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CBN To Cease Providing Ways And Means Advances To FG, Says Cardoso

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CBN To Cease Providing Ways And Means Advances To FG, Says Cardoso....KINDLY READ THE FULL STORY HERE▶

Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has announced the cessation of Ways and Means advances to the Federal Government until previous loans are settled……..CONTINUE READING

 

 

 

 

 

 

 

Cardoso emphasized that this decision is part of the measures implemented by the apex bank to address the current economic challenges facing the nation.

Ways and Means refer to funds lent by the CBN to the Federal Government temporarily to supplement spending until revenue is generated.

Speaking during a meeting with the Senate Committees on Finance, Appropriations, Banking, Insurance, and Other Financial Institutions, Cardoso underscored the need for monetary policy tightening to counter inflationary pressures.

He highlighted the increase in money supply over nine months and attributed it to factors like heightened Net Foreign Asset following exchange rate harmonization and previous Ways and Means advances.

Furthermore, Cardoso praised efforts to discontinue Ways and Means advances in compliance with the CBN Act (2007), which limits such advances to five percent of the previous year’s revenue.

He also mentioned the cessation of quasi-fiscal measures totaling over N10tn, previously undertaken by the CBN, which contributed to excess liquidity and inflation.

In collaboration with fiscal authorities, the CBN aims to stabilize prices, potentially leading to reduced policy rates, increased investment, and job creation.

Cardoso assured that these measures are yielding positive results in alleviating economic challenges and emphasized the importance of sustainable demand moderation for foreign exchange.

He outlined comprehensive strategies to enhance liquidity in the foreign exchange markets, including unifying FX market segments and enforcing operational mechanisms for Bureau De Change operators and International Money Transfer Operators.

Regarding inflation, Cardoso projected a decline to 21.4% in 2024, facilitated by the CBN’s inflation-targeting policy and improved agricultural productivity.

In conclusion, Cardoso called for collective efforts to stabilize the exchange rate, emphasizing the role of both the CBN and stakeholders in reducing the demand for foreign exchange.

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Davido Defends His Right To Criticize Nigeria Amidst Explosive Political Backlash!.

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Nigerian music sensation David Adeleke, widely known as Davido, recently entered a heated social media confrontation after advocating for entertainers to take a stronger stand against the country’s prevailing injustices and economic difficulties. In a candid post, the singer admitted that he and his fellow entertainers have failed to sufficiently address the nation’s worsening situation, stating that the crises in Nigeria have become too dire for influential figures to stay quiet.....KINDLY READ THE FULL STORY HERE▶

“I can’t lie, we entertainers… we dey fk up, I won’t lie, including me. We need to speak up. It’s too much injustice going on. Our country don go,” Davido wrote, sparking a wave of polarized feedback.

While some users appreciated his call for accountability, others were skeptical of his sincerity. One user, Princess Luna, accused the singer of hypocrisy and suggested his activism was merely performative, linking him to the “City Boy” political movement. She retorted, “Na God go punish you and your family. Go and do that performative rubbish in your City Boys group chat and get out of my face with all this pretentious nonsense. Na foolish Nigerians I blame”.

In response, an agitated Davido defended himself by firmly denying any affiliation with the “City Boy” group. He reminded his critics that he has voiced disapproval of the government in the past, including during American media appearances, at which point he claims he was attacked by Nigerians rather than supported. Addressing his relationship with “ST,” Davido clarified that their bond is strictly personal and does not represent a political alliance, adding, “I’ve been friends with ST for years and that’s where it stops, and I call and complain to him all the time, even in person”. The exchange concluded with the singer sharply rebuking his detractor.

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Super Eagles Dynasty: Nigeria Demolishes Jamaica To Retain Unity Cup Crown!.

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The Super Eagles of Nigeria have successfully defended their Unity Cup title, securing a convincing 3-0 victory over Jamaica at the Valley Stadium in London. This triumph marks Nigeria’s fourth consecutive title in the tournament, maintaining their perfect record since the competition’s inception. Unlike last year’s final, which required a penalty shootout, the Nigerian B team dominated throughout regulation time.....KINDLY READ THE FULL STORY HERE▶

Alhassan Yusuf spearheaded the win with two goals—his first for the national team—while captain Terem Moffi also contributed to the scoreline. Yusuf opened the scoring in the third minute after capitalizing on a defensive error, and Moffi doubled the lead in the 58th minute following a cross from Femi Azeez. Yusuf finalized his brace with a brilliant solo effort during stoppage time, further highlighting the quality difference between the two sides.

This win extends Nigeria’s unbeaten streak against the Reggae Boyz to six matches. Looking ahead, the Super Eagles plan to use this momentum as they continue their summer schedule, with upcoming friendly matches against Poland in Warsaw on June 3 and Portugal in Leiria on June 10.

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“They Are Unstoppable”: Arteta Crowns PSG World’s Best After Champions League Heartbreak.

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Following Arsenal’s heartbreaking penalty shootout defeat to Paris Saint-Germain (PSG) in Saturday’s Champions League final in Budapest, Gunners manager Mikel Arteta has labeled the French champions as the best team in the world. Despite a strong Premier League-winning campaign, Arsenal fell short of securing their first-ever Champions League title, prolonging their 20-year wait for European glory.....KINDLY READ THE FULL STORY HERE▶

Arteta acknowledged PSG’s dominance throughout the match, particularly their possession and relentless pressure. “I want to congratulate PSG, Luis in particular, because in my opinion they are the best in the world,” Arteta stated. He praised their ball control and individual brilliance, noting that PSG forced Arsenal to defend extensively. Despite taking an early lead through Kai Havertz, Arsenal conceded a second-half penalty converted by Ousmane Dembele, leading to the dramatic shootout conclusion. PSG’s victory marks their second consecutive Champions League title, solidifying their European dominance.

Arteta also expressed dissatisfaction with a penalty decision involving Noni Madueke that was not awarded when the score was tied. However, he emphasized that Arsenal still needs to improve to compete with Europe’s elite. “The same progression that we had in the last few years, we’re going to have to do that over again, and the level is increasing every single season,” Arteta said. He urged his team to use the pain of defeat as motivation to elevate their game and eventually overcome top European clubs like PSG.

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