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MAN welcomes CBN’s unification of exchange rates
The Manufacturers Association of Nigeria (MAN) says the unification of the country’s exchange rate is a welcome development that will engender increased investment inflow in the real sector of the economy.

Mr Mansur Ahmed, MAN President, made this remark in a report made available to newsmen on Friday in Lagos.
Ahmed said that the association had, over the years, been advocating for a unified exchange rate to promote a market-friendly rate in the country.
The unified rate, he said, is capable of facilitating stable production planning and engender sustainable economic growth.
He said that drawing from basic knowledge of the transmission mechanism of exchange rate management and experiences of Cuba and India, the current forex unification agenda would entrench a convergence and enhance exchange rate stability.
“It is, therefore, gratifying as it appears that the Central Bank of Nigeria (CBN) has now unified the country’s exchange rate.
“Clearly, this is a welcome development and a laudable initiative that has come at the right time.
“`This is more so, particularly, now that the economic outlook is gloomy in light of the impact of the ravaging COVID-19 pandemic that has culminated in uninspiring macroeconomic situations,’’ Ahmed said.
He recalled with delight that IMF and World Bank had at different times advised the country on the need to unify the multiple exchange rate windows to prevent distortions in investment decisions in the public and private sectors of the economy.
“In fact, the World Bank had attributed the country’s loss of Foreign Direct Investment (FDI) to investors’ exasperation from perceived manipulation of the foreign exchange market.
“The unification will also boost investors’ confidence, control rising inflation and promote transparency, entrench better exchange rate management and eradicate distortions to the barest minimum.
“It is expected to also eliminate the notorious socially destructive rent-seeking activities, halt the incidence of round-tripping, ensure better allocation of resources, facilitates income expansion and stimulate the inflow of foreign investment into the economy.’’
The News Agency of Nigeria (NAN) recalls that the CBN had on July 7 made an adjustment which moved the rate at the Special Secondary Market Intervention Sales (SMIS) to N381 per dollar.
The MAN President, however, stressed the need to recognise the existence of the unavoidable pains that naturally came with the transition from a multiple exchange regime to the domain of a single exchange rate.
Particularly, he said, there is the burden of dollar-denominated loans and offsetting existing credit commitments to foreign suppliers of raw materials.
He advised that the CBN put a measure in place to minimise the intensity of the pain by considering outstanding obligations of manufacturers from the second quarter 2019 till date.
“Given at N345 to a dollar prior to unification and allows such to settle at between N330 and N360,’’ he said.
According to him, this will enable banks to redeem these obligations to foreign suppliers of manufacturers.
He said that many factories might close and the CBN stimulus packages to the manufacturing sector would suffer a huge setback as cash flow crunch becomes the order of the day.
Ahmed also recommended that the apex bank should develop an appropriate implementation strategy that would engender a successful transition from the current multiple windows to a single efficient one.
“The CBN should also ensure that the strategy pursues two fundamental objectives.
“The first, is to limit the short-term pains until efficiency gains materialise by responding swiftly with an inward-oriented rescue guideline while the second should seek to boost the pace at which such efficiency gains materialise.
“It should also submit all the instruments of exchange rate determination gradually to the unseen forces of demand and supply as a matter of necessity,’’ Ahmed advised.
He also urged the apex bank to completely avoid the temptation of interference in order to fully harvest all the benefits that foreign exchange unification can offer. (NAN)
News
Super Eagles: Chelle Explains Decision to Invite New Players
Super Eagles head coach Éric Chelle has defended his decision to hand opportunities to several new players during the Unity Cup and the international friendly against Poland, saying the move is part of efforts to strengthen the national team.
According to DAILY POST, Chelle included eight home-based players in his squad for the Unity Cup invitational tournament as he continues to assess new talents capable of improving the team.
Players such as Femi Azeez, Owen Oseni, Arthur Okonkwo, and Rafiu Durosinmi all made their debut appearances during the competition.
Banik Ostrava defender Abdullahi Bewene also earned his first cap for the Super Eagles in the friendly against Poland, while Genk defender Christian Akpan received a late invitation for the upcoming friendly against Portugal.
