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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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NiDCOM Chief Applauds Interior Ministry’s Passport Upgrades

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Nigerians in Diaspora Commission (NiDCOM) has commended the Ministry of Interior, led by Hon. Olubunmi Tunji-Ojo, for implementing groundbreaking changes to streamline passport application and collection for Nigerians abroad.

Hon. Abike Dabiri-Erewa, the Chairman/CEO of NiDCOM, expressed gratitude for these advancements, noting, “Nigerians abroad have long awaited improvements in accessing passport services.

This revolution in the application and collection process is a much-needed change that will ease the burden on our citizens globally.”

Dabiri-Erewa underscored NiDCOM’s dedication to aiding these reforms through widespread advocacy and awareness campaigns.

“Advocacy is at the heart of NiDCOM’s work. We are prepared to collaborate fully with the Ministry of Interior and the Nigeria Immigration Service to ensure that Nigerians in the Diaspora are well informed about these developments and continue to be a bridge between Nigeria and its diaspora,” she said.

Minister of Interior Hon. Olubunmi Tunji-Ojo responded by highlighting the Ministry’s commitment to fostering a strong partnership with NiDCOM and the Nigeria Immigration Service.

He proposed a Tripartite Memorandum of Understanding (MoU) to formalize and strengthen this collaboration.

“Our goal is to ensure effective communication and engagement with Nigerians abroad. We are looking forward to strong collaboration, particularly in advocacy and sensitization, to make these reforms successful,” Tunji-Ojo emphasized.

The new Contactless Biometrics system is designed to make passport renewals more convenient. Benefits include reducing the need for long-distance travel, eliminating accommodation expenses, and cutting down on work absences. This option is specifically available for passport renewals and applicants over 18.

The service launched on November 1 in Canada, with plans to extend to the United States on November 15. By December 1, it will be available worldwide, providing greater accessibility for Nigerians across the globe.

 

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Suspects Faked Court Fainting for Drama — IG

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Inspector-General of Police Kayode Egbetokun has revealed that the courtroom fainting episodes involving six suspects before their arraignment were intentionally staged to gain negative publicity.

Egbetokun emphasized that medical assistance was immediately given, highlighting the police force’s dedication to ensuring the well-being of all individuals in its custody.

On Friday, 76 suspects—many of them minors appearing visibly undernourished—were brought to court in connection with the #EndBadGovernance protest. During the session, six suspects collapsed and had to be carried out for urgent care.

Despite the drama, the court set bail for each minor at N10 million, sparking widespread criticism, both at home and abroad.

In a statement dated November 1 and signed by Force Spokesperson Muyiwa Adejobi, the Inspector-General underscored that anyone who has reached the age of criminal responsibility must answer for their actions under Nigerian law, regardless of their age.

Egbetokun stated, “Today, an unexpected incident in court saw six of the suspects suddenly rush out and faint, drawing media attention in a deliberate and scripted manner to attract negative attention.

“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.”

 

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