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N’ Assembly Moves To Adopt Chinese Yuan As Exchange Currency
The House of Representatives at plenary moved to adopt the 2018 policy that will recognise the Chinese Yuan as an official foreign currency for conducting business transactions in Nigeria to curb the continuous depreciation of the naira.
The House also mandated its committees on Banking Regulations, Banking, and Other Ancillary Institutions to liaise with the Central Bank of Nigeria (CBN) to explore the appropriate mechanisms, policies, and partnerships required for giving effect to the policy.
Adopting a motion sponsored by Hon. Jafaru Leko, the house said considering the volume of trade between Nigeria and China, the Chinese currency should serve as an official foreign exchange reserve currency alongside other major international currencies.
According to him, the International Monetary Fund proposed diversification of foreign exchange reserves for central banks of developing countries, including Nigeria.
Hon. Leko said the global economic landscape is evolving and international trade dynamics are shifting, with China assuming a leading role in global trade.
He said the People’s Republic of China has a stable and globally recognized currency, the Chinese Yuan (CNY), which is gaining recognition in international trade.
He said adopting the Chinese Yuan as an additional foreign exchange reserve currency might mitigate the adverse effects of Naira depreciation, reduce the risks associated with exchange rate fluctuations, and enhance Nigeria’s economic stability.
He argued that doing so would enhance Nigeria’s trade and economic ties with China, a crucial trading partner.
Hon. Julius Ihonvbare, the House Leader informed the house that the use of the Yuan was adopted as a policy by the government after the collapse of the price of crude oil in the international market, pointing out that what should be done is to implement the policy.
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Governor Fintiri Pardons Nine Inmates, Commutes Death Sentence to Mark Nigeria’s 66th Independence Anniversary In commemoration of Nigeria’s 66th Independence Day celebration, Governor Ahmadu Umaru Fintiri of Adamawa State has granted pardons to nine inmates serving various terms in correctional facilities across the state. A statement issued by the Chief Press Secretary to the Governor, Humwashi Wonosikou, said the Governor ordered the immediate release of the pardoned inmates, noting that all legal formalities had been concluded with the Nigerian Correctional Service. “The Governor acted on the advice of the Advisory Committee on the Prerogative of Mercy and in exercise of the powers conferred on him by Section 212(1)(d) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended),” the statement said. According to the statement, those granted pardon and discharged include Abubakar Dajo, who was serving at the Maximum Security Custodial Centre, Jos; Zabadi Ayuba and Salvation Nyamso, both serving at the Numan Custodial Centre. Others are Amir Idris, Mohammed Saidu, Yaro Sambo, Buhari Salisu, Urube Samuel and Bamaiyi Amos, who were discharged from the Jimeta, Ganye, Guyuk, Yola Old and Kojoli Custodial Centres, respectively. In addition to the pardons, Governor Fintiri approved the commutation of the death sentence imposed on one inmate, Saidu Abdullahi of the Yola Old Custodial Centre, to life imprisonment. The Governor’s action, the statement noted, was in the spirit of the Independence anniversary and reflects the government’s commitment to mercy, justice and the rehabilitation of offenders. The pardons and commutation take immediate effect, the statement added.
Adamawa Assembly Moves to Repeal College of Education Hong Law
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Governor Fintiri Pardons Nine Inmates, Commutes Death Sentence to Mark Nigeria’s 66th Independence Anniversary In commemoration of Nigeria’s 66th Independence Day celebration, Governor Ahmadu Umaru Fintiri of Adamawa State has granted pardons to nine inmates serving various terms in correctional facilities across the state. A statement issued by the Chief Press Secretary to the Governor, Humwashi Wonosikou, said the Governor ordered the immediate release of the pardoned inmates, noting that all legal formalities had been concluded with the Nigerian Correctional Service. “The Governor acted on the advice of the Advisory Committee on the Prerogative of Mercy and in exercise of the powers conferred on him by Section 212(1)(d) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended),” the statement said. According to the statement, those granted pardon and discharged include Abubakar Dajo, who was serving at the Maximum Security Custodial Centre, Jos; Zabadi Ayuba and Salvation Nyamso, both serving at the Numan Custodial Centre. Others are Amir Idris, Mohammed Saidu, Yaro Sambo, Buhari Salisu, Urube Samuel and Bamaiyi Amos, who were discharged from the Jimeta, Ganye, Guyuk, Yola Old and Kojoli Custodial Centres, respectively. In addition to the pardons, Governor Fintiri approved the commutation of the death sentence imposed on one inmate, Saidu Abdullahi of the Yola Old Custodial Centre, to life imprisonment. The Governor’s action, the statement noted, was in the spirit of the Independence anniversary and reflects the government’s commitment to mercy, justice and the rehabilitation of offenders. The pardons and commutation take immediate effect, the statement added.
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