TIME 100 GLOBAL HONOUR: LAGOS TOURISM MINISTRY SALUTES MO ABUDU. (PHOTO). #PRESS RELEASE.

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 TIME 100 GLOBAL HONOUR: LAGOS TOURISM MINISTRY SALUTES MO ABUDU The Lagos State Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka, on behalf of the Ministry, has extended heartfelt congratulations to Ms. Mo Abudu, Founder and Chief Executive Officer of EbonyLife Group, on her prestigious recognition as one of TIME Magazine's 100 Most Influential People in the World for 2025. Describing the honour as remarkable and well-deserved, the Commissioner applauded Ms. Abudu for her unparalleled impact on the global creative landscape through storytelling, media innovation, and a deep-rooted commitment to changing the African narrative. Mrs. Benson-Awoyinka noted that Ms. Abudu’s latest recognition stands as a proud moment for Lagos State and the Nigerian film industry, affirming the vibrancy and excellence of local talent on a world-class platform. “Mo Abudu’s trailblazing work continues to redefine what is possible within Africa’s creative economy. Her journey is a pow...
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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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