29 Jul ALL THE RELEVANT NEWS: THURSDAY
🌍Update on suspension of forex sales: After the suspension of forex allocation to 5,300 licensed Bureaux De Change (BDCs), the value of the naira depreciated to N525 to a dollar on the parallel market yesterday, lower than N505/$ t it traded on Tuesday.
*On the Investors and Exporters’ window, the naira exchange rate against the dollar closed at N411.60 to a dollar at the close of market yesterday, compared with the N411.50 to a dollar it closed the previous day.
* Financial Derivatives Company Limited, headed by the firm headed by Bismarck Rewane said yesterday that with the suspension the CBN has “disrupted one of the juiciest gravy trains in the Nigerian economic racket.”
* On the search for solutions, it said, “The interim solution of substituting BDCs with banks is hardly going to achieve much. “You are virtually handing over the yam barns to goats to secure. In the end, there will be no yams nor goats.” It recommended that the CBN should allow banks to retail dollars as they had done in the past and make BDCs engage in retailing same but at a buy rate different from today’s subsidised rate.
🌍President Buhari has pledged to increase the budget for the education sector by as much as 50 per cent over the next two years. He spoke at the ongoing Global Education Summit in London on Wednesday.
🌍Oil Monitor: Oil prices rose on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell to their lowest since January 2020, with Brent crude oil prices pushing back past $75 a barrel. Brent crude oil futures gained 37 cents, or 0.5%, to $75.11 a barrel by 0646 GMT
🌍VP Osinbajo has urged the National Orientation Agency to win more hearts and souls of the country, as it faces many challenges.
🌍COVID-19 Update: Nigeria recorded a surge in infections and deaths yesterday with 535 new cases in 18 states and 5 deaths. There are now 172263 confirmed cases, 164886 recoveries and 2139 deaths.
* FG has approved N8.5 billion for research in medicine, particularly vaccine production and other areas, for 2021, under the National Research Fund scheme funded by the Tertiary Education Trust
* The United States Government says it will ship nearly 10 million doses of COVID-19 vaccines to Nigeria and South Africa. Over 4 million doses of the Moderna COVID-19 vaccine will go to Nigeria and 5.66 million doses of the Pfizer vaccine to South Africa.
🌍Total capital importation into Nigeria declined to $875.6 million in the second quarter of 2021 from $1.9 billion in the first quarter of 2021, according to the National Bureau of Statistics.
🌍FG has warned Nigerians to expect heavy flooding this year, listing Lagos and Ogun states as likely to experience more flood-related disasters.
🌍The national power grid suffered another system collapse yesterday, throwing parts of the country into darkness.
🌍United States lawmakers are holding down a proposed sale of attack helicopters to Nigeria over its alleged Human Rights record.
🌍A Kaduna State High Court has freed the leader of the Islamic Movement in Nigeria, Ibrahim El-Zakzaky, and his wife Zinatu.
🌍The Supreme Court has affirmed Ondo Gov Akeredolu’s victory.
🌍10 Nigerian athletes declared ineligible to compete in Tokyo
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