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CBN Exchange Rate Unification ‘ll Boost Federal Revenue By N4 trn  – CPPE

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Centre for the Promotion of Private Enterprise (CPPE) has estimated that the move by Cental Bank of Nigeria to unify the exchange rate, would boost government revenue by a minimum of N4 trillion among other benefits to the economy.


This was CPPE’s  reaction to the free float of the national currency against the dollar and other global currencies on the official Investors and Exporters’ Window by CBN,  yesterday.

Dr. Muda Yusuf, it’s  Director-General,  said that CPPE welcomes the bold step taken by the Bola Ahmed Tinubu administration towards the unification of the naira exchange rate.

CPPE, an economists tink-tank, who has been advocating for a unified exchange rate regime , asserts that the liberalization of the foreign exchange market would unlock the huge potentials for investment, jobs and capital flows, adding that investors’ confidence would be positively impacted.

” A unified exchange rate regime offers the following benefits for the economy:

i.It enhances liquidity in the foreign exchange market.
ii.It reduces uncertainty in the foreign exchange market and therefore enhances the confidence of investors.
iii.It is more transparent as mechanism for forex allocation.
iv.It minimizes discretion in the allocation of forex and reduces corruption vulnerabilities.
v.It reduces opportunities for round tripping and other sharp practices.
vi.It would increase disclosures with respect to export proceeds and compliance with non-oil export declarations, especially the non-oil export documentation [NXP]. “

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OPay launches new office in Jos

” Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”

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OPay has officially launched its new office in Jos, Plateau State.

Speaking at the event, OPay’s Chief Operations and Technology Officer, Dotun Adekunle, said that the new Jos office reflects OPay’s continued commitment to putting customers first and advancing financial inclusion across Nigeria.

He said :” Our customers are at the center of everything we do.

Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”

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Governor Otti Commissions Ultimum Manufacturing Plant in Aba

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

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Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.

Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.

“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.

Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.

The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.

“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.

This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”

The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.

“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.

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Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

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Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.

Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.

But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.

“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

( VANGUARD)

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