The Independent Media and Policy Initiative (IMPI) has applauded the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso over the appreciation of the value of the naira as against other foreign currencies.
The Independent Media and Policy Initiative has applauded the Governor of the Central Bank of Nigeria , Mr Olayemi Cardoso over the appreciation of the value of the naira as against other foreign currencies.The Independent Media and Policy Initiative has applauded the Governor of the Central Bank of Nigeria , Mr Olayemi Cardoso over the appreciation of the value of the naira as against other foreign currencies.
“One of the profound policies introduced to the market on 31st January, in the graduated steps to take charge of the market, was the administrative admonition to Nigeria’s Deposit Money Banks to bring their Net Open Position to prudential limit by 1st January, 2024. That was just less than a 24-hour notice to the banks.“CBN’s NOP mandate to the banks implies that no bank holds 20 percent long position that is, hold more foreign currency assets than liabilities by more than 20 percent.
To arrive at its position, the policy group did a comparative analysis of recent monetary policy activities between Nigerian authorities and their Egyptian counterparts. “There was no such commitment by Nigeria because its situation is self-determined and organically oriented. The influx of cash, combined with the IMF loan into Egypt has reportedly rectified the government’s foreign currency shortage, at least for now. Comparatively, Nigeria’s government and the CBN do not have the benefits of the kind of huge fiscal intervention made by the UAE and the debt support from the IMF even though the two countries suffer the same economic fate.
The Police Command in Bauchi State has arrested 18-year-old Usman Ibrahim who allegedly stabbed his friend, Khalid Ibrahim, 25, to death with a knife during an argument. SP Ahmed Wakil, Spokesperson of the Command confirmed the incident to newsmen on Wednesday in Bauchi. He said the suspect used a sharp knife to stab the deceased…
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