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CBN Spends $7.6bn Defending Naira in Five Months – Report

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The Central Bank of Nigeria (CBN) said it injected $7.6 billion into the economy in five months through foreign exchange sales to authorised dealers.

The apex bank said this in its monthly economic reports for May 2022.  

According to the report, CBN said it intervened in the FX markets to stabilise the value of the naira with $1.

65 billion and $1.
39 billion in January and February, respectively.

The apex bank added that it pumped $1.82 billion in March, $1.56 billion in April and $1.18 billion in May 2022.

Despite interventions, the naira depreciated by 0.7 percent to N415 a dollar in the official market within the period.

“Total foreign exchange sales to authorised dealers by the bank were $1.

18 billion, a decrease of 24.4 percent below $1.56 billion in April,” the report reads. 

“A breakdown shows that foreign exchange sales at the Investors and Exporters and interbank/invisible windows decreased by 37.9 per cent and 0.7 per cent to $0.16 billion percent, below their respective levels in the preceding month.

“Similarly, SMIS and matured swap contracts fell by 7.0 percent and 71.4 percent to $0.64 billion and $0.10 billion, respectively, compared to the amounts in April. However, foreign exchange sales at the Small and Medium Enterprises window rose 8.4 percent to $0.12 billion in the review period.”

Last year, the Central Bank of Nigeria (CBN) stopped the sale of foreign exchange (FX) to Bureau De Change (BDCs) operators in the country and channelled weekly allocations of dollar sales to commercial banks to meet legitimate FX demands.

Godwin Emefiele, governor of the CBN, had said the apex bank would stop the sale of foreign exchange to banks by the end of the year.

“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,” he had said.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again and generate their export proceeds.”

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Nigeria, Major Global Trafficking Hub for Wildlife- Benue Rep

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By Ubong Ukpong, Abuja
Vice Chairman of the House Committee on Environment in the House of Representatives, Rep Terseer Ugbor (APC, Benue), on Monday, said that Nigeria has been marked as a major global trafficking hub for wildlife.
Representing Kwande/Ushongo Federal Constituency, the lawmaker also decried the illegal activities of poachers and smugglers in Nigeria, adding that illegal activities like poaching and smuggling are a major sabotage to the economy and called for action to stop the trend.


Speaking at a policy dialogue on “the endangered species conservation and protection bill 2024,” Ugbor said the activities of poachers portend grave dangers to the nation’s economy, adding that biodiversity is particularly threatened by the actions of those he called wildlife criminals.

He said further that wildlife crime also fosters corruption, facilitates insecurity and presents opportunities for the spread of zoonotic diseases such as COVID-19.
He said: “Nigeria has emerged with the unenviable status as a global hub for wildlife trafficking in recent years, and continues to be considered as one. Nigeria must therefore act swiftly and work to reverse this negative status and threat to our beautiful country and the world.
“The passage of this legislation will mark a major milestone for global conservation efforts and Nigeria’s international image. The passage of this bill will also advance the legislative agenda of the 10th House of Representatives for Nigeria’s environmental sustainability.”
The proposed law, he said, aimed to “address threats to biodiversity in Nigeria and across Africa by providing a consistent and strong legal framework to put an end to wildlife trafficking. In doing this, it embodies recommendations made following a consultative and collaborative analysis of relevant Nigerian laws for addressing wildlife trafficking.”
While highlighting the importance of the dialogue, the lawmaker stressed that there was a need to ensure that Nigeria’s biodiversity is supported by strong and comprehensive endangered species legislation.
He said: “Nigeria is also a party to the Convention on International Trade in Endangered Species of Wild Fauna and Flora obligating the strengthening of our legal framework for biodiversity conservation and this bill seeks to give effect to those obligations.“
Although not strictly a requirement of the lawmaking process, this policy dialogue is necessary to harmonize stakeholders’ position on the bill and clear the way for its expeditious approval and adoption as law.”

