The Central Bank of Nigeria (CBN) has clarified its position regarding the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024 – 2025.

The CBN on Friday clarified its position as outlined in a Monetary Policy Circular No. 45 which the Apex Bank published on its official website and X account.

“The attention of the Central Bank of Nigeria {CBN) has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on Tuesday, September 17, 2024,” the circular read.

“In response, the CBN has temporarily withdrawn the document to minimize risk of any further misrepresentation.

“As is stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is a compilation of previously issued policies and guidelines issued by the Bank up to a cut-off date, typically December 31 of the relevant year.

“As in all previous editions, the current document is intended to achieve the following objectives: A single reference source for the ease and convenience of stakeholders, a valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders and an additional clarification of policies and guidelines.

“As a compendium of previously issued policies and guidelines, the provisions are applicable only to the extent that there have been no updates or revisions to the guidelines and policies contained therein. This is stated explicitly in the document to quide stakeholders.

“In fine with prior editions, the most recent publication (January 2024) contains policies and guidelines issued by the Bank up to 31 December 2023, some of which will remain relevant during the period 2024-2025 However, several others may cease to apply owing to revisions or updates that become applicable in the aftermath of its publication.

“This Is clearly stated in the document as follows:
The Guidelines may be adjusted by the CBN without prior notice, to address new developments in the domestic ond global economies in the period. However, such amendments shall be communicated to the relevant institutions/ stakeholders in supplementary circulars.”

The CBN said the publication further provides the public with avenues for obtaining clarifications on the whole or any part of the document on pages 147 and 148.

It said some recent media publications referencing aspects of the Guidelines refer to policy positions of the bank issued prior to December 31, 2023 which have changed in the light of revisions and updates in 2024. In the light of these clarifications, it has asked stakeholders to note some things.

The CBN said one example is the Cyber Security Levy which was suspended in May 2024, superseding the circular reported in the guidelines.

It explained that certain technical aspects of the guidelines have been widely misreported and misrepresented.

For example, the Apex Bank said that reports have mistakenly sought to link the fuel subsidy removal to external reserves.

It clarified that such reports essentially missed the analytical basis for the original statement which was intended to observe a potential risk that was to be mitigated by policy.

More recently, it said policies of the bank around the naira exchange rate and those of the fiscal authorities have positively altered the outlook of the subject in question.

“In summary, the guidelines must primarily be viewed as a record of policies, circulars and directives issued by the bank up to the end of 2023. They are not new directives and should not be reported as such,” the circular read.

“The bank will continue to provide clear monetary policy direction and advice for the overall good of the economy. We urge all stakeholders to seek clarification of information about the bank before publishing.”

The Allergy and Clinical Immunology Society (ACIS) has lamented the difficulties encountered in caring for allergy conditions owing to a lack of training, access to drugs, and the cost of drugs.

Chairperson of ACIS, Dr Olatunde Odusote, decried the lack of awareness in this region regarding allergy diseases while noting that the increase in these conditions, though not fully understood, can be attributed to climate change and global warming.

This was stated at a media parley yesterday, ahead of the two-day World Allergy Training School (WATS) starting today in Lagos, organised by ACIS in partnership with the World Allergy Organisation (WAO).

He noted the need to develop a curriculum within the context of the nation to offer basic training to practitioners who can care for allergies at the primary level.

He added that participants for the training would cut across the various medical spectrum, and lectures would cover disease processes, necessary tests to run, their interpretation, and how to go about it.

“One of the major problems we have had in the world of allergy is that people think when one has such conditions, you must do a test, but it is not necessarily so. You need to listen to their story first, and if there is a need for a test, you can go ahead,” he said.

Odusote stated that the organisation is focused on creating awareness, promoting advocacy, and empowering healthcare practitioners and the community with the right information.

President of the American College of Allergy, Asthma and Immunology, Prof. James Tracy, said the training would deal with a catalogue of allergies such as asthma, food allergy, and practical training on how to treat severe allergic reactions.

