Adamawa tested negative

Published

on

By

The Nigeria Centre for Disease Control and Prevention (NCDC) has said that there are currently no laboratory-confirmed cases of Ebola  in Adamawa.

The NCDC had on Saturday said that there were two suspected cases of Ebola in the north-east state, adding that the individuals had been isolated while contact identification was ongoing.

But in a statement on Sunday, the director-general of NCDC, Jide Idris,
said samples collected from the two individuals, who had symptoms suggestive of Ebola, tested negative after two rounds of testing.

“The report was received by the Adamawa State Public Health Emergency Operations Centre (PHEOC) in the early hours of 30 October 2026, following the identification of two individuals presenting with symptoms suggestive of Ebola, requiring further investigation,” the statement reads.

“Hence the alert that was released early this evening. The individuals have been isolated, and appropriate public health measures have been initiated.

“Samples were collected for laboratory testing to establish the cause of the illness. Fortunately, the samples turned out negative for EBV after two rounds of testing.”

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Some people want Rivers to experience black Christmas, says Fubara

Idris commended the Adamawa health commissioner and his team for their “proactive approach”, adding that the NCDC was working closely with the state government to investigate the report of suspected Ebola cases.

“Currently, there is no laboratory-confirmed Ebola case in Adamawa state,” he said.

“The index case previously confirmed in the Federal Capital Territory remains the only confirmed case reported in Nigeria to date.”

He urged the public to remain calm and avoid sharing unverified information or speculating about the situation.

“The public is encouraged to obtain information from official government and public health communication channels,” he said.

Idris described Ebola as a serious infectious disease that requires prompt identification, appropriate clinical management and effective infection prevention and control measures.

“Anyone experiencing symptoms such as fever, severe weakness, headache, muscle pain, vomiting, diarrhoea or unexplained bleeding, particularly following relevant exposure, should seek immediate medical attention and inform healthcare workers of any relevant travel or contact history,” he said.

See also  Buhari to hold emergency meeting with security chiefs Monday

“Individuals should avoid self-medication and follow the advice of healthcare professionals.”

Nigeriaconfirmed its first Ebola case in more than a decade on October 20, after a 42-year-old Swiss woman tested positive for the Bundibugyo strain in Abuja.

The patient, who had travelled from Uganda to Nigeria, was subsequently isolated and treated by Nigerian health workers.

On Monday, the federal governmentevacuated the patient to Switzerland aboard a medical plane.

Her husband, who was identified as a close contact, was also evacuated to Switzerland.

Ali Pate, coordinating minister of health and social welfare, said the patient was clinically much improved, stable, conscious and communicating, with her laboratory test results approaching baseline levels.

Continue Reading

Trending News