Connect with us

News

Clampdown on BDC operators will worsen FX situation – Peter Obi

Published

on

The presidential candidate of the Labour Party in the 2023 general election, Peter Obi, says the reported clampdown on Bureaux De Change (BDCs) operators by government agencies is ill-advised and wrongly directed.

 

The Economic and Financial Crimes Commission (EFCC) had conducted raids against illegal Bureau De Change (BDC) operators in parts of the country on February 21, 2024.

 

Obi, in a post on X, said the action will worsen the country’s exchange rate situation and not alleviate the issue.

 

The presidential candidate of the Labour Party (LP) in the 2023 election, said the BDCs are not the primary suppliers of forex.

 

“The recent reported attacks and disruption of the business activities of  Bureaux de Change (BDCs) operators in different urban centers across the country by Government Agencies, are ill-advised and wrongly directed,” Obi said.

 

“Rather than solve the problem, the action will further escalate and worsen the exchange rate situation in the country. 

 

READ  You muddled up facts again, claims on FX management false, Presidency tells Atiku

“The BDCs are not the primary suppliers of forex nor do they create demand. They only provide a market to sellers and buyers of foreign currency.”

 

He said the BDC operators are a ubiquitous presence in all economies, including the world’s most developed countries.

 

“To think that the BDCs are the cause of the declining value of the Naira is a smack on rational economic thinking,” he said.

 

“The only way to shore up the value of our currency is to move the country from consumption to production, especially export-led production, and fight corruption, which allows unproductive money to pursue the available supply of foreign currency.

 

“As long as Nigeria remains an unproductive economy and corruption continues unfettered with people in possession of unproductive excess cash, the value of our currency will continue to depreciate.”

 

Obi maintained that it is critical that government officials appropriately comprehend how a modern economy functions and direct their efforts accordingly.

 

READ  Democracy Day: FG declares Monday public holiday

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

News

We have done better than those who stayed eight years – Fubara

Published

on

By

 

Governor Siminalayi Fubara believes his administration has recorded giant strides in infrastructure since its inception about a year ago.

 

Fubara made the remark on Saturday in Ngo Town at the inauguration of the Andoni section of the Ogoni-Andoni-Opobo Unity Road project, Andoni Local Government Area.

 

While he did not mention any past administration, Fubara said since coming on board, his government has done well in the execution of projects, promising to do more for residents of the oil-rich state.

 

To the glory of God, we made history by commissioning the Andoni section of the Ogoni-Andoni-Opobo Unity Road.

The commissioning marks the end of a 24-year journey of constructing a road that connects three local government areas hitherto separated by water and a difficult… pic.twitter.com/NdsFhqYPkn

— Siminalayi Fubara (@SimFubaraKSC) May 18, 2024

 

“Like I said the other day, we just started. We started about three or four months ago but I am very happy that if we have to assess ourselves within that three months, we have done better than people who stayed for eight years,” the governor said. “I stand to be challenged.”

READ  Tobi Amusan wins another Diamond League trophy, sets new record

Continue Reading

News

Good Morning! Here Are Some Major News Headlines In The Newspapers This Beautiful Sunday: Soldiers storm Abuja market over attack on colleagues

Published

on

By

 

1. Soldiers on Saturday stormed Banex Market in Abuja over the assault on some of their colleagues. A mob had descended on at least two soldiers in the markets where electronic gadgets and mobile phones are mostly sold. Some traders closed for the day and fled home to apparently avoid being caught up in a reprisal attack.

 

2. Africa’s richest man and chairman of the Dangote Group, Aliko Dangote, says with the plan by the Dangote Refinery, Nigeria will not need to import gasoline by June, this year. Speaking at the Africa CEO Forum Annual Summit in Kigali on Friday, he said the refinery had started supplying diesel and aviation fuel in Nigeria.

