Bokoharam: the conspired measure of reducing the Northern Power?

Its just a thought!!!

This is lasting more than everybody's imagination. The thought in my head is the constant reflective question of Boko Haram not being a conspired package of reducing the Northern population and

Oshiomhole: Why Jonathan’s administration must go

BENIN CITY- GOVERNOR Adams Oshiomhole of Edo state yesterday declared that the President Goodluck Jonathan’s administration has killed many Edo indigenes due to the alleged refusal by the President to give ecological funds to areas devastated by

Obafemi Awolowo University Students Boo, Stone President Jonathan In Ife

There was unrest on the campus of Obafemi Awolowo University, Osun State, southwest Nigeria, on Friday, 28 November, 2014 as students of the institution hauled stones and sticks at President Goodluck Jonathan during his visit to the campus.

President Jonathan Condemns Terrorist Attack On Kano Mosque

President Goodluck Ebele Jonathan extends heartfelt condolences to the people and Government of Kano State over the heinous attack on the Central Mosque in Kano, earlier today.
He commiserates with all the families who lost their loved ones. The President calls on relief

JAMB approves 30 centres for UTME in Lagos

Lagos – The Joint Admissions and Matriculation Board (JAMB) on Friday said that it had approved 30 all computer based centres for the 2015 Unified Tertiary Matriculation Examination (UTME) in Lagos State.

Abba presiding over most partisan police in history – APC

The All Progressives Congress (APC) has strongly condemned the Inspector-General of Police Suleiman Abba for daring to say he does not recognize Rt. Hon. Aminu Tambuwal as the Speaker of the House of Representatives, and for weaving a web of lies to cover up the real reasons the police invaded the National Assembly.

Nigerian 'terror mastermind' challenges S.Africa conviction

A Nigerian jailed in Johannesburg for masterminding a series of terror attacks in his homeland is to challenge South Africa's right to try him, his lawyer said Wednesday.

CBN to withdraw N500bn from banking system

The Central Bank of Nigeria (CBN) said it would withdraw N500 billion from the banking system through the recent increase in the cash reserve requirement of banks.

Mr Godwin Emefiele answering questions during his screening by the Senate for Central Bank Governorship in Abuja.

Deputy Governor (Corporate Services), CBN, Mr. Bayo Adelabu, disclosed this while addressing members of the House of Representatives Committee on Banking and Currency on an oversight visit to the Lagos office of the bank.

Monetary Policy Committee of the CBN, Tuesday, in addition to devaluing the naira by 8.3 per cent to N168 per dollar, raised the Monetary Policy Rate (MPR) to 13 per cent from 12 per cent, and the cash reserve requirement to 20 per cent from 15 per cent.

The decision to raise the MPR was, however, queried by members of the House Committee led by its chairman, Hon. Chukwudi Jones Victor Onyereri. The committee faulted the decision, saying it would lead to further hike in lending rates charged by banks in the country.

Adelabu, however, defended the decision of the apex bank, saying: “The decision of the MPC was the best we could do under the circumstance that the economy is presently.

“We noticed that a lot of things contributed to the pressure on the naira. Number one factor is the declining revenue from oil. Our source of revenue in this country is just oil and when oil price declined by about 25 per cent in the last one month, we expected that there would be pressure on the foreign reserves.

“We believe that the pressure on the naira, apart from the declining oil prices, is also as a result of liquidity in the banking industry whereby a lot of frivolous demands for foreign exchange are being made by customers of banks, because the banks are able to extend credits to them.

“We are saying no. We want you to lend to the critical and productive sectors of the economy, not trading, not to import toothpicks. So we are saying that the only thing we can do to reduce the capacity of the banks to grant loans to these customers for trading is to mop up more of the monies available to the banks, which is why we increased the CRR on private sector deposits to 20 per cent from 15 per cent, which will amount to about N500 billion withdrawal from the banking industry.

“We believe it will reduce the pressure on the foreign reserves. If we don’t do that, the impact on the common man is going to be increased cost of production. What the CBN is saying is that we need to become more patriotic. We should patronise locally made goods and services. We do not need to be importing everything.”

CBN warns against counterfeiting of Naira

Meanwhile, the CBN has warned members of the public against counterfeiting the naira.

The CBN Governor, Mr. Godwin Emefiele, gave this warning yesterday in Abuja, while declaring open the maiden temporary exhibitions of the Currency Museum on “Counterfeit Money: Who Pays?” and “Non-Interest Banking in Nigeria” held at the bank’s auditorium.

Represented by the deputy governor in charge of the Operations Directorate, Alhaji Suleiman Barau, Emefiele noted that educating the public would enable them identify counterfeited notes should they encounter such.

According to him, the CBN remains committed to safeguarding the value of the Naira by ensuring that banknotes are not susceptible to counterfeiting.

In his opening remarks, Director, Currency Operations Department of the CBN, Mr. Olufemi Fabamwo, observed that technological advancement posed a serious threat for national currencies to be counterfeited.

n  --Vanguard News

Nigeria: Victor Moses ruled out until 2015

Victor Moses is unlikely to play again this year after hurting his thigh while playing for Stoke City in the Premier League.

Moses, who is on loan at the Britannia Stadium from Chelsea, is facing “at least six weeks on the sidelines” after picking up the injury in the 2-1 loss to Burnley on Saturday, according to the club’s official website.

“He has a significant thigh injury which is likely to keep him out for several weeks,” assistant manager Mark Bowen added.

Nigeria missed out on qualifying for the African Nations Cup that will be held in Equatorial Guinea in January and February.

 -- Vanguard News