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CBN Imposes Limit On Banks’ Foreign Currency Exposure

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CBN Imposes Limit On Banks’ Foreign Currency Exposure

The Central Bank of Nigeria (CBN) on Wednesday said the Net Open Position (NOP) limit of banks’ overall foreign currency assets and liabilities both on and off-balance sheet should not exceed 20 percent short or 0 percent long of shareholders’ funds unimpaired by losses using the gross aggregate method.

This was disclosed in a circular to all banks, titled ‘Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks’ jointly signed by Hassan Mahmud, director trade and exchange department of the CBN and Rita Ijeoma Sike, for director, banking supervision department.

The circular mandates that banks must adhere to a NOP limit, ensuring it does not surpass 20 percent short (holding more foreign currency assets than liabilities) or 0% long (not holding more foreign currency assets than the bank’s shareholder funds unimpaired by losses).

It said banks currently exceeding these prescribed NOP limits are obligated to make adjustments to their positions to align with the new regulations by February 1, 2024.

This move is aimed at mitigating risks associated with excessive foreign currency exposure and fostering a more resilient banking sector.

NOP refers to the difference between a bank’s foreign currency assets and liabilities. This includes both on-balance sheet and off-balance sheet items.

Regulatory bodies often impose NOP limits on banks to prevent excessive exposure to foreign currency fluctuations and potential financial instability.

These measures aim to enhance risk management within the banking sector, fostering stability and safeguarding against potential vulnerabilities associated with excessive foreign currency exposure.

In addition to the NOP limits, banks are required to diligently calculate their daily and monthly NOP, along with their Foreign Currency Trading Position (FCT), using specific templates provided by the Central Bank. This meticulous approach aims to enhance transparency in reporting and ensure that banks adhere to the regulatory framework.

These measures underscore the Central Bank’s commitment to fortifying the financial system against potential vulnerabilities, promoting responsible risk management practices within the banking sector.

Banks are urged to promptly adhere to these directives to maintain regulatory compliance and uphold the integrity of the financial system.

According to the circular, banks are also required to have adequate stock of high-quality liquid foreign assets, i.e. cash and government securities in each significant currency to cover their maturing foreign currency obligations. In addition, banks should have in place a foreign exchange contingency funding arrangement with other financial institutions.

The CBN emphasized the importance of strategic financial practices for banks to mitigate foreign currency risks effectively. The key recommendations include borrowing and lending in the same currency, known as natural hedging, to avoid potential mismatches associated with foreign currency exposure.

The circular underscored that the interest rate basis for borrowing should align with that of lending, stressing the importance of eliminating discrepancies in floating and fixed interest rates. This approach aims to mitigate basis risk linked to foreign borrowing interest rate fluctuations, fostering stability in financial operations.

The circular highlighted specific guidelines regarding Eurobonds. It stated that any clause related to early redemption should be initiated by the issuer, and approval must be sought from the CBN. This holds true even if the bond does not qualify as tier 2 capital. The CBN emphasizes the need for timely reporting in this regard.

Neymar Demands DNA Test To Confirm Third Child With Brazilian Model

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Neymar Demands DNA Test To Confirm Third Child With Brazilian Model

Neymar has reportedly demanded a DNA test after amid reports he is set to father a third child with a third different woman.

Reports emerged in Brazilian outlet Portal LeoDias that Neymar had an affair with Brazilian model and influencer, Amanda Kimberlly, while he was still with his now former partner, Bruna Biancardi.

The report claims Kimberlly is now four months pregnant, with news of the pregnancy coming as a surprise to Neymar.

Neymar was said to ‘receive the news with joy’, and wants to carry out a DNA test as soon as the child is born to confirm it is his.

Kimberlly hails from Sao Paulo and is best known for appearing on the Brazilian dating show ‘Are You the One?’ in 2016, with the model getting to know the Al-Hilal star soon after.

Kimberlly, who will reportedly give birth to a girl, dated several celebrities before meeting Neymar.

In a report, Portal LeoDias said:

‘Neymar is going to be a father for the third time. The mother is a Brazilian model who is four months pregnant.

‘She got pregnant while they were having an affair, including while the footballer was recovering from a knee injury.

‘There is concern about the health of the baby’s mother, who recently had to undergo some treatments. The pregnancy was a surprise, but they were having a romance.’

