Connect with us

News

Nigeria records $24bn FX inflow in Q1 2024, says Cardoso

Published

on

 

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country recorded a total foreign exchange inflow of about $24 billion in the first quarter (Q1) of 2024.

Cardoso made this known during an interview with Bloomberg TV on Tuesday.

 

The CBN governor said the monetary policy tools employed by the apex bank are showing positive impacts on the FX market.

 

According to Cardoso, the FX inflow of Q1 2024 is about 50 percent above the inflows recorded in previous quarters up to 2021.

 

“The tools are having a positive impact. So we believe that continuing on this trajectory, we believe that liquidity will continue to grow,” he said.

 

Cardoso said CBN has set up a committee to facilitate more inflow of diaspora funds into the official FX market.

 

He said the committee reported directly to him with the sole objective of doubling the inflow of foreign exchange from the international monetary operations.

See also  Why operating licences of 4,173 Bureau De Change operators were revoked – CBN

 

The governor also said the committee has begun to yield positive outcomes with an increase in inflow from Nigerians in the diaspora.

 

“We’ve had a recognition of the huge role the Nigerian diasporans play in remitting tremendous amounts of money into the system over some time,” he said.

“We set up a committee which reports directly to me to double the amount of foreign exchange inflow coming from the IMTO who service that segment of the autonomous players.

 

“Capital inflows are very important. And the reason why is that in the case of Nigeria, the pass-through from the foreign exchange rate into inflation is quite significant. We believe that this is an area outside of the normal day-to-day operations that NNPC and exporters will help in closing the gap.

 

“Already, it’s beginning to bring about results. Again, we are confident that with these kinds of measurements, liquidity will increase in our market.”

See also  Come after me if you can, Bakare dares unnamed FG official

 

Based on the data published on the CBN website, the country’s FX reserves stood at $33.91 billion as of June 24.

 

In March, the apex bank said the economy recorded over $1.5 billion in FX inflow in the same month, indicating its monetary policy initiatives are effective.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

News

UK unveils programme for Tinubu’s state visit

Published

on

By

The United Kingdom government has unveiled the programme for the state visit of President Bola Tinubu, scheduled to take place from March 17 to 19. 

According to the itinerary, the visit will be hosted at Windsor Castle and will include bilateral meetings, ceremonial events and engagements with members of the Nigerian diaspora.

Preparations for the visit are scheduled for March 17, with security sweeps, road closures and procession rehearsals taking place ahead of the president’s arrival.

Tinubu will officially arrive the UK on March 18 and will be received by Prince William and Catherine, Princess of Wales.

A ceremonial welcome will follow on Datchet road, including the playing of national anthems and a guard inspection.

The president will then proceed in a carriage procession to Windsor Castle, where he will be received by King Charles III and Queen Camilla.

The schedule also includes a formal reception, a 21-gun salute and a state luncheon at St George’s Hall.

See also  CBN threatens to sanction banks rejecting mutilated naira notes

Later in the day, Tinubu is expected to hold bilateral meetings with UK officials focusing on trade, security, migration and port development.

The day will conclude with a cultural exchange event showcasing Nigerian artefacts, followed by a state banquet hosted at Windsor Castle.

On March 19, the Nigerian president will hold a private breakfast with the king and queen before departing for London.

While in London, Tinubu is expected to lay a wreath at the The Cenotaph in Westminster.

He will also meet with Keir Starmer, UK prime minister, at 10 Downing Street, for bilateral discussions and a woking lunch.

Other engagements include a meeting with members of the Nigerian diaspora and the signing of bilateral agreements at Buckingham Palace.

The visit will conclude with Tinubu’s departure from RAF Northolt for Nigeria.

The trip marks Nigeria’s first full state visit to the UK in 57 years.

Continue Reading

News

Four dead, many injured as truck runs into fully-loaded commercial bus in Lagos

Published

on

By

Four passengers have died while many others are seriously injured following a road accident involving a truck and a commercial mini bus along the Lekki–Epe expressway.

The Lagos State Traffic Management Authority (LASTMA) said the accident occurred “over the weekend” opposite Beechwood in Shapati, inward Ajah.

In a statement issued by Adebayo Taofiq, spokesperson of the agency, the traffic agency said the crash involved a HOWO truck with registration number KNN 313 YL and a Suzuki commercial mini bus popularly known as ‘korope’.

According to the agency, preliminary findings indicated that the driver of the truck lost control of the vehicle which then veered across the road, crashing into the oncoming commercial bus conveying passengers.

LASTMA said the impact of the collision killed four male passengers instantly, while four other occupants — two males and two females — sustained severe injuries after getting trapped in the wreckage.

The agency said its personnel arrived at the scene promptly and rescued the injured victims from the mangled vehicle with the support of other emergency responders and passersby.

See also  Family torn apart: Late General Muraina's wives, children battle over multi-billion naira properties, bulletproof cars

The injured passengers were taken to Hamon Royal Hospital for medical treatment, while the bodies of the deceased were deposited at the Shency Hospital morgue by an ambulance belonging to the Federal Road Safety Corps.

Officers of the Nigeria police force attached to the Elemoro police division also secured the accident scene and managed traffic during the rescue operation.

LASTMA added that the driver of the truck and his motorboy fled the scene after the crash.

Olalekan Bakare-Oki, general manager of LASTMA, expressed condolences to the families of the victims and wished the injured speedy recovery.

He also urged motorists, particularly drivers of articulated vehicles, to adhere to traffic safety regulations and exercise caution to prevent road accidents.

Continue Reading

News

ADC faction fixes April 3 for national convention

Published

on

By

A faction of the African Democratic Congress (ADC) has announced April 3 to 5 as the date for the election of new members of the national working committee (NWC).

In a statement issued on Sunday, the ADC faction said party executives at the ward, LGA, state, and national congresses will be elected through consensus.

In a timetable outlining activities leading up to the national convention, the party said ward congresses will take place on March 19, followed by LGA congresses on March 24, and state congresses on March 28.

The group said the decision was taken to promote unity, inclusivity, and internal cohesion.

“This decision is taken in accordance with the party’s constitution and the Electoral Act 2026 (as amended), in furtherance of its commitment to promoting unity, cohesion, and inclusiveness within the party,” the statement reads.

“The BOT/NWC believes that the consensus approach will foster greater cooperation, understanding, and collective leadership, ultimately strengthening the party’s ability to achieve its goals and objectives.”

The ADC faction also announced the commencement of a membership registration exercise for new members, which will run from March 14 to 25.

The party said new members are expected to register at their respective ward offices and obtain membership cards through the party’s continuous membership registration committee (CMRC).

See also  BREAKING: Kaduna, Kogi, Zamfara Govts drag FG to supreme court over Naira scarcity

“This exercise is strictly for new members; existing members are not required to renew their membership at this time,” the party said.

The group said issues arising from the various congresses would be addressed accordingly, with petitions from the national convention expected to be resolved between April 6 and 10.

The party faction distanced itself from the ongoing electronic membership mobilisation, registration, and revalidation exercise being conducted by the ADC coalition led by David Mark

The group said the exercise does not follow the procedures outlined in the party’s constitution, adding that the official online membership registration portal would be released later through the party’s authorised channels.

The statement was jointly signed by Nafi’u Bala, the factional national chairman, and Rufus Ikanmi, secretary of the board of trustees (BOT).

The ADC coalition, led by Mark, had earlier  scheduled April 14 for the election of the party’s national officers. 

Continue Reading

Trending News