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Pilgrims Didn’t Get forex at Subsidised Rate – Emefiele

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The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said that the apex bank did not provide foreign exchange at a subsidised rate for the 2016 hajj pilgrims.

Emefiele, according to a statement from the bank, explained that the insinuation that the foreign exchange for the pilgrims was subsidised by the Federal Government was untrue.

The governor stated that the agreement between the apex bank and the pilgrims had been concluded even before the commencement of the implementation of the new flexible foreign exchange policy.

He said the pilgrims had earlier in the year made what he described as “advance payment” for their personal travel allowances, noting that in the current circumstances, the advance payment made was $750 per pilgrim.

The governor explained that the advance payment was made by the pilgrims to the respective state pilgrims’ boards, after which the requests were passed by the states to the national body.

According to him, since the agreement was made in April when the market rate was N197 to a dollar, it would be unethical not to honour it.

Emefiele said refusing to provide foreign exchange to the pilgrims at the N197 per dollar agreed rate would mean that the pilgrims would have to pay the difference between the old and new rates.

This, he noted, was against sound business principle.

He said, “What is obtainable is that every year, prior to the commencement of the pilgrimage, the commissions (both Christian and Muslim) approach the CBN to agree on the exchange rate for the personal travel allowance for that particular year, which, in this case, is between $750 and $1,000 per pilgrim.

“In this particular case, the market rate prevailed. Hence, with the commencement of the flexible exchange rate policy, market-determined rates will continue to serve as the basis for foreign exchange for pilgrimage or any form of PTA in the country.”

He added that the request for PTA for pilgrimage or tourism was a valid transaction and stated that the CBN, as a responsible organisation, could not renege on agreements or contracts entered into with other groups for whatever business transactions.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

Private Sector Coalition Against COVID-19 (CACOVID) Speaks on Looted Palliatives, Explains Delay

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Looted Palliatives: Private Sector Coalition Against COVID-19 (CACOVID) Speaks

Private Sector Coalition Against COVID-19 (CACOVID) has spoken on the recent actions of criminals and thugs who hijacked the #EndSARS protest and looted warehouses where COVID-19 palliatives were kept for distributions.

The group refuted claims that the stolen items were hoarded for certain people instead of distribution to the vulnerable they were meant for. This is despite the fact that some of the palliatives were already rotten by the time criminals broke into the warehouses.

Some of the looters, who spoke with the press, said a sizeable number of the items were already rotten and destroyed by rodents, while one of the lawmakers tasked with distribution claimed he planned to distribute the items on his birthday. A statement that angered many Nigerians.

However, in a statement issued on behalf of the group by Osita Nwanisobi, the Acting Director of Corporate Communications, CBN, on Monday, CACOVID said due to the huge size of the items meant to be distributed, the complex process involved in manufacturing, packaging and the eventual distribution to 2 million most vulnerable families across the 774 local government in the country, the group agreed to conduct the supply in stages, especially given locked down imposed by the Federal Government during the period.

The statement reads, “Members of the Private Sector-led Coalition Against COVID-19 (CACOVID) wish to call for calm, amidst the looting of COVID-19 palliatives meant for distribution in various State Government warehouses across the country.

“The Coalition is deeply concerned by the recent events and is urging those involved in the wanton destruction of public and private property to immediately desist from these raids, in order to allow the States to proceed with a peaceful and fair distribution of these palliatives to the neediest and most vulnerable in our society.

“Over the past few months, the private sector, through CACOVID has been working with governors, the FCT Minister, and the Nigerian Governors’ Forum (NGF) to procure, deliver, and distribute these food relief items to almost 2 million most vulnerable families (over 10 million Nigerians) across the 774 local government areas of the country, as part of the private sector’s support towards the national response to the COVID-19 pandemic.

“The sheer scale of this nationwide food programme and the timing of the orders and deliveries, which coincided with the lockdowns and reduced movement across the country, compelled CACOVID to roll out distribution in a staggered manner.

“The very large size of the order and the production cycle required to meet the demand caused delays in delivering the food items to the states in an expeditious manner; hence, the resultant delay in delivery of the food palliatives by the state governors.”

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Makinde Directs Schools to Reopen After #EndSARS Protest

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Schools to Reopen After #EndSARS Protest, Says Governor Makinde

The Executive Governor of Oyo State, Seyi Makinde, has directed schools across the Ibadan metropolis to resume normal activities immediately after the #EndSARS protest.

Mr Olasunkanmi Olaleye, the commissioner for education, Oyo State, disclosed this in a statement issued on Sunday in Ibadan.

According to Olaleye, the directive was after a careful review of the situation in the Ibadan metropolis as promised by Governor Makinde in a state broadcast on October 20.

This was after the governor ordered the closure of all schools, private and public, in the Ibadan metropolis for three days and promised to review the situation on October 23.

Olaleye said the governor thanks the youths who have been cooperating with security operatives in the state to ensure peace and order.

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NIMC to Register, Issue 2.5 million National Identification Monthly

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NIMC enrolment

The National Identity Management Commission has said it would improve registration and issuance of the National Identification Numbers to both Nigerians and legal residents to the current 500,000 to 2.5 million per month.

Aliya Aziz, Director-General, NIMC, said this was the commission’s renewed commitment towards the provision of identity services to the nation.

He gave the assurance while playing host to the Minister of Communications and Digital Economy, Isa Pantami, who was on an official visit to the commission’s head office in Abuja.

Aziz said in a statement issued in Abuja by the Head, Corporate Communication, NIMC, Kayode Adegoke, that the commission would meet and surpass the monthly target.

This, he said, would be part of the policy statements in the National Digital Economy Policy and Strategy.

The NIMC boss told his guest that the commission had competent human resources and was looking forward to government support and intervention in injecting the much needed material resources to realise the set objectives.

Pantami charged the commission to increase and improve its performance with regards to NIN registration and issuance, as he also reiterated the target of 2.5 million monthly enrolments.

The minister told his host that the importance of digital identity in actualising the digital economy goals could not be overemphasised and commended the strides recorded by the NIMC despite limited resources.

He assured the commission of government’s support and guidance towards ensuring the fulfilment of its mandate, adding that he had initiated moves to improve staff welfare at the NIMC.

Pantami also assured the NIMC management and staff of his resolve to improve the state of the current infrastructure and equipment to enable the commission to sustain its performance.

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