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BREAKING: CBN Lifts Forex Ban On Importation, Lists Items Included

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BREAKING: CBN Speaks On Plan To Redenominate Naira Amid Massive Fall

Central Bank of Nigeria (CBN) has finally lifted the ban on the foreign exchange restrictions on several items.

News ToGo learned that the ban affected importers of 43 items based on CBN’s directive eight years ago. The Apex Bank in a statement signed by Dr. Isa AbdulMumin, the director of corporate communications of the bank, said a significant change has been made in the foreign exchange market policy.

Importers who were previously restricted from purchasing foreign exchange for 43 specific items, as outlined in the 2015 Circular referenced as TED/FEFPC/GEN/O1/010 and its addendums, are now allowed to participate in the Nigerian Foreign Exchange Market to buy foreign currency for their transactions.

As of October 2021, the Central Bank of Nigeria (CBN) had restricted access to Forex from FX market for the following 43 items: Rice, cement, Margarine, Palm kernel, palm oil products and vegetable oils, Meat and processed meat products and Vegetables and processed vegetable products.

Others are: Poultry and processed poultry products, Tinned fish in sauce (Geisha)/sardines, Cold rolled steel sheets, Galvanized steel sheets, Roofing sheets, Wheelbarrows, Head pans, Metal boxes and containers, Enamelware, Steel drums, Steel pipes, Wire rods (deformed and not deformed), Iron rods and reinforcing bars. Also included on the list were: Wire mesh, Steel nails, Security and razor fencing and poles, Wood particle boards and panels, Wood fiberboards and panels, Plywood boards and panels, Wooden doors, Toothpicks, Glass and glassware, Kitchen utensils, Tableware, Tiles-vitrified and ceramic.

Textiles, Woven fabrics, Clothes, Plastic and rubber products, polypropylene granules, cellophane wrappers and bags, Soap and cosmetics, Tomatoes/tomato pastes, Eurobond/foreign currency bond/ share purchases, Piston crowns, Ball bearings, High voltage cables, Transformers/switch gears and Gas cylinders were also on list. AbdulMumin said the CBN is actively working to address the existing backlog of foreign exchange transactions, and the CBN is currently engaged in ongoing discussions with various stakeholders to find solutions and facilitate the clearance of this backlog.

A long-term goal of the CBN he added is to establish a unified foreign exchange market, by simplifying and streamlining the FX market in Nigeria. The CBN he stated is in consultation with various market participants to work towards the achievement of this goal, which would lead to a more cohesive and efficient foreign exchange market in the country.

In trying to maintain price stability within the country, AbdulMumin said the CBN periodically injects funds into the Nigerian Foreign Exchange Market to enhance liquidity. As market conditions improve and become more stable, the frequency and scale of these interventions by the CBN he said will decrease over time. The statement reads: the Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

He said: “The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates. As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time.

As market liquidity improves, these CBN interventions will gradually decrease. He added: “Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEFPC/GEN/O1/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market. “The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.”

The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above.

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Confusion In Edo As Two Contenders Emerge APC Guber Candidates

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Confusion In Edo As Two Contenders Emerge APC Guber Candidates

Controversy brewed yesterday as two governorship candidates emerged winners of the All Progressives Congress (APC) ticket from parallel primaries conducted ahead of the September 21 governorship election in the state.

News ToGo reports that a member of the House of Representatives, Dennis Idahosa, was initially declared the winner by the chairman of the APC Primary Election Committee, Governor Hope Uzodimma, at Protea Hotel. However, at the residence of Pastor Osagie Ize-Iyamu, Senator Monday Okpephole was announced as the winner by the Returning Officer for the election, Dr. Stanley Ugboaje.

In one of the primaries supervised by Uzodimma, Idahosa secured victory with 40,453 votes. Conversely, Okpepholo emerged triumphant in the parallel primary overseen by Dr. Ugboaje, garnering 12,145 votes.

Announcing the results, Uzodimma affirmed the peaceful conduct of the exercise across the state’s 18 local government areas and 192 wards. He declared, “Dennis Idahosa, having scored the highest votes cast, is hereby declared winner of the primary and returned as the candidate of the party.”

In the second primary, Dr. Stanley Ugboaje announced Okpepholo as the winner with 12,145 votes, while Idahosa secured 5,536 votes to emerge second.

