Business
CBN Makes First FOREX Intervention For 2019
The Central Bank of Nigeria (CBN) last Friday made its first intervention in the inter-bank sector of the Foreign Exchange (FOREX) market for 2019 with a sum of 210 million dollars.
The CBN’s Director, Corporate Communications, Isaac Okorafor said the wholesale sector of the market received 100 million dollars, while the Small and Medium Enterprises (SMEs) received 55 million dollars.
Okorafor said another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.
The CBN spokesman said the apex bank would continue from where it stopped in 2018 in order to maintain the stability being enjoyed in the market.
He noted that the Bank had made commendable effort in keeping the exchange rates at the current levels.
Okorafor said the current capital flow reversals from the emerging markets were expected to bring out pressures on the market rates.
He, however, assured that, in spite of the anticipated pressures, coupled with the forthcoming elections, the bank was committed to maintaining the current exchange rate policy, given the level of reserves.
“The CBN is determined to sustain a stable exchange rate as it continues to put in place relevant measures to shore up the country’s reserves,” Okorafor said in a statement.
Meanwhile, one United States Dollar exchanged for N360 in the Bureau De Change segment of the market last Friday in Abuja.
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.”
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