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CBN announces new programme to attract $200bn foreign exchange annually

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CBN to stop sale of foreign exchange to banks by end of 2022

By Matthew Eloyi

The Central Bank of Nigeria (CBN) has launched a foreign exchange programme endorsed by the Bankers’ Committee to assist the country in repatriating $200 billion in foreign currency per year.

At the post-Bankers’ Committee meeting in Abuja on Thursday, CBN Governor, Godwin Emefiele revealed the idea dubbed “RT200 FX scheme.”

The move comes as part of the country’s aggressive effort to boost foreign exchange earnings.

Foreign exchange crunch is depleting the value of the naira as well as the Nigerian foreign exchange reserves.

Nigeria earns foreign currency from foreign portfolio and direct investment, crude oil import receipts, diaspora remittances, and export proceeds.

The sources were badly hit by the Covid-19 pandemic in 2020 and Nigeria has not recovered fully from the negative impact of the crisis.

Emefiele said, “For the inadequacy of FX supply and the constant pressure on the exchange rate, we believe that the lessons we have learnt from our policies on remittances can be applied in improving some aspects of our FX inflow into the country.

Emefiele lamented that the four sources are unreliable as they are prone to global economic developments.

In his words, “We have all been witnesses to the ever-changing fortunes of oil exporting countries. In order to avoid these sudden adjustments to our economic life, we need to focus as a nation on strategies that can help us gain more stable and sustainable foreign exchange inflows into our country.

“After careful consideration of the available options and the wide consultation of the banking community, the CBN is effectively announcing the Bankers Committee RT200 FX Programme which stands for the ‘Race to $200bn in FX’ repatriation into Nigeria.

“The RT200 FX programme is the set of policy plans and programmes for non-oil exports that will enable us attain a lofty yet attainable goal of $200bn in FX repatriation exclusively from non-oil exports over the next three to five years and we are optimistic that this can be achieved.”

Emefiele disclosed that the RT200 FX programme will have five key anchors which include: value adding exports facility; non-oil commodities expansion facility; non-oil FX rebate scheme; dedicated non-oil export terminal and bi-annual non- oil export summit.

He said “the value adding exports facility will provide stationary and long-term funding for business people who are interested in expanding existing plants or building brand new ones for the sole purpose of adding significant value to our non-oil commodities before exporting the same abroad.”

The CBN Governor said this is because Nigeria has missed out in the foreign exchange that could be generated from the export of value added commodities.

For instance, Emefiele said Nigeria produces about 770,000MT of sesame seed, cashew and cocoa and only 12,000MT are consumed locally, while the rest are exported.

“The unfortunate thing is that out of the 758,000MT that are exported annually, only 16.8 per cent is processed. The rest are exported as raw sesame, raw cocoa and raw cashew, thereby giving Nigerian farmers an infinitesimal part of the value chain in this product,” said the CBN boss.

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Commission, journalists partner to revamp water sector in Kaduna

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The Kaduna State Water Services Regulatory Commission (KADWREC) says it is partnering media practitioners towards revamping water services in the state.

Mr Dogara Bashir, the Executive Chairman of KADWREC, disclosed this on Monday at a one-day workshop organised for media practitioners on regulation of ‘Water, Sanitation and Hygiene’ (WASH) activities held in Kaduna.

Bashir said the commission was aware of the importance of the role media practitioners played in the society.

He stated that the workshop was to provide an avenue to liaise with them as important stakeholders on water supply and sanitation services in the state.

Bashir said: “As media practitioners, we believe you are a gateway to the citizens so, the workshop would acquaint you with some of the regulations already in place so that you can in turn transmit it to the public

“The state of water services in Kaduna State is in dire need of attention and the State Water Corporation and KADWREC were established towards addressing the seeming challenges.

“The commission is mandated to ensure better service delivery and regulation of water and sanitation services in the State.

“The idea is that once the regulations are developed, we send them to the State Ministry of Justice to gazette and then we get the state government to endorse and give the go ahead to commence the implementation of the regulations

“We intend to implement them fully come January, 2025 God willing, as we have embarked on advocacy activities having gone to zones 1 and 2 where we talked to traditional rulers, security agencies and the Judiciary.”

He disclosed that a special Court has already been attached to the commission by the Chief Judge of the State for service providers who may likely violate regulations.

The chairman further said that amongst the commission’s objectives include ensuring security, reliability and quality of service in the production and delivery of water to the consumers as well making regulations to control the sinking of boreholes.

Others included; maximising access to water services by promoting and facilitating consumer connections to distribution systems in urban and rural areas.

According to Bashir, they also include ensuring that regulatory decision-making has regards to all the relevant health, safety, environmental and social legislation applying to the water sector.

Bashir further said that the commission collaborate with the relevant state and federal agencies on water policies.

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Crime

2 ladies docked for allegedly obtaining money by fraud

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The police in Lagos have dragged two women, Mmesuma Ofunna, and Blessing Adimekwe, before an Ojo Magistrates’ Court in Lagos, over alleged obtaining money by false pretence.

Ofunna, 22, and Adimekwe, 25, were arraigned before the Magistrate, Mr L K J Layeni, on a four-count charge bordering on conspiracy, obtaining by false pretence, stealing and conduct likely to breach peace.

They each, however, pleaded not guilty to the charge.

The prosecutor, ASP Simon Uche, told the court that the defendants conspired with others now at large, to commit the offence on Oct. 26 at the Okokomaiko area of Ojo.

He alleged that they had obtained the sum of N70, 000 from one Faith Ahamefule, with a promise not to post her nude photo on social media.

The prosecutor alleged that the defendants later posted the nude photo of the nominal complainant on social media, knowing that their promise was false.

He alleged that they stole the N70, 0000, thereby conducting themselves in a manner likely to breach public peace.

The offence contravenes the provisions of sections 168(d), 287, 314, and 411 of the Criminal Law of Lagos State 2015.

The court granted the defendants bails in the sum of N500, 000 each, with two sureties each in like sum.

He adjourned the case until Jan. 8, 2025 for mention.

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Driver jailed 6 months for attempting to steal a car

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A Jos Magistrates’ Court on Monday, sentenced a 37-year-old driver, Ahmad Umar to six months in imprisonment for attempting to steal a car.

The Magistrate, Shawomi Bokkos, summarily tried and sentenced the convict after he pleaded guilty to the charge.

Bokkos in his judgment, ordered the convict to pay an option of N30, 000 fine or spend six months in prison.

Earlier, the Prosecutor, Insp Ibrahim Gokwat, told the court that the case was reported on Oct. 10, at the Area Command Police station through a distress call by one Sydney Peacemorie the complainant.

Gokwat said the complainant parked his Toyota RAV4 in front of Access Bank and went inside to carry out some transactions, only to return to find the convict inside his car.

“The convict unlawfully opened the car and was in the driver’s seat when the complainant raised alarm and he was apprehended, but his accomplice escaped.

“The convict was severely beaten by a mob but was rescued by the police,” said Gokwat.

“The prosecutor said that the offence contravened the Plateau Penal Code Law.

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