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Declining External Reserves: Nigerians Should Not Worry, Says CBN

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Naira - Investors King
  • Declining External Reserves: Nigerians Should Not Worry, Says CBN

The Acting Director, Corporate Communications of the Central Bank of Nigeria, Isaac Okorafor said the recent fall in the external reserves and rise in capital outflows are not a cause for worry.

The external reserves rose to $47.865 billion on May 10 before dropping to $46.461 billion on August 15, while capital outflow from foreign portfolio investment also so surged, raising concerns about the state of the economy ahead of the national election.

“In this country, we survived when the reserves was at $24bn; from there, we moved to $31bn, and now we are at about $47bn. So, I don’t see why we should be worried about this. Our reserves position is so comfortable that we can deal with any eventuality,” Mr Isaac Okorafor, said on Thursday at a press briefing after the Bankers’ Committee in Lagos.

According to him, capital outflows were not as much as projected, adding, “We are even in a better position of confidence.”

A statement, Mr. Ahmed Abdullahi, the Director of Banking Supervision, CBN, validated by saying the 2018 economic outlook was better than 2017.

He said, “We have seen stability in the exchange rate being sustained, GDP growth higher than 2017. There are capital reversals in our capital market, and it is a little bit bearish but the fact is that capital outflow in the Nigerian economy is far less compared to many emerging economies. It is a sign that there is high confidence in the Nigeria economy. We are happy with the developments in the economy generally.”

Similarly, Mr. Segun Agbaje, the Managing Director, Guaranty Trust Bank Plc, said economic fundamentals are very stable and positive, adding that the Monetary Policy Committee of the CBN and the Bankers’ Committee were committed to stimulating the economy.

He said, “You have heard about commercial papers or bonds that would be issued; the guidelines would come out very soon. The aim is two-fold: to stimulate certain sectors, starting with agriculture and manufacturing. So, it allows people to do capital expenditure, which is more long term; it would give people single-digit interest rate loans.”

“On the part of banks, the CBN has been very gracious and said that, ‘In these two sectors, if you have companies that are doing new capital expenditures and expansions to factories, you would be able to lend them using some of your Cash Reserve Ratio at nine per cent.’ These are not short-term loans; they are seven-year loans, with two year moratorium on principal.”

“It would probably be the first time in the history of this country where manufacturers would be able to take fixed interest rate loans for seven years, which means they would be able to plan. I think these are very laudable steps in improving and growing the economy.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Atiku, Sheu Sani, SERAP, Amnesty International, Others Kick As FG Arraigns Minors For Joining #EndBadGovernance Protests

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Condemnations have trailed the arraignment of some distressed minors alongside adults who protested against bad governance and hunger in Nigeria.

The Federal Government dragged the peaceful protesters of the nationwide #EndBadGovernance including 32 minors before an Abuja Federal High Court on Friday.

However, there was panic within the courtroom when some of the minors collapsed during the arraignment.

The minors were arraigned for alleged treason by participating in August’s 10 days nationwide protests against hunger and bad governance.

It was gathered that the minors, who have been held by the Nigeria Police Force since August, were deprived of adequate care while in detention.

The incident occurred as they were being transported from various police detention cells, including those from the Intelligence Response Team (IRT).

No sooner than they arrived court premises that couple of the young lads lost consciousness inside the courtroom.

Sources claimed that they fainted due to maltreatment and lack of sufficient food for the days they were detained. They further alleged that authorities are using hunger as a form of torture against the young protesters for merely exercising their constitutional rights.

Photos and videos from the courtroom depicted the distressing scene, showing some teenagers writhing on the floor while others attempted to assist them.

One lawyer was captured trying to resuscitate a protester who collapsed in the dock.

The detention of the minors and other protesters was mandated by Justice Emeka Nwite, who approved an ex-parte application from the police to keep the minors in custody for 60 days as part of their investigation into the protests, which were aimed at addressing worsening insecurity and hardship attributed to President Bola Tinubu’s policies.

Condemning their arraignment and treatment, former Vice President, Atiku Abubakar, lambasted the President Bola Tinubu-led federal government over the illegal detention of malnourished minors.

Reacting to videos of the collapsed minors, Atiku, the former presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, said that Tinubu’s wickedness could not allow him to spare children who were protesting against his “harsh and draconian” policies in the country.

Atiku in a post on X said that the horrible scene of the collapsed malnourished minors in court is reminiscent of a Nazi concentration camp, which is a reflection of the low premium Tinubu-led government places on the lives of the vulnerable, especially children.

The former Vice President noted that it is reprehensible that President Tinubu who claims to have fought for Nigeria’s democracy and had led protests now demonises those who decide to demonstrate against the effects of his harsh and draconian policies.

Similarly, Shehu Sani, a former federal lawmaker from Kaduna State, expressed deep concerns over the detention of minors involved in the #EndBadGovernance protests.

Sani in a tweet on Friday questioned the justification behind their prolonged detention, saying there is no justification for the incarceration of the poor children.

He appealed to the Federal Government to set them free.

Also expressing outrage over the development, the Socio-Economic Rights And Accountability Project (SERAP) called for the immediate and unconditional release of all detained #EndBadGovernance protesters in prison and dropping of charges against them.

In a post on X handle, SERAP demanded that President Tinubu’s administration must promptly investigate the apparent ill-treatment of #EndBadGovernance protesters in prison and prosecute those responsible.

