Business
Expert Sees End To Forex Rate Differentials
A financial analyst, Dr Uju Ogubunka, yesterday said continuous funding of the foreign exchange market by the CBN will soon end rate differentials in the various segments of the market.
Ogubunka, a former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), made the observation while speaking with newsmen in Lagos.
Our source reports that the naira exchanged for N305 to the dollar at the CBN official window, N370 at CBN outlets at airports and banks, while it was N400 at the parallel market on March 22.
Ogubunka said that although the appreciation of the naira could not eliminate the parallel market, but it could adversely narrow activities in that segment of the market.
According to him, the parallel market operators cannot be completely eliminated because they operate everywhere.
“The parallel market cannot be pulled out of business because it is in the neighborhood and will be challenging to control, but could be checked.
“The parallel market could be checked through appropriate laws by the apex bank such as enforcing a section of the Foreign Exchange Miscellaneous Act.
“The Act states that the regulator, the CBN has the powers to revoke or restates licence of authorised dealers or buyers, “ he said.
Ogubunka said the appreciation of the naira was not enough without the emergence of a single foreign exchange rate.
He said that a single foreign exchange rate would create sanity in the system and boost investor’s confidence in the economy.
Our correspondent reports that the persistent intervention in the foreign exchange market in the last four weeks by the CBN has strengthened the naira against other major currencies.
The naira on Wednesday trade
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
