The Central Bank of Nigeria (CBN) says receiving international money transfers in foreign currencies by Nigerians is detrimental to the Naira.
Ms Ozemena Nnaji, Director, Trade and Exchange in the apex bank, told the House of Representatives Committees on Diaspora, Banking and Currency, and National Planning at an investigative hearing on Thursday in Abuja.
The three committees are investigating Diaspora remittances between January 2016 and December 2019.
“We have a policy on spending Naira in Nigeria and not dollar because of what that does; it affects the value of our currency when we start spending foreign currency in Nigeria.
“That is why we say that money that comes in as dollars or Euros should be exchanged and given to the customers in the currency of our country,” she said.
Nnaji explained that the policy was out to promote a strong currency in Nigeria and to favorably manage exchange rate stability.
“If dollar and euro are everywhere, what happens to our currency, the Naira now is not an internationally accepted currency, if we dilute it, it will have consequences.
“We want our Naira to be acceptable by other West African countries; we want it to be internationally accepted currency.
“If we have more funds come in as remittances, our foreign reserves goes up, and when that happens, the confidence in Nigerian economy will go up.
“It helped in price stability and exchange rate stability management and that the apex bank was interesting in increasing Diaspora remittances,” she said
Nnaji explained that some Nigerians abroad are made to go through serious checks to be allowed to send money which is a constraint.
According to Nnaji, contrary to the World Bank reports which say that Nigeria received 25 million dollars Diaspora remittances in 2019, the CBN only received 10 million dollars between 2016 and 2019.
“If the World Bank says 25 million dollars for 2019; their formula for calculating is based on cash, kind and trend analysis.
“What the CBN counts is the physical cash that comes in through the banks and International Money Transfer Operators,” she said.
The Chairman, House Committee on Diaspora, Rep. Tolulope Sadipe (APC-Oyo), said that the committees were out to ascertain the disparity between World Bank report and claim of CBN.
She said that it was high time the interests of the country were put ahead of personal interests.
Sadipe said that Diaspora remittances were important to national development as “it adds value to economic growth.”
The lawmaker explained that they were sources of wealth creation and that Nigerians in Diaspora also facilitate state and non-state partnerships.
She said that the Diaspora remittance had worked for India and Egypt and that the House was ready to do everything possible to make it work in Nigeria.
Edited By: Remi Koleoso/Isaac Aregbesolahttps://nnn.ng/cbn-says-receiving-money-transfers-in-foreign-currency-detrimental/
Emir of Zazzau, a man of intelligence, astuteness-Minister
The Minister of State for Niger Delta Affairs, Sen. Tayo Alasoadura, has described the late Emir of Zazzau in Kaduna State, Alhaji Shehu Idris, as an intelligent and astute man who ruled with fears of God.
This is contained in a statement by his media aide, Mr Dayo Joseph, on Monday in Akure.
Alasoadura, who said he received the news of the death of the revered monarch with shock, noted that the late emir’s immense contributions to peace and development of Kaduna State and Nigeria in general would be greatly missed.
“It is with shock that I received the news of the demise of the revered traditional monarch and a statesman who stood for peace, progress and unity of the country.
“Emir of Zazzau ruled the good people of Zazzau with immense intelligence, astuteness and dedication.
“He will be sorely missed by everyone,” Alasoadura said.
The minister prayed that Almighty God will grant the soul of the departed eternal rest and comfort the family he left behind.
Idris died on Sunday at the age of 84, after ruling the Zazzau Emirate for 45 years.
Group lauds Buhari on Edo Governorship poll
The Southern Nigeria Peoples Mandate (SNPM), a political pressure group, has commended President Muhammadu Buhari for ensuring hitch-free, fair and credible governorship election in Edo.
Mr Augustine Chukwudum, President of the group, made the commendation while speaking with the News Agency of Nigeria in Enugu on Monday.
“We commend our amiable President for allowing the election to be free, fair and credible. This shows that the President is a democrat that every Nigerian must be proud of.
“This was not the case when the Peoples Democratic Party (PDP) was at the helm of affairs of the Federal Government between 2003 to 2009.
“We are asking PDP at national level to thank the President for providing level playing ground for all candidates at the election, ” Chukwudum said.