News of the pregnancy also comes after Neymar only became a father for the second time just three months ago in October when his daughter Mavie was born.

He then split with the mother of his daughter in November, amid rumours of the Brazilian star being unfaithful.

Neymar had faced accusations of cheating on Biancardi with compromising footage emerging last year of him partying with two different women in a Spanish nightclub.

A report in BILD even claimed the pair had a bizarre sex contract that allowed Neymar to flirt and sleep with other women.

There were specific conditions for the contract. This included that the Brazilian was not allowed to kiss women on the mouth, had to use a condom during sex, and that the relationship must stay secret.

There are also allegations he asked Brazilian OnlyFans star Aline Farias for nudes, with Farias reportedly releasing screenshots of her conversation with Neymar.

Meanwhile, in June he faced further allegations of infidelity with influencer Fernanda Campos, prompting him to post a grovelling apology to Biancardi on social media.

Neymar – who also has a son from a previous relationship with Brazilian influencer Carolina Dantas, started dating Biancardi in 2021.

They kept their romance private before going Instagram official in January 2022. In August of that year, they announced the end of the relationship, before rekindling it soon after.

JAMB under Oloyede made ₦‎50 Billion for FG in one year — Shettima

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JAMB under Oloyede made ₦‎50 Billion for FG in one year — Shettima

Vice President Kashim Shettima has revealed that Prof Ishaq Oloyede is the first Registrar of the Joint Admission and Matriculation Board to have made over N50bn for the Federal Government within a year.

The Vice President, who represented President Bola Tinubu, disclosed this on Wednesday while speaking during a public engagement organised by the Economic and Financial Crimes Commission.

The dialogue on “Youth, Religion, and the Fight against Corruption” was held at the Musa Yar’Adua Centre, Abuja, where the Fraud Risk Assessment Project for Ministries, Departments, and Agencies was also launched by the EFCC Chairman, Ola Olukoyede.

While speaking on the issue of corruption in the public sector, the Vice President noted that JAMB had never made up to $1m for the Federal Government before Oloyede assumed office.

Shettima said, “One person I always respect is Prof Ishaq Oloyede. Over the years, JAMB never made upto $1m for the Federal Government.

“However, when Prof Oloyede assumed office, JAMB made over ₦50bn for the Federal Government in one year.”

Other dignitaries present at the dialogue were the Attorney General of the Federation, Lateef Fagbemi; a former Minister of Power, Babatunde Fashola; the Ọọni of Ifẹ, Ọba Enitan Ogunwusi; the Sultan of Sokoto, Sa’ad Abubakar; the President, Christian Association of Nigeria; the Chairperson, Nigeria Committee of Vice Chancellors, Professor Lilian Salami; and the Registrar of JAMB, Professor Ishaq Oloyede.

Festus Keyamo: No Local Airline Will Become Nigeria’s National Carrier

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Festus Keyamo: No Local Airline Will Become Nigeria’s National Carrier

The Minister of Aviation and Aerospace Development, Festus Keyamo, says no local airline will be designated to be the Nigerian national carrier.

He said that nominating one local airline to be the national carrier will be unfair to all other local airlines operating in the country.

Keyamo, who was a guest on Channels Televisions Politics Today on Wednesday, said that his ministry is already working on establishing what he referred to as “a proper national carrier”.

“I will push for one (national carrier) and I am working on one. Let me say this publicly now, no local airline will be a national carrier, a flag carrier. So, whoever thinks I am working to promote one to be a flag carrier, I am saying it as a matter of policy, it will be unfair to all the local operators,” Keyamo said.

“No local airline will be designated as a national carrier, I will not do it. We will establish a proper national carrier and people are talking to us, the Arabs are talking to us, the Chinese are talking to us, the Americans are talking to us on this already.”

During the last administration, Keyamo’s predecessor, Hadi Sirika, had launched Nigeria Air as a national carrier and the deal was shrouded in controversy.

The dust about the Nigeria Air is yet to settle with Keyamo insisting that the deal was not in the interest of the nation.

The minister said there are other deals on the table and wondered why the one involving the Ethiopian Airline was chosen by the former minister.

He said, “There were better deals on the table, why did we settle for this or why are we trying to settle for this? We have better deals on the table

“It was not a deal that was good for Nigeria. The whole composition and the totality of that deal was merely Ethiopian Air flying a Nigerian flag; it was not a national carrier.

