Five things to know to start your Wednesday

Resident Doctors begin indefinite strike

Resident doctors in Nigeria, under the National Association of Resident Doctors (NARD), have declared an indefinite strike starting on Wednesday, July 26, 2023, at 12 a.m.

The decision was made during the July 5th National Executive Council meeting in Lagos, following a two-week ultimatum to the Federal Government for the implementation of all its demands.

The demands include the immediate payment of the 2023 MRTF, the immediate release of the circular on one-for-one replacement, and the payment of skipping arrears.

Other demands include an upward review of CONMESS in line with full salary restoration to the 2014 value of CONMESS, the reversal of the downgrading of the membership certificate by MDCN, and the payment of the arrears of consequential adjustment of the minimum to the omitted doctors.

Read more: Resident doctors declare indefinite strike

Apapa customs earns N502bn in 7 months, makes 16 seizures

Comptroller Auwal Mohammed, Customs Area Controller of the Apapa Command of the Nigeria Customs Service (NCS) said that the agency earned N502 billion revenue from January till date.

Mohammed, who said this in a statement on Tuesday in Lagos added that the service made 16 seizures worth N1.4 billion.

He described the revenue collection and seizures made as fallouts of increased compliance.

Mohammed urged officers to redouble their efforts in revenue collection, trade facilitating and strict enforcement of anti-smuggling activities.

“The command made a collection of N9.2 billion on July 20. This feat is the highest daily collection it ever achieved in its existence since the port was established,” he said.

LCCI advocates sound policies, governance to drive Nigeria’s digital economy

Michael Olawale-Cole, President of the Lagos Chamber of Commerce and Industry (LCCI) has called for sound regulations, policies, and governance to enable digital economy to create new possibilities and economic opportunities for businesses and investors.

Olawale-Cole, said this at the ninth edition of the chamber’s Information Communication Technology and Telecommunication (ICTEL) Expo on Tuesday held in Lagos with the theme: “Tech disrupt: Transforming Industries with Innovation”.

He said government and organisations must continually leverage technology for innovation, competitiveness, and resilience in the face of risks and uncertainties.

He noted that with technology having more relevance in the business world, the sector was fast becoming the fastest-growing sector in the non-oil sector of the Nigerian economy.

CBN promises to tackle forex pressure

Folashodun Shonubi, Acting Governor of the Central Bank of Nigeria, pledged to tackle the mounting exchange rate pressure as the naira witnessed a decline against the dollar.

Shonubi made this commitment during a press interaction after the two-day Monetary Policy Committee in Abuja.

Within a week, the naira plummeted from 820/$ to 870/$ in the parallel market. The unified exchange rates in the country contributed to the ongoing depreciation of the naira, which coincided with surging inflation, increasing fuel expenses, and other economic hurdles.

“The market needs to find its level. There is pent-up demand which the market cannot cater to. Once we clear this demand, the volatility will normalise. We have started intervening, and we would continue to intervene until the market gets to our level,” Shonubi said.

The Bank of England poised to raise interest rates amidst soaring inflation

In response to surging inflation rates that surpass those of other major economies within the Group of Seven, the Bank of England is gearing up for yet another interest rate hike. Anticipations are high that during its upcoming meeting, the bank will announce its 14th consecutive rate increase.

Financial analysts are almost certain that the Bank of England will implement a quarter-percentage point raise, bringing the Bank Rate to 5.25 percent from its current 5 percent on August 3rd. There is also a considerable likelihood, around 40 percent, of a more substantial half-point increase, taking the rate to 5.50 percent.