Connect with us


BIG STORY

CBN Removes N463/$ From Website, Quotes I&E Window’s N632.77

Published

on

New exchange rates from the investors and exporters (I&E) window have replaced the outdated exchange rate listed on the Central Bank of Nigeria’s (CBN) website.

As of June 15, 2023, the bank quoted N632.77 per dollar from the I&E window, stating this as the rate “as at Wednesday, June 14, 2023”.

According to the apex bank, the British pound is quoted to be equal to N799.75, from N581.52 the day before the float. Euro is quoted to have gone from N498.94 before the float to N683.48 “as at June 14, 2023”.

On Wednesday, the CBN issued a circular to the effect that all exchange rates in the country will now follow the “willing buyer, willing seller” arrangement at the I&E window.

“The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places,” the circular read.

The policy brief, which was signed by Angela Sere-Ejembi, director of CBN financial markets department, suggests that the CBN will continue to quote the “weighted average” rate of the transactions from the previous day at the trading window.

Godwin Emefiele, the recently suspended governor of the CBN, announced the introduction of the I&E window to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all forex transactions.

In 2021, the CBN also ditched its own official rate to adopt rates on the I&E window.

BIG STORY

JUST IN: President Tinubu Swears In Kekere-Ekun As Substantive CJN

Published

on

President Bola Tinubu has sworn in Kudirat Kekere-Ekun as the substantive Chief Justice of Nigeria (CJN).

The swearing-in ceremony took place at the council chambers of the Aso Rock villa on Monday following her confirmation by the senate last week.

Kekere-Ekun, Nigeria’s 23rd CJN and the second female to hold the position, had been serving in an acting capacity since the retirement of Olukayode Ariwoola in August.

During her senate confirmation hearing, Kekere-Ekun discussed her plans for judicial reforms, including the digitization of the courts to improve case tracking and ensure judges handle cases expeditiously.

She also emphasized the use of virtual hearings, particularly in criminal matters, to reduce delays and help with prison decongestion.

 

More to come…

Continue Reading

BIG STORY

Over 40% Of Nigerians Now Enjoy 20 Hours Of Daily Electricity Supply — Power Minister Adelabu

Published

on

Adebayo Adelabu, minister of power, says more than 40 percent of Nigerian electricity consumers now enjoy over 20 hours of regular supply daily.

The milestone was revealed during a review of the ministry’s achievements over the past year as part of the country’s Independence Day celebrations.

In a statement on Sunday, Adelabu attributed the progress to several “revolutionary measures” implemented with the support of President Bola Tinubu’s administration.

He said the ministry’s initiatives are aligned with the president’s renewed hope agenda, which aims to enhance industrialisation through consistent power supply.

“The major achievement is the fact that today we generate over 5,500 megawatts of power, we transmit and distribute it, and over 40% of customers today enjoy over 20 hours of regular power supply across the nation,” Adelabu said.

“You can see that there is a significant improvement between when we came in and now, which we intend to improve further.”

Adelabu said the ministry is striving to enhance this achievement by the end of the year, as reliable power supply is one of the key campaign promises of the president.

He stressed the critical role of stable electricity in developed nations, linking it to economic success.

“This is why you see great economies like Korea, China, Europe, and North America industrialised today. Their stability in electricity supply has been instrumental to their economic growth and industrial development,” he said.

“That is why we say that we must achieve this for Nigeria as a country. We need to achieve the requisite economic growth and industrial development.”

Adelabu said the ministry’s vision is to provide reliable and affordable electricity to households, businesses, and institutions. This, he said, will enable the country achieve the desired economic growth and industrial development.

Reflecting on the ministry’s progress since the inception of the administration, the minister said the installed generation capacity has increased from 13,000 megawatts to over 14,000 megawatts. He said this was made possible by the addition of new hydroelectric power plants and improvements in existing facilities.

