GOV. ALIA'S GIFT TO BENUE JUDICIARY IN ORFER- ATTORNEY GENERAL. (PHOTO).

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 Alia’s car gift to Benue judiciary in order – Attorney General The Attorney General and Commissioner for Justice and Public Order of Benue State, Hon. Barr. Fidelis Mnyim has said the car gift to the judiciary by Governor Hyacinth Alia is a symbol of support and commitment as promised when he assumed office. Barr Mnyim was reacting to a query posed by Prof. Ernest Ojukwu, a Senior Advocate of Nigeria, in a tweet on Monday, 7th May 2024, challenging the viability of the autonomy granted to Benue State Judiciary if the State governor was still buying cars for them. MAGIC FM recalls that Governor Alia donated six (SUV) vehicles recently to the judiciary. The Professor had wondered why Governor Alia of Benue State should procure vehicles for the state’s judiciary when the funds allocated to the judiciary could be utilized for that purpose. The Attorney General of the State said that the procurement of vehicles for the judiciary constituted an additional benevolent gesture by the Governor.
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AIRLINES, OTHERS TO GET FOREX BACKLOG. (PHOTO).

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Airlines, others to get forex backlog

Foreign airlines and other business owners have been told to meet their banks to clear the foreign exchange (FX) forwards backlog.
A senior Central Bank of Nigeria (CBN) official confirmed the directive from the apex bank yesterday.
The official said the CBN will settle the remaining FX forwards backlog this week, added that 14 banks, including Stanbic IBTC, Keystone and Citi bank had their FX forwards contract settled last week.
The CBN official said the apex bank will not deal directly with any airline or other businesses except through their banks.
With the CBN steadily addressing the FX backlog, there are indications that a portion, if not the entirety, of the $10 billion, as mentioned by the finance minister, earmarked for offsetting these backlogs, may have already been received.
FX forwards involve the buying and selling of currencies at a prearranged price on a future date.
This allows a buyer and seller to enter into an agreement to exchange forex at a specified rate, different from the prevailing market rate on a future date, thereby providing a hedge against market volatility.
The official noted that the CBN will be settling the remaining FX forwards backlog this week.
The apex bank’s move is a positive development for the Nigerian economy, the FX market, the value of the naira, and the country’s gross external reserves.
It is also expected to improve Nigeria’s credit ratings from international rating agencies and boost foreign investor confidence in the CBN.
The FX backlog led to the downgrading of Nigeria’s status by rating companies in the business community.
One of the rating agencies – Morgan Stanley Capital International (MSCi) – spoke of plans to reclassify Nigeria’s indexes from frontier to ‘Standalone’ status by February 2024. It hinged the plan on the unsettled forex.

 

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