Business
Interbank Rates Steady On Limited Lending
Inter Bank interest rates remained unchanged at 3.16 per cent on average last week due to limited lending between banks, traders said. The Open Buy Back (OBB) was flat at 2.5 per cent, below the Central Bank’s 6.0 per cent benchmark interest rate. Over night placement was also unchanged at 3.0 per cent, while call money traded flat at 4.0 per cent, traders said”.
“Activity in the market remains low since the beginning of the year. There are no significant transactions going on among banks now”, one dealer said.
Dealers said the market had a surplus of over 300 billion naira ($2.02 billion) and expected it to remain as liquid this week.
The Central Bank sold a little over $200 million at its bi-weekly auction this week, which was not significant enough to drain liquidity in the system.
“We can only see more liquidity next week, but there won’t be much activity to alter the prevailing trend in the market”, a second dealer said.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
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
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