CHAWAI COMMUNITY APPEALS TO GOV. UBA SANI FOR RELIEF, MEDICAL SUPPORT AFTER DEADLY KAURU ATTACK. (PHOTO).

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 Chawai Community Appeals To Gov. Uba Sani For Relief, Medical Support After Deadly Kauru Attack The people of Chawai Chiefdom in Kauru Local Government Area of Kaduna State have appealed to Governor Uba Sani to provide urgent relief and medical assistance to victims of the deadly attack on Naridon village in Kamaru Ward. In an open letter addressed to the governor, the community commended his leadership, describing his administration as inclusive and fair. They said this had given residents confidence that every community in the state is valued. The community, however, expressed concern over what it described as the lack of government intervention following the attack on Naridon village, in which it said 30 people were killed. According to the letter, many survivors and families of the victims are still struggling with grief, trauma, displacement, and the challenges of caring for those injured in the attack. The community said many affected residents feel neglected, as they have y...
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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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