NAFDAC REOPENS ONITSHA DRUG MARKET AFTER MONTH-LONG CLOSURE. (PHOTOS)

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 NAFDAC Reopens Onitsha Drug Market After Month-Long Closure The National Agency for Food and Drug Administration and Control (NAFDAC) has reopened the Onitsha Head Bridge drug market, popularly known as 'Ogbo Ogwu', after a month-long closure for sanitization and regulatory enforcement. The market was shut down as part of NAFDAC's nationwide clampdown on fake and substandard medicines. To prevent a recurrence of the issues that led to the closure, NAFDAC has implemented strict administrative conditions for reopening. Shop owners are required to complete documentation and clearance procedures before their shops can be unsealed. A dedicated NAFDAC desk has been established to facilitate the process efficiently, ensuring compliance with regulatory standards.² According to NAFDAC Director-General, Prof. Mojisola Adeyeye, only shops that meet the conditions will be allowed to resume operations. Shop owners have been directed to obtain and sign an undertaking, along with a penal...
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EGYPTIAN CENTRAL BANK GOVERNOR RESIGNS. (PHOTO).

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 Cairo August 17 2022: Egyptian central bank Governor Tarek Amer resigned, a shock decision one day before an interest-rate meeting and with pressure mounting on the currency.


Amer was appointed as an adviser to President Abdel-Fattah El-Sisi, the state-run Middle East News Agency reported Wednesday. No further details were given on his resignation, and it didn’t say who would be the next governor.


Derivatives traders added to bets for a weaker pound. In the non-deliverable forwards market, the three-month contract was around 21.1 per dollar Wednesday, compared with 20.4 on Tuesday. The spot rate slipped 0.1% to 19.16 against the dollar in the offshore market.

The departure adds more uncertainty for an economy that’s under pressure from the spillover effects of Russia’s invasion of Ukraine. Amer’s drama-filled tenure included a steep currency devaluation during his first four-year stint and another in March.


Under Amer, who started his new term in January 2020, Egypt became a prime destination for hot money by keeping its currency stable and boasting the world’s highest interest rates when adjusted for inflation. Soaring consumer prices in 2022 have eroded that advantage, although a slight majority of economists surveyed before the governor’s departure expect Egypt to hike rates for the third time this year at a meeting scheduled for Thursday.

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