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CBN Rules Out Naira Devaluation in the FX Market

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The alleged impression that the Central Bank of Nigeria (CBN) is on the verge of Naira devaluation has been ruled out in a statement issued on Thursday 12th.

 This impression triggered panic in the Foreign Exchange Market which led to a lot of speculative activities by unscrupulous players in the foreign exchange market to serve their selfish desires. However, CBN on Thursday expressed displeasure over Naira devaluation.

The statement issued in Abuja states that:

 “We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.

For nearly four years, the CBN has successfully maintained relative stability in all segments of the foreign exchange market, which has enabled investors, households and other economic agents to plan and to conduct their genuine foreign exchange transactions with relative ease;

The introduction of several foreign exchange management measures side-by-side with complementary interventions in food production and manufacturing has drastically reduced food importation, which hitherto constituted a large chunk of the pressure on the foreign exchange market;

Although the outbreak of the Coronavirus led to global economic slowdown, fall in the price of crude oil, and less inflow of dollars into Nigeria, the associated public health concerns have also led to factory closures in China, substantial drop in imports, widespread travel restrictions around the world, and cancellation of many conferences, sporting events, business travels, and FX orders;

The size of Nigeria’s foreign exchange reserves remains robust and comfortable, given the current realities of Nigeria’s genuine and legitimate FX demand. As such, the CBN remains able and willing to meet all genuine demand for foreign exchange for legitimate transactions; and

For the avoidance of doubt, the CBN is also working with the fiscal authorities to properly and accurately dimension the immediate and expected impacts of the Coronavirus in order to respond comprehensively and at the same time, ensure a sound and stable financial system conducive for job creation and inclusive growth.

In light of current circumstances and macroeconomic fundamentals, the CBN has not devalued the Naira. Consequently, the CBN will invoke the full weight of applicable sanctions on any persons and authorized dealers found to be involved in such disruptive and speculative market behavior.”

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  1. Pingback: CBN and NNPC Accepts Funding of Accommodation and Feeding of Returnees - Chinonyerem Emmanuella's Blog (GistFlash)

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Economy

5G might expose Nigeria to “eavesdropping, tracking, cyber-attacks, military and industrial espionage” – NSA

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The office of the National Security Adviser (NSA) has expressed its fear with the deployment of 5th Generation (5G) technology in the country.

Bala Fakandu, director of communications in NSA who appeared before the senate committee on communications on Thursday February 25, said they are concerned about the deliberate vulnerabilities and backdoors within the 5G network equipment, which according to him might expose Nigeria to “eavesdropping, tracking, cyber-attacks, military and industrial espionage and other malicious activities by foreign actors.”

Fakandu also asked the ministry of communications and digital economy to carry them along in the formulation of the policy that would guide the use of 5G in the country.

He said;

“We are concerned about the deliberate vulnerabilities and backdoors within the 5G network equipment.

“That is one of the key concerns we have and this will make the infrastructure highly susceptible to eavesdropping, tracking, cyber-attacks, military and industrial espionage and other malicious activities by foreign actors.

“We understand these are things that will be put in place particularly in the policy the minister has talked about.

“I need to emphasise it so that the stakeholders in the telecommunications industry will understand where we are coming from because the national security concerns is the concern of the office of the national security adviser and of the president as well.”

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NLC set to shutdown CAC Operations from Wednesday

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The Nigeria Labour Congress (NLC) have resolved to mobilize the strength of the Nigeria workforce to picket the National Headquarters of the Corporate Affairs Commission (CAC) at the expiration of 14 days ultimatum’ effective from Wednesday, February 24-26, 2021

According to communiqué signed by Comrade Ayuba Waba NLC President, Comrade Emmanuel Ugboaja General Secretary and made available to Aluta News in Abuja on Sunday

They Apex body of the Nigeria Labour Unions has berated the management of CAC for an attempt to kill unionism in the establishment through punitive transfer of trade Union executive,withholding of workers salaries and refusal to remit statutory deductions

The NLC also frowned at the anti-labour practices by Alhaji Garba Abubakar Registrar General of the CAC

Recalled that the National body of AUPCTRE led by Comrade Benjamin Anthony had made frantic effort to dialogue with CAC management but failed

The CAC RG has ignored every avenue of dialogue and peaceful resolution provided by AUPCTRE which eventually led to the Apex body taking over the dispute with the hope of having amicable resolution’ but also yielded no result because the CAC RG continue to remain adamant and firm with his alleged tyrannical agenda!!

According to Aluta news, the branch Union, among other issues, accused CAC management of unilaterally restricting staff vacancies against the recommendations of the committee on the commission’s oganogram, and particularly expressed disgust at the “unjustified barring of certain categories of staff from writing promotion examination”.

It also accused management of stopping all staff loans, hasty, draconian and unilateral decision making leadership style, and denial of 2019 promotion arrears to deserving workers.

It also accused management of stopping salaries of workers even before queries were issued, at the peak of COVID-19 pandemic.

Instead of addressing the Union grievances the Registrar General CAC transferred all the 25 executive and members of the Union to a new station.

Showdown

Sensitization, mobilization currently ongoing in all branches of AUPCTRE and others affiliates of NLC toward ensuring a successful picketing of CAC National Headquarters.



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Economy

NLC set to shutdown CAC Operations from Wednesday

Published

on

NLC


The Nigeria Labour Congress (NLC) have resolved to mobilize the strength of the Nigeria workforce to picket the National Headquarters of the Corporate Affairs Commission (CAC) at the expiration of 14 days ultimatum’ effective from Wednesday, February 24-26, 2021.

According to communiqué signed by Comrade Ayuba Waba NLC President, Comrade Emmanuel Ugboaja General Secretary and made available to Aluta News in Abuja on Sunday

They Apex body of the Nigeria Labour Unions has berated the management of CAC for an attempt to kill unionism in the establishment through punitive transfer of trade Union executive,withholding of workers salaries and refusal to remit statutory deductions.

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The NLC also frowned at the anti-labour practices by Alhaji Garba Abubakar Registrar General of the CAC
Recalled that the National body of AUPCTRE led by Comrade Benjamin Anthony had made frantic effort to dialogue with CAC management but failed

The CAC RG has ignored every avenue of dialogue and peaceful resolution provided by AUPCTRE which eventually led to the Apex body taking over the dispute with the hope of having amicable resolution’ but also yielded no result because the CAC RG continue to remain adamant and firm with his alleged tyrannical agenda!!

According to Aluta news, the branch Union, among other issues, accused CAC management of unilaterally restricting staff vacancies against the recommendations of the committee on the commission’s oganogram, and particularly expressed disgust at the “unjustified barring of certain categories of staff from writing promotion examination”.

It also accused management of stopping all staff loans, hasty, draconian and unilateral decision making leadership style, and denial of 2019 promotion arrears to deserving workers.

It also accused management of stopping salaries of workers even before queries were issued, at the peak of COVID-19 pandemic.

Instead of addressing the Union grievances the Registrar General CAC transferred all the 25 executive and members of the Union to a new station.

Showdown

Sensitization, mobilization currently ongoing in all branches of AUPCTRE and others affiliates of NLC toward ensuring a successful picketing of CAC National Headquarters.



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