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CBN Upholds Naira-Dollar Exchange, Inflation Rate, In Senate Discussion [Insights]
CBN Upholds Naira-Dollar Exchange, Inflation Rate, In Senate Discussion [Insights]....KINDLY READ THE FULL STORY HERE▶
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), staunchly defended the institution on Friday, affirming its proactive measures to address the challenges surrounding the naira-to-dollar exchange rate and other associated issues contributing to the current hardships in the nation……..CONTINUE READING
In a comprehensive briefing before the Joint Senate Committee on Finance, Banking, Insurance, and Financial Institutions, Cardoso elucidated that the measures already implemented aim not only to stabilize exchange rates but also to mitigate the adverse effects of high rates on inflation, recognizing the interconnectedness of the two.
During the session, Cardoso unveiled that recent CBN interventions have facilitated an influx of $1 billion into the Nigerian market, signaling initial progress in response to the implemented policies.
He remarked, “We are witnessing positive shifts as a result of our interventions. We are already observing encouraging signs, notably heightened interest from foreign portfolio investors, addressing previous concerns. This influx of over $1 billion in recent days demonstrates the efficacy of our policies.”
Asserting the positive market response to CBN policies based on available data, Cardoso underscored the potential of these measures to bolster USD supply, thereby curbing exchange rate volatility and subsequently taming inflation.
Nevertheless, he stressed the imperative for Nigeria to temper its demand for foreign exchange to ensure the sustainability of these initiatives.
Moreover, Cardoso assured that inflation is forecasted to decline this year, with a projected moderation to 21.1 percent, driven by the implementation of an inflation targeting framework.
Recalling the summoning of the CBN Governor by the committee on January 31, senators pressed for clarifications on the plethora of economic challenges confronting the nation.
Senator Mikhail Adetokunbo Abiru advocated for a forensic investigation into past transactions and bank compliance issues, citing concerns about the CBN’s ability to demonstrate policy effectiveness amidst the prevailing food crisis, heightened poverty, and insecurity.
Echoing these sentiments, Senator Orji Kalu called for a reassessment of dollar usage in transactions and urged CBN plans to reconcile with labor unions to avert potential strikes exacerbating hunger and hardship.
Furthermore, legislators expressed apprehensions about proposed food imports potentially compromising food security and discouraging local agricultural production.
In response to criticisms of CBN policies’ efficacy, Cardoso reiterated the positive market response to implemented measures, emphasizing the necessity for reduced dependence on foreign currency to ensure sustained policy viability
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Davido Defends His Right To Criticize Nigeria Amidst Explosive Political Backlash!.
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!.
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.
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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