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CBN offers $876m to fx markets, pledges more liquidity support
The Central Bank of Nigeria (CBN), has offered 876 million dollars to the foreign exchange (fx) markets to fulfil bids submitted by customers at an auction concluded on Wednesday.
This is contained in a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali.
According to her, it is the latest testament to the apex bank’s commitment to support the fx market by enhancing liquidity when necessary.
“In line with its pledge to provide transparent access to foreign exchange for all legitimate customers, the CBN’s leadership has introduced an additional mechanism.
“This is through the Retail Dutch Auction System (RDAS) to directly facilitate fx sales to end users.
“This approach aims to foster a more transparent market, reducing information asymmetry and supporting price discovery.
” It complements the two-way quote system deployed over the past few months to enhance liquidity in the interbank market.
“Through it, more than 305 million dollars of foreign exchange has been sold to authorised dealers in the last three weeks,” she said.
The director said that the CBN’s policy objectives were yielding tangible results and bolstering market confidence.
According to her, net foreign exchange flows rose to 25.4 billion dollars between January and June, marking a 55 per cent year-over-year increase.
She said that this growth had been driven by a rise in capital importation, which reached six billion dollars in June, and record inflows from diaspora remittances through formal channels.
“The foreign exchange market is also showing signs of improvement and increased depth, with more robust and diversified sources of liquidity contributing to the sustained convergence of exchange rates across all segments of the market.
“The official market recorded a turnover of 43 billion dollars in customer transactions by the end of July, with CBN-supplied liquidity representing less than five per cent of total market activities.
“The CBN remains steadfast in its commitment to fostering a transparent, market-driven foreign exchange market.
“It will also continue to strengthen the market’s capacity to meet the needs of all legitimate participants,” she said.(NAN)
Mohammed Idris, minister of information and national orientation, says media, as gatekeepers and partners in nation-building, have a crucial role to play in supporting our military’s morale by highlighting their successes and sacrifices
The minister noted the critical role of the media in shaping public perception, adding that terrorists and criminal groups often use these avenues to spread fear, propagate disinformation, and recruit followers.
He urged journalists and editors to adopt a responsible and patriotic approach to reporting these issues, by avoiding sensational headlines and refusing to serve as amplifiers of terror propaganda.
Idris stated this on Wednesday at the ministerial press briefing held at the National Press Centre in Abuja.
“The media, as gatekeepers and partners in nation-building, have a crucial role to play in supporting our military’s morale by highlighting their successes and sacrifices,” Idris said.
“We must deny these groups the undue publicity they crave. We must take them off the front pages and accurately report them as the criminals they are, without glorifying their acts or giving credence to their false narratives.
“These are not freedom fighters; they are murderers, kidnappers, and destroyers, and they must be presented as such.”
The minister also noted that federal government is “actively” investing in military capacity through the acquisition of modern equipment, enhanced intelligence, and strategic partnerships.
Idris said the press briefing series is a forum that allows ministers to update Nigerians on the key achievements, ongoing initiatives, and policy directions of their various ministries.
He commended the media for their continued support and their broader role in promoting public awareness of government initiatives.
“Through this interactive platform, which is being broadcast live on national television stations and streamed across social media platforms, we continue to demonstrate our commitment to transparency, accountability, and public engagement,” he added.
The Minister of Education, Tunji Alausa says 24 federal institutions have been powered by solar energy under the “Energising Education Project’’ of President Bola Tinubu led administration.
Alausa, who disclosed this on Wednesday in Abuja, at the Collaboration Agreement Signing Ceremony with the Vice Chancellors of beneficiary institutions added that eight more universities have signed collaboration agreements to join the fourth phase of the project.
The News Agency of Nigeria (NAN) reports that, before the signing ceremony, the minister undertook an inspection tour of the solar powered facility at the University of Abuja, now Yakubu Gowon University,
Alausa who described the project as a “new day for Nigeria” hailed the transformative initiative under Tinubu, aimed at providing uninterrupted power supply to Nigeria’s federal tertiary institutions.
He said the projects had wide-reaching benefits for education and the economy.
According to him, the University of Abuja, which now boasts of a solar farm, comprising 6,000 photovoltaic panels, is generating approximately 3.3 megawatts of electricity daily, enough to power the campus round-the-clock.
“This project brings continuous, 24-hour electricity to our institutions.
“It allows for increased academic activity, powers laboratories and libraries throughout the day and night, and improves living and learning conditions for both students and faculty,’’ he said.
