Connect with us

News

CBN Governor, Cardoso calls for stronger economic ties with middle east

Published

on

Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has called for stronger economic ties with the Middle East and the Nigerian diaspora community in the region.

Mr. Cardoso made the call during a meeting with Talal Al-Humond, the Assistant Governor for Monetary Affairs, Saudi Arabia Central Bank.

It was on the sideline of the just-concluded inaugural Conference on Emerging Markets Economies organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh.

Cardoso in a statement by issued by CBN’s Corporate Communications Department on Monday in Abuja, said there were lessons to be learnt from Saudi Arabia in terms of infrastructure development and tourism.

According to him, Saudi Arabia’s dedication to diversifying its economy through innovative environmental projects, large-scale transformation, and tourism investment is essential for development.

He also reaffirmed his dedication to collaborating with the Nigerian Diaspora community in the Middle East to improve remittance flows and strengthen Nigeria’s financial sector.

He said that the CBN would continue enhancing macroeconomic fundamentals to establish an enabling environment that would facilitate the growth of the private sector and the generation of high-quality jobs.

Meanwhile, during a panel discussion, Cardoso cited reforms in the financial markets that addressed distortions in the Nigerian foreign exchange market.

He said that the market had previously experienced a gap of up to 60 per cent between the official and parallel market exchange rates.s

Cardoso said that due to consistent policy direction, improved market confidence, and enhanced transparency in forex trading, the gap had significantly narrowed to approximately about five per cent.

ALSO READ:  Senate Criticizes Accusations of a 'Satanic' Plot to Impeach Akpabio

He highlighted the adoption of an electronic matching system to improve transparency in the market.

The CBN governor said that there was also the newly introduced foreign exchange code of ethics, which all Nigerian banks signed to ensure adherence to market rules.

“As a result of these measures, the country’s foreign reserves have exceeded 40 billion dollars, marking the highest level in nearly three years.

“Nigeria has faced significant economic challenges, including capital flow exits, multiple exchange rate regimes, currency depreciation, high inflation, and a backlog of foreign exchange transactions.

“They led to a loss of confidence in the country’s currency, ” he said.

Talal Al-Humond assured the CBN governor that the Saudi Central Bank would work with him to ensure the attainment of mutually beneficial objectives.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

FCT Minister Wike, Emir Ado Bayero Image Sparks Reactions On Social Media

Published

on

A striking image of the dethroned Emir of Kano, Alhaji Aminu Ado Bayero, engaged in an intense discussion with FCT Minister Nyesom Wike has sparked widespread speculation.

Could this meeting signal a political manoeuvre or a bid for influence in Abuja’s corridors of power?

A recently surfaced image of Alhaji Aminu Ado Bayero, the deposed Emir of Kano, deep in conversation with the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has ignited a firestorm of reactions on social media. The picture, circulating widely, has led to intense debates about its political implications.

Renowned political analyst Shehu Mahdi took to social media platform X to share his enigmatic reaction:

“YOUR GUESS COULD BE CORRECT: What comes to your mind on seeing this picture? Politics? Justice on the plate? Saving grace away from home? Seeking refuge?

How the mighty have fallen? Spirit dancing to the devil? End of the game? Casualty on the way? Another sole administrator?”

This cryptic message has only fuelled speculation, leaving many to wonder whether the meeting was a strategic move by Ado Bayero to reclaim his throne or if it was simply a routine discussion.

Following his dethronement, Ado Bayero’s future remains uncertain, and many believe his meeting with Wike was not a mere coincidence. Wike, a seasoned political strategist with strong ties to the current administration, is known for his calculated moves. The timing of this encounter suggests that something significant could be unfolding behind closed doors.

Sources close to the situation indicate that the former Emir may be exploring legal and political avenues to challenge his removal. Others speculate that he could be negotiating a favourable political settlement, ensuring that his influence remains intact despite losing the throne.

ALSO READ:  Senate Presidency: Group Congratulates Akpabio, Jibrin over APC endorsement

Wike’s role in this saga cannot be overlooked. As a key figure in the government, he wields significant influence in the nation’s political landscape. Given his history of bold and strategic decisions, his meeting with Ado Bayero is bound to raise eyebrows.

Is Wike offering support, or is he merely playing a neutral role in the unfolding drama? Some political analysts argue that the discussion could be an attempt to align interests, especially if Ado Bayero seeks federal backing to mount a legal or political challenge against his dethronement.

