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CBN Plans More Currency Measures to Stabilise Naira
Central Bank of Nigeria (CBN), Deputy Governor, Economic Policy Directorate, Dr. Kingsley Obiora, has disclosed that the apex bank was planning further loosening of controls, “in the next couple of weeks,” to help determine new level for the naira.
Bloomberg quoted Obiora as saying this in interview in Rabat, Morocco.
“Market already operating on willing buyer/willing seller basis; the central bank has not entered market as a buyer or seller.
We are allowing the market itself to set a price,” Obiora said.According to him, the central bank expects official and parallel-market exchange rates to converge soon.
“I don’t think it will take a long time for that to happen,” he added.
Obiora said analysis done by the International Monetary Fund and international banks suggesting the naira was not as weak as the parallel market indicates was correct, with official rate still below parallel market rate.
He noted that the backlog of unmet dollar demand was, “very manageable,” adding that reforms being implemented by President Bola Tinubu may result in economic-growth rate doubling next year from about three per cent this year.
“From next year, when this president will have his own budget, his own policies will be fully on track, I completely expect us to do five to six per cent next year,” he said.
Meanwhile, the parallel market naira exchange rate stood at N755/$1 yesterday, stronger than the N770/$1 it closed on the Investors and Exporters’ (I & E) window.
The naira depreciated by N107 to a dollar on the I & E window on Monday, from the N663/$1 which it closed last Friday, compared with the N770 to a dollar it closed on Monday. The highest spot rate on the I & E FX window was N799/$1.
However, analysts have predicted that the ongoing volatility in the I & E FX window would continue in the short-term as the currency strives to reach a balanced state and settle at a true value.
Head, of Financial Institutions Ratings at Agusto & Co, Mr. Ayokunle Olubunmi said: “There would be a lot of volatility in the market. Last week, there was a day it closed at N702/$, then it came down to N663/$, so we would always have that volatility at least for now.
“It’s not entirely clear, unlike the 2016 policy that they came up with a policy that was extremely clear. This is not that detailed. What are we doing officially, are we floating the rate? Are we using a crawling peg because the consequences of floating are too dire? I don’t think it is something we can even afford especially as those with FX have not been incentivised to come into the market.”
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FG to Fund Key Science and Technology Projects through PPP
By Tony Obiechina, Abuja Federal Government says it will consider using private sector funds through Public Private Partnerships (PPPs) as a funding option for certain key projects in the Ministry of Innovation, Science and Technology.This was disclosed when the Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Oseodion Ewalefoh, paid a courtesy visit to the Minister of Innovation, Science and Technology, Mr Uche Nnaji.
The meeting which was at the instance of the ICRC DG, sought partnership between the two government bodies to harness PPPs to advance critical projects that can boost the economic and technological growth of the nation. Speaking during the meeting, Dr Ewalefoh said that science and technology, if properly deployed, can serve as a key driver of the economic growth and progress of Nigeria.“Many countries around the world have used Science and Technology to drive the economic growth and prosperity of their country and people.“We are here to brainstorm with you and find ways by which we can deepen the usage of science and technology for the advancement of our country.“Over the last two decades, countries and businesses have harnessed technology and innovation for upscaling their economy and improve the efficiency in their service delivery.“That is where we want our country to go, and we believe that is the vision you are championing under the renewed hope agenda of President Bola Ahmed Tinubu.“It is, therefore, my aspiration that your ministry will partner with the ICRC to see areas where we can champion private sector funding through Public Private Partnership to develop some of the projects specific to the ministry,” he said.The DG informed the Minister that there was already a collaboration with an agency under its purview but stressed that there were other key areas where PPP could be harnessed to deliver laudable projects in the Ministry.He added that the commission has streamlined its processes to accelerate PPP project delivery and deliver important services to the Nigerian people, pointing out that some key private sector operators have already verbalised their desire to work with the Ministry in a PPP arrangement.In his remarks, the Minister expressed his excitement at the appointment of Dr Ewalefoh as the DG of ICRC, saying that the DG’s wealth of experience will revolutionise the PPP sphere in Nigeria, adding that, indeed, a square peg has been placed in a square hole.The Minister emphasised that the Ministry served as a key enabler of economic growth and has had the support of President Bola Ahmed Tinubu demonstrated through major approvals granted the Ministry.He said that the President had given approval for methanol production, saying that although the implementation process were still being finalised, foreign direct investments for the project has reached over $1.5 billion.“We want to go into beneficiation of raw materials and we have the presidential executive order number 5 to back it, such that we don’t have to export our raw materials, but process it to a level before exporting. We are looking at doing green hydrogen, too,” he said.He stressed that Nigeria could make a lot more from cassava export than it was currently making if the raw cassava was processed before export.“We believe that with ICRC, we will partner in doing things right and enabling us to forge a better outlook for most of these projects.“In methanol, we are going to involve ICRC more closely to see the way forward and how it can benefit the country better.“I am happy that you are here; coming here shows that you know what you are doing. You are taking services to those that need it,” he said.COVER
Suspected Herdsmen Attack Benue Community, Kill 15
From Attah Ede, Makurdi
Gunmen suspected to be Fulani armed militia, on Wednesday night, reportedly invaded Anyiin town in the Logo Local Government Area of Benue State.