“There is a national carrier and a flag carrier. So, why we were thinking a national carrier was coming, it was not a national carrier, it was a foreign airline trying to fly Nigerian flag,” Keyamo said.

The minister also said that the Economic and Financial Crimes Commission (EFCC) is investigating the controversial Nigeria Air deal.

“The EFCC is investigating that deal,” the Minister said, adding that “there is a criminal investigation going on. I have called for the report”.

EFCC Investigating Nigeria Air Deal, Says Keyamo

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EFCC Investigating Nigeria Air Deal, Says Keyamo

Festus Keyamo, minister of aviation and aerospace development, says the Economic and Financial Crimes Commission (EFCC) is investigating the controversial Nigeria Air deal

The Nigeria Air deal was sealed by Hadi Sirika, the immediate former minister of aviation, on behalf of the Nigerian government.

On May 26, 2023, a plane belonging to Nigeria Air, the proposed national carrier, landed at the Nnamdi Azikiwe International Airport (NAIA), Abuja.

Sirika had told Nigerians two days before the plane touched down in Abuja that an aircraft belonging to Nigeria Air, would arrive in the country on Friday ahead of the commencement of operations.

However, on August 31, 2023, Keyamo announced the suspension of the Nigeria Air. The minister said the projects would be put on hold until further notice.

Keyamo spoke on Wednesday evening when he appeared on Channels Television’s Politics Today.

“First of all, I have said it before and I will still say it. It was not a deal that was good for Nigeria in the long run,” the minister said.

“The whole composition and totality of that deal was merely Ethiopian Air flying the Nigerian flag. It was not a national carrier. Two things. A flag carrier is different from a national carrier.

“So while we were being told that a national carrier was coming, it was not a national carrier, it was a foreign airline trying to fly the Nigerian flag.

“The EFCC is investigating that deal. There is a criminal investigation going on. I have called for the report.”

Keyamo insisted that no local airline would be designated as a national airline, noting that “we will establish a proper national carrier”.

First Term: Gov Diri Commends Legislature, Judiciary For Support

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First Term: Gov Diri Commends Legislature, Judiciary For Support

…Says Southern Ijaw People Resilient During Poll

Governor of Bayelsa State, Senator Douye Diri, has expressed appreciation to the legislature and judiciary in the state for their support in his first term, which ends on February 13.

Senator Diri and his deputy, Senator Lawrence Ewhrudjakpo, will take a fresh oath of office on February 14.

Speaking during the monthly praise night at the King of Glory Chapel, Government House, Yenagoa, which was the last in the first term, the governor said without the support of the other two arms of government, his administration would not have recorded the modest achievements in the last four years.

In a statement by his Chief Press Secretary, Mr. Daniel Alabrah, he also thanked clerics and the Christian community, members of his cabinet and people of the state for their unflinching support, saying he alone could not have achieved the successes so far.

Governor Diri also lauded the security agencies for their role in ensuring the state remained peaceful and for their professionalism during the November 11 governorship election in the state, which he won.

He expressed the optimism that Bayelsa will achieve greater success in his second term as his desire was for every nook and cranny of the state to feel the impact of government.

The state’s helmsman again gave the glory to God for his electoral victory, saying despite threats from the opposition, he prevailed.

He said: “As men, we did all we could but God who sees everything went ahead of us to straighten crooked paths. We live by His grace. Our prayer is that God would do more for us than He did in our first term so that every corner of our state will feel the impact.

“As we move toward February 14, I want to appreciate my cabinet. Our policies were well implemented and that is why we recorded some success. The love among members of the cabinet is worth commending too.

“I equally appreciate the legislature, which worked hand-in-gloves with me as well as the judiciary and our security agencies, which have done very well.

“We also appreciate the church as a whole. Your endorsement during the election meant so much to us and, indeed, God delivered us. Most people who worked with us were threatened but we prevailed and defeated gangsterism.”

Earlier, Governor Diri praised the resilience of the Southern Ijaw people, which resulted in victory of the Peoples Democratic Party (PDP) in 15 out of 17 wards in the local government area.

