Business
Reps Move To Check Abuse Of Foreign Currencies
The House of Representatives last week urged the Central Bank of Nigeria (CBN) to ban the use of foreign currencies for domestic transactions in Nigeria.
The resolution was sequel to a motion moved by Rep. Nadu Karibo which was unanimously adopted.
Leading the debate, Karibo said that there was a growing trend of using some foreign currencies, like the US dollar for the payment of school fees, hotel bills, real estate, rent and purchase in bars in the country.
He noted that the Naira is Nigeria’s currency and the only means of exchange for domestic transactions recognised by law in Nigeria.
According to him, the trend has led to a high demand of these currencies, especially the US dollars.
He said that this demand was contributing to the weakening of the Naira against such currencies with its resultant negative effects on the economy.
The legislator said that every country has its currency as a means of exchange, a symbol of identity and a sign of fiscal independence.
Rep. Samson Osagie in his contribution said government must take responsibility for the abuse of the Naira and must ensure that it was stopped.
Rep. Arua Arunsi said it was time the practise was stopped to encourage the local currency.
Rep. Aminu Suleiman who spoke against the motion said, “I am not aware of any where in the country where foreign currencies were used for domestic transactions.’’
Rep. Oker Jev said, “Even if the motion is adopted by the House, it will not yield any meaningful result.’’
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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