Multiple reports indicated that no fewer than 15 persons were killed in the attack, leaving several others with varying degrees of injuries while yet to be ascertained number were missing.
The attack, which was said to have been launched at about 6:30pm by the well-armed Fulani herders, caught the community unawares as the invaders reportedly emerged from different locations shooting at everyone in sight.
The attackers, who were said to be numbering about 200, were reported to be wielding AK-47 rifles and other sophisticated weapons, operated for about three hours.
An eyewitness and community leader in Anyiin town, Chief Joseph Anawah, said the armed herders overwhelmed security operatives stationed in the town because of their large numbers.
He said it was a coordinated operation, stating that the alleged Fulani terrorists took residents of the town unawares, surrounded the town and shot sporadically.
Anawah said some of the villagers who ran for their dear lives were caught in an ambush laid by the invaders.
He listed some of the victims to include: Mr Orihundu Ati, a retired primary school supervisor and the son of a kindred head.
Also killed was a son to a Chief of Staff to a former Logo council chairman, Tordoo Suswam and a relation of a late District head of Ukemberagya, Zaki John Chembe.
Anawah listed Ukemberagya, Tswarev, Mbawar, Gov, Mbainange, and Tombo among neighbouring communities earlier displaced by the invaders and whose residents were taking refuge in Anyiin before the latest attack.
The community leaders appealed to the federal government and the Benue state government to revive an abandoned Mobile Police barracks project along Akwana-Anyiin-Wukari road to secure the lives and property in the communities.
They lamented that farmers in the affected communities could not harvest their crops because they were being killed and abducted on their farms by the armed invaders.
According to them, communities along the Benue-Taraba border are the worst hit by the marauders’ incessant attacks.”This is the second attack in one month by the Fulani terrorists. On Oct. 9, they attacked Ayilamo town, the headquarters of Tombo Council Ward and killed scores of people. As I speak, people are deserting Anyiin town for fear of the unknown”, Chief Anawah said.
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Nigerians Among Most Malnourished in Sub-Saharan Africa – Abbas
By Ubong Ukpong, Abuja
Speaker of the House of Representatives, Tajudeen Abbas yesterday described growing malnutrition and food insecurity as great threat to Nigeria’s economic stability and public health.
Inaugurating the Local Organizing Committee for the National Assembly summit on nutrition and food security in Abuja, the Speaker reiterated the urgent need for legislative action to restore the country’s productivity and public health.
Abbas who was represented by Deputy Speaker, Benjamin Okezie Kalu noted that Nigeria’s rate of malnutrition is among the highest in sub-Saharan Africa.
He noted that malnutrition, especially among children, stunts physical and cognitive development, impacting long-term educational and economic potential and contributing to broader societal challenges.
The Speaker assured the lawmakers’ full support for the committee’s initiatives, urging collaboration with State Houses of Assembly to create a unified approach to combating food insecurity.
He said, “The need for this National Summit on Nutrition and Food Security has never been more urgent.
“This organizing committee’s mission is to foster collaboration across ministries, engage both public and private sectors, and create a platform for lawmakers, experts, and community leaders to address the root causes of food security challenges.”
The chairman of the committee, Chike Okafor said there is malnutrition across Nigeria, particularly in the north spiking by 51 percent among children.
He described the situation as a humanitarian crisis exacerbated by recent floods in Adamawa, Maiduguri, and Jigawa, which have disrupted food supplies nationwide.
According to him, the summit will help to in the formulation of policies to tackle food insecurity.