Connect with us

News

MAN Urges CBN To Remain Resolute On Its New Policy On Forex

Published

on

 

 

Manufacters Association of Nigeria (MAN) has thrown its weight behind the recent policy of the Central Bank of Nigeria (CBN) to withdraw foreign exchange from Bureaux De Change (BDCs) in the country.

MAN President, Engr Mansur Ahmed said this yesterday in Ilorin, Kwara state capital at the Annual General Meeting (AGM) of Kwara and Kogi states branch of the association.

The MAN boss who lamented the effect of activities of the BDCs on the manufacturing sector further noted that CBN policy would temporarily hike exchange rate, the country’s economy would be better for it.

He said foreign is not a commodity that should be taken to the market and traded.

“In the last few months, there have been efforts by the central bank to control the flow of foreign exchange for us to get more Forex in the manufacturing sector.

“The decision by the CBN to withdraw supply of foreign exchange from the Bureaux De Change is one that the manufacturing sector is fully in support of.

“Foreign exchange is not a commodity that should be taken to the market and traded. Its availability is intended to allow those that are producing goods and services to bring in the necessary materials and equipment required in order to produce those goods and services at affordable prices”, he added.

Engr Mansur said the action of the CBN on foreign exchange is most welcome even if it is belated.

He said “In this regard, I affirm the support of the MAN for this policy as well as others polices in the infrastructure sector executed by the FG. The art of getting foreign exchange in the market, to me does not make sense.

“And yet we know that this process has indeed made huge sum of forex into the BDCs. We do not see how that will help the economy.

“Certainly, if the foreign exchange is made available to our manufacturing companies, more young people will be employed and the companies will operate at higher capacity and more industries will be created while lot of the raw materials needed will be readily available

“So if you have to sell forex to traders in the market as if it is a commodity, you are denying the manufacturing sector these vital resources. The law of forex as it was being done is not sustainable.

“According to the CBN report, the number of BDCs exploded between 2005 and 2021 from 74 to over 6,000. Assuming giving $20,000 to BDCs weekly, this will amount to over $600m of forex weekly going into the market instead of going into industries to produce goods and services and create employment.

“How do you control the flow of forex in BDCs not to fall into the hands of those who will take it out of the country and go and stash in foreign bank or go to the hands of those who use it to buy weapon and make our lives miserable expanding the scope of terrorism and banditry?

“So we welcome this change by the CBN and ask that the central bank remain resolute. We are aware that this initiative was part of the reason for the recent hike in forex rate. We believe it is going to be temporary.
“Those who are using it for importation of drugs and arms and ammunition will pay anything to get it. Our message is that the CBN should remain resolute and continue to look for ways that those illicit flows can be contained for more forex to be directed to industries and to genuine legitimate users which it is supposed to be for”, he added.

Earlier, Kwara and Kogi state chair of MAN Bioku Rahmon urged the Federal Governemnt to apply quick remedies to support for the country’s industrialists.

Mr. Rahmon bemoaned the high and fast-rising Nigeria’s debt profile and sundry other challenging plaguing the manufacturing sector.

#

News

Kano Governor’s Aide Denies Defiance of Police Order on Durbar Procession During Sallah Festival

Published

on

 

In a press briefing today, Barrister Aminu Hussaini, Special Adviser to the Kano State Governor on Justice and Constitutional Matters, refuted claims that the Kano State Government defied a police directive prohibiting horse processions (durbar) during the Sallah celebrations. He clarified that the prohibition was issued by His Excellency, the Governor of Kano State, under the provisions of the Public Order Act, and merely announced by the State Police Commissioner.

Barr. Hussaini emphasized that the Governor, as the rightful authority, has the power to regulate public assemblies, meetings, and processions, including prescribing routes and times for such events. The decision to prohibit the durbar procession was made in consultation with all relevant stakeholders, including the emirate council, and aimed at ensuring the safety of lives and property while maintaining peace in Kano State.

#

Addressing allegations from certain civil society groups, Barr. Hussaini dismissed them as baseless, arguing that it would be illogical to accuse the government of defying its own directive, which was issued in the interest of public welfare. He further revealed that the police have launched investigations into the breach of the emir’s procession on Sallah day.