He gave the commendation when elders, leaders and stakeholders in the area led by the Southern Ijaw Peoples Democratic Party (PDP) Caucus chairman, Chief Talford Ongolo, paid him a solidarity and congratulatory visit in Government House, Yenagoa.

He expressed satisfaction with their peaceful and non-violent disposition during the election and thanked them for responding to his call not to engage in electoral violence.

Diri said that Southern Ijaw was susceptible to political unrest and election rigging but noted that under his administration the trend had changed not only in the area but also across the state.

“In spite of all the odds in Southern Ijaw, we still came tops. In every election, even if the margin is just by a simple majority, you have won. And this time around, the votes that came from Southern Ijaw were authentic and realistic.

“Some think that you need guns to lead people, which is not true. Somebody who does not have a gun could have all it takes to manoeuvre your gun and make it useless, like you people did in the last election.

“Those who had guns could not operate and you overcame them. At a point they said they were no longer contesting against PDP but the military. In actual sense, the military was there to protect the election process. So, I say a very big thank you to all of us from Southern Ijaw.”

The governor advised the leadership of the caucus to give room for emerging leaders to prove their capacity in politics and not blackmail them for selfish interests.

He also assured them that all ongoing projects in the area, especially the Yenagoa-Oporoma road and the bridge at Angiama community would be completed.

Speaking earlier, the caucus chairman, Chief Talford Ongolo, who was a former Speaker of the old Rivers State House of Assembly, said the visit was to felicitate with him in the new year and on his victory at the poll

Ongolo commended the governor for his exemplary leadership style that has endeared him to people of the state even in strongholds of the opposition.

Nigeria Must Defeat Angola To Honour Samuel Okwaraji’s Heroic Sacrifice On Pitch

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Nigeria Must Defeat Angola To Honour Samuel Okwaraji’s Heroic Sacrifice On Pitch

Remembering Samuel Okwaraji: Why Super Eagles must secure victory over Angola in honour of his heroic sacrifice on the pitch

On the fateful day of August 12, 1989, Nigerian football experienced a tragedy that left an indelible mark on the sport’s history. A talented and dedicated midfielder Samuel Okwaraji collapsed on the pitch during a crucial World Cup qualifying match against Angola.

This article aims to delve into the circumstances surrounding Okwaraji’s untimely demise and emphasize why the Super Eagles must honour his memory by securing victory over Angola on Friday.

The tragic incident that lead to Okwaraji’s dismiss

Samuel Okwaraji, born on May 19, 1964, was more than just a football player; he was a symbol of passion and commitment to the beautiful game. As the Super Eagles faced Angola in the 1990 World Cup qualifying match, Okwaraji, who had been an integral part of the team, gave his all on the field. However, tragedy struck in the 77th minute when he suddenly collapsed due to congestive heart failure.

Despite immediate efforts to revive him, Okwaraji tragically lost his life on the pitch. The shocking incident sent shockwaves through the football community, highlighting the physical toll and challenges faced by athletes in the pursuit of excellence.

Honoring Okwaraji’s legacy

In the aftermath of Okwaraji’s death, the football community mourned the loss of a talented player and a true patriot. His dedication to the game and his country inspired many, making it imperative for future generations to remember his sacrifice.

As the Super Eagles takes on Angola in the quarterfinal of the Africa Cup of Nations on Friday, February 2, they carry the responsibility of upholding Okwaraji’s legacy, and beyond the pursuit of victory, the team must play with the spirit and determination that he embodied. This serves as a tribute to a fallen hero who gave his all for the love of the game.

Why the Super Eagles must defeat Angola?

Defeating Angola on the football field becomes more than just a quest for points; it transforms into a symbolic act of respect and remembrance for Samuel Okwaraji. The Super Eagles must approach this encounter with a sense of purpose, understanding that the match against Angola is an opportunity to honour a man who made the ultimate sacrifice for the sport.

Additionally, securing victory over Angola becomes a testament to the resilience of Nigerian football. It demonstrates that despite the tragic loss of one of their own, the Super Eagles remain a force to be reckoned with – a team that channels adversity into strength and determination.

Samuel Okwaraji’s legacy goes beyond his achievements on the football field. His tragic death serves as a reminder of the physical and emotional toll that athletes endure in their pursuit of excellence.