The minister emphasised the economic ripple effect of the initiative, explaining how reliable electricity stimulates business within campuses.
“Any campus is a community by itself. With constant power supply, you unleash high economic activity,” he said.
The Minister explained that the project was backed by the Renewable Infrastructure Fund established by President Tinubu, to support infrastructure development across sectors.
He, therefore, challenged Vice Chancellors of universities on innovative and creative ways of sustaining the project, noting that before 2027, every tertiary institution would have renewable energy generation.
On his part, the Managing Director, Rural Electrification Agency (REA), Abba Aliyu said that the phases 1, 2, and 3 of the project have so far impacted over 600,000 students and 50,000 academic staffers.
Aliyu said that the project had also generated over 100 megawatts of electricity to power university campuses and teaching hospitals.
He said the initiative, implemented through multiple phases, had already brought solar mini-grid infrastructure to 24 federal universities across the country.
“What you are seeing here is one of our interventions in the education sector, and the aim is to ensure that universities have a sustainable and affordable electricity supply,” he said
In addition to educational institutions, he said the Universal Public Health Project, part of phase 2, had successfully delivered clean energy to two universities and two teaching hospitals.
He added that the Phase 3, which includes electrification of eight more universities and one additional teaching hospital, is near completion and set to be commissioned in the coming two months.
The News Agency of Nigeria (NAN) reports that the eight new beneficiary institutions include: Ahmadu Bello University, Zaria, University of Nigeria, Nsukka, and Federal University, Wukari, Taraba state.
Others are Federal University Dutse, University of Benin, University of Ibadan, Obafemi Awolowo University, Ile-Ife and University of Lagos. (NAN)
A pro-democracy group, the Progressive Group for Democracy (PGD), has called on President Bola Tinubu to intervene and stop local government officials in Lagos State from pursuing unconstitutional third terms in upcoming council elections.
The group alleges that officials in Agbado Oke-Odo and Ikosi Isheri Local Council Development Areas (LCDAs) are exploiting legal loopholes to extend their tenures, in violation of Nigeria’s Constitution.
Speaking at a press conference in Abuja on Tuesday, PGD National Coordinator Aladesanmi Abiodun Salawu described the move as a “clear violation” of constitutional provisions and a threat to Nigeria’s democracy.
He invoked President Tinubu’s historical opposition to tenure elongation, referencing the president’s fierce resistance to former President Olusegun Obasanjo’s third-term bid in the early 2000s.
“As a pro-democracy group, we are reminded of President Tinubu’s fierce opposition to Obasanjo’s third-term agenda. President Tinubu stood firmly against constitutional manipulation then. Where is the president’s voice now?” Salawu asked.
The PGD alleges that the officials in question assumed office following the deaths of elected chairpersons, took oaths of office, and later won full terms in subsequent elections.
“Their current bids for re-election, the group argues, constitute an unconstitutional third term. Salawu cited the Fourth Alteration to the Constitution, signed into law by former President Muhammadu Buhari in 2018, which prohibits individuals from seeking a third term after completing a predecessor’s tenure and winning a subsequent election.
“Today, we stand at a very dangerous crossroads. The same anti-democratic forces that our heroes fought against during the June 12 struggle are re-emerging in Lagos State,” Salawu said.
“In Agbado Oke-Odo and Ikosi Isheri LCDAs, we are witnessing a calculated attempt to normalise constitutional violations through the backdoor.”
The group also criticised Lagos State Governor Babajide Sanwo-Olu, accusing him of complicity due to his silence on the issue. “As the chief security officer of Lagos State, (Sanwo-Olu)has a constitutional duty to uphold the rule of law. His silence is not just concerning; it is complicity,” Salawu said.
The PGD urged President Tinubu to publicly denounce the third-term bids and called on the Attorney General of the Federation to issue an advisory on term limits for local government administrations.
It also demanded that the Lagos State Independent Electoral Commission (LASIEC) disqualify candidates seeking unconstitutional terms.
“These individuals in Agbado Oke-Odo and Ikosi Isheri LCDAs must withdraw their candidacy immediately. We are not making a request; we are stating what the constitution already mandates,” Salawu declared.
The group vowed to challenge the alleged violations through legal means, including mobilising civil society, approaching the courts, and organising peaceful protests if necessary.
“The Lagos Society for Good Governance will utilise every legal means available to challenge this dangerous precedent,” Salawu added.