Naira Recovery Now Tackle Inflation - BDCs
The Association of Bureaux de Change Operators of Nigeria (ABCON) announced that the recovery of the naira has resulted in a relative decrease in prices across the country. ABCON President Aminu Gwadebe attributed this recovery to the Central Bank of Nigeria's decision to allow Bureaux de Change to operate in the foreign currency market, reversing a ban implemented in July 2001. Gwadebe highlighted that this move, along with other monetary policy adjustments, has boosted dollar liquidity and contributed to a stable exchange rate, leading to reduced costs in various sectors such as international school fees (down 15%), medical tourism (down 20%), and airfares (down 25%). He emphasized the importance of a stable naira in attracting foreign portfolio inflows and commended the CBN's recognition of BDCs' role in achieving exchange rate stability. Gwadebe noted positive prospects for forex earnings, citing increased foreign portfolio investments following a recent interest rate hike by the Monetary Policy Committee.
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Lawmakers Urged to Amend NDDC Act
Legal expert Ebun-olu Adegboruwa, SAN, urged the National Assembly to amend the Niger Delta Development Commission Establishment Act due to its shortcomings. Speaking at the commission's Directorate of Legal Service retreat in Lagos, he highlighted the need for clarification on board appointments and performance improvement, particularly in addressing abandoned projects. Adegboruwa emphasized the necessity of specifying the appointment process for the managing director, advocating for fairness among oil-producing states. He also called for enhanced staff welfare. Stephen Ighomuaye, the NDDC's Director of Legal Services, underscored the importance of training to bolster the legal service unit's effectiveness in addressing regional challenges.
Ondo guber: Fresh crisis looms in APC over anointing of aspirants
As the primary election approaches for the Ondo State governorship election, the All Progressives Congress (APC) is facing internal discord over the choice of favored candidates. Despite efforts by the national leadership to prevent a repeat of the crisis in Edo State, divisions have emerged over anointing candidates and internal power struggles. The presidency's alleged backing of the incumbent governor has sparked tensions within the party, with some members opposing this arrangement. Concerns over the validity of petitions against the governor and clashes between party organs further exacerbate the brewing crisis. While 10 aspirants have purchased nomination forms, managing rifts within the party and addressing grievances from dissenting aspirants pose significant challenges.
No regrets criticising Kaduna gov, says suspended women leader
Maryam Suleiman, the suspended Women Leader of the All Progressives Congress (APC) in Kaduna State, expressed no regrets over her criticism of Governor Uba Sani. Despite her indefinite suspension by the party, she remained steadfast, considering it an act of God. Suleiman had openly criticized Governor Sani for blaming his predecessor, Nasir El-Rufai, for the state's financial challenges. The Kaduna APC leadership cited party constitution Article 21, 2 (v) for her suspension. Suleiman, however, stated she had not received any official communication regarding her suspension and stood by her remarks, asserting that Governor Sani's actions amounted to betrayal. She emphasized El-Rufai's support in Governor Sani's political journey and cautioned against antagonizing him.
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