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CBN reacts to alleged plan to crash exchange rate to N1.25 kobo

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The Central Bank of Nigeria (CBN) has denied an alleged plan to introduce a new naira policy that will crash the dollar exchange rate to N1.25 kobo.

A report circulating online claimed that the CBN was mulling a new FX policy which is scheduled for November 2023 and will “better anchor inflation expectations and make for easier conversion to other major currencies”.

Even more, the unconfirmed report said the policy will “reverse the tendency for currency substitution” as well as “eliminate higher denomination notes with lower purchasing power”.

However, in a statement on Wednesday, September 13, the apex bank described the publication as false.

It tweeted:

“The Central Bank of Nigeria would like to bring to your attention that the attached message currently circulating on social media is false and should be disregarded.”

Recall that the CBN had asked deposit money banks (DMBs) to stop utilising gains from the revaluation of the naira to pay dividends or finance operations.

As noted by the financial institution, a review of the foreign exchange (FX) regime change showed the banks are in a position to profit from the policy because of its potential to significantly increase the naira value of banks’ foreign currency (FCY) assets and liabilities.

It gave the directive in a letter, titled: ‘Impact of Recent FX Policy Reforms: Prudential Guidance to the Banking Sector’, which was dated September 11, 2023, and signed by Haruna Mustafa, CBN’s director of the banking supervision department.

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Nnamdi Kanu seeks negotiation with FG over trial

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Nnamdi Kalu
– Nnamdi Kanu seeks negotiation with FG over ongoing trial
– Kanu’s lawyer moves two applications before the Federal High Court
– FG’s counsel says defendant should approach Attorney General for negotiation

Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), has expressed willingness to negotiate with the Federal Government over his ongoing trial.

Through his counsel, Alloy Ejimakor, Kanu informed the Federal High Court in Abuja of his intention to seek negotiation under Section 17 of the Federal High Court Act.

Ejimakor had earlier moved two applications before the court, including one objecting to the jurisdiction of the court. If the applications are denied, Kanu’s lawyer plans to invoke Section 17, which promotes reconciliation and amicable settlement among parties.

Meanwhile, the Federal Government’s counsel, Adegboyega Awomolo, stated that the defendant should approach the Attorney General of the Federation for negotiation.

Justice Binta Nyako, the presiding judge, clarified that the court’s role is to hear cases, not to solicit negotiations. Kanu has been in DSS custody since June 2021, facing terrorism-related charges levelled against him by the government.

His lawyer’s latest move may signal a potential shift in the case’s trajectory.

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30,000 Students to Benefit from FG’s Interest-Free Loan Scheme

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– Over 30,000 students selected for federal government’s student loan scheme
– Scheme aims to support underprivileged students in pursuing higher education
– Loan is interest-free and does not require a “godfather”

The federal government’s student loan scheme has selected over 30,000 students to benefit from the initiative.

This was announced by Senate President Godswill Akpabio during a visit to the Nigeria Institute of Legislative and Democratic Studies in Abuja.

Akpabio praised the student loan bill, signed into law by President Bola Tinubu, for enabling vulnerable Nigerian students to access higher education without financial burdens.

He expressed his personal admiration for the bill, stating it is one of the most important bills passed by the 10th National Assembly.

The Nigerian Education Loan Fund (NELFUND) has assured the public that every eligible Nigerian student will benefit from the interest-free loan program.

Thee application process will be open, fair, and transparent, without requiring a “godfather,” according to Dr. Fred Femi Akinfala, NELFUND’s Executive Director of Finance and Administration.

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