 

3. The Oba of Benin, Omo N’Oba N’Edo, Uku Akpolokpolo, Ewuare II, has received two looted royal stools carted away during the invasion of Benin City in 1897, from the German government. The artefacts — bronze and wooden royal stools (Ekete), were looted during the reign of Oba Eresoyen and Oba Esigie several centuries ago.

READ  CBN ‘concludes’ payment of verified FX claims by foreign airlines

 

4. President Bola Ahmed Tinubu has appointed former Secretary to the Government of the Federation, Alhaji Yayale Ahmed, former Bauchi Governor, Alhaji Isa Yuguda, and former INEC Chairman, Prof Attahiru Jega, and others to serve in the newly released list of federal universities’ governing councils.

 

5. Rivers Governor, Siminalayi Fubara has lamented that his administration only settled down to work three months ago due to the crisis rocking the State. Fubara said despite the delay, his government had achieved better project and service delivery than the eight years of government of some other administrations.

 

6. Tragedy struck in Ode-Omu town in Ayedaade local government area of Osun State on Saturday after a private car crushed a mother and two children returning from vigil to death. It was gathered that they were crushed to death while on a motorcycle. The rider simply identified as Abraham also died.

 

7. The presidency has dismissed the planned alliance between former Vice President Atiku Abubakar and former governor of Anambra State, Peter Obi. According to the presidency, President Bola Tinubu is not bothered about the planned alliance, noting that the President was not losing sleep.

READ  17-yr-old bricklayer jailed one year for stealing Chicken

 

8. A yet-to-be-identified middle-aged man has died while watching football at a local bar along the Lagos-Abeokuta Expressway. It was gathered that the incident happened on Thursday, May 16. The deceased, who was a regular customer in the open bar, was said to have walked in, sat down, and started to watch a football match until he fell asleep.

 

9. The Nigeria Security and Civil Defence Corps Commandant General’s Special Intelligence Squad has dismantled an illegal refining site containing over 100,000 litres of stolen crude oil in Adobe settlement, Etche Local Government Area, Rivers State. The Commander of the CG’s SIS, Dandaura Apollos, said the success resulted from credible intelligence indicating that suspects had vandalised a multinational company’s wellhead.

 

10. The Adamawa State Police Command has arrested a 23-year-old stepmother, Rachel Geoffrey, for allegedly inflicting severe burns on her 7-year-old and 3-year-old stepchildren. According to the police, the stepmother intentionally set fire to the children’s hands as punishment for eating food she had saved for their father.

READ  Supreme court verdict: ‘This is not the end’, Obi tells supporters

Continue Reading

News

FG reconstitutes governing councils for 111 public tertiary institutions

Published

on

By

 

The Federal Government (FG) has approved the re-constitution of governing councils at public tertiary institutions.

 

Folasade Boriowo, media head at the federal ministry of education, confirmed this on Saturday.

 

In June 2023, the National Universities Commission (NUC) dissolved the councils of all federal varsities on a presidential directive.

 

The federal directive also affected the governing boards of government-funded parastatals, agencies, and institutions in education.

 

It stalled administrative decision-making in public tertiary institutions by mandating these universities, colleges of education, and federal polytechnics to seek ministerial approval for functions previously overseen by the governing board or councils.

 

The re-constitution of governing councils now comes after 11 months of repeated calls from education stakeholders.

 

Among them is the Academic Staff Union of Universities (ASUU) which argued that the non-reinstatement or reconstitution of governing councils in universities was causing an uptick in cases of “illegality and flagrant violation” of institutional autonomy in public universities.

READ  CBN ‘concludes’ payment of verified FX claims by foreign airlines

 

Chris Maiyaki, the NUC’s executive secretary, said a committee was set up to ensure the most qualified people are put in the councils.

 

“As soon as they are constituted, they will be made to undergo orientation courses immediately, to ensure they are in tune with the expectations of the knowledge of government structures and laws of institutions,” the NUC head had stated.

 

“It will also help them to understand those cross-cutting issues that we need to nip in the bud, to ensure our institutions regain their glorious paths.”

Continue Reading

Trending News