He, however, congratulated Gov. Godwin Obaseki on his re-election for a second term in office, adding that it was a victory well deserved after a keenly contested election.
“It is widely evident that the governor performed very well for the people of Edo in the past three years.
“SNPM call on Obaseki to see his victory as divine mandate to improve on infrastructure in all communities in the state.
“Once more, we congratulate him and pray that the will of God would continue to shine in Edo,’’ he added.
MURIC mourns Emir of Zazzau
The Muslim Rights Concern (MURIC) on Monday expressed grief over the death of the Emir of Zazzau, Alhaji Shehu Idris, who passed on at the age of 84, in Kaduna.
MURIC director, Prof. Ishaq Akintola in a statement, also commiserated with the head of the Nigerian Muslim community, the Sultan of Sokoto and the Governor of Kaduna State over the death.
“The news of the passing away of the Emir of Zazzau is saddening.
“We commiserate with our leader, the Sultan of Sokoto and President-General of the Nigerian Supreme Council for Islamic Affairs (NSCIA), Alhaji Muhammad Sa’ad Abubakar.
“Our sympathy also goes to the Zazzau Emirate Council, particularly the Yariman Zazzau, Alhaji Munir Ja‘afar and the good people of Zaria.
“Shehu Idris was the 18th Emir of Zazzau and the Chairman of Zazzau Emirate Council as well as the Kaduna State Emirate Council.
He added that the late Emir Shehu Idris was a diligent, pious and patriotic Nigerian.
He noted that his patience could melt Mount Everest.
“He once ordered his convoy to turn back and find another route instead of telling the police to attack a Shiite procession that refused to allow his convoy to drive past.
“May Almighty Allah overlook his shortcomings and grant him a lofty place in Al-Jannah Firdaus. May Allah give the family the fortitude to bear the loss,” he prayed.
The News Agency of Nigeria reports that the remains of the late Emir was laid to rest in the ’emir’s palace’ of the ancient city of Zaria, Kaduna State.
The funeral prayers were led by the Chief Imam of the Zazzau Emirate Council, Alhaji Dalhatu Kasimu, in the palace at 5. 35p.m. in accordance with Islamic rites.
In attendance were Gov. Nasiru El-Rufa’i of Kaduna State, Secretary to the State Government Balarabe Lawal-Abbas, Speaker of the State House of Assembly, Yusuf Zailani, and other top government dignitaries.
The Chief of Staff to the President, Prof. Ibrahim Gambari, led the federal government delegation that included the Minister of Aviation, Sen. Hadi Sirika, Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, head of military and paramilitary, among others.
NAN reports that the monarch spent 45 years on the throne having ascended to the throne in 1975 at the age of 36, following the demise of Alhaji Muhammadu Aminu, the 17th Emir of Zazzau.
He attended Katsina Training College and taught at Hunkuyi.
He served as private secretary to the Sarkin Zazzau, Muhammadu Aminu.
He became the secretary of the Zaria Native Authority Council in 1965, took the title of Dan Madamin Zaria and became the district head of Zaria and Kewaye in 1973.
Edited By: Sadiya Hamza
Ganduje mourns Emir of Zazzau
Gov. Abdullahi Ganduje of Kano State has commiserated with the people and government of Kaduna State over the death of Emir of Zazzau, Alhaji Shehu Idris, who died on Sunday at 84.
In a statement by his Chief Press Secretary, Abba Anwar, the Kano State governor described the death as a national tragedy and monumental blow to the nation’s traditional institution system.
He said “we lost a national hero, Alhaji Shehu Idris was an embodiment of humility, discipline, respect, statesmanship and exemplary leadership.
“His death leaves an indelible mark in the history of the Nigerian nation state.
“It is with sad note and deep sense of agony that we received the demise of this rare gem and a traditional leader of high repute with respectful global touch.”
Ganduje prayed for the reposed soul of the emir on behalf of the government and people of Kano State, to the families of the late emir, the Kaduna State government and the Zazzau Emirate.
“We pray for Allah’s blessing and forgiveness for the reposed soul of the great emir. May Allah forgive his shortcomings and reward his good deeds abundantly.” (NAN )
Edited By: Hadiza Mohammed-Aliyu