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No More Devaluation Of Naira – CBN

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The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele said on Friday that the apex bank had no intention to devalue the nation’s currency.
He told State House correspondents that the last devaluation took place in February and would remain so for now.
“There has been a lot of talk on whether or not we want to depreciate our currency again.
“The truth is that we had adjusted the currency by depreciating it from N155 to N197 in February this year.
“There is no intention to depreciate or adjust the currency any longer’’, he said.
According to him, “the President has been very clear on this; the Vice President has been very clear on this and let me further reiterate our position at the CBN that we are not considering any further depreciation of the currency.’’
He said the focus of the bank was how to deepen the foreign exchange market to make it viable.
“What we are trying to concentrate on right now is how to improve and deepen the foreign exchange market by improving supply of foreign exchange into the market.
“And to do so, we are trying to encourage people to export and earn your export proceeds and use your export proceeds to import whatever you need to import.
“We are also concentrating on how to reduce the import of items that we can produce in the country today.’’
Emefiele said that very soon the CBN would be launching a campaign called PAVE, which means “Produce locally, add value and export your product and earn your foreign exchange for your imports.’’
He said the campaign was the only way producers could support the efforts of CBN in intervening and providing foreign exchange in the market to meet the import needs of the people.
“It is very clear, what we need to do is reduce our propensity to import but we will not depreciate our currency. For now we will not.’’
On the list of items in the import prohibition list, he said he no power to ban the importation of any item.
“What we have done is to exclude certain items that are imported into the country from obtaining foreign exchange from the Nigerian foreign exchange market. It is also true we held a stakeholders’ meeting with the organized private sector and prominent and leading private sector stakeholder were at that meeting.”
He said the purpose was to engage the private sector and to make the sector understand that government realizes that they are engine of growth, adding that CBN  used the opportunity to explain to them the basis and purpose of those policies that were introduced.
“At the end of that meeting they were very happy, they saw our position and indeed at the end of that meeting some of them provided us with the names of some items that should be included in the list that should be excluded from foreign exchange.

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On Top Of It All: 5 Practical Tips For Optimizing Your Rivian R1S Roof Rack.

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The Rivian R1S has quickly become one of the most versatile and capable electric SUVs on the market. It has gained this status because it combines powerful performance, third-row seating, and ample storage both inside and out.

One crucial element that maximizes the R1S’ utility is its roof rack system, which allows owners to securely transport various outdoor gear, whether for rugged off-road adventures or everyday errands.

However, some optimization is recommended to get the most from the roof rack.

Tip 1: Organize with separators and totes

While throwing loose items directly onto the rack works for some essential transport, a more organized approach makes contents more accessible to access and manage. Dividers allow the partitioning of the Rivian r1s roof rack surface into sections, keeping groups of things separated.

Mesh cargo organizers fitted across the bars create pockets that hold gear upright. Storage totes specially designed for roofs further contain belongings and some feature handles for easy loading and unloading.

Together, these accessories introduce a structure that makes the most available space. Padded totes protect fragile items, while transparent ones allow quick visual checks of contents. Placing bulky or lightweight things into designated areas maintains an optimized load balance.

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Tip 2: Consider a gear track system for racks

 

Roof rack gear track systems offer fully modular loading configurations, taking organization one step further. They consist of adjustable aluminum beams that mount perpendicular to the crossbars, forming a rail framework.

Besides, frequently used gear finds a dedicated slot, ready when wanted. Less often transported items remain safely stowed until the next outing requires them. This ultra-organized approach maximizes space utilization. It functions similarly to drawers in a tool chest.

With tracks installed, packing and unpacking the rack becomes intuitive. Everything finds its place, and owners know exactly where each item is located—saving valuable time when loading up.

Tip 3: Mind weight limits and balance loads appropriately

 

While the R1S roof can bear a significant payload, it is still essential owners respect the maximum capacity and distribute weight evenly. They exceed and risk reducing the mount points or affecting vehicle handling characteristics at highway speeds. The standard rack specs for a single-motor R1S allow up to 300 pounds total and 165 pounds per crossbar. 

However, dual-motor and max-pack models see increases to 330 pounds overall and 187.5 pounds per bar. Either way, these thresholds should always be maintained, as overloading could cause mounting hardware or bars to fail.

As for load balance, it is wise to position bulkier or heavier gear toward the front half of the roof and over the cabin, balanced by lighter accessories in the back. Center loads over each crossbar section.

Distributing weight evenly maintains optimum stability with minimal impact on fuel efficiency or ride dynamics. Taking the five minutes to arrange packages thoughtfully ensures security and safety over long drives.

Tip 4: Consider an extension kit for extra-long items

 

While the rack provides approximately a six-foot capacity along the roof, longer shapes like canoes, kayaks, or lumber occasionally require extra coverage. Rivian designed roof rack extension kit options for these situations.

Besides, they consist of additional bars that bolt to the outer ends of the stock crossbars, effectively doubling rack length to around 12 feet total. Extension bars feature all the same strength and attachment points as the original crossbars for a fully integrated expansion.

Also, those hauling longer cargo can now do so securely elevated off the truck bed. Extension kits maximize versatility for transporting uncommon geometries. Whether moving a sheet of plywood or a fiberglass boat, owners can safely secure unusually long loads to the R1S roof—further expanding its practical utility beyond most other vehicles.

Tip 5: Use Ratcheting Straps for Secure Loads

 

Yes, any items placed on the roof rack must be fastened down securely so they do not shift or come loose during driving. While the rack features heavy-duty mounts and crossbars to hold weight, wind resistance at highway speeds can still put stress on loose objects.