In the same vein, Omoyele Sowore, the convener of the #RevolutionNow movement, strongly condemned President Tinubu’s government for prosecuting minors who allegedly participated in the #EndBadGovernance protests.

Sowore, a former presidential candidate of the African Action Congress, criticized the government for its “shameless” treatment of these malnourished minors, who he believes deserve access to free education and healthcare, rather than being put on trial for treason.

Joining in the condemnation, Amnesty International wondered the rationale behind the prosecution of children who demanded good governance, calling for their immediate release.

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Lawyer Weeps As Minors Docked For Joining Hunger Protest Remanded In Prison After Failing To Meet Bail Conditions

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The lawyer to the underaged children the President Bola Tinubu-led administration arraigned in court for protesting against bad governance in Nigeria has recounted how he subbed profusely when the minors were remanded in prison.

They were taken to the Kuje Prison after failing to meet their bail conditions.

Investors King had reported that the Federal High Court presided over by Justice Obiora Egwuatu, granted bail to 76 protesters who participated in the #EndBadGovernance protest held in August 2024.

While the court granted each of the defendants N10 million bail for the adult protesters, the court demanded the parents of the minors to take their children on bail.

However, the children could not perfect their bail conditions as their parents were not close at hand.

One of the Counsels to the protesters, Deji Adeyanju, said he wept when the children who had earlier collapsed in court were whisked to the Correctional facility.

He lamented that stringent bail conditions the court imposed on the protesters who have been in custody since August, have led to the taking them back to prison custody.

He wrote on his X handle, “All the children have been taken to Kuje Prison because it is difficult to meet their bail conditions. I didn’t know when I started crying in court today.”

Several groups including the Civil Society Legislative Advocacy Centre (CISLAC) had condemned the detention and reported maltreatment of minors involved in the #EndBadGovernance protests in Nigeria.

The organisations had expressed deep concerns following alarming reports that several detained children, some under the age of 15, collapsed due to malnutrition inside the Federal High Court in Abuja.

Other prominent political figures in Nigeria have condemned the arraignment and incarceration of minors, calling on President Bola Tinubu to release them immediately.

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Nigeria Immigration Service Launches New Passport Renewal Mobile App, Issues Registration Guidelines

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The Nigeria Immigration Service (NIS) said it has created a Mobile Application for individuals to renew their International Passports from the comfort of their homes without necessarily visiting its offices.

The agency, in a video information watched by Investors King, which it posted on its X handle on Thursday night, disclosed that those who applied for passport renewal online get them delivered to their homes and other addresses they have chosen.

The management of the agency stated that the digital innovation is part of its continued efforts to serve the Nigerian public more efficiently and create a functional system that meets global standards.

Tagged: “A New Contactless Passport Application and Issuance Process,” the Nigeria Immigration Service (NIS) said as from November 1st, 2024, individuals who apply to renew their international passport will be able to use the mobile app and carryout the registration and application procedures from the comfort of their homes without having to visit any NIS office.

“Simply visit Google Play Store on your Android, App Store on IOS, and Window Devices and check for Nigeria Immigration Service Mobile App, click on it and download. You can also visit www.passport.immigration.gov.ng on your web browser.

“After downloading the Nigeria Immigration Mobile App on your mobile device, login on to www.passport.immigration.gov.ng, on your web browser; only use the following steps to get registered and apply to renew your passport:

“Step 1: Create a profile using a valid email.

Step 2: Complete eligibility test.

Step 3: Input your NIN and current passport number

Step 4: Fill out your bio data and upload relevant supporting documents such as NIN slip, certificate of local government of origin, birth certificate, among others.

Step 5: Proceed to take your biometric using your mobile phone fingerprint.

Step 6: Review all your information.

Step 7: Then, make payments.

Step 8: Finally submit your application.

“Now wait for your passport to be available and it will be delivered to your chosen address within the stipulated timeline,” the information revealed.

The NIS further explained how the procedures for renewal would be done in phases, stating: Phase 1: Canada – Nov. 1
Phase 2: UK, USA, Italy – Nov. 15
Phase 3: Nigeria & the rest of the world – Dec. 1.”

It added, “Thanks to the renewed hope agenda of Bola Ahmed Tinubu that cares for every Nigerian where they live, work and play.

“The Nigeria Immigration Service (NIS) with the supervision of the Hon. Minister of Interior, Hon. Olubunmi Tunji-Ojo, the leadership of the Controller General, CGI Kemi Nanna Nandap, committed to improving passport application processes and making life easy for all Nigerians.

“Please note that this new application platform is for Passport Renewal Only.”

Meanwhile, individuals who reacted to the new development commended the NIS for coming up with the mobile app for international passport renewal, saying it would contribute in making the process seamless and easier.

They however suggested that the NIS management expunge upload of  supporting documents such as certificate of local government of origin and birth certificate since they have been included in the bio data earlier supplied during initial application for the passport.

One of those who commented simply identified self as @Justice_Israell, wrote: “Nigeria Immigration officers won’t like this because now they can no longer extort from citizen as every financial transaction is done online.

“I love this initiative. Nigeria immigration office is like a market place and this corruption is deeply rooted even to the officials at the top.”

“Why requesting for Birth and Local Government certificates for passport renewal? How did the person get his passport in the first place? Did they not use all these documents for first passport? This is not necessary, except you make it optional. Thank you,” another X user identified as @femoscorpion131 remarked.

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