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CBN Moves To Stabilise Naira

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The Central Bank of Nigeria has said it is set to take new measures to stabilize the naira against the dollar.

Acting Governor of the CBN, Folasodun Sonubi disclosed this to State House Correspondents after briefing President Bola Tinubu on the bank’s plan to halt the slide on Monday at the State House.

He said President Tinubu expressed his concern about the impact of recent developments in the foreign exchange market, particularly on ordinary citizens.

He said: Mr President is very concerned about some of the goings on in the foreign exchange market. One of the things we discussed is what could be done to stabilise and what could be done to improve the liquidity in the market and also the goings on in the various other markets, including the parallel market.

“He’s concerned about its impact on the average person, since, unfortunately, a lot of activities that we do, which are purely local, are still referenced to exchange rates in the parallel market.

“We’ve discussed and I’ve shared with him what we’re doing to improve supply. If you look at the official market, you’ll find that that market has been fairly stable and the spreads of the difference have not fluctuated as much.

“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply, but are touched by speculative demand from people.

“Some of the plans and strategies, which I’m not at liberty to share with you, means sooner rather than later, the speculators should be careful because we believe the things we’re doing, when they come to fruition, may result in significant losses to them.

“But my presence here is more about the concerns the President has and his needs to know that we are doing something about it, assurances of which I have given him totally.

“So I hope this helps. We are looking at it and we’re doing things which will significantly impact the market in a few days time and we will all see it.

“The intention is to ensure the environment operates at a level that’s more efficient, but also that is also very reasonable and does not have a negative impact to the best that we can on the lives of the average person.”

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News

FG Clarifies Renaming of Murtala Muhammed Expressway

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Minister Of Information
– FG denies renaming Murtala Muhammed Expressway after Wole Soyinka
– New road inaugurated by President Tinubu named Arterial Road N20
– Murtala Muhammed Expressway remains unchanged

The Federal Government has dispelled rumors that the Murtala Muhammed Expressway in Abuja was renamed Wole Soyinka Way.

The government clarified that the renaming of the expressway was never considered by the current administration.

Instead, a new road was inaugurated by President Bola Tinubu on June 4, 2024, which was named Arterial Road N20.

This new road connects the Outer Northern Expressway to the Northern Parkway and was named after Prof. Wole Soyinka.

The confusion arose from a proposal by the FCT Minister, Nyesom Wike, during the inauguration, which was approved by President Tinubu. ”

The government emphasized that the Murtala Muhammed Expressway remains unchanged, honoring the legacy of the former Head of State, Gen. Murtala Ramat Muhammed.

Therefore, the Arterial Road N20 is named after Prof Soyinka.

The Murtala Muhammed Expressway remains unchanged, the government stressed.

 

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Rivers State on Edge as Youths Storm LG Headquarters Amid Tenure Crisis

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Rivers State Governor
– Tension rises in Rivers State as youths occupy LG headquarters
– LG chairmen refuse to vacate office despite expiration of tenure
– Police deploy security operatives to maintain peace

Tension mounted in Rivers State on Monday as youths occupied the Degema Local Government Area headquarters, demanding that the council chairmen vacate office.

The youths, who were seen singing war songs, barricaded the entrance and vowed to remain until Wednesday.

The crisis follows the expiration of the tenure of local government chairmen in the state, with the chairmen refusing to step down citing a new law passed by the state House of Assembly.

The law empowers them to extend their tenure by six months, a move opposed by Governor Siminalayi Fubara.

In a similar development, youths stormed the Asari-Toru Local Government Area headquarters, occupying the building and vowing to resist any attempt by the council chairman to remain in office.

The situation was tense but peaceful, with security operatives deployed to maintain order.

Meanwhile, the outgoing chairman of Eleme LGA, Obarilomate Ollor, warned those eager to throw him out of office not to come close to the council, threatening to unleash terror on such invaders. “Some people are ganging up, they want to use force to enter into the local government, If you go there against the law, what you will see you will not believe it.”

The police have urged everyone to maintain peace in the state, with the spokesperson, Grace Iringe-Koko, saying “Our men were on a show of strength this morning. We are still monitoring the situation.”

 

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