Central Bank's EFEMS Sees Naira Gains Significantly on Its Way to Price Discovery Appreciates to N1,587 official, N1,640 at parallel market
Nume Ekeghe
The launch of Electronic Foreign Exchange Matching System (EFEMS)
by the Central Bank of Nigeria (CBN) has propelled the naira to significant gains, with rates strengthening to N1,587.29 to the dollar in the official
Analysts laud platform for transparency and market stability
market, and N1,640 at the parallel market. EFEMS, which commenced operations on Monday, had seen
appreciation in the value of the naira since its inception. The platform had also been commended by analysts as a pivotal tool
in eliminating distortions and bringing greater efficiency to Nigeria’s volatile foreign exchange market. A breakdown of the movements at
the parallel market this week showed that it began registering gains on Continued on page 32
BoI, AGF Sign $50m Deal to Boost Credit to MSMEs, Women Entrepreneurs, Green Businesses... Page 5 Friday 06 December, 2024 Vol 29. No 10834. Price: N400
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Keyamo Launches New Reforms at MMIA, GAT, Orders Dismantling of Joint Luggage Inspection Table... Page 33
Senate Declares Power Sector Privatisation Total Failure Sunday Aborisade in Abuja
The Senate yesterday described the privatisation of the power sector in Nigeria as a total failure, chiding power sector operators, including Generation Companies (Gencos), the Transmission Company of
Nigeria (TCN), and Distribution Companies (Discos) for failing to deliver reliable electricity. The senators’ position was sequel to the presentation of a report by the Chairman, Senate Committee on Power, Senator Enyinnaya Abaribe that investigated frequent national
grid collapses and related issues. They insisted that the players in the sector have added no significant value to the sector, warning that it might propose legislative measures to repeal the policy. The red chamber insisted that it would probe the activities of
Gencos, the TCN and Discos, for failing to deliver reliable electricity, threatening to come up with legislative measures, including new laws. It claimed that the privatisation, introduced in 2013, has plunged Nigeria deeper into darkness, leaving citizens without solutions.
The Upper Chamber directed the Abaribe panel to conduct a holistic investigation into the challenges of the sector. The panel was asked to come up with recommendations that should cover possible reversal of privatisation and declaration of an
emergency in the power sector and report at plenary in six weeks. In his remarks, the President of the Senate, Senator Godswill Akpabio who was showed visible annoyance said, "They have added Continued on page 32
Bamidele: Tax Reform Bills Alive, Were Never Suspended
Red chamber restructures panel, confirms first meeting with AGF’s team Abba Moro cautions against politicisation of debate South-south senators pass confidence vote in Akpabio, back proposed laws CITN urges stakeholders to make facts-based recommendations Story on page 32
CODE OF CONDUCT BUREAU CHAIRMAN VISITS SENATE...
L-R: Chairman, Senate Committee on Appropriation, Olamilekan Adeola; Senate Minority Leader, Abba Moro; Senate Chief Whip, Tahir Monguno; Chairman, Code of Conduct Bureau, Abdullahi Bello; President of the Senate, Godswill Akpabio; Deputy Senate President, Jibrin Barau; Murtala Kankia and Senate Leader, Opeyemi Bamidele, during a courtesy visit to the President of the Senate in his office ....on Thursday.