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CBN interventions will stabilise naira – Pwc
Last Updated on June 26, 2024 by Fellow Press
Professional services firm, PwC, has stated that the interventions by the Central Bank of Nigeria will stabilise the naira in the long run.
That was indicated in its latest Nigeria economic outlook, titled ‘Navigating economic reforms’.
PwC said, “Interventions by CBN may cause the Naira to stabilise in the long-term. However, these interventions may become subdued in the absence of improved capital flows and export proceeds to the foreign reserves.
“Capital importation increased by six per cent to $1.1bn in Q4 2023 from $1.0bn in Q2 2023. The increase was driven by the growth in Foreign Portfolio Investments (189 per cent increase from $106.9m to $309.8m) and Foreign Direct Investments (113.9 per cent increase from $86m to $183.9m) between Q2 and Q4 2023.”
It added that the increase in FPIs was driven by an increase in flows to money market instruments while FDIs were driven by flows to equity investments.
“Capital importation may continue to improve in 2024 due to the policy actions by the CBN aimed at rebuilding investor confidence. Some of the actions implemented by the CBN include settling FX backlogs, increasing MPR to 26.25 per cent to maintain price stability, etc,” the report added.
Breaking News
ASUU to embark on strike in two weeks if FG fails to honour agreements
Last Updated on June 29, 2024 by Fellow Press
The Academic Staff Union of Universities, ASUU, has declared that it would embark on strike in the next two weeks if agreements with the Federal Government are not met.
The Zonal Coordinator of ASUU, Calabar Zone, Comrade Happiness Uduk, said this while addressing a press conference and protest organized by Calabar Zone of ASUU, at Abia state University, Uturu Main Campus.
She said that various agreements between the union and the Federal government were yet to be honoured, leaving the academic staff and educational sector at large in deplorable condition.
She listed the issues to include no salary increment, salary arrears, poor funding of universities and non-payment of Earned Academic Allowances, among others.
The union rejected the Integrated Personal and Payroll Information System (IPPIS) and the introduction of Treasury Single Account (TSA) in Abia State University, Uturu, and also condemned the victimisation of members of ASUU in Ebonyi State University (EBSU).
It expressed regrets that monthly wages of lecturers have been rubbished by the high cost of living in the country.
ASUU also rejected the Federal Government’s loan package for Nigerian students, warning that it would enslave the students.
“Universities would be shut down for academic activities in the next two weeks. Please take the message to them,” Uduk said.
Also speaking, the Chairman of ASUU in Abia State University, Dr Chidi Mba rejected the Treasury Single Account.
Mba, who said the lecturers are owed between 11 and 14 months salaries, also complained that salaries of some workers were slashed.
The ASUU Chairman called on the Abia State government to increase the funding for the school.
Calabar Zone of ASUU comprises of seven Universities namely University of Calabar, University of Uyo, Alex Ekwueme University, Abia State University, Ebonyi State University and Akwa Ibom State University.
Breaking News
Yahaya Bello requests Transfer of N83b fraud case to Kogi
Last Updated on June 27, 2024 by Fellow Press
Yahaya Bello, the immediate former Governor of Kogi State, has requested the transfer of the Economic and Financial Crimes Commission (EFCC) case against him to Kogi State.
Bello’s legal team argues that since the alleged offence was committed during his tenure as governor, it is only fitting for the case to be heard in Kogi State.
The former governor is expected to be arraigned at the Federal High Court in Abuja, today, on alleged fraud charges totalling N82 billion.
The EFCC will be prosecuting the case on behalf of the federal government.
The arraignment is listed as number 7 on Justice Emeka Nwite’s cause list.
However, it remains uncertain whether Bello will appear in court as promised.
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