He noted that disease awareness, genetic components, and environmental pollution are possible causes of increased allergic conditions globally.

The Nigeria Police Force (NPF) has disclosed some of the benefits of the new Electronic Central Motor Registry (E-CMR), a digital innovation designed to modernise vehicle registration and improve road safety.

The Force Spokesperson, Olumuyiwa Adejobi, announced the benefits of the innovation on Thursday.

Adejobi said the E-CMR will eliminate the need for physical vehicle documents and enable real-time verification of registration information by police officers

He explained that the Electronic Central Motor Registry system was launched to make roads safer and the policing process more efficient.

Adejobi also stated the new E-CMR system elimination of paperwork, saying, “NO MORE PAPERWORK! With the NPF’s new E-CMR system, you don’t need to carry around physical documents. Access all your vehicle info digitally – quick, easy, and secure.

He added that this new system allows vehicle owners to immediately flag their vehicle as stolen through their online profile if it goes missing, triggering alerts to field officers nationwide within seconds.

With this new E-CMR system, according to Adejobi, there is no more need to stop and check papers, as officers are equipped with cutting-edge technology to verify documents in real time.

Adejobi stated, “If your vehicle is registered with the NPF E-CMR and gets stolen, you can instantly flag it as stolen through your online profile. All field officers nationwide will be alerted within seconds! Let’s make our roads safer together,”

“Inspector-General Egbetokun is revolutionising how we keep our roads safe with the new E-CMR system! Now, no more stopping to check papers; our officers are equipped with cutting-edge tech to verify documents in real-time.”

An analysis of Nigeria’s Multidimensional poverty index by ActionAid Nigeria has revealed that about 65 percent of poor people, that is 86 million people live in the northern part of the country, while 36 percent, nearly 47 million people live in the South.

The analysis indicated the poorest states in the country to include Sokoto, Bayelsa, Jigawa, Kebbi, Gombe, and Yobe, but cannot determine which of these states is the poorest.

The organisation disclosed this at the launch of its report on Austerity Measure, poverty and Gender Inequality in Nigeria in Abuja, saying Nigeria’s Multidimensional Poverty Index (MPI) for 2022 found that 63% of the population, amounting to approximately 133mn Nigerians, are multidimensionally poor.

Analysing the report, the Country Director of ActionAid Andrew Mamedu noted that Poverty and inequality do not just happen; they result from economic, social, and political decisions made by the state and citizens.

He said “The critical policy decisions reflected in the key macroeconomic indicators show the rate and trend of poverty and inequality. Extant Nigerian negative indicators on gross domestic product (GDP) growth, inflation, interest rate, unemployment, debts, and deficits, among others, can only lead to one direction, increased poverty.”

Mamedu further stated that the underlying cause of the current spate of poverty is rooted in the heavy burden of austerity measures, imposed as part of broader macroeconomic policies.

He disclosed that based on their research, from 2010 to 2020, Nigeria’s debt stock ballooned by over 300%, reaching a staggering ₦31 trillion by the end of 2020​ , and as of March 31st, 2024, debt stock stands at USD 91,463.99, an equivalent of N121, 670.49. trillion consuming 74% of government revenue and leaving little for vital sectors such as education, healthcare, and social protection​.

He pointed out that keeping large numbers of people excluded from access to economic resources, employment, healthcare, adequate food, clean water and sanitation, education, skills, and technology, will result in a reduction of future productive human potential.

He stressed that well-designed and sustained investments in areas such as maternal and child health, education, and social protection would yield significant dividends for society.

“Conversely, no society can expect to achieve sustained economic and social progress while significant numbers of its population often disproportionately women and girls – are poorly nourished, in poor health, and lack the education and/or skills needed for their own and their families’ development,” he stated

The Minister of Budget and National Planning Atiku Bagudu who was represented by the Director of Microeconomic Philip Okwonkwo wondered if poverty and inequality could be tackled at the same time.