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Sack Underperforming Appointees, El-Rufai Urges Tinubu

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By Lubem Myaornyi, Abuja

Former governor of Kaduna State Nasir El-Rufai yesterday urged President Bola Tinubu to sack appointees who are under performing.

The former governor gave the advice while speaking with journalists in Maiduguri, Borno State.

He advised the president to review policies that are not helping.

El-Rufai said, “You appoint a person into a position and he is not working according to the expectations, you should have the humility to tell him that I need a better person, go and do something else.

“What we must to do as citizens is to pray for our leaders for God to guide them to see or do what is right.

“For God to give them the humility to reverse themselves when necessary and do the right thing; that’s how society progresses.

According to him, the Federal Government is paying more on fuel subsidies now than before.

El-Rufai who delivered a keynote address at a workshop aimed at enhancing the skills of government officials in policy implementation and human resource management in Maiduguri said, “The Federal Government is presently subsidizing fuel, a fact that may elude many.”

He endorsed the policy shift, expressing his longstanding support for withdrawal the oil subsidy.

However, he acknowledged the complexities involved in policy implementation, noting that despite initial intentions, the government found itself compelled to reinstate the subsidy due to unforeseen challenges.

He said, “Currently, the government is allocating a substantial amount for subsidy, surpassing previous levels.

“Leadership requires pragmatism. When a policy fails to yield the desired outcomes, humility dictates that adjustments be made.”

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My Intention is to Reposition PDP – Suswam

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By Donald Andoor, Abuja

Former Governor of Benue State, Senator Gabriel Suswam, vying to be the National Chairman of the Peoples Democratic Party (PDP) has pledged to work with critical stake holders to revive, reorganise and reposition the Party as a viable alternative ahead of the 2027 general elections.

“I know all that is involved in the PDP since I joined the party in 1998, under which I was elected as a member of the House of Representatives, then as a governor and a Senator.
I know what the party stands for and most of its major players either dead or alive…“With this experience, my intention is to provide focused leadership to revive reorganize and reposition the party as a viable alternative” he said adding “the only way to prevent absolute dictatorship is to have a virile opposition party.
”Suswam who spoke to some journalists over the weekend in Abuja dismissed allegation of different camps in the PDP but rather insisted the party needs a strong leadership to lead the way.Flacked by Hon. Richard Gbande, former member of the House of Representauives for Katsina Ala/Logo/Ukum Federal Constituency, Suswam emphatically said the party needs a strong leader.“I am not insisting it must be me but if it is me it will be better for the party.”Acknowledging he was widely consulting with the critical stake holders of the party, he explained that the PDP was not planning a national convention for the election of the National Chairman that has been vacant since the exit of the former National Chairman, Dr. Iyorchia Ayu but the National Executive Committee (NEC) would come together to choose a replacement in line with the provision of Article 47:6 of its constitution.He explained further that the provision empowers the NEC to appoint a successor from the geo-political zone where the removed National Chairman comes from to complete such a tenure. He cited several instances to expatiate how the party had complied with the provision of its constitution in the past, including the appointment of Chief Audu Ogbe by the NEC to replace Chief Barnabas Gemade who was elected at the national convention of the party.

He debunked allegation that the former National Chairman, has a pending case in court against the party over his removal with a terse dismissal that “Ayu is not in court.”The PDP NEC has slated April 18, 2024 to appoint a replacement for the vacant position of the National Chairman following the exit of Dr. Iyorchia Ayu last year.Amongst others contesting for the vacant position are: the 2023 governorship candidate in Nasarawa State, David Ombugadu and a former Minister from Kogi State, Humphrey Aba.Suswam, faulted some policies of the Tinubu’s All Progressives Congress (APC )-led governmentas he regretted the dangerous economic slide as a result of ill-thought policies.He said the ruling – APC failed to learn lessons from the economic woes of Ghana and other Latin American countries, including Brazil that floated their currencies and attendant consequences on their economies.

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