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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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Run Away From Pastors Who Convert Church Offerings To Personal Use — Dr Chris Okafor

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Founder and senior pastor of the Grace Nation Church International, Dr Chris Okafor has advised christians to run away from pastors who convert church offerings to personal use.

The well known cleric was unapologetic in a recent Sunday worship service as he laid into pastors who spent church monies without having a care about the consequences of such brazen indiscretions.

He told a full house of worshippers in a service which also climaxed the women’s convention that held all week in the month of August that christians who tarried in churches where such unwholesome breaches of God’s statutes were practised were living dangerously as they are as liable as the offending ministers themselves.

“Run away from churches where pastors ‘eat’ the offering because it is a dangerous place to be in,” Dr Okafor said.

“Converting church monies to personal use is actually inviting death. Death in the sense that church money is God’s money held in trust that is being breached when a pastor who is supposed to be accountable as a servant in His vineyard dips his hands in the till. And God does not take kindly to persons who take things they are not permitted to take.

“In more than 20 years in ministry, I have never taken, asked to be taken or spent money that belongs to our church, Grace Nation. As a matter of fact, the church’s cheque book is not in my hands. I don’t touch church money, and I don’t ask the church to pay me salary as well.

“This is the standard I have stuck with in more than two decades of active work and walk with God. And to tell you the truth, I have been better for it because God pays my bills.

“So, am telling christians everywhere not to tarry a second longer in any church where the pastor or the general overseer spends the church money as if he owns it. The scripture cannot be broken. Jesus Christ, we are told, is the head of the church. We who serve Him as ministers are accountable to Him. The money people bring as offering to God in His church is for Him and not any pastor, apostle, evangelist or prophet. It is solely for God,” he added.

He would also mock the folly of some pastors who continue to publicly discredit the practice of tithing in order to seek human validation, insisting that they lacked understanding.

“Some pastors have continued to undermine the practice of tithing that God expressly commanded in His word, the Bible. They have continued to advance all kinds of reasons why it is not necessary to pay tithe. But I want to ask, what happened to the tithe they earlier received from members of their various congregations before their newfound discovery? I am yet to see any one of them giving back the tithes they collected before they happened on the new discovery that made tithing obsolete.

“So, my warning to christians who attend churches where the pastor does not pay tithe is to flee because they will end up just as stagnated as the pastor is. Every boss has a boss. This means a pastor must have a father who mentored him. My advice to believers in Christ Jesus is to avoid having anything to do with any pastor that does not have any one he proves sonship to.

“Then, again, I will say this. Like the priest, like the people. Any church that people don’t willingly give, check it very well. It is the problem of the priest who either does not practise covenant principles or arbitrarily spends church money on his personal desires, than on God’s.” he said.

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Presidential Spokesman Goes On Indefinite Leave of Absence

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Ajuri Ngelale, Special Adviser to President Bola Tinubu on Media & Publicity, has announced an indefinite leave of absence.

This decision comes after consulting with his family due to a worsening medical situation at home. Ngelale submitted a memo to the Chief of Staff on Friday, notifying him of his leave.

Ngelale’s leave affects his roles as Special Presidential Envoy on Climate Action and Chairman of the Presidential Steering Committee on Project Evergreen.

He expressed hope to return to full-time national service when circumstances permit. The leave of absence takes effect immediately, with no specified date for his return.

“I look forward to returning to full-time national service when time, healing, and fate permit,” Ngelale said. He respectfully asked for privacy for his family during this challenging time.

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