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[Imran Muhammad @Imranmuhdz]

BREAKING: The Nigerian Electricity Regulatory Commission (NERC) has handed over control of monitoring the Enugu electricity market to the Enugu Electricity Regulatory Commission (EERC), which is run by the state government starting May 1, 2024.

This marks the very first time that regulatory powers have been shifted from the NERC to a state government electricity regulator.

[Global Strategists Hub @GlobaliHubOS]

@LifeOfNapaul Fx is not the only index to check. You also have to check the rate of inflation, devaluation and recession were the same at that time.

[Nigeria Police Force @PoliceNG]

PRESS RELEASE

The Rivers State Police Command hereby issues an official update regarding a case involving three Police Officers who have been accused of engaging in acts of extortion.

As previously communicated during our press briefing on February 13, 2024, Inspector Michael Odey was found guilty and subsequently dismissed from duty, effective from 07/02/2024, following thorough Orderly room proceedings and a comprehensive review conducted by the Assistant Inspector General of Police, Zone 16.

Furthermore, during the aforementioned briefing, we provided information regarding the ongoing reviews pertaining to ASP Doubara Edonyabo and ASP Talent Mungo, as their respective ranks required approval from the Inspector General of Police and the Police Service Commission.

Today, we hereby inform the public that the Police Service Commission has officially authorized the suspension from duty of ASP Doubara Edonyabo and ASP Talent Mungo, effective from 29/02/2024. Additionally, the salaries of the implicated officers have been stopped. The two officers will face the Force Disciplinary Committee (FDC), which is responsible for addressing disciplinary issues involving senior officers. Update would soon be given on other cases involving these officers.

This decisive course of action serves as a strong deterrent to any police officer who may contemplate engaging in misconduct and unequivocally reaffirms our unwavering commitment to upholding the fundamental principles of credible policing in Rivers State.

Under the leadership of CP Olatunji Disu, psc, the Rivers State Police Command remains steadfast in its dedication to maintaining discipline among its officers. We wholeheartedly encourage residents to promptly report any instances of unprofessional behavior or misconduct displayed by our officers. Reports can be made through the following contact channels: phone number 08161355218 and WhatsApp number 08067167605. Rest assured, all reports will be handled with the utmost confidentiality.

We persistently strive to foster a safe and secure environment for all residents of Rivers State, and we pledge to continue working diligently in the best interests of the public we serve.

SP. GRACE IRINGE-KOKO, ANIPR
POLICE PUBLIC RELATIONS OFFICER
RIVERS STATE POLICE COMMAND
PORT HARCOURT

[Global Strategists Hub @GlobaliHubOS]

https://t.co/n1A2NeovLh

[Instablog9ja @instablog9ja]

The percentage of married people who wish they did not marry their spouse is higher than the percentage of those who are happily married -- Pastor Feni Lazarus
https://t.co/yBCw31pdVw

[Global Strategists Hub @GlobaliHubOS]

https://t.co/rAOBJ4cDOU

[Channels Television @channelstv]

BREAKING: Roads Blocked As Residents Protest High Living Cost In Minna

https://t.co/EmhEYBd6Ja

[Channels Television @channelstv]

NYSC Has Stopped Posting Corps Members To ‘Very Unsafe States’ – FG
https://t.co/d5Codcq4gv

[Michael Chibuzo® @chibuzo_mikel]

The Cardoso Naira vs Dollar Chess Game: A Fight to the Finish

By Michael Chibuzo

I have watched very keenly the flurry of activities in Nigeria's foreign exchange market in the past couple of days. It is obvious that the Central Bank of Nigeria under the leadership of Dr. Yemi Cardoso has laid down a monetary chess challenge with the dollar and operators of Nigeria's foreign exchange market.

On 22nd September, 2023, Dr. Yemi Cardoso assumed office as the new Governor of the Central Bank of Nigeria. For two months, he did not make any key statement on the policy direction of the CBN until November 24, 2023 when he laid out what may be described as his first monetary policy speech at the 58th Chartered Institute of Bankers of Nigeria’s annual dinner in Lagos.