Therefore, the most effective method is to wrap ratcheting straps around the entire load, corner to corner, and ratchet them until very tight.

Furthermore, additional straps should angle diagonally over the top as a crossover reinforcement. Ratcheting straps are convenient because their mechanical lever allows extremely tight tensions to be achieved with less effort than conventional straps. This compression holds loads snuggly in place, absorbing vibration.

As an additional precaution, delicate or expensive gear should be wrapped in protective materials like foam or padded covers when using a roof rack. Taking these steps ensures loads remain stationary even over rough roads.

Conclusion

 

Applying these five simple tips—from load-securing techniques to organizational accessories and proper weight distribution—unlocks the full potential of the R1S roof rack. Owners gain a mobile, weatherproof storage system optimized for adventure, hobby, or job site needs. Following best practices maintains the rack mounting points’ structural integrity and rated load capacity over thousands of miles.

Most importantly, well-managed loads arrive safely at their destination after long highway hauls or rugged trails. The roof becomes a maximum utility zone that expands cargo practicality.

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Business

Electricity: Bands BCDE Suffer No Power

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As DisCos struggle to meet the required 20 hours power supply to “Band A” customers following shortage of gas which has hindered power generation since January, customers on Bands B, C, D, and E are left with no light, according to The Tide’s source.
The source learnt that the distribution companies were concentrating more on the Band A customers to keep their Band A feeders from being downgraded.
Band A customers enjoy a minimum of 20 hours of electricity daily.
On April 3, the Nigerian Electricity Regulatory Commission announced that subsidies would no longer be paid for the electricity consumed by Band A customers.
The electricity tariff for Band A customers was revised upward from N68 per kilowatt-hour to N255/KWh.
1 kWh is the amount of energy that could be used if a 1,000-watt appliance is kept running for an hour. For example, a 100-watt light bulb operating for 10 hours would use 1 kWh.
After the power subsidy was removed, the NERC directed the 11 DisCos to release their lists of Band A customers, who must get at least a 20-hour supply daily.
The regulator and the Minister of Power, Adebayo Adelabu, emphasised that there would be sanctions should the distribution companies fail to supply Band A customers with 20 hours of electricity.
The DisCos were also mandated to inform customers whenever they failed to meet the required minimum service level.
NERC said where a DisCo failed to deliver on the committed level of service on a Band A feeder for two consecutive days, the DisCo should, by 10 am the next day, publish on its website an explanation of the reasons for the failure and update the affected customers on the timeline for restoration of service to the committed level.
It stated that if a customer’s service level improves to at least 20 hours, they should be upgraded from lower service bands to Band A, adding that if the DisCo fails to meet the committed service level to a Band A feeder for seven consecutive days, the feeder will be downgraded to the recorded level of supply by the applicable framework.
In their efforts to meet up with the service level, the source gathered that some of the DisCos were gradually resorting to diverting the little allocation they get to the Band A customers.
This is in spite of the fact that the gas constraints that have hindered power generation since the beginning of the year have yet to be addressed.
Many communities said they could not boast 30 hours of power supply since January, a development the government blamed on the refusal of gas companies to supply gas to power-generating companies due to heavy debt.
Recall that recently, the IBEDC spokesperson, Busolami Tunwase, explained that, “One of the primary factors is the low supply of gas to generating companies, which has led to a gradual decrease in available generation on the grid.

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Business

‘Inappropriate Insider Dealing’ Earns Julius Berger NGX Sanction

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Authorities at the Nigerian Exchange (NGX) have sanctioned Julius Berger Nigeria (JBN) Plc for engaging in inappropriate insider dealing in shares.
According to a document obtained by The Tide’s source, JBN, Nigeria’s leading construction company, was sanctioned for “insider dealing during closed period”.
Incorporated in 1970, Julius Berger, Nigeria, which was incorporated in 1970, became a publicly quoted company in 1991 and has more than 10,000 shareholders.
NGX Regulatory Company (NGX RegCo), the self regulatory organisation (SRO) that regulates activities at the NGX, stated that JBN breached certain provisions of the listing rules and was thus sanctioned accordingly.
According to NGX RegCo, JBN violated provisions on “closed period”, in breach of the construction company’s commitment to adhere to listing rules and standards.
The NGX had tightened its rules and regulations to checkmate boardroom intrigues and block information arbitrage that tend to confer advantages on companies’ directors.
The amendments expanded the scope and authority of corporate financial reporting while eliminating gaps that allowed companies to sidetrack relevant rules in stage-managing corporate compliance.
The enhanced framework provided clarity and greater disclosures on directors’ trading in shares, corporate liability for accuracy and compliance of financial statement, dissuade bogus dividend payment and other sundry boardroom’s maneuverings that tend to favour insiders.
The amendments came on the heels of noticeable increase in violations of rules on ‘closed period’, a period when directors are banned from trading in the shares of their companies.
Rule 17.17 of the NGX disallows insiders and their connected persons from trading in the shares or bonds of their companies during the ‘closed period’ or any period during which trading is restricted.
This period is mostly at a period of sensitive material information, like prior knowledge of financials, dividends or major corporate changes, which places directors and other insiders at advantage above other general and retail investors.
A review of the disclosure violations at the stock market had shown that all violations in 2021 were related to violation of Rule 17.17 on ‘closed period’.
Under the amendments, in addition to the provisions of relevant accounting standards, laws, rules and requirements regarding preparation of financial statements, companies are now required to include several specific declarations on securities transactions by directors, changes in shareholding structure, self-assessment on compliance with corporate governance standards and internal code for directors on securities transactions among others.

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