ALL THE RELEVANT NEWS: Wednesday

28 Jul ALL THE RELEVANT NEWS: Wednesday

🌍Highlights of CBN’s battle to protect the Naira: For once in a longwhile, announcement of the CBN Monetary Policy Committee’s interest rates after its two-day meeting was overshadowed by another news item – the suspension of foreign exchange sale to Bureau De Change operators in the country.
* But the announcement, yesterday, raised issues like motives, the bank’s ability to match the rising demand of foreign exchange by various sectors of the economy and fears that the black market may have been energized.
* In an immediate post-announcement effect, the naira closed at N505.00 per $1 on Tuesday, a N1.00 or 0.20 per cent fall from N504.00, the rate it traded in the previous session on Monday.
* But in anticipation of that, the bank released a total of $200 million to all commercial banks in the country as part of efforts to meet dollar demand for legitimate end users in the country.
* The committee retained the MPR at 11.5 per cent; the asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.5 per cent; and the Liquidity Ratio at 30 per cent.

🌍VP Osinbajo says FG is prioritising investments in specific innovations and technologies to transform food systems in Nigeria.

🌍Oil Monitor: Prices rose on Wednesday after industry data showed U.S. crude and product stockpile dropped more than expected last week, bolstering expectations that demand will outpace supply growth as COVID-19 infections surge. Brent crude futures rose 38 cents, or 0.5%, to $74.86 a barrel at 0641 GMT, after shedding 2 cents on Tuesday in the first decline in six days.

🌍COVID-19 Update: On Tuesday, increased infection in Lagos State Nigeria raised the national caseload to 404 new cases, taking the total to 171728 confirmed cases, with 164837 recoveries and 2134 deaths.

🌍Aso Rock staff members commit to secrecy of information; warned against divulging classified information after taking an oath of secrecy.

🌍The National Insurance Commission has approved the new boards and managements of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re), following the takeover of the two firms by AMCON from Jimoh Ibrahim.

🌍ICPC blames the private sector for 60% illicit financial flows out of Africa.

🌍IGP Alkali Baba, has ordered the posting and redeployment of 24 Assistant Inspectors General of Police to zonal commands and formations throughout the country.

🌍A former oil trader at Glencore, Anthony Stimler, has pleaded guilty in the US over his part in a scheme to bribe government officials in Nigeria in return for lucrative oil contracts.

🌍Security Stories: United Kingdom’s High Commissioner to Nigeria, Catriona Laing said yesterday on Arise TV that Nigeria’s security challenges were both overwhelming and multi-pronged and therefore called on the federal government to firm up strategies to tackle the growing unemployment crisis as part of moves to addressing the root cause of insecurity in the country.
* The man seized by kidnappers after delivering a N30 million ransom for the release of 136 pupils of Salihu Tanko Islamiyya School, Tegina in Rafi Local Government Area of Niger State, has said the pupils are being kept in “disturbing” conditions.
* The Zamfara State government has confirmed the arrest of 17 residents of Dansadau in Maru Local Government Area of the state for alleged complicity with bandits.
* The police in Zamfara State on Tuesday said nine travellers were abducted along the Sokoto-Gusau road on Sunday, and not 60 as had been widely reported.
* Benin Republic Slams Sunday Igboho With Fresh Charges