The key takeawys from Cardoso's speech at the dinner as it affects the Nigerian economy include the following:

- There is a continuous decline in Nigeria's crude oil production, which has led to a decline in government revenue and foreign exchange inflows;

- There is a growth in public expenditures to meet up with the required pace of growth. The combination of INCREASED public expenditure and REDUCED net public revenue led to fiscal deficit and public debt increase, placing additional strain on external reserves and contributing to exchange rate instability;

- Insecurity remains a pressing issue, affecting the agricultural, industrial, and services sectors simultaneously. The net effect is reduced national productivity, food shortages and inflation; and

- Unavoidable fuel subsidy removal and foreign exchange unification policy exacerbated a worsening macroeconomic indicators.

So, in essence, Cardoso highlighted significant challenges facing the economy to include high and rising inflation, inadequate foreign exchange supply, depreciation of the exchange rate, limited external reserves, weakened output, and high unemployment.

He said that the CBN will prioritize price stability to safeguard the livelihoods of Nigerians (ie tackling inflation) as well as stabilizing the exchange rate. These two areas if achieved will promote economic stability. The big question was always HOW.

The first thing Cardoso sought to do (in his words) was "to build back a better CBN" that had been painted in bad light over the past few years due to various factors such as corporate governance failures, diminished institutional autonomy of the CBN, a deviation from the core mandate of the CBN, unorthodox use of monetary tools, an inefficient and opaque foreign exchange market that hindered clear access, a foray into fiscal activities under the cover of development finance activities etc.

From the look of things, it was obvious that Cardoso was ready to make audacious policy u-turns from what was obtainable in the CBN. Strangely, he decided to bid his time before holding a Monetary Policy Committee meeting (last one was held in July, 2023). Obviously he wanted to clear the monetary table of a lot of 'debris' before constituting an MPC meeting.

The volatility and lack of adequate liquidity in the foreign exchange market (which had earlier been liberalised) posed the most immediate challenge to Yemi Cardoso and he understood the implications for businesses and investors. This is why it appears he took it up as his topmost priority.

At that CIBN dinner, Cardoso said, "in order to ensure the proper functioning of domestic and foreign currency markets, CLEAR, TRANSPARENT, and HARMONISED rules governing market operations are essential. New foreign exchange GUIDELINES and LEGISLATION will be developed, and extensive CONSULTATIONS will be conducted with banks and FX market operators before implementing any new requirements."

On January 22nd, the CBN fixed February 26 - 27 as dates for its 293rd Monetary Policy Committee meeting - the first since Cardoso was appointed more than four months ago.

[Channels Television @channelstv]

BREAKING: Supreme Court Reverses Sack Of Gov Yusuf, Affirms His Election
https://t.co/PY3D3Z75u1

[David Hundeyin @DavidHundeyin]

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[SERAP @SERAPNigeria]

BREAKING: We’ve sued President Tinubu and Mr Godswill Akpabio over the appointment of at least four card-carrying members and loyalists of the ruling APC as top INEC officials. The suit was filed by SERAP, BudgIT, and 34 concerned Nigerians.

[Global Strategists Hub @GlobaliHubOS]

@Imamofpeace You're back.

[H. Kenny Omiyale @Harkheindzel]

Spend more time doing things than listening to things.
Too many people have given into analysis paralysis at the expense of actions no matter how iterative

[Elon Musk @elonmusk]

Imagination Land!

[Dr Joe Abah, OON @DrJoeAbah]

Elon Musk has paid o, and I’ve shared it among 4 single moms here on Twitter to help them with school fees. The person that encouraged me to register for X Monetisation also got something. We will do another category when next Elon pays. Thank you, Elon.

[David Hundeyin @DavidHundeyin]

If you fly with @MaxAirLtd you are going to die.

Max Air does not have a single airworthy aircraft in its inventory and its billionaire owner @dahirubmangal has once again used his influence to keep his metal coffins in the sky against NCAA regulations.

Story in thread below:

[EU in Nigeria 🇪🇺🇳🇬 @EUinNigeria]

EU Supports Nigeria With €100m Grant To Fight Insecurity @IndependentNGR https://t.co/0dKLWe79xU

[Nairametrics @Nairametrics]

BREAKING: Intl. Airlines to adjust exchange rates for tickets to N803/$1 from 18th July - https://t.co/5hpAjrGmDz

[Jackson Hinkle 🇺🇸 @jacksonhinkle]

The dollar is dying.

India and the UAE have signed an agreement allowing them to trade in Indian rupees instead of the US dollar.