As the Super Eagles take on Angola on Friday they must let the encounter be a tribute to Okwaraji’s memory – a celebration of his passion, dedication, and the indomitable spirit that defines Nigerian football. May his sacrifice never be forgotten, and may the Super Eagles continue to soar in his honor.

Nigeria Vs Angola: AFCON 2023 Quarter Finals. Fri 2nd Feb

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Nigeria Vs Angola: AFCON 2023 Quarter Finals. Fri 2nd Feb

AFCON 2023 Quarter Finals

Nigeria vs Angola

Dàte: Fri 2nd February 2024

Time: 6:00pm

Time Venue: Felix Houphouet-Boigny Stadium, Abidjan,

Like NNPCL, NIMASA, NPA, Customs And Others Should Pay Revenues To CBN – Ndume –

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Like NNPCL, NIMASA, NPA, Customs And Others Should Pay Revenues To CBN – Ndume –

Senate Chief Whip Ali Ndume has commended President Bola Ahmed Tinubu over his directive to the NNPCL to pay all crude oil proceeds into the Consolidated Revenue Fund domiciled in the CBN. He also said NIMASA, NPA, Customs Service and all other revenue generating agencies should pay revenues into the CBN.

Ndume, who gave the commendation while answering questions from
reporters in Abuja, also called on the President to sign an Executive Order on Unexplained Wealth to empower anti-corruption and security agencies to go after Nigerians with questionable riches.

He also urged the President to extend his directive to NNPCL on prompt remittance of oil revenue to CBN to all revenue generating agencies of the Federal Government.

He insisted that revenue generating agencies must not be allowed to keep government funds in commercial banks without proper monitoring and accountability and transparency.

Ndume said: “The President has now ordered that all crude oil sales money should be paid into the CBN. That is a very welcome and positive thing that he has done and he should not stop there.
“All agencies of government that are revenue generating should pay their money into the consolidated revenue account and as they present their budget, whatever expenditure they are going to incur, let them bring it before the National Assembly. That’s what the Constitution says.

“So, what they now want is to make a political issue again out of it. This decision that Mr. President took is the right decision.

“It is constitutional and it should be supported by everybody. That way, it should also apply to other agencies of government that are driving revenue. They cannot keep it.

“NIMASA should pay directly like NNPCL into the CRF. The Nigeria Ports Authority (NPA) should do the same. The Nigeria Customs Service and all other revenue generating agencies should pay revenues into the Consolidated Revenue Fund of the Federation and their accounts should remain with CBN because they can do banking.

“So, if they want to withdraw money, they should withdraw through the CBN. They were doing this before. Don’t go and keep people’s money in commercial banks and do transactions with it. That is it.

“I reiterate my call commending him for asking NNPCL to pay all oil revenue into the Consolidated Revenue account.”
He also said President Tinubu would further boost the fight against corruption by signing an Executive Order on Unexplained Wealth.

He said people, especially the political class, must explain their sources of wealth or forfeit same to the Federal Government.

Ndume said: “The next thing now, if President Tinubu wants to fight corruption, would be to sign an Executive Order on Unexplained Wealth in this country.

“Let all these people explain where they got their money, including myself. People should stop talking about trivialities or personal issues; they should talk about national issues.”

Sanwo-olu To Visit China’s Rail Infrastructure, Attract Trade And Investments

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Sanwo-olu To Visit China’s Rail Infrastructure, Attract Trade And Investments

UPDATE: Governor of Lagos State, Mr @jidesanwoolu departs for China.

What will he be doing there 

Mr Governor will visit the Headquarters of China Civil Engineering Construction Company (CCECC) @CCECC8 for trade and investment discussions with the top officials of the company.

Mr Governor will inspect the Signaling System (CBTC etc.) and Metro projects, being undertaken by CCECC around Beijing.

Mr Governor will also visit Dalian for a visit to China Railway Rolling Stock Corporation HQ and CRRC Lvshun base, he is scheduled to hold a high-level official meeting with Head of China Railway Rolling Stock Corporation, CRRC Dalian.

There would also be Technical Discussion on the DMUs for Red Line and more Electric Multiple Unit (EMU)s for Blue Line between LAMATA , CCECC and CRRC Dalian.

Mr Governor is accompanied on the trip by the Hon. Commissioner for Transportation, MD LAMATA, Chairman House Committee on Transport and other Top Government Officials.

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