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Friday, 17 February 2023 05:32

What to know after Day 358 of Russia-Ukraine war

WESTERN PERSPECTIVE Missiles hammer Ukraine as Russia eyes Bakhmut's capture by April Russia rained missiles across Ukraine on Thursday and struck its largest oil refinery, Kyiv said, while the head of the Wagner mercenary group predicted the long-besieged city of Bakhmut would take weeks if not months to fall. Following a pattern of heavy bombardments after Ukrainian battlefield or diplomatic gains, Russia launched 36 missiles in the early hours, Ukraine's Air Force said. NATO alliance officials had on the previous day discussed plans for more military hardware for Kyiv, and Britain and Poland agreed after their leaders met on Thursday…

Thursday, 16 February 2023 06:25

Buhari addresses the nation, directs CBN to bring back withdrawn old N200 notes into circulation till April 10

PRESS RELEASE My Dear Compatriots, I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors. 2. Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our…

Thursday, 16 February 2023 06:03

Protests break out in Southwest, Southsouth states over naira scarcity

Scarcity of new naira notes has seen many Nigerians in Southwest and Southsouth states take to the streets in protest. On Wednesday, protests broke out in Edo, Delta, Rivers, Ondo, and Oyo states. Pictures and videos shared on social media showed bonfires, a burnt automated teller machine (ATM), motorists in gridlocks and stranded commuters as protesters blocked major roads and set tyres ablaze in the affected states. In Ondo, market women and youths trooped out to the streets of Akure, Ondo town, Ikare-Akoko and Owo to protest the effects of naira scarcity. Protesters blocked bank locations in Owo and Akure,…

Thursday, 16 February 2023 06:02

Rising food prices drive up inflation again - NBS

Inflation in Nigeria picked up again in January, hitting 21.82% in annual terms, driven by higher food inflation, National Bureau of Statistics (NBS), its statistics agency said on Wednesday. Inflation had risen in Africa's biggest economy for 10 straight months, prompting a string of interest rate hikes from the central bank, before a dip to 21.34% in December. Food inflation, which accounts for the bulk of Nigeria's inflation basket, rose to 24.32% in January from 23.75% in December. High inflation, weak economic growth and mounting insecurity are major issues for voters as Nigeria heads for legislative and presidential elections this…

Thursday, 16 February 2023 06:01

What to know after Day 357 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia declares battlefield gains as NATO ramps up military equipment for Ukraine Russia said it had broken through two of Ukraine's fortified defence lines in the east of the country, while Western countries announced more military spending on Ukraine, including artillery rounds, as Kyiv warned of continued Russian attacks. Bolstered by tens of thousands of reservists drafted in December, Russia has intensified attacks across southern and eastern Ukraine in recent weeks, and a major new offensive is widely anticipated as the first anniversary of its invasionnears. The Russian Defence Ministry on Wednesday said Ukrainian forces had retreated in…

Wednesday, 15 February 2023 04:51

Old Naira notes no longer legal tender, and that’s final - CBN

Central Bank of Nigeria (CBN) has insisted that its February 10 deadline for the validity of old naira notes still stands. Godwin Emefiele, CBN governor, made the disclosure while briefing the diplomatic community at the ministry of foreign affairs in Abuja on Tuesday. The development comes despite the ex parte order of the supreme court which restrained the federal government from implementing the February 10 deadline, pending the hearing of the matter on February 15 (today). Abubakar Malami, attorney-general of the federation, said the federal government would obey the supreme court order. But speaking at the event, Emefiele said he…

Wednesday, 15 February 2023 04:50

Police defend CBN Ondo office as protesters flock to apex bank over old Naira notes

Police operatives, on Tuesday, took over premises of the Central Bank of Nigeria (CBN) office located in the Alagbaka area of Akure, the Ondo capital. The takeover of the facility followed a protest by some bank customers who were complaining about the rejection of the old naira notes by commercial banks and business centres in the state. Motorcyclists, drivers, traders, civil servants, had complained about going to commercial banks to exchange the old naira notes for the new but were turned back by bank officials. Some of the customers who spoke with journalists said the banks are no longer collecting…

