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President Gwadabe Discusses Naira Depreciation And Foreign Exchange Stability

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President Gwadabe Discusses Naira Depreciation And Foreign Exchange Stability
Dr. Aminu Gwadabe, the National President of the Association of Bureaux De Change of Nigeria (ABCON), shares insights into the recent depreciation of the Naira and proposes solutions for achieving stability in Nigeria’s foreign exchange market in an exclusive interview with DAILY POST’s Correspondent, Ariemu Ogaga. Here are the highlights:....KINDLY READ THE FULL STORY HERE▶

Assessment of Recent Naira Depreciation: Dr. Gwadabe expresses concern over the recent negative trend in the Naira’s value, attributing it to various factors such as speculative behavior, online trading platforms, and demand pressure on the Naira due to buying and selling activities.

Effectiveness of Central Bank Intervention: He acknowledges the efforts of the Central Bank of Nigeria (CBN) in providing interventions to stabilize the Naira, particularly through collaborations with BDCs. However, he highlights the acute liquidity shortage in the retail end market as a significant challenge.

Role of BDCs in Foreign Exchange Policy Transmission: Dr. Gwadabe emphasizes the crucial role of BDCs in the CBN’s foreign exchange policies, citing their suspension in July 2021 as a factor contributing to market volatility. He underscores the importance of collaboration between the CBN and BDCs to address speculation and meet the demands of the retail market.

Response to Allegations Against BDCs: He refutes allegations that BDCs are solely responsible for the Naira’s depreciation, pointing out that they control less than 10% of the market. He calls for a shift in focus towards addressing broader market dynamics and promoting diaspora remittances.

Plans for Harmonizing the FX Market: ABCON plans to digitalize and centralize the retail end forex market to enhance transparency, market intelligence, and regulatory compliance. This initiative aims to combat unregistered trading platforms and promote a unified trading environment.

Assessment of CBN Governor Olayemi Cardoso’s Administration: Dr. Gwadabe commends the professionalism and leadership qualities of Governor Olayemi Cardoso and his team at the CBN. He acknowledges their efforts in instituting market reforms and calls for continued agility and decisiveness.

Short-Term and Long-Term Solutions for Naira Stability: Immediate measures include deeper coordination between fiscal and monetary authorities, amnesty for repatriating funds, and incentivizing diaspora remittances. Long-term solutions involve boosting oil production capacity, diversifying foreign earnings, and empowering youth through job creation and innovation.

Final Message to Nigerians: Dr. Gwadabe urges Nigerians to support efforts to strengthen the Naira by avoiding currency substitution, speculation, and hoarding. He calls for a collective mindset shift towards promoting the Naira’s sovereignty in West Africa.

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Tyson Fury Vows To Knock Out Anthony Joshua Within Seven Rounds

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British heavyweight contender Tyson Fury has stated his intention to defeat fellow countryman Anthony Joshua within seven rounds when they square off at Cardiff’s Principality Stadium on December 11. Fury dismissed Joshua as a mere “stepping stone” on his path to securing a third encounter with Oleksandr Usyk.`....KINDLY READ THE FULL STORY HERE▶

  • Prediction and Strategy: Speaking via the Furocity YouTube channel, Fury expressed absolute confidence in his ability to stop Joshua within six or seven rounds, labeling him an “old bum” and a “weightlifter” lacking sufficient speed and cardio.

  • Focus on Usyk: Fury indicated that he views the upcoming bout as a warm-up exercise before targeting a rematch against Usyk in the United States, where he believes officiating will be fairer.

  • Long-Awaited Bout: Reflecting on past failed negotiations and a missed face-off at Tottenham Hotspur Stadium earlier in the year, Fury admitted he is thrilled to finally secure the matchup.

  • Mutual Respect: Despite his usual pre-fight trash talk and labeling Joshua a “coward” regarding past face-offs, Fury maintained that he will respect the outcome and shake hands with his opponent regardless of who wins.“““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““““`

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“IT WAS A HARD PILL TO SWALLOW!” — Area Fada Charly Boy Breaks Silence On Daughter Coming Out As Lesbian.

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Veteran entertainer Charly Boy has discussed his journey to accepting the sexual orientation of his two daughters, emphasizing love and parental adaptability.....KINDLY READ THE FULL STORY HERE▶

In an interview with Punch, Charly Boy revealed that his younger daughter was the first to come out as a lesbian, followed later by her elder sister. Although he initially struggled with the news, he adapted quickly out of a deep love for his children.

Key Highlights from the Interview:

  • Initial Reaction: The entertainer admitted that the revelation was initially “a hard pill to swallow,” particularly regarding his younger daughter who had not yet had children at the time.

  • Focus on Happiness: Regarding his older daughter—who is a mother of six and a grandmother—he noted that an adult woman has the right to choose her path, stating that his primary concern is her happiness.

  • Modern Parenting: Charly Boy emphasized that he chose to be a supportive and open-minded father rather than rigid, noting that contemporary parenting with millennials and Gen Z requires guidance rather than old-fashioned commands.

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TRADITION VS. MARRIAGE: Olu Of Warri’s Wife Unloads On Husband’s Defiant Stance On Polygamy

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Ivie Atuwatse III, queen consort and wife of Ogiame Atuwatse III, the 21st Olu of Warri, recently discussed her marriage to the monarch and the unique dynamics of royal life in an interview with BBC News Pidgin.....KINDLY READ THE FULL STORY HERE▶

  • Pride in the Monarch: Queen Ivie shared that one of her greatest joys is watching the public recognize and celebrate her husband’s personality, achievements, and qualities, noting that it reinforces her own deep admiration for him.

  • Balancing Royal Duties: She acknowledged that being married to a traditional ruler comes with challenges, particularly managing the monarch’s heavy responsibilities and public demands, which often limits their private time as a couple.

  • Addressing Polygamy: Speaking on the subject of marriage traditions, the queen consort remarked that the monarch’s stance on polygamy remains unchanged, adding with humor that she feels like multiple women in one and is entirely content.

The couple, who have been married since 2014 and share children, continue to navigate public life together following the monarch’s ascension to the throne in 2021.

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