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Why Federal Govt floated the Naira – CBN Governor, Cardoso gives reasons

The Governor, Central Bank of Nigeria, CBN, Mr Olayemi Cardoso, has said that the apex bank under him took the bold step of floating the Naira in the foreign exchange market in order to bring the official exchange rate closer to market reality.

About three CBN Governors before Cardoso had toyed with the floatation option when they faced constant excess demand for foreign exchange and exchange rate pressures. They all abandoned the option due to fear of massive depreciation of the value and the contagion effect across the macroeconomic space.

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But Cardoso, speaking for the first time on his journey on the saddle so far and focusing on the turbulence in the financial market following his assumption of office a year ago, explained that the floatation policy was meant to address the disparity between the official and parallel rates which encouraged arbitrage and speculation, eroding trust in the market.

While addressing members of the Harvard Club of Nigeria in Lagos at the weekend on the topic: “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation”, Cardoso recalled that upon assumption of duty, he understood that the credibility of the Central Bank of Nigeria (CBN) had to be the bedrock of the actions he and his team took.

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He stated: “Without credibility, no policy, however well-intentioned, can succeed. Floating the naira, a decision met with considerable public criticism, was necessary to bring the official exchange rate closer to market reality. ‘‘The disparity between the official and parallel rates had encouraged arbitrage and speculation, eroding trust in the market.

“Credibility is earned by consistency. The decision to close this gap, while painful in the short term, sent a message to market participants that the CBN was committed to transparency and sound monetary policy,” he added, noting that speculative trading had been reduced, and stability was gradually returning to the currency markets.

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While noting that containing inflation remained the Bank’s core mission, he acknowledged that the CBN was yet to meet its target.

However, he stressed that recent declines reported by the National Bureau of Statistics (NBS) in July and August 2024 showed that the CBN was moving in the right direction.

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He explained further: “Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation. Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these.’’

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Suspected notorious kidnapper linked to multiple kidnappings arrested by Police

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Suspected notorious kidnapper linked to multiple kidnappings arrested by Police

The Police Command in Rivers on Wednesday, said it has arrested an alleged notorious kidnapper linked to multiple kidnapping incidents in the state.

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The Command’s spokesperson, CSP Grace Iringe-Koko, disclosed this to journalists in Port Harcourt, stating that the suspect was arrested on Jan. 10.

She said that the suspect aged 30, was identified as the ringleader of a notorious kidnapping syndicate, that coordinated several abductions for ransom across the state.

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According to her, the suspect who is responsible for multiple kidnappings along the Port Harcourt International Airport Road, Omagwa, was apprehended by operatives of the Command’s Anti-Cultism Unit.

“The suspect was planning to relocate his operational armoury and camp to Agbonchia/Oyigbo Road in Eleme Local Government Area before his arrest,” she said.

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She said that the recovered items include an AK-47 rifle with breach number 2125 and two magazines loaded with 36 rounds of 7.62 x 39mm live ammunition.

The spokesperson said that during preliminary investigations, the suspect voluntarily confessed to being the ringleader of the kidnapping syndicate.

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According to her, the suspect and exhibits are currently in police custody, while efforts are ongoing to apprehend other fleeing members of the gang. (NAN)

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Govt suspend Doctors for leaving scissors in patient’s stomach after operation

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Govt suspend Doctors for leaving scissors in patient’s stomach after operation

The Kano State Hospitals Management Board has acknowledged that the death of Aishatu Umar, a five-time mother, resulted from professional lapses at the Abubakar Imam Urology Centre, a government health facility in Kano.

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According to a statement issued by the Board’s Public Relations Officer, Samira Suleiman, an internal probe initiated by the Executive Secretary, Dr. Mansur Mudi Nagoda, revealed that medical staff failed to remove surgical scissors from the patient’s body after an operation, a mistake that proved fatal.

Following the findings, the Board ordered the suspension of three staff members connected to the procedure, barring them from all clinical responsibilities with immediate effect.

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The case has also been handed over to the Kano State Medical Ethics Committee, which will conduct a more detailed inquiry and determine appropriate sanctions in accordance with existing regulations and ethical guidelines.

“The Board extends its deepest condolences to the family of the late Aishatu Umar and sympathizes with them over this painful loss. We reassure the public that negligence will not be condoned in any form,” the statement read.

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Aishatu Umar reportedly died after complications arising from a surgery in which surgical scissors were allegedly left in her abdomen.

Her husband, Abubakar Muhammad, said she repeatedly complained of worsening health conditions after the operation, but her concerns were not adequately addressed before her death.

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The tragedy has triggered widespread anger among Kano residents, drawing attention to systemic weaknesses in supervision and accountability within public hospitals.

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Masquerade arrested, detained by Police over alleged attack in community

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Masquerade arrested, detained by Police over alleged attack in community

The Anambra Police Command says it has detained a masquerade, allegedly involved in unprovoked violent attacks on residents of Awgbu Community in Orumba North LGA of the state.
In a statement issued in Awka and made available to newsmen on Wednesday, the command’s Spokesman, SP Tochukwu Ikenga, disclosed that the incident happened on Monday.
“The Anambra Police Command wishes to inform the public, especially the people of Anambra and other concerned persons, that it has taken into custody the masquerade involved in the unprovoked and violent attacks on innocent citizens.
“The act led to a breach of public peace in Awgbu, Orumba North LGA.
“The suspect is currently in police custody, and investigations are ongoing to ensure that all those involved are brought to justice,” Ikenga added.
He described the conduct by the masquerade, as seen in the viral video currently in circulation, as “unacceptable, unlawful, and would not be tolerated under any guise”.
An eyewitness in the community told the News Agency of Nigeria (NAN) that the masquerade, accompanied by some youths, went out of its way to attack unsuspecting members of the public and destroyed people’s property.
Speaking on the condition of anonymity, he said that the incident occurred during the last “Ofala” festival in honour of the late Traditional Ruler of Awgbu, Igwe Michael Okechukwu.
NAN reports that the festival was supposed to be a solemn cultural and symbolic celebration of the life and reign of the late monarch. (NAN)

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