News
Presidency Urges Currency Speculators to Dump Dollars as Naira Optimism Peaks
Nigeria’s naira currency has seen a recent decline against major currencies like the dollar, plummeting from $1 to N1,500 in the parallel market.
Despite this, the Central Bank of Nigeria (CBN) has taken significant strides to address the issue, including clearing the country’s FX backlog inherited from the previous administration.
In response to these developments, presidential aide, Bayo Onanuga expressed optimism about the naira’s prospects, emphasising that the resolution of the backlog will pave the way for further appreciation.
“With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears,” Onanuga stated via his X handle late Wednesday.
Onanuga’s statement echoes sentiments following the CBN’s announcement of clearing $7 billion in foreign exchange backlog.
According to the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, an independent auditing firm, Deloitte Consulting, was engaged to assess the transactions, ensuring that only legitimate claims were honored.
“Any invalid transactions were referred to the relevant authorities for further investigation,” she clarified.
The Nigerian government has intensified efforts to stabilise the forex market, cracking down on forex speculators and Bureau de Change operators in recent months. Last year, the CBN announced the cessation of the “segmentation” of forex markets, consolidating transactions into the “Investors and Exporters” category.
Also, the naira’s trading mechanism has undergone a shift towards a “willing buyer, willing seller” market rate, abolishing regulated rates against the US dollar and other currencies.
“All segments are now collapsed into the Investors and Exporters window,” the CBN statement posted on its website highlighted.
These reforms are part of a broader agenda led by President Bola Tinubu, aimed at revitalising Nigeria’s economy, Africa’s most populous nation.
Tiinubu’s administration has promised comprehensive reforms to stimulate economic growth and stability, signaling a proactive approach to address currency challenges and promote investor confidence.
Chairman of the House of Representatives Committee on Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni has expressed deep sorrow over the passing of former Oyo State Governor, Dr. Omololu Olunloyo, describing his death as a monumental loss to the people of Oyo State and Nigeria at large.
In a condolence message made available to the press on Sunday, in Ibadan by his media aide, Idowu Ayodele, the lawmaker eulogised the late elder statesman as a distinguished scholar, consummate public administrator, and one of Nigeria’s most intellectually gifted leaders whose legacy would continue to inspire generations.
Dr. Olunloyo, who served as governor of Oyo State during the Second Republic, was reported dead at the age of 89. He was widely respected for his brilliance, administrative acumen, and unmatched depth in mathematics and public discourse.
Oseni noted that the late governor’s contributions to the development of Oyo State, particularly in the areas of education, governance, and intellectual engagement, are indelible footprints in the sands of time.
“We have lost a gem. Dr. Olunloyo was not just a leader, he was a father figure and a repository of wisdom. His demise is a personal loss to me and all lovers of progress and excellence in our society,” he stated.
While commiserating with the Olunloyo family, the people of Ibadan, and the entire Oyo State, he prayed for the peaceful repose of the departed soul and urged all to take solace in the rich and impactful life he lived.
Member representing Ibarapa East/Ido Federal Constituency in the House of Representatives and Chairman, House Committee on Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni has extended his heartfelt congratulations to Chief Sulaimon Ajeniyi Ajewole and other members of the Central Council of Ibadan Indigenes (CCII) executives on their re-election.
Chief Ajewole was returned as the President-General of the apex Ibadan socio-cultural association, alongside other members of the executive council, who were all given the mandate to continue piloting the affairs of the association for another two-year term.
In a congratulatory message issued through his media aide, Idowu Ayodele, Oseni described the re-election of the Ajewole-led team as a reflection of the trust and confidence reposed in their leadership by the Ibadan indigenes at home and in the diaspora.
He commended the CCII leadership for its unwavering commitment to the progress, unity, and cultural advancement of Ibadanland while expressing optimism that the renewed mandate would further propel the association to greater heights.
“The re-election of Chief Ajewole and his team is not only a testament to their sterling performance over the last term but also an affirmation of their capacity to continue serving the interest of Ibadan indigenes. I extend my warmest congratulations and best wishes for a more impactful tenure,” he said.
The lawmaker further assured the CCII of his continued support for any initiative geared towards the development of Ibadanland and the preservation of its rich heritage.
The CCII is renowned for its pivotal role in mobilising Ibadan sons and daughters towards the socio-economic development of the65 ancient city and beyond.
The political and academic communities in Nigeria were thrown into mourning on Sunday following the death of Dr. Victor Omololu Olunloyo, a former governor of the old Oyo State.
Dr. Olunloyo, a distinguished mathematician, seasoned politician, and elder statesman, died in the early hours of Sunday after reportedly battling age-related ailments. He was aged 89 and would have clocked 90 in about three months.
Born into the aristocratic Olunloyo family of Ibadan, the late statesman made history in 1983 when he was elected governor of the old Oyo State under the platform of the National Party of Nigeria (NPN). His tenure, however, was short-lived as the military coup of December 1983 abruptly ended the Second Republic and consequently his time in office.
Known for his brilliance and sharp intellect, Olunloyo was widely regarded as the first and only individual to have ruled Ibadan as a distinct administrative unit before the restructuring of states in Nigeria.
A family source who confirmed his passing described his final weeks as a period of intense struggle with age-related health complications.
“The family is currently in mourning and will make burial arrangements public in due course,” the source said.
More details to follow…
-
Politics1 week agoRep Oseni Congratulates Oyo APC Chairman, Others on Federal Board Appointments
-
Politics1 week ago
SDP North-West Disputes El-Rufai’s Membership Claim
-
News1 week ago
Eid-ul-Fitr: Oseni Urges Muslims to Uphold Ramadan Virtues, Calls for National Unity
-
News1 week ago
Olugbon, Olori Mourn Abisola Kola-Daisi, Commiserate with Ajimobi, Kola-Daisi Families