Wednesday, 15 February 2023 04:49

Buhari directs CBN to allocate more dollars to Emirates

President Muhammadu Buhari has directed the central bank to increase the amount of foreign currency allocated to Dubai's Emirates, after the airline suspended flights to and from Nigeria because it was unable to repatriate funds. Nigeria is facing severe dollar shortages, forcing many citizens and business to seek foreign exchange on the black market, where its naira currency has progressively weakened. The United Arab Emirates airline suspended its Nigerian flights on two occasions last year as local currency earned from ticket sales was trapped in Africa's most populous nation. In a telephone conversation with UAE President Sheikh Mohamed bin Zayed…

Wednesday, 15 February 2023 04:48

Russian warships armed with nuclear weapons deployed - Report

Warships in the Russian navy's Northern Fleet have been deployed with tactical nuclear weapons, the Norwegian Intelligence Service said in a report released Monday. The intelligence agency noted the presence of the weapons on the vessels in its annual report. It is believed that this is the first time in 30 years the fleet has gone to sea with the nuclear weapons on board. "A central part of the nuclear capabilities is located on the North Fleet's submarines and surface vessels," the report said. Norway's intelligence went on to describe the "particularly serious threat" that Russia's tactical nuclear weapons pose…

Wednesday, 15 February 2023 04:47

What to know after Day 356 of Russia-Ukraine war

RUSSIAN PERSPECTIVE US wants to send ‘Iranian’ weapons to Ukraine – WSJ The US government is trying to find a legal way to send Ukraine the weapons allegedly sent to the Houthis by Iran and confiscated off the coast of Yemen, the Wall Street Journal reported on Tuesday. Citing anonymous US and European officials, the WSJ said that the White House is looking at “wiggle room” in UN regulations, so that the rifles, rockets and ammunition seized on the high seas can be redirected to Kiev. The amount of seized weapons is small compared to what the US and its…

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Tuesday, 14 February 2023 04:57

Ganduje, Sultan, IDB, academics, others agree on ranching as solution to farmers/herders clashes

For peaceful relationship between farmers and herders, Governor Abdullahi Ganduje of Kano State has backed establishment of ranches in the country. His position was endorsed by the Vice President of Islamic Development Bank (IDB), Mansur Muhtar, who regretted that between 2016 and now, no fewer than 4,000 persons have died in conflicts, with thousands sustaining physical and emotional injuries. He said it was unfortunate that the Agriculture Promotion Policy (APP) 2016-2020 and National Livestock Transformation Plan (NLTP), approved in 2019, are yet to see light of day. He recalled: “The NLTP proposes the development of market-driven ranches in seven pilot…

Tuesday, 14 February 2023 04:53

US tells citizens to leave Russia immediately

The U.S. Embassy is urging any Americans who are in Russia to "depart immediately" over concerns that they could be harassed and singled out by Vladimir Putin's government. The embassy published a notice on Sunday saying that U.S. citizens in Russia should "exercise increased caution due to the risk of wrongful detentions." The updated travel advisory – which has remained at the highest level, "do not travel," since October – came just days after the White House announced that President Biden will travel to nearby Poland on Feb. 20, ahead of the one-year anniversary of Russia's full-scale invasion of Ukraine.…

Tuesday, 14 February 2023 04:52

What to know after Day 355 of Russia-Ukraine war

WESTERN PERSPECTIVE New Russian offensive underway in Ukraine, says NATO The eastern Ukrainian city of Bakhmut was facing heavy artillery fire as the NATO chief backed reports from local officials that a major new Russian offensive had begun, days before the first anniversary of Moscow's invasion. Ukrainian defenders, who have already held out for months, were braced for new ground attacks, Ukrainian military officials said on Monday. Positions in Bakhmut have been fortified and only people with a military role were being allowed in, while any civilians who still wanted to leave the city would have to brave the incoming…

Monday, 13 February 2023 03:42

Govs warn FG of ‘great damage’ to economy due to Naira scarcity

Nigeria Governors’ Forum (NGF) has advised the federal government and the Central Bank of Nigeria (CBN) to address the concerns raised over the naira redesign policy. The policy, which has been followed by scarcity of naira notes, has led to protests in parts of the country. In a communiqué issued at the end of a meeting held on Saturday, the governors said the hardship brought on by the scarcity of naira notes could have been avoided. While noting that the scarcity of naira notes could lead to a “CBN-induced recession”, they also urged the apex bank to take urgent measures…

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