THE CENTRAL BANK OF NIGERIA ALLOWS THE INTERNATIONAL OIL FIRMS TO SELL HALF OF THEIR EARNINGS

June 5th, 2024

By Oyenike

THE CENTRAL BANK OF NIGERIA ALLOWS THE INTERNATIONAL OIL FIRMS TO SELL HALF OF THEIR EARNINGS

The Central Bank of Nigeria recently made changes allowing international oil companies to trade 50% of their received export earnings in the Nigerian Foreign Exchange Market.

This decision came after the Central Bank of Nigeria put limits on the transfer of crude export proceeds.

This adjustment aims to enhance market liquidity and support economic growth. Initially, restrictions were placed on the transfer of crude export proceeds, impacting foreign exchange market liquidity.

The recent directive permits immediate or as needed repatriation of 50% of export proceeds by IOCs, with the remaining 50% available for settling financial obligations in Nigeria.

This decision strikes a balance between IOC needs and market liquidity. The CBN’s move to permit IOCs to sell their retained proceeds locally is geared towards bolstering liquidity and fostering economic development.

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THE FEDERAL GOVERNMENT OF NIGERIA APPEALS FOR TIME AS LABOUR CONGRESS ANNOUNCE NATIONWIDE STRIKE ON MONDAY

The Nigeria Labour Congress and The Trade Union Congress has declared a nationwide indefinite strike as the Nigeria Federal Government has refused to approve the proposed minimum wage.

The Nigeria Federal Government has appealed with The Nigeria Labour Congress and Trade Union to review their decision to begin an indefinite strike on Monday June 3rd 2024.

The Nigeria Labour Congress and Trade Union Congress performed a nationwide one day protest on May 13^th, 2024, giving the government till the last day of the month of May to take action after their request for reversal on the increase of the electricity tariff and putting an end to the division of consumers based on apartheid era bands.

The President of Nigeria Labour Congress Joe Ajaero and the leader of The Trade Union Festus Osifo said in their statement that the Nigeria government has neglected the Nigerian workers.

The Minister of Information Alhaji Mohammed Idris on behalf of the Nigeria federal government, has appealed to the Union to review the decision and look at the Government’s offer, and bargain.

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THE INSPECTOR GENERAL OF THE NIGERIA POLICE FORCE SUMMONS FOR A CRUCIAL MEETING WITH THE INTERNAL CONTROL UNIT

The Inspector General of The Nigeria Police Force IGP Kayode Egbetokun held an essential conference at the headquarters of the Nigeria Police Force in Abuja with major officers overseeing internal control mechanisms of The Nigeria Police Force.

The meeting included officers from X-Squads, the Inspector-General of Police Monitoring Unit, and Police Complaint Response Units nationwide. These units play a vital role in monitoring and addressing issues within the Force and investigating public complaints against officers.

Inspector General of the Nigeria Police Force IGP Kayode Egbetokun

The IGP stressed the significance of upholding internal order, discipline, and positive behaviour within the Force, highlighting the importance of professionalism and adherence to the core values of The Nigeria Police Force.

The Inspector General emphasised the need to bridge the trust gap between the Force and the public, addressing issues of misconduct promptly and promoting exemplary behaviour while encouraging the reporting of any infractions by citizens.

IGP Egbetokun urged officers to recommend personnel displaying courage, integrity, and humanity for recognition, emphasising the importance of maintaining the professional status and vital role of The Nigeria Police Force in the country’s internal security.

Candidates of The Police Service Commission

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THE NIGERIA HOUSE OF REPRESENTATIVES HAS RENOUNCED THE POPULAR DRAFT BILL SEEKING TO RETURN TO REGIONAL GOVERNMENT

A document, which has gone viral on social media, which is said to have been drafted by Dr Akin Fapohunda, who is not a lawmaker in the Senate or the House of Representatives, is an indication that the said draft legislation is a private bill. The document reads:

Titled, ‘A Bill for an Act to substitute the annexure to Decree 24 of 1999 with new governance model for the Federal Republic of Nigeria’, the draft seeks among others, new extant laws to be cited as “The Constitution of the Federal Republic of Nigeria New Governance Model for Nigeria Act 2024.”

There has been some mix-up regarding this proposed bill circulating online about reverting to the regional government system in Nigeria.

The House of Representatives spokesman Akin Rotimi clarified that there is not such bill before them, and the bill is not officially under their consideration. The draft was actually put together by someone not affiliated with the House, making it a private proposal. Committees responsible for reviewing such bills confirmed they haven’t received this specific one.

The Chairman of the House Committee on Rules and Business explained the formal routes for proposing constitutional amendments, emphasising the need for proper procedures to be followed. This clarification helps clear up any confusion surrounding the draft bill.

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THE NIGER STATE GOVERNMENT NIGERIA HAS REDUCED THE UNIVERSITY TUITION FEE

The Niger State Government Governor Mohammed Bago has reduced the tuition fees of Abdulkadir Kure University by half.

In order to ease the financial strain on students and their families due to the removal of fuel subsidy.

This decision was announced by the university’s Pro-Chancellor, Prof Mohammed Yahaya-Kuta, in Minna. Governor Mohammed Bago highlighted that the fee reduction aims to alleviate the economic challenges faced by students and parents.

The reduction applies to all students enrolled in regular courses for the current academic session.

The governor encouraged students and parents to support the government and urged students to show dedication to their studies for the state’s progress and the greater good.

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THE CENTRAL BANK OF NIGERIA ALLOWS THE INTERNATIONAL OIL FIRMS TO SELL HALF OF THEIR EARNINGS

The Central Bank of Nigeria recently made changes allowing international oil companies to trade 50% of their received export earnings in the Nigerian Foreign Exchange Market.

This decision came after the Central Bank of Nigeria put limits on the transfer of crude export proceeds.

This adjustment aims to enhance market liquidity and support economic growth. Initially, restrictions were placed on the transfer of crude export proceeds, impacting foreign exchange market liquidity.

The recent directive permits immediate or as needed repatriation of 50% of export proceeds by IOCs, with the remaining 50% available for settling financial obligations in Nigeria.

This decision strikes a balance between IOC needs and market liquidity. The CBN’s move to permit IOCs to sell their retained proceeds locally is geared towards bolstering liquidity and fostering economic development.

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