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Saturday, 18 February 2023 06:04

What to know after Day 359 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Macron opposes regime change in Russia French President Emmanuel Macron says the root cause of the current conflict in Ukraine is that neither Europe nor Russia “properly digested” the end of the Cold War after the fall of the USSR in 1991 and stressed the importance of re-evaluating Europe’s relationship with Moscow. However, he noted that the time for dialogue with Russia has not yet come and that Europe needs to continue providing support, including military aid, to Ukraine and prevent Moscow from achieving a military victory on the battlefield. Speaking at the Munich Security Conference on Friday,…

Friday, 17 February 2023 05:36

UN seeks $1.3bn for Nigerians affected by terrorism in Northeast

The United Nations on Thursday appealed for $1.3 billion to provide assistance to six million Nigerians who are suffering the impact of a long-running Islamist insurgency in the northeast of the country. The militant Boko Haram group and its offshoot, Islamic State West Africa Province, have been fighting Nigerian security forces in the northeast for over a decade, displacing more than 2 million people and killing hundreds of others, aid agencies say. Matthias Schmale, the U.N. resident and humanitarian coordinator for Nigeria said the "large-scale humanitarian and protection crisis shows no sign of abating". The number of children suffering from…

Friday, 17 February 2023 05:34

El-Rufai tells Kaduna residents to ignore Buhari’s directives on old Naira notes

Governor Nasir El-Rufai of Kaduna State has dared President Muhammadu Buhari on the naira redesign policy, saying the old notes remain legal tender in the state. In his national broadcast early Thursday, Buhari had declared that old N500 and N1000 were no longer valid. He had asked Nigerians to take them to the Central Bank and designated places. But in his statewide address on Thursday night, El-Rufai said the notes remained legal tender until Supreme Court of Nigeria decides otherwise. “For the avoidance of doubt, all the old and new notes shall remain in use as legal tender in Kaduna…

Friday, 17 February 2023 05:33

Buhari leaves for AU summit in Addis Ababa

President Muhammadu Buhari departed Abuja for Addis Ababa, Ethiopia, on Thursday to participate in the 36th Ordinary Session of the Assembly of the African Union (AU). The theme of the AU Summit is ‘‘Acceleration of the African Continental Free Trade Area (AfCFTA) Implementation.’’ The President, according to a release issued by his spokesperson, Garba Shehu, will participate in three High Level meetings on peace and security, climate change and the political situation in some West African countries. First is the Peace and Security Council (PSC) meeting of Heads of State and Government on the situation in the Eastern Democratic Republic…

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…

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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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