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CBN’s Errors Led To Naira Depreciation, Says Utomi
CBN’s Errors Led To Naira Depreciation, Says Utomi....KINDLY READ THE FULL STORY HERE▶
Political economist Pat Utomi asserts that the declining value of the naira is partly due to mistakes made by the Central Bank of Nigeria (CBN)…….CONTINUE READING
Presently, the naira exchanges for over N1,400 per dollar on the black market, experiencing a steady decrease in value compared to major global currencies in recent months.
Despite the initial currency floatation by President Bola Tinubu’s administration upon assuming office, Utomi attributes the current economic downturn in Nigeria to errors made by the country’s central bank.
Utomi emphasizes the need for adjustments by Nigeria’s economic policymakers to tackle the nation’s economic challenges.
During an appearance on Channels TV’s Sunrise Daily on Thursday, Utomi commented, “For years, Nigeria has relied on foreign exchange remittances from the diaspora, which have been a significant part of the economy. However, entrepreneurs and technology have changed this dynamic. Nowadays, instead of dollars flowing into Nigeria, individuals abroad use apps to send money directly to beneficiaries in Nigeria, bypassing traditional channels. This has deprived the Nigerian economy of much-needed foreign exchange.”
He further added, “The Central Bank’s missteps in recent years have exacerbated this situation, contributing to the tumbling exchange rate.”
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NO MORE WAITING: EFCC Drops Bombshell New Strategy To Stop Looters Before They Drain The Treasury.
The Economic and Financial Crimes Commission (EFCC) has revamped its anti-corruption approach, shifting from retrospective asset recovery to intercepting suspicious transactions in real time. Speaking in Abuja on Monday to mark his third year in office, EFCC Chairman Ola Olukoyede announced the creation of the Fraud Risk Assessment and Control Department (FRAC), designed to flag and freeze suspicious bank accounts within 72 hours.....KINDLY READ THE FULL STORY HERE▶
Highlighting the agency’s adaptation to modern cyber-enabled financial crimes, Olukoyede noted that corrupt officials increasingly exploit tech-savvy actors to launder public funds into cryptocurrency wallets within 24 hours. To combat this, the EFCC has leveraged the licensing of around 40 digital asset platforms to track virtual wallets and established a presidential-approved centralized national confiscation wallet for seized cryptocurrencies.
In parallel, the commission is leaning into civil asset forfeiture under Section 17 of the Advance Fee Fraud Act to bypass protracted 10-to-15-year criminal trials by placing the burden of proof directly on claimants. Under the Proceeds of Crime Act (POCA) 2022, seized assets are now managed by specialized professionals through the Process and Proceeds Management (PCM) directorate, with depreciating properties auctioned into escrow accounts. Concluding his address, Olukoyede emphasized that structural policy reforms and institutional safeguards remain more vital to curbing corruption than enforcement alone.
entertainment
“MY MUM STARTED CRYING”: Fireboy Exposes The Heavy Family Backlash Behind His Shocking Smoking Photo.
Nigerian singer Fireboy DML shared on the Afrobeats Podcast that an Instagram Story post of himself holding a cigarette sparked a panicked reaction and a flurry of messages within his family’s WhatsApp group.....KINDLY READ THE FULL STORY HERE▶
However, the post triggered an immediate and frantic reaction from his relatives within their family WhatsApp group. According to Fireboy, the imagery deeply distressed his household, culminating in his mother becoming emotional and bursting into tears over the perceived change in his lifestyle. The sudden family backlash forced the singer to intervene swiftly, soothing his relatives by assuring them that the cigarette was merely a theatrical prop for entertainment purposes and not a cause for alarm.
Despite his initial reassurances to his worried family, Fireboy humorously confessed during the interview that his defense was only partially truthful, admitting that he ultimately went ahead and smoked the cigarette anyway.
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“HE SOUGHT A NEW CUSTOMER”: Presidency Drops Scorching Slapdown On Peter Obi Over Controversial Church Visit.
Daniel Bwala, President Bola Tinubu’s Special Adviser on Policy Communication, has taken a swipe at Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), following Obi’s recent appearance at Apostle Joshua Selman’s Koinonia Global and Eternity Network International.....KINDLY READ THE FULL STORY HERE▶
During the live-streamed Sunday service, where he was unexpectedly invited to speak, Obi told the congregation that politicians—not the country itself—are Nigeria’s core problem, humorously urging worshippers to “pray for us politicians to stop stealing.”
Reacting via his X handle, Bwala mocked the opposition politician, accusing him of using the pulpit to revive his “take back your country” campaign and seeking “a new customer in Pastor Selman” because those who provided him a platform during the 2022-2023 cycle have “found him out.” Bwala further criticized Obi by writing that he has “been reduced to an effigy of content creation” who relies on sentiments and vitriol.
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