Adelabu outlined several key reforms, including the signing of the new Electricity Act 2023, which decentralises power generation, allowing subnational governments to participate in the electricity market. He said the liberalisation of the sector has paved the way for private sector to also participate in the electricity supply industry.

In the infrastructure space, the minister highlighted the successful commissioning of 10 power transformers and mobile substations under the presidential power initiative. He also acknowledged ongoing efforts to close the metering gap, noting that over 7 million Nigerian households are still without meters.

“Within a year, we completed the pilot phase of this project, which involved importing 10 power transformers and 10 power mobile substations. They have arrived; we have installed them, and we have commissioned them,” the minister said.

“Therefore, the electricity stability that we enjoy today is not by accident. It’s because of all these transformers and mobile substations that we commissioned and installed.”

“There is the issue of the meter gap that we have. We all know that out of almost 13 million customers that we have in the industry, over 7 million customers are still without meters and are on estimated billing.”

“We said this is not the way to go. We must correct this, which is why President Bola Ahmed Tinubu set up the Presidential Metering Initiative, which has the mandate of installing over 10 million meters within the next five years, at least 2 million meters on a yearly basis.”

“We are making progress on this. The funds are being provided, and we will soon go into the acquisition of these meters. This would reduce the meter gap.”

Adelabu also said the World Bank is supporting these efforts through the distribution recovery programme by procuring and installing 1.8 million meters. He said the contract of about 1.5 million meters has already been awarded and within the next two months, these meters will start arriving.

The minister also announced a special electricity supply initiative for the nation’s universities and other institutions aimed at preventing frequent power outages and ensuring they continue to benefit from lower tariffs.

“We have a program which we call the Nigerian electrification program, whereby we have about 34 universities to be energized through solar energy sources. I think we have completed about 13 now, and they are almost due for commissioning,” he said.

“We have plans to do this for some of the teaching hospitals and some of our military formations.”

“We have electrified over three million people through these mini-grids across the rural areas nationwide.”

“We also have what we call the solar home systems that we give to each household, providing them with some point of light, some point to charge their phones, and some points for farming.”

Continue Reading

BIG STORY

Bobrisky, VeryDarkMan, EFCC, NCoS To Appear Before Reps Panel Today

Published

on

Martins Otse, better known as VeryDarkMan, and Bobrisky, the crossdresser whose birth name is Idris Okuneye, will testify before the house of representatives joint committee on financial crimes and reformatory institutions today.

Ola Olukoyode, chairman of the Economic and Financial Crimes Commission (EFCC), and Haliru Nababa, controller-general of the Nigerian Correctional Service (NCoS), are also expected to appear before the committee.

On Thursday, the lower legislative chamber resolved to probe a bribery allegation against the anti-graft agency and the NCoS. The house passed the resolution following the adoption of a motion sponsored by Patrick Umoh, an All Progressives Congress (APC) lawmaker from Akwa Ibom.

VeryDarkMan had shared an audio of Bobrisky claiming she bribed some EFCC officials with N15 million to drop the money laundering charge against her. Bobrisky was released on August 5, after she was sentenced to six months in prison on April 12 for abusing the naira.

In the purported recording, the crossdresser also claimed that her “godfather”, alongside Nababa, ensured she served the six-month sentence in a private apartment and not in prison. Bobrisky later denied the bribery claim, arguing that the recording was “fake”.

The crossdresser’s denial came after the EFCC invited her and VeryDarkMan over the allegations.

In a post on X on Sunday, Deji Adeyanju, VeryDarkMan’s lawyer, said his client will honour the summon of the green chamber.

“We will be at the National Assembly tomorrow with our client @thatverydarkman to assist in investigation into allegations by Bobrisky that he/she paid N15m to have money laundering charges dropped by EFCC and also bribed prison officials to stay in an apartment,” he wrote.

In a letter dated September 27, the joint committee asked Olukoyode and Nababa to appear on Monday with all officers involved inthe allegation.

Continue Reading



 

Join Us On Facebook

Most Popular