Prior to the conclusion of the declaration at Lushville Hotel and Suite, suspected thugs disrupted the process, compelling the officials to relocate to Pastor Ize-Iyamu’s residence. Journalists covering the event were assaulted, and their equipment damaged. Despite the presence of the State Commissioner of Police, Funsho Adeboye, the disruption persisted.

Meanwhile, the APC has urged the public to disregard any unauthorized announcement of the primary election result. National Publicity Secretary of the party, Felix Morka, emphasized that only the Governor Hope Uzodinma-led Edo State APC Governorship Primary Election Committee is authorized to undertake the final collation and announcement of results.

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LP Crisis: Peter Obi Speaks After Abure Was Implicated In N3.5B Saga, Reveals Next Action

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LP Crisis: Peter Obi Speaks After Abure Was Implicated In N3.5B Saga, Reveals Next Action

Labour Party’s presidential candidate for the 2023 general elections, Peter Obi, announced the engagement of an external auditor to scrutinize the party’s finances.

News ToGo reports that this follows allegations of misappropriation made by Oluchi Opara, the party’s national treasurer, who accused Julius Abure, the national chairman, of mishandling N3.5 billion. Responding to these accusations, the party suspended Opara, citing external influences seeking to harm the LP. Abure pledged legal action against Opara for defamation.

Addressing the issue in a press conference on Thursday, Obi stated, “We will account for everything now that we have an independent person who will tell us which way forward.” Accompanied by Aisha Yesufu, a member of his 2023 campaign team, Obi clarified, “I’m not involved in the party’s management and the campaign accounts.”

He assured transparency in handling funds received during the election and called on the public to provide any information on fund disbursement. Obi emphasized the importance of accountability in the party’s financial affairs moving forward.

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KARMA: Alleged APC’s Memo Asking Police To Grab, Silence 16 Politicians In Kano Leaks (FULL LIST)

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KARMA: Alleged APC's Memo Asking Police To Grab, Silence 16 Politicians In Kano Leaks (FULL LIST)

A leaked memo from the All Progressives Congress (APC) in Kano State has surfaced, revealing the party’s attempt to engage the Nigeria Police Force to apprehend and silence 16 prominent individuals in the state allegedly for inciting the public against the party through social media posts.

News ToGo learned that the letter, dated January 5, 2024, and signed by the State Secretary of the APC, Ibrahim Zakari, urged the Nigerian Police Force to arrest the identified individuals and institute legal proceedings against them based on directives provided by the party.

In the memo, the APC expressed confidence in the victory of its gubernatorial candidate, Dr. Nasiru Yusuf Gawuna, in the state’s gubernatorial election held in March 2023. Consequently, the party authorized the Nigeria Police Force to treat the letter as official instructions.

The letter states: “On behalf of the Kano State APC Chairman, we request that the individuals listed in the table below be traced and arrested immediately after the Supreme Court’s verdict on Friday, January, 12″ 2024, which will declare Dr. Nasiru Yusuf Gawuna as winner.

“We also request that your department should as a matter of urgency, file charges and accuse them of using the social media in uttering unguarded statements capable of promoting violence and inciting people against the APC government. We have enough record of such posts. The name of the court you should convey their cases will be sent to you in due time. Please let us know what it will take.”

The list of individuals to be apprehended includes:

  1. Salisu Yahaya Hotoro
  2. Aliyu Dahiru Aliyu
  3. Kabiru Sa’idu Dakata
  4. Sunusi Bature Dawakin Tofa
  5. Nasiru Zango
  6. Sufyan Safjamil Kabo
  7. Hajiya A’in Jafaru Darmanawa
  8. Alhajiji Nagoda Hon, Ibrahim Zakari
  9. Ibrahim Zakari Zawaciki
  10. Sani Musa Danja
  11. Hon. Auwalu Lawan Aranposu
  12. Sunusi Osca
  13. Kwankwason Dakata
  14. Ishak Abdul
  15. Aminu Abdullahi Kima
  16. Habu Tabule

The party reportedly promised to send the home and office addresses of the listed persons alongside another list.

The Supreme Court recently overturned the judgments of the election tribunal and Court of Appeal, affirming Governor Kabir Yusuf as the duly elected governor of Kano State. Gawuna, who had initially won at the tribunal and the Appeal Court contested Governor Yusuf’s victory over alleged malpractices.

Gawuna, in response to the Supreme Court’s verdict, expressed acceptance, stating, “The Supreme Court judgment is God’s decision, saying he had accepted it in good faith.”

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