The Special Adviser reiterated the government’s commitment to prioritizing the security and welfare of its citizens, underscoring the collaborative efforts between the government, police, and emirate council in making decisions that safeguard the community.

This development highlights the delicate balance between cultural traditions and public safety in Kano State, as authorities navigate the complexities of maintaining order during festive celebrations.

Continue Reading

News

Edo Murder Of Hausa’s, Dickson says ethnic profiling could lead to Rwanda-like crisis

Published

on

Seriake Dickson, senator representing Bayelsa west, has condemned the murder of 16 Kano-bound travellers in Edo state.

Describing the incident as “deeply painful”, the former Bayelsa governor warned that those who engage in ethnic profiling are risking a Rwanda-like tragedy in Nigeria.

The travellers were attacked and lynched after members of a vigilance group in Uromi suspected that they were kidnappers.

There should be no collective criminalization or demonization of any group of Nigerians, ethnic profiling or reprisal attacks,” Dickson wrote on Facebook.

That was why, when I was governor, even at the height of herdsmen crisis, we insisted on law and order, and made sure that Bayelsa State was safe and free for everyone subject to the laws of the state.

“Those who profile Nigerians according to ethnic group, and criminalize and insult whole tribes are inviting the Rwandan experience which I always preach against. We must isolate and punish criminals wherever they are found and whoever they are.

In Nigeria, everyone has a right to freedom of movement and should be protected. Everyone has the right to go about their business and feel safe while doing so.

“I call on all leaders to de-escalate tensions and work for unity and mutual coexistence of all Nigerians founded on justice and respect for the rights of all citizens as guaranteed by the Nigerian constitution and laws.”

Commending the “proactive steps taken” by Monday Okpebholo, Edo governor, Dickson called on the state government and security agencies to conduct a thorough investigation into the killings and ensure that perpetrators are brought to justice.

He also demanded compensation for families of the victims.

#

Continue Reading

News

Eid-el-Fitr Sallah: Emir Sanusi avoid security breach, returns to 1903 traditional homage

Published

on

14th Emir of Kano Muhammadu Sunusi II

 

Eid-el-Fitr sallah celebration continues amid peaceful atmosphere in Kano as Emir Muhammadu Sanusi II, returns to 1903 traditional Hauwa Nassarawa homage, a cherished cultural heritage of Dabo clan to Governor Abba Kabir Yusuf at government house.

In compliance with the security prohibition of Sallah Durbar and specially so, to avoid security breach, Khalifa Sanusi abandoned the procession of horse ride and cut down the large crowd company of traditional title holders, a modern practice adopted in 1940.

Apart from abandoning the horse ride, Emir Sanusi who drove in exortic vehicle convoy also diverted his movement from the normal State road routes to Government house, strategically to avoid possible clash of interest.

Putting the historical fact in proper perspective, a Professor of History, Bayero University, Kano, Professor Tijjani Naniya, explained that before 1940 the Emir as head of Native Authority, only visits the residence and returned to his palace.

He said, “before 1940, there was no Wajen Kano that is outskirts the City, and the Emir as the head of NA, he will pay only his visit to Government house to brief the Governor on the yearly happenings in the City and returned to his palace.

#

” But by 1940 and when outskirts Kano that is Wajen Kano was created and there were People who though must of whom were Hausas but not of Kano extraction, the Emir needed to go round and see them, the present day Hawan Nassarwa using Horses was introduced”.

On the security restriction, Professor Tijjani Naniya, revealed that what the police banned was “Procession of Horses” in any form. He added that the emir in compliance to the directive restricted all horse rides and came to government house with vehicles to pay Homage to the Governor.

He said, “what was stopped is for the Emir to ride on horses and pass through State Roads, that for sure would create a problems but now that he has returned to the original means of the Hawan Nassarwa tradition there is not violation”.

“And the Emir is only coming to Government House as against the usual Hawan Nassarwa that he will ride horses go round Kano to greet everybody and return to his Palace”. Naniya explained.

Continue Reading

Trending