Connect with us

News

Breaking News On Dollar Sale

Published

2 years ago

on

The Central Bank of Nigeria (CBN) has announced plans to offer foreign exchange worth $20,000 to any eligible Bureau De Change operator across the country.

This comes more than two years after suspended former CBN governor Godwin Emefiele prohibited the sale of foreign exchange to BDC operators in that area of the FX market.

The apex bank revealed this in a new circular published and signed by the Director, Trade and Exchange Department, Hassan Mahmud on Tuesday.

The circular titled, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” said the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridging the widening gap in the exchange rate.

It said the allocation will be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024.

Advert

The circular read, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024.

All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one per cent (1 per cent) above the purchase rate from CBN.”

It further directed eligible BDCs to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation.

“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO,” it added.

The CBN in frantic efforts to save the free fall of the naira has made a number of significant reforms towards addressing Naira depreciation, such as probing and clearing FX backlog, limiting forex for foreign education and medical tourism, increasing BDCs’ minimum share capital, and curbing FX speculators, among others.

Punch

Related Topics:

News

Former Kano LG Chairmen Endorse Tinubu, Reaffirm Loyalty to Ganduje as Kano APC Leader

Published

2 hours ago

on

December 16, 2025

By

‎
‎Former local government chairmen in Kano State who served between 2014 and 2024 under the administration of Dr. Abdullahi Umar Ganduje has endorsed President Bola Ahmed Tinubu for a second term and reaffirmed their loyalty to the immediate past National Chairman of the All Progressives Congress (APC), Dr. Ganduje, as the party’s leader in Kano State.
‎
‎The former Chairman of the Association of Local Governments of Nigeria (ALGON) in the state, Baffa Takai, made this position known during a closed-door meeting with Kano APC stakeholders in Abuja.
‎
‎‎The former local government chairmen also expressed their solidarity with APC stakeholders under the leadership of Hon. Abubakar Kabir Bichi, commending their efforts toward promoting unity and progress within the party.
‎
‎They called on other party members to join hands with them in fostering peace, unity, and progress within the APC.
‎
‎The group further reaffirmed its commitment to the party’s ideals and principles and pledged to continue working collectively to strengthen the party and ensure its victory in future elections.

Advert

Continue Reading

News

President Tinubu Graces Late President Buhari’s Book Launch

Published

13 hours ago

on

December 15, 2025

By

 

By Yusuf Danjuma Yunusa

The family of the late president Buhari, on 15 December, 2025, launched a book entitled “From Soldier to Stateman: The Legacy of Muhammadu Buhari”

The event took place at the presidential villa with dignitaries in attendance include: President Bola Ahmed Tinubu, Aisha Buhari, the wife of the late president Buhari, Senator Oluremi Tinubu, the wife of the president, Dr. Charles Omole, the Author of the book, Adama Borrow, the president of Gambia, Sultan of Sokoto, Muhammad Sa’ad Abubakar, and many others.

Advert

Speaking at the launch of the biography, Tinubu said Buhari’s legacy of integrity and modesty would continue to inspire Nigerians.

The president described the late president Buhari as a “leader of quiet strength and discipline.”

“President Muhammadu Buhari left behind a reputation for integrity, a spartan lifestyle, and the belief that public office is a trust and not a windfall,” Tinubu said.

He recounted his political journey with Buhari, decorating him as a consistent patriot whose honesty was acknowledged even by critics, adding that their political partnership taught the value of cooperation across differences.

Continue Reading

News

Prominent Kano Politician Ibrahim Little Sues Danagundi, Ibn Sina Over Hisbah Establishment

Published

16 hours ago

on

December 15, 2025

By

 

A chieftain and leader of the African Democratic Congress (ADC) in Kano State, Alhaji Ibrahim Ali Amin “Little,” has filed a legal action at the Kano State High Court challenging the establishment of an Independent Hisbah body in the state.

It will be recalled that Little had earlier written to the concerned parties, urging them to suspend the move in the interest of peace and stability in the state. A copy of the letter, addressed to former Governor Abdullahi Umar Ganduje, was also sent to the Governor of Kano State, Abba Kabir Yusuf; Baffa Babba Danagundi; Haruna Ibn Sina; and the Department of State Services (DSS).

According to his Executive Assistant and Media Aide, Adnan Mukhtar, Little decided to seek legal redress following what he described as the respondents’ persistence and insistence on proceeding with the establishment of the Independent Hisbah.

Advert

“Dissatisfied with their recent actions and continued insistence on moving