Speaking to the Super Eagles media team, Chelle said the inclusion of fresh faces is aimed at raising the quality and competitiveness of the squad.
“We have analysed our game over the past year and have tried to bring in players who can help the team grow,” Chelle said.
“We need to improve because, for me and for everyone, it is often the smallest details that make the difference between being the best team and winning a trophy.”
The Malian tactician has continued to experiment with his squad since taking charge, with a focus on building a stronger and more competitive team ahead of future international competitions.
News
“I Left the Frying Pan for Hellfire” — Senatorial Aspirant Laments Exit from APC to NDC
Ehiozuwa Agbonayinwa, an aspirant for the Edo South Senatorial seat under the platform of the Nigeria Democratic Congress (NDC), has expressed deep frustration over his experience in the party, describing his defection from the All Progressives Congress (APC) to the NDC as “moving from the frying pan into hellfire.”
Speaking on Arise News’ News Day programme on Friday, the former member of the House of Representatives alleged that despite winning the party’s senatorial primary election, he is now being prevented from appearing on the ballot.
Agbonayinwa further accused the NDC’s national leader, Senator Seriake Dickson, of reneging on earlier encouragement for him to contest the Senate seat on the party’s platform. According to him, Dickson personally persuaded him to purchase the party’s expression of interest and nomination forms, only to later deny ever doing so.
“I have moved from the frying pan into hellfire,” Agbonayinwa said.
“After efforts to reach a consensus failed, we proceeded to a direct primary election. Party leaders brought all the aspirants together and encouraged us to step down for one another, but no agreement was reached.
“We went through a rigorous process. I understand the party is relatively new, but in all my years in both the APC and PDP, I have never witnessed this kind of situation. The primary election was held on May 29, and as of June 5, the results have still not been officially announced.”
The former lawmaker said he was particularly disappointed by the role allegedly played by Dickson, whom he described as a longtime friend and respected associate.
“Before joining the NDC, I reached out to Senator Seriake Dickson and later visited him at his residence. During our discussion, he asked why I could not pursue a Senate seat under the NDC platform.
“At the time, I was considering contesting for the House of Representatives, but after his suggestion, I told him I would consult with my political leaders. After doing so, I informed him of my decision and thanked him. To my surprise, the same person who encouraged me to obtain the nomination form has now claimed he never made such a recommendation,” he stated.
Agbonayinwa maintained that the handling of the primary election process has left him frustrated and disillusioned, raising concerns about transparency and internal democracy within the NDC.
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Some Nigerians Have Turned Insecurity Into a Commercial Venture — PDP Chieftain
A chieftain of the Peoples Democratic Party (PDP), Anthony Ehilebo, has expressed concern over the worsening security situation in Nigeria, alleging that some individuals now view insecurity as a profitable enterprise.
Speaking on News Central’s Politics HQ on Friday, Ehilebo said the failure of authorities to bring perpetrators of major terrorist attacks and kidnappings to justice has contributed to the continued spread of insecurity across the country.
He cited the abduction of schoolgirls in Borno State and the attack on students in Buni Yadi as examples of incidents in which those responsible have not been adequately held accountable.
“When Boko Haram kidnapped girls in Borno State, till today we have not found those responsible and held them to account. Buni Yadi happened and nobody was held to account, and it spread to other schools,” he said.
Ehilebo noted that insecurity in Nigeria has evolved into different dimensions, including terrorism driven by extremist ideology and criminal activities motivated by financial gain.
“There are multiple facets and there is one that is solely domiciled within terrorism and if you look at the literal translation of Boko Haram, it means western education is haram according to radical Islamic teachings,” he stated.
He also alleged that some people now engage in kidnapping and related crimes for economic reasons, citing a recent case involving a senior special assistant in a state government who was reportedly arrested for allegedly staging her own abduction in an attempt to obtain ransom from the government.
“It has now become an industry and a commercial venture for some and for some it has become literally a religious thinking process,” he said.
The PDP chieftain argued that the lack of consequences for criminal acts has encouraged the persistence of insecurity, stressing that stronger political will is required to address the challenge effectively.
“The bottom line that has kept this is the consequence, which is almost driven by political will,” he added.
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