Connect with us

News

Reps invite CBN gov for lifting forex ban on toothpicks, others

Published

on

69 Views

The lifting of the ban on foreign exchange for 43 items by the Central Bank of Nigeria may ruin local economy, a member of the House of Representatives, Sada Soli, warned on Tuesday on the floor of the House of Representatives.

This is just as the House invited the Governor of the Central Bank of Nigeria, Yemi Cardoso, to appear before it following the apex bank’s decision to lift the foreign exchange ban on fertiliser, cement, toothpick, and 40 other items.

The 43 items were in 2015 restricted from accessing forex at the official market rate.

CBN’s sudden decision to lift the ban comes against the backdrop of high volatility levels experienced in the foreign exchange market owing to the unification of all trading windows into the investors’ and exporters’ window (the official FX market) by President Bola Tinubu’s administration.

The apex bank had in a statement issued by its Director of Corporate Communications, Isa AbdulMumin said, “The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.”

At a plenary session on Tuesday, the Green Chamber passed a resolution to summon the CBN governor following the adoption of a motion of urgent public importance sponsored by Sada Soli, a member of the House representing Jibia/Kaita Federal Constituency, Katsina State on the platform of the All Progressives Congress.

Justifying the significance of the motion, Soli said the decision of the apex bank may lead to the closure of factories and ultimately erode the nation’s capacity to build the local economy.

In his words, it is doubtful if the new policy would make any meaningful impact on the Nigerian economy, stressing that “middlemen” may take undue advantage of it for their own good.

Contributing to the motion, a lawmaker representing Oshodi/Isolo II Federal Constituency, Lagos State, Jesse Onuakalusi, called for the immediate reversal of the policy until the House concludes a legislative action on the matter; a prayer that was rejected by the lawmakers.

An amendment to the motion by Kingsley Chinda, representing Obio/Akpor Federal Constituency, Rivers State noted that the Cardoso should appear before the House Committee on Regulatory Banking, Finance and Customs to explain the rationale behind the lifting of the ban was thereafter adopted.

News

BREAKING: Rhodes-Vivour Aide Attacked as Police, Thugs Disrupt ADC Declaration (Video)

Published

on

32 Views

Violence erupted on Saturday in Lagos during the planned declaration of Gbadebo Rhodes-Vivour, the Labour Party’s former governorship candidate, into the African Democratic Congress (ADC).

Suspected thugs, allegedly backed by security operatives, disrupted the event, attacking supporters and injuring Rhodes-Vivour’s personal photographer and aid.

Eyewitnesses report that police, accompanied by armed groups, blocked access to the planned venue for Gbadebo Rhodes-Vivour’s ADC declaration, despite prior payment.

Rhodes-Vivour was reportedly informed that the order came “from above,” directing him to seek resolution with the Police Commissioner.

The area was heavily militarized overnight, with soldiers and DSS operatives joining the police to restrict movement.

The actions against Gbadebo Rhodes-Vivour’s planned ADC declaration have ignited outrage among his supporters, who perceive the incident as a deliberate attempt to thwart his move.

Sources indicate that Peter Obi, the 2023 Labour Party presidential candidate, was expected to attend the event.

The disruption follows reports of violence against ADC supporters in various locations across the country.

Watch the moment Rhodes Vivour’s aid was beaten as police, thugs frustrate ADC declaration:


Continue Reading

News

Insecurity Renders 80 million Nigerian youths jobless- Report

The document, titled “State of the Nigerian Youth Report 2025,” presented in Abuja, yesterday, by the Advocacy and Youth Programme Officer at Plan International Nigeria, Jonathan Abakpa, painted a troubling picture of wasted opportunities in a country where over 60 percent of the population is below the age of 30.

Published

on

By

57 Views

A new report by an independent humanitarian non-profit organisation, Plan International Nigeria, has said that nearly 80 million Nigerian youths are unemployed, while more than 1,500 schools have been shut in the past two years due to insecurity.

The organisation, while raising alarm over the worsening conditions confronting young people in the country, said the development had left about one million children out of school.

The document, titled “State of the Nigerian Youth Report 2025,” presented in Abuja, yesterday, by the Advocacy and Youth Programme Officer at Plan International Nigeria, Jonathan Abakpa, painted a troubling picture of wasted opportunities in a country where over 60 percent of the population is below the age of 30.

The report, produced in collaboration with ActionAid Nigeria, with contributions from policy and advocacy experts, was presented at the Nigerian youth dialogue in commemoration of the International Youth Day, organised by the House of Representatives Committee on Youth in Parliament.

(The Guardian )

Continue Reading

News

Benjamin Hundeyin Takes Over As New Force PRO

The IGP urged Hundeyin to deploy his wealth of experience in communications and security to further strengthen the image of the Nigeria Police Force and sustain robust relations with the public.

Published

on

By

51 Views

The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has approved the appointment of Chief Superintendent of Police (CSP) Benjamin Hundeyin as the new Force Public Relations Officer (FPRO).

He takes over from DCP Olumuyiwa Adejobi, who served as Force PRO until his redeployment.

Hundeyin, a graduate of English Language from Lagos State University, also holds a Master’s degree in Legal Criminology and Security Psychology from the University of Ibadan.

He further obtained a Certificate in Civil-Military Coordination from the Martin Luther Agwai International Leadership and Peacekeeping Training Centre, Jaji, Kaduna State.

The new FPRO is an Associate of the Nigerian Institute of Public Relations (NIPR), a Member of the International Public Relations Association (IPRA), and an Associate of the Chartered Institute of Personnel Management of Nigeria (CIPM).

A seasoned communicator, Hundeyin previously served as the Police Public Relations Officer at Zone 2 Command, Lagos, and later at the Lagos State Police Command.

He was also part of Nigeria’s contingent to the United Nations Peacekeeping Mission in Darfur, Sudan, in 2020, and at different times worked at the Force Headquarters, Abuja, as Administration Officer in the Public Relations Department.

The IGP urged Hundeyin to deploy his wealth of experience in communications and security to further strengthen the image of the Nigeria Police Force and sustain robust relations with the public.

Continue Reading

Trending