Business
Price Stability: Expert Commends CBN Over ‘Float’ Exchange Rate Mechanism
A financial expert, Mr Sewa Wusu, on Wednesday commended the Central Bank of Nigeria (CBN) for adopting the `float’ exchange rate mechanism to ensure price stability.
Wusu told The Tide source in Lagos that the measure would have positive effect on the economy in the medium and long term.
He said the float exchange rate mechanism adopted by CBN would help the naira to achieve its true value.
Wusu, Head, Research & Investment Advisory at Sterling Capital, Lagos, reiterated that float mechanism determined the value of the Naira through market forces.
The CBN in January embarked on some monetary measures to contain round-tripping, speculative demand, rent-seeking and spurious demands for foreign exchange.
The measures include the devaluation of the Naira, closure of the retail and wholesale Dutch auction windows, among others.
Wusu said the steps were positive in the sense that it had been able to control arbitrary opportunities and speculations.
The expert said that the major challenge of the country had been its dependence on revenue from crude, adding that the situation had placed the country’s potency to import at low ebb.
He said that if the economy had been diversified before now the Naira would have immediately found its true value.
Wusu said that a diversified economy allowed more foreign earnings into the country and reduced its demand for imports.
He noted that Nigerians would feel the impact of diversification in the next five to 10 years if the bottlenecks in the sectors were removed.
He also urged policy makers to be committed and have the political will to expand the economic base of the country.
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
