ALL THE RELEVANT NEWS: SATURDAY

16 Sep ALL THE RELEVANT NEWS: SATURDAY

🌎Stories from the Villa: President Bola Tinubu has nominated Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN). This is according to a statement from presidential spokesman Ajuri Ngelale. Cardoso will replace the Acting Governor of the CBN Folashodun Shonubi if confirmed by the Senate. “President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” the Friday statement added.
*President Tinubu will on Sunday depart Abuja for New York, USA, to attend the 78th United Nations General Assembly with a focus on strengthening Nigeria’s economic ties and attracting Foreign Direct Investments to the country.
*He has appointed Tope Fasua, the Chief Executive Officer (CEO) of Global Analytics Consulting, as Special Adviser on Economic Affairs in the office of the Vice President.

🌎Oil prices hit a 10-month high on Friday and posted a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combined with optimism around Chinese demand to lift crude. Brent crude futures rose 23 cents, or 0.3%, to settle at $93.93 a barrel

🌎Nigeria’s inflation has jumped to 25.80% for August 2023, according to the Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS). The latest figure is 1.72% points higher than the 24.08% reported in July, the Friday report added.

🌎The naira on Friday depreciated to N950 per dollar in the parallel market, the lowest level since the introduction of foreign exchange (forex) market reforms by the Central Bank of Nigeria, CBN on June 14th. At the parallel market exchange rate rose by N23 to N950 per dollar yesterday from N927 per dollar on Wednesday, triggered by increasing scarcity of the dollar amidst huge demand.

🌎BUA Cement Plc. has revealed plans to reduce the price of cement in Nigeria from the current N5,500 to between N3,000 and N3,500. The company’s Chairman, Abdul Samad Rabiu, disclosed this to Journalists after an audience with President Bola Tinubu at the State House, Abuja.

🌎Security Stories: Troops of the Joint Task Force Northwest Operation HADARIN DAJI have foiled kidnapping attempts, rescuing 17 kidnapped victims, and recovered large numbers of rustled cattle in the ongoing operation in Zamfara State

🌎Russia-Ukraine War: US President Joe Biden will meet with Ukrainian President Volodymyr Zelensky at the White House next Thursday. The visit comes at a crucial time as some House Republicans signal displeasure at additional funding for Ukraine. Zelensky also plans to visit the US Capitol during the trip.
*President Vladimir Putin said Russia will build “good neighborly relations” with North Korea, as Kim Jong Un’s visit to the country entered its fourth day. Kim visited a fighter jet plant Friday and a Russian official said Moscow sees “the potential for cooperation” with Pyongyang in aircraft manufacturing and other industries.
*The Kremlin claimed no agreements was signed between Putin and Kim during their Wednesday meeting amid ongoing speculation that the two countries would reach an arms deal that could provide Russia with weapons for the war.
*A Ukrainian commander in the Bakhmut area has said that this week’s liberation of the village of Andriivka is “necessary for further advancement.” Kyiv captured the village Friday as part of its slow-moving counteroffensive.