According to him, the best approach would be for the central bank to stabilize the naira to a level where they can sustain it for some time and gradually build the reserve.

The founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside, says the urgency with which the President Bola Tinubu-led administration wants the naira to appreciate against the dollar and other foreign currencies is not the best approach to return the currency to a stronger position.

Peterside, on Thursday, exonerated the current administration from the depreciation of naira, but insists that hurrying to make the currency gain strength won’t work out.

According to him, the best approach would be for the central bank to stabilize the naira to a level where they can sustain it for some time and gradually build the reserve.

“I will be fair to this government, they inherited the exchange rate problem and what they have been doing is trying to manage it. Recently I would have thought, let’s get some stability around N1,300 or N1,400, don’t be in a hurry to appreciate the exchange rate.

“Going to sell dollar to bureau de change at N1,000, N1,050, those guys will turn round two weeks later and sell it at N1,400, N1,500 and they go away laughing. What’s the point for that?

“It’s better to have some stability they can sustain, keep between N1,300 and N1,300 which looks to be the natural equilibrium band today, keep it there for a while, build up your reserve to let confidence come back.

“So stop trying to appreciate the naira in a hurry, it’s not going to work,” Peterside said.

The naira which had earlier fallen to around 1,900 to a dollar later rallied to around 1,100 which saw it recently declared as the best-performing currency in the world.

However, the naira has again retreated to around 1,500 to a dollar in the black market.

He also advised the government should start doing things right to build confidence among investors and stop reckless spending that will make them look irresponsible.

According to him, the habit of doing five things right and doing two things wrong will not help the government achieve anything tangible.

The economist said that the direction of Tinubu’s monetary policy is on the right track but what is on the wrong track is the huge fiscal indiscipline that comes from the top now and again.

Source: Channels Newspaper

Oyo State Government is set to recruit 7,000 teachers for public primary schools across the state. The state government also revealed plans to recruit 100 caregivers for special schools across the state.

This was disclosed by the executive chairman of Oyo State Universal Basic Education Board, Nureni Adeniran, during a press conference held at the Board Room on Friday.

He added that for the 7,000 fresh teachers to be engaged by the government, at least 75 per cent deficit of the gap will be plugged.

Adeniran said, “For so many months or years back, there has been a clamour for recruitment of teachers into public primary school, and as an agency, under whose purview we have these primary schools, a lot of requests, a lot of questions have been asked of us, and we have been saying, we are going to do it.

“Ahead of the last general election, a lot of questions were asked about this recruitment, and His Excellency, the governor of Oyo State, Engr. Seyi Makinde did promise that we are indeed going to recruit.

“So it is my pleasure to announce to the world that His Excellency Engr. Seyi Makinde, in fulfilment of his electoral promise, and response to the yearnings of the good people of Oyo State, occasioned by the dearth of teachers in our public primary schools, has graciously approved the recruitment of 7,000 teachers in our public primary schools.

Adeniran said efforts were ongoing to recruit the teachers in fulfilment of the state governor, Seyi Makinde’s promise to bridge the teachers’ deficit in the system.

“In addition, he also approved the recruitment of 100 caregivers in our special schools in the state. This recruitment, the process of which will commence very soon, needs to be brought into the hearing of the good people of Oyo State, especially the intending applicants, and this press conference becomes imperative because of various information that has dominated the media space in the last couple of months, or even years, wherein some scammers would go online and say, Oyo SUBEB is recruiting.

“I can say that we have denied that several times, over and over and over again, and your guess is as good as mine. Those who could do that, even when the approval has not been given, now knowing that the approval has been given, want to utilize the opportunity to scam the unsuspecting members of the public who are intending applicants for this particular exercise.

“So, I am coming out on behalf of the Oyo State Universal Basic Education Board to say that the approval has been given and we are already commencing the preliminary work on the stages of this recruitment exercise, which will also be made public at the appropriate time.”

He, however, warned the public against scammers, saying the government has not appointed any agent or agency to carry out the recruitment process but will make information available to the members of the public as soon as the recruitment begins.

“The essence of this press conference is to warn the unsuspecting intending applicants to be wary of scammers and to let them know that in the process of this recruitment exercise, the details of which will be brought out later, Oyo State government and Oyo SUBEB is not appointing anybody to serve as agents in this recruitment exercise.”

He added that applicants will be selected based on qualifications.

“Therefore, whatever the stages that will be followed to get this exercise conducted in a free, fair, and credible manner, will be emanating from this office under the signature of the Executive Chairman of the Oyo State Universal Basic Education Board.

“We also want to let the people know that if there is anything, even after we might have brought out the template on the stages or the procedures to be followed if there is anything or information required, people should not hesitate to come into the SUBEB headquarters to come and find out by themselves, and not rely on a second-hand or already midwife information that may not be true.

“I also want to say that no person has been empowered to collect a dime from anybody on account of this recruitment exercise. No person, whether staff or non-staff members, has been empowered to collect a dime from anybody on account of this recruitment. We want to use this opportunity to thank His Excellency, Engr. Seyi Makinde for living up to his words as he promised that this recruitment would be done, and he has thus fulfilled that particular promise.

He noted that the public would be notified of the application term, saying, “I want to say that at the next stage of the recruitment, we’ll let the world know how we want to go about it in terms of how the intending applicant will be able to put in their application, what the requirements needed, and where and when to do what would be made available at the appropriate time.

“But I want to say that every information regarding this particular recruitment exercise will be from us, the Head of Service as well as the Civil Service Commission. So these are the agencies and the MDAs that we will be working together to ensure a seamless process.”

Source: Punch Newspaper