GRBusiness
World Bank Slams CBN FX Policies, Says It Hampers Foreign Investments
The World Bank has slammed the Central Bank of Nigeria’s exchange policy on foreign exchange management as it continue to discourage investment and fuel inflation.
This was disclosed by the World Bank in the November 2021 edition of its Nigeria Development Update tagged “Time for Business Unusual”.
The World Bank said the whole of Nigeria’s debt burden remains manageable for the time being, maintaining sustainable debt dynamics will require curbing the use of CBN financing for the deficit and addressing fiscal pressures to break the cycle of low growth and rising public debt.
The primary macroeconomic challenges disturbing growth, according to the World Bank, are issues around the predictability and credibility of exchange-rate management, as well as an insufficient supply of foreign exchange (FX).
The report stated, “The government’s exchange rate management policies continue to discourage investment and fuel inflation. Exchange rate stability is a key CBN policy objective, and to preserve its external reserves the CBN continues to manage FX demand and limit the supply of FX to the market.”
The World Bank stated that the Nigerian central bank’s exchange rate cannot handle external shocks to the economy, as exchange-rate management emerges as one of the key drivers of inflation.
“Pressure on the naira (₦) remains intense, while the CBN has raised the nominal official exchange rate three times since the start of the pandemic (by 15% in March 2020, 5 per cent in August 2020, and 7% in May 2021), FX management remains too rigid to respond to external shocks. Meanwhile, exchange-rate management has emerged as one of the key drivers of inflation,” the World Bank added .
Finance
Naira Abuse: Court Grants Cubana Chief Priest ₦10M Bail
The Federal High Court in Lagos State, on Wednesday, granted businessman and socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest, N10m bail with two sureties in like sum.
On Tuesday, EFCC slammed him with 3 count charge over the abuse of naira and asked him to report to court.
In court, The celebrity bar man pleaded not guilty to tampering and abusing the naira during his trial.
Earlier on Sunday, the EFCC revealed that it was probing several celebrities over alleged abuse of Naira notes.
In a statement, its spokesperson, Dele Oyewale, said;
“Many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.
“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”
Finance
Cubana Chief Priest Faces Three Count Charges By The EFCC Over Naira Abuse
Popular celebrity bar man, Pascal Okechukwu well known as Cubana Chief Priest will be arraigned by the Economic and Financial Crimes Commission (EFCC) over abuse of the naira on Wednesday, according to court documents.
He is facing three count charges for allegedly spraying and tampering with the naira at a social event contrary to the provisions of the Central Bank Act of 2007.
Not too long away was crossdresser Bobrisky Sentenced to 6 months in prison over thesame money mutilation. Now it is Cubana Chief Priest.
It seems like the government is taking the naira abuse situation much more seriously now.
Cubana Chief Priest would be arraigned before Justice Kehinde Ogundare of the Federal High Court, Lagos.
A copy of the document filed on April 4th by EFFC’s prosecutor Rotimi Oyedepo (SAN) alongside seven other lawyers representing the chairman of the Commission read:
1- “that you, Okechukwu Pascal on 13th Feb. 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.
2 – “that you Okechukwu Pascal sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.
3 – “that you Okechukwu Pascal sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.
Finance
Enugu Police Arrests Young Man Harbouring And Spending Fake Naira Notes
Policemen in Enugu State have arrested a 24-year-old suspect, Mmaduabuchi Okonkwo, for allegedly possessing and transacting in counterfeit naira notes.
A total of ₦40,000 suspected counterfeited one thousand denominated Naira notes were recovered from him.
Okonkwo was said to have boarded a minibus and given the driver one of the counterfeited notes. The driver, however, scrutinised and observed that the currency was fake, thereby raising an alarm that led to the suspect’s arrest.
Information has it that during interrogation, the suspect confessed to paying N25,000 for counterfeit notes with a face value of N50,000.
He further confessed to having spent ₦10,000 out of the fake notes, remaining the ₦40,000 that was recovered from him.
The suspect will be arraigned and prosecuted once investigations are concluded.
Say No To Creating Counterfeits!
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