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

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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.

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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.

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Senator Natasha Akpoti-Uduaghan Stands Firm on Sexual Harassment Lawsuit.

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Senator Natasha Akpoti-Uduaghan has reaffirmed her commitment to pursuing her sexual harassment lawsuit against Senate President Godswill Akpabio, vowing to see the case through to its legal conclusion.

Despite calls from Akpabio’s lawyer, Olisa Agbakoba (SAN), urging her to withdraw the suit or provide extrajudicial clarification, Akpoti-Uduaghan has insisted that such matters must be resolved within the judicial system. She emphasized that the assessment of evidence belongs to the courts alone and rejected any attempts to circumvent due process.

The senator further accused Akpabio of leveraging media narratives to manipulate public perception while evading institutional accountability. She warned against efforts to litigate the matter outside the courtroom, stressing that legal proceedings should not be undermined by external pressures or public relations tactics.

Akpoti-Uduaghan’s lawsuit has drawn national attention, with legal experts and political observers closely monitoring the unfolding case. As the legal battle continues, she remains resolute in her stance, advocating for due process and institutional integrity in addressing allegations of misconduct.

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Excessive Heat Blamed for Explosion at Giwa Barracks, Army Confirms

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. The Nigerian Army has attributed the explosion at Giwa Barracks to the soaring temperatures in Maiduguri, dismissing speculations of an attack.

In an official statement issued by Captain Reuben Kovangiya, Acting Deputy Director of Army Public Relations at Headquarters Theatre Command Operation HADIN KAI, the army confirmed that the incident involved the explosion of ordnance stored in one of their ammunition facilities. “The explosion was due to the current high temperatures in Maiduguri, which led to the detonation of some munitions,” Kovangiya stated.

Authorities were quick to contain the situation, deploying multiple fire response units to prevent further damage. “The situation has, however, been brought under control with the combined efforts of the Borno State Fire Service Department and fire trucks from various security agencies,” Kovangiya assured the public in his statement.

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In addition to firefighting efforts, troops from Operation HADIN KAI have been mobilized to secure the area and prevent any form of exploitation by miscreants. “Troops have been deployed to protect the public and prevent miscreants from taking advantage of the situation,” Kovangiya emphasized, highlighting the army’s swift response to secure the affected region.

The army has also urged residents of Maiduguri Metropolitan Council to remain calm and disregard any unfounded rumors of an attack. “The general public is therefore urged to please discountenance any speculation of an attack and remain calm,” the statement concluded.

As investigations continue into the incident, authorities are expected to assess the impact of extreme weather conditions on military storage sites to prevent similar occurrences in the future.

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Viral Video Misattributed to ISWAP Sparks Misinformation Concerns

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A video circulating widely on social media has sparked controversy and confusion, as it is being falsely linked to ISWAP (Islamic State West Africa Province) and attributed to a recent comment by Governor Babagana Zulum of Borno State, Nigeria. However, security analyst Zagazola Makama has debunked these claims, clarifying on his verified Facebook page that the footage has no connection to Borno State or Nigeria.

According to Makama, the video in question originates from Burkina Faso and features members of JNIM (Jama’at Nasr al-Islam wal Muslimin), a militant group active in the Sahel region. The misrepresentation of this footage is not only misleading but poses significant risks, as it can fuel unnecessary tension and undermine trust within communities.

Makama emphasized the importance of verifying information before sharing it online, especially in sensitive matters like security and governance. “It’s unfortunate how quickly misinformation spreads, especially when people don’t take time to verify facts,” he stated.

The incident serves as a stark reminder of the dangers of misinformation in the digital age. As social media continues to play a pivotal role in shaping public opinion, users are urged to exercise caution and responsibility in consuming and sharing content. False narratives, particularly in matters of national security, can have far-reaching consequences, including heightened anxiety and strained relationships between communities and authorities.

Governor Zulum has not commented on the video, but the clarification from Makama highlights the need for vigilance and critical thinking in the face of viral content. As Nigeria and other nations grapple with security challenges, the spread of unverified information only adds to the complexity of addressing these issues effectively.

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