CBN Lifts Forex Ban On 43 Items, To Intervene In FX Market

The Central Bank of Nigeria (CBN) has lifted the forex ban on 43 items and also promised to intervene in the FX market from “time to time”.

The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were “not valid for foreign exchange and could be produced in the country. Items affected include rice, cement, palm kernel, meat and processed meat products, poultry, soap, and cosmetics among others.

But in a statement, the bank’s Director of Corporate Communications Isa AbdulMumin said the ban has been lifted.

“As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease,” the Thursday statement read.

"Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEMFPC/GEN/O1/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.”

“The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer- Willing Seller principle,” he added.

“The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDCQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

“The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal,” CBN added.

Police arrests Department of Nursing Head at Coal City University, Mba Alphonsus over fraud allegations.

The Nigerian Police Force, Zone 13 Command Ukpo, Anambra State has on Saturday 14th of October arrested the Head of Nursing Department Coal City University, Enugu, Mba Alphonsus. Mba was taken to Emene police station shortly after he was taken into custody before he was moved to Zone 13 Ukpo where he's been detained. He was arrested on allegation of identity theft and fraud he committed at the school of Post Basic Psychiatry, Enugu when he was the acting Principal. According to the Police, his real name is mr Gregory Agbo from Nchatancha Nike but he started using WAEC result of his brother inlaw Alphonsus Mba. It is alleged that he has been using that name throughout civil service in Nursing. Same name he used to get job as Head of Department of Nursing at Coal City University, Enugu. He was also alleged to have parted with Six Million Naira he collected from students when he was the acting Principal School of Post Basic Psychiatry Nursing, Enugu. According to the Police, Mba i

ALLEGED ASSAULT OF NLC PRESIDENT: IGP WADES IN, CHARGES DIG FCID ON THOROUGH INVESTIGATION

.....Calls for Calm IGP Kayode Egbekun The Inspector General of Police, IGP Kayode Adeolu Egbetokun has ordered investigations into the circumstances surrounding the alleged assault on the person of the President of the National Labour Congress, Comrade Joe Ajaero. Consequently, he has directed the Deputy Inspector General in charge of the Force Criminal Investigation Department to take over the matter with the primary objective of ascertaining the true facts surrounding the incident and to address any ambiguities that may exist as the Police has been inundated with different versions of the incident making investigations imperative to clear the conflicting accounts. In a press release issued by tHe Force Public Relations Officer, ACP Olumuyiwa Adejobi, the IGP noted that the force understands the importance of transparency and accountability in maintaining public trust. The IGP therefore assures the public, most especially the leadership of the organized labour, that a thorough and u

APC SUPPORT GROUP CAUTIONS RECALLED ENVOYS TO DESIST FROM EMBARRASSING THE NIGERIAN GOVT.

A Coalition of All Progressives Congress, APC, support groups, on Thursday, cautioned recalled envoys and ambassadors to stop denting the country's image abroad. The groups issued the warning during a press conference in Abuja. They accused some of the envoys, particularly the Ambassador to Zambia, of sponsoring spurious media campaigns against the Federal Government and the person of President Bola Ahmed Tinubu. The press conference was addressed by Amb. Haj. Rabi Garba Dangizo, Director General, Progressive Arewa People Support, ASIWAJU/Shattima, PAPSA, and Amb. (Dr.) Adewale Adeogun. Founder/National Coordinator, Asiwaju Progressive Forum And National Coordinator, Tinubu National Think Tank, TNT. They said some of the envoys were not only undermining the powers of President Tinubu, but were engaging in activities that were in breach of Nigeria's security. The groups expressed surprise that "what was supposed to be a routine Diplomatic Process has turned into a campaign

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