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CBN explains reason for lifting forex restriction on 43 items

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The Central Bank of Nigeria has provided justification for lifting foreign exchange restrictions on 43 items.

On Thursday, the apex bank lifted the forex restrictions on 43 items, including rice and cement, eliciting various reactions within the financial sector regarding its potential impact.

Some applauded the decision, while others expressed concerns about potential increased imports and its impact on local manufacturers.

However, the CBN’s Corporate Communications Department released a statement on Friday, elucidating that the decision aimed to alleviate the escalating parallel market exchange rate and bring about better organization in the forex market.

CBN said it aimed to unify the forex market with flexible and transparent pricing.

“The restrictions pushed importers into the parallel market, contributing to the surplus demand for FOREX. This weakened the parallel-market exchange rate, pushing up prices.

“The CBN wants to promote orderliness and professional conduct by all Nigerian Foreign Exchange Market participants to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

“The CBN wants a unified market for FOREX with flexible and transparent pricing.

“The CBN wants to ensure price stability and is seeking to boost liquidity in the Nigerian Foreign Exchange Market. As liquidity improves, we expect the distortions to moderate”.

Speaking on the implications of the decision, CBN said it would reduce the demand for forex, thereby making the exchange rate adjust to clear the market and ensure that there is always supply.

The bank said the decision would also control inflation, especially on goods that depended on forex.

CBN added that following the decision, local manufacturers will benefit from cheaper imported inputs, just as consumers will benefit from cheaper retail products.

“It is expected that employment generation will be boosted as closed factories re-open. Price stability will benefit the economy and the standard of living in general”, the CBN stated.

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British Airways Flight Grounded in Lagos Due to Technical Fault

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– British Airways flight delayed due to technical fault
– Passengers stranded at Murtala Muhammed Airport in Lagos
– Airline apologizes and re-accommodates passengers on other flights

A British Airways flight scheduled to depart for London from Lagos was delayed due to a technical fault, causing confusion and frustration among passengers.

The flight, which was scheduled to depart at 10:50 pm on Wednesday, June 19, was eventually canceled after 1:00 am, leaving many stranded.

However, most passengers have been re-accommodated on other flights, while the remaining affected passengers have been lodged in a hotel with their meals catered for since Wednesday.

According to a passenger, the airline is working hard to book the remaining customers on a flight as soon as possible.

The Regional Commercial Manager for Nigeria and Ghana, Mrs. Tutu Otuyalo, confirmed the development and apologized for the delay.

“We have been in contact with our customers to apologize for the delay to their flight, caused by a technical issue with the aircraft,” she said. “The safety of our customers is our top priority, and we would never operate a flight unless it is safe to do.”

In addition, Mrs. Otuyalo assured that the majority of customers have been re-accommodated on other flights, and the team is working hard to book the remaining customers on a flight as soon as possible.

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Celeste Arantes, Mother of Brazilian Soccer Icon Pele, Dies at 101

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Pele
– Celeste Arantes, Pele’s mother, passes away at 101
– Pele’s eldest son, Edinho, pays tribute to his grandmother
– Arantes taught Pele the value of love and peace from a young age

Celeste Arantes, the mother of Brazilian football legend Pele, has passed away at the age of 101, her family announced in a statement on Friday.

Accordingly, Pele’s eldest son, Edinho, took to social media to pay tribute to his grandmother, saying “Rest in peace, grandma” and sharing a heartfelt photo of them together.

Moreover, Arantes gave birth to Pele when she was just 17 years old and went on to have another son, Jair, who passed away in 2020.

In a tribute to his mother on her 100th birthday, Pele wrote on Instagram, “From a young age, she taught me the value of love and peace.”

Additionally, Pele shared three photos of them together at different stages in his life, showcasing their strong bond.

 

 

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