Shehu Mahdi’s cryptic statement has left many wondering whether there are deeper forces influencing Kano’s leadership crisis. Could external players be pulling the strings behind the scenes? His reference to “justice on the plate” and “casualty on the way” hints at the possibility of larger forces at work, shaping the destiny of Kano’s traditional institution.

As speculation continues to mount, only time will reveal the true purpose of this meeting.

For now, the nation watches closely, waiting to see if this encounter will alter the political landscape in Kano and beyond.

Continue Reading

News

Fire guts 1-storey building in Lagos

Published

on

Lagos State Emergency Management Agency (LASEMA) has confirmed that a one-storey building at Alapere area of the state was gutted by fire.

The Permanent Secretary of LASEMA, Dr Olufemi Oke-Osanyintolu, said this in a statement made available to the News Agency of Nigeria (NAN) on Sunday in Lagos.

According to him, the agency received distress calls at about 8:55 a.m. regarding the incident at No. 16B, Agidi Road, Osogun Bus Stop, Alapere.

He said LASEMA activated the state’s Emergency Response Plans from its Command and Control Centre in Alausa, Ikeja.

“Upon arrival at the scene, LASEMA discovered that the upper floor of a one-storey building, comprising four self-contained apartments, had been engulfed by fire.

“Fortunately, the inferno did not spread to the ground floor of the building,” he said.

Oke-Osanyintolu said preliminary investigations revealed that the fire originated from one of the kitchens due to an electrical power surge, which rapidly spread to other parts of the apartment, causing significant damage.

“No casualties or fatalities were recorded in the incident.

“The LASEMA Response Team, in collaboration with the Lagos State Fire and Rescue Service, successfully contained and extinguished the fire.

“Necessary safety precautions were implemented to prevent further spread and secondary incidents, while search and rescue operations confirmed that no individuals were trapped,” he added.

He stated that while the affected apartment suffered substantial structural and material losses, the lower floor remained intact.
“The incident has been brought under control, and the inferno has finally been put off. Operation activities have been concluded,” he said. (NAN)

ALSO READ:  Senate Criticizes Accusations of a 'Satanic' Plot to Impeach Akpabio
Continue Reading

News

Policeman goes ‘berserk’, shoots 3 in Cross River

Published

on

A police Inspector, Effiong Bassey, suspected to have gone berserk, has shot three persons in Calabar, the Cross River State capital.

The Cross River State Police Command confirmed the incident in a statement on Sunday.

According to the Command’s spokesperson, Ugbo Irene, the incident happened in the early hours of Sunday at the Divisional Police Headquarters in Atakpa, Calabar.

She said Bassey “returned from his night duty at Ekondo Microfinance Bank and began to exhibit abnormal behaviour.”

“Inspector Bassey refused to hand over the AK-47 rifle he was assigned and instead proceeded to block the station’s gate, preventing anyone from entering or leaving the premises. Despite attempts at peaceful dialogue to resolve the situation, the officer’s actions escalated,” the statement read.

“Subsequently, Tactical Units/Patrol teams were deployed to the scene, where Inspector Bassey, suspected to be mentally deranged, opened fire on bystanders who had been instructed to leave the area.

“Tragically, three individuals were struck by the officer’s stray bullets, including Ijeoma Wilson Obot, a 41-year-old female, who later succumbed to her injuries. The other two victims, Charles Mkpang and another individual, are currently receiving medical treatment and are in stable condition.”

The Command’s spokesperson stated that the officer was eventually subdued, disarmed, and is now in police custody, adding that he is undergoing further investigation into the incident.

Worried by the incident, the Assistant Inspector General of Police, Zone 6 Headquarters, Calabar, and the Cross River State Command Management Team visited the hospital where the victims were receiving care.

At the hospital, the AIG made a donation to support the immediate treatment of the injured.

ALSO READ:  Niger Delta Youths commend Interior Minister over automated passport registration

The Command explained that police authorities were engaging with key stakeholders to ensure that the tension in the community is de-escalated.

It also called on the families of the victims and the public to remain calm as the investigation into this unfortunate incident continues.

“The Cross River State Police Command is committed to ensuring that justice, fairness, and equity prevail, and the outcome of the investigation will be made public in due course.

“We extend our deepest condolences to the family of the deceased and wish the injured a speedy recovery,” the statement said.

Continue Reading