He maintained that the issue of poverty is a global phenomenon as it is not unique to Nigeria and Africa alone and harped on the need for stakeholders to collaborate to empower the poor people in society.

Officials of the Economic and Financial Crimes Commission (EFCC) on Wednesday night made an attempt to arrest the former governor of Kogi State, Yahaya Bello, at the Kogi State Governor’s lodge in the Asokoro District in the Federal Capital Territory.

However, there was some resistance by security operatives at the governor’s lodge as gunshots rented the air during the altercation.

The entire area has been cordoned off and movements around that area have also been restricted to only operatives of the EFCC and other security agencies stationed there.

Unconfirmed reports say the former governor has now left the governor’s lodge in the company of the incumbent Kogi State governor, Ahmed Ododo.

Also, normalcy seem to have returned around the Kogi State governor’s lodge after the attempt by the operatives to arrest Bello.

This is the latest on what has turned out to be a roller coaster of events surrounding Yahaya Bello, who has been on the wanted list of the EFCC for having allegedly laundered N80.2 billion.

After months of being declared wanted by the EFCC, a statement by the Director of Yahaya Bello Media Office, Ohiare Michael, on Wednesday, said the former governor honoured EFCC invitation “after due consultations with his family, legal team and political allies”.

But in a swift reaction to the statement by Bello’s media team, the EFCC said the former governor was not in its custody and remains wanted.

EFCC spokesman Dele Oyewale said the ex-governor remains wanted “for alleged N80.2 billion money laundering charges”.

“Media reports today that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC, is incorrect. The Commission wishes to state that Bello is not in its custody.

“Bello, already declared wanted by the Commission for alleged N80.2billion money laundering charges, remains wanted with a subsisting warrant for his arrest,” Oyewale said in a statement.

Following up with his earlier statement, Ohiare Michael released another statement maintaining that Bello honoured the invitation of the anti-graft agency but was asked to leave by officials without interrogation.

According to him, the former governor was accompanied to the EFCC office by his successor, Usman Ododo.

“We reiterated the former Governor’s great respect for the rule of law and constituted authority, and stressed that, all the while, he only sought the enforcement of his fundamental rights in order to ensure due process.

“The EFCC did not, however, interrogate him as officials told him he could leave. We don’t know what this means yet. As we write, HE Alhaji Yahaya Bello has left the EFCC office. He was accompanied there by the Governor of Kogi State, HE Alhaji Ahmed Usman Ododo,” the statement read in part.

Bello was sued by the EFCC on a 19-count charge of alleged money laundering to the tune of ₦80bn.

However, Bello has consistently refused to honour EFCC’s invitations for questioning, and has consistently boycotted court trials.

His case was recently adjourned by Justice Emeka Nwite of the Federal High Court Abuja to September 25.

Nigeria has achieved a record global rating in aviation with the country receiving a significant boost, jumping from 49 to 70.5.

The Minister of Aviation and Aerospace Development, Festus Keyamo disclosed this in a statement signed by his spokesperson, Tunde Moshood on Wednesday night.

“In a swift response to Nigeria’s bold attempt to fully comply with the Cape Town Convention on dry-leasing of aircrafts by preparing and signing the Practice Direction, the Aviation Working Group (Co-chaired by BOEING AND AIRBUS) has today swiftly adjusted the global score/rating of Nigeria on our compliance status from 49 to 70.5,” Moshood said.

“This is the largest score Nigeria has attained till date to give comfort to financiers and the leasing world.

“There is also potential for further increase in the next few weeks as the Minister has directed the Nigeria Civil Aviation Authority (NCAA) to immediately adjust its administrative rules called IDERA.”

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Moshood said this would help to also fully align with the convention to further boost the confidence of financiers and lessors across the world.

In an email received by Keyamo on Wednesday, the Aviation Working Group in London and New York commended the Aviation Minister and his team for the ‘time, effort and skill’ they put in the last few months into making this a reality.

They also said they are poised to further increase the score once Nigeria adjusts its administrative rules in the next few weeks and the courts actually begin to apply the practice direction.