The World Bank has advised the Central Bank of Nigeria (CBN) to refrain from intervening in the foreign exchange market through forex auctions. The Bretton Woods Institution also advised the CBN to continuously reaffirm the commitment to exchange rate flexibility by adopting a comprehensive, systematic, and transparent framework for foreign exchange interventions. The World Bank policy advisory was included in the Nigeria Development Update, offering recommendations to stabilize the naira against foreign currencies. The CBN had auctioned $876.26m to end users via a retail Dutch auction on August 26, 2024, a major move away from its traditional sales of foreign…
Author: Agency Reporter
A court in Belgium sentenced more than 100 people in a mass drugs trafficking trial on Tuesday which authorities hailed as a major victory in the battle against drug gangs. Per Reuters, Belgium has been on the front line in Europe’s war against drugs. Officials have said more than 100 of Europe’s most dangerous criminal networks operate in Belgium, with drug gangs blamed for a rise in street shootings in Brussels. The convictions resulted from the earlier takedown by law enforcement authorities of the Sky ECC encrypted messaging service that had been widely used by drugs traffickers. “More than 100…
The Osun State chapter of the All Progressives Congress (APC) has suspended former Minister of Interior, Rauf Aregbesola over what it called alleged anti-party activities.The party leaders claimed that the former governor’s influence within certain factions has deepened internal divisions, creating a rift within the party.In a formal resolution submitted to APC National Chairman Dr. Umar Ganduje, Osun APC leaders, including Chairman, Tajudeen Lawal and Secretary Kamar Olabisi, accused Aregbesola of establishing a splinter faction, which they believe has led to discord.The document, titled “Resolution Suspending Rauf Aregbesola for Anti-Party Activities and Constituting a Disciplinary Committee,” was dated October 22…
Repentant Niger Delta militant leader, Asari Dokubo has credited President Bola Tinubu with saving him from the “fury” of former President Olusegun Obasanjo.Speaking on Arise TV programme on Tuesday, Dokubo recounted how Tinubu’s support shielded him during a period he described as being “buried alive” under Obasanjo’s administration.Dokubo highlighted his longstanding connection with Tinubu, dating back to Nigeria’s military era.“My relationship with Tinubu was very robust,” he said, explaining that he initially benefited from this bond without being able to reciprocate until Tinubu ran for the presidency.“His coming out for the presidency was the only time I was able to…
Governor Biodun Oyebanji of Ekiti State has presented the 2025 Appropriation Bill and budget estimate of N376 billion to the Ekiti State House of Assembly.Oyebanji, while presenting the budget estimates of N375,790,077,618.15 to the lawmakers at the state assembly in Ado-Ekiti on Tuesday, said the budget tagged: “Budget of Sustainable Impact,” has capital expenditure of N183,463,507,129.54, representing 49 percent of the total budget while the re-current expenditure has N192,326,570,488.61, representing 59 percent of the budget.He said the budget would focus on food security, wealth creation and welfare of the people.Oyebanji pointed out that the objectives of the budget was to…
President Bola Tinubu has met wth the Implementation Committee on Crude Oil and Refined Products Sales in Local Currency. According to reports, the meeting started a few hours ago and was held at the Aso Rock Presidential Villa in Abuja. The meeting aims to solidify the recent policy shift allowing the sale of crude oil to the Dangote Refinery in naira instead of U.S. dollars, reported. Key figures in attendance were the Minister of Finance, Mr. Wale Edun, who chairs the committee, leads a small delegation that includes Aliko Dangote, Chairman of Dangote Group, and Mr. Mele Kyari, Group CEO…
An Israeli strike on a five-story building where displaced Palestinians were sheltering in the northern Gaza Strip killed at least 60 people early Tuesday, more than half of them women and children, Gaza’s Health Ministry said.In a separate development, Lebanon’s militant group Hezbollah said it has chosen Sheikh Naim Kassem to succeed longtime leader Hassan Nasrallah, who was killed in an Israeli airstrike last month. Hezbollah vowed to continue with Nasrallah’s policies “until victory is achieved.”Washington Times reports Israel also faced backlash from aid groups after its parliament passed legislation that could severely restrict the ability of the U.N. agency…
The Senate has rescheduled its screening of ministerial nominees to Wednesday, October 30, 2024, at 12:00 pm. Originally set for today, the postponement aims to allow nominees to finalize their documentation and pre-screening processes, ensuring all necessary paperwork is submitted.This update was shared in a statement by Senator Basheer Lado, the Special Adviser to President Tinubu on Senate Matters. The decision provides additional time for the nominees to meet the Senate’s requirements for the screening process. The statement is titled “Postponement of Ministerial Screening.” Lado said, “The scheduled screening of ministerial nominees has been postponed by the Senate. This is…
Hezbollah has appointed Naim Kassem as its new leader following the death of Hassan Nasrallah in an Israeli airstrike last month.Kassem, who previously served as Nasrallah’s deputy, had been acting as leader since Nasrallah’s death, with his official appointment confirmed on Tuesday.Meanwhile, escalating violence continues in northern Gaza, where an Israeli airstrike on a five-story building in Beit Lahiya claimed the lives of at least 34 displaced Palestinians, most of whom were women and children, according to Gaza’s Health Ministry. Another 20 people were injured, as reported by emergency services.Dr. Hossam Abu Safiya, director of Kamal Adwan Hospital, stated that…
The Redeemed Christian Church of God (RCCG) has suspended Pastor Ayorinde AdeBello and Deacon Oke Mayowa following allegations of homosexuality involving young members of the church.In response to these serious accusations, RCCG has tasked the Special Assistant to the General Overseer on Administration to carry out a comprehensive investigation, with a two-week deadline for completion.The church, committed to upholding its values, is treating the matter with gravity as it seeks clarity on the allegations. Further action is expected based on the findings of the investigation.According to SaharaReporters, in an internal memo dated 28th of October, 2024 with Ref: RCCG/NO/s.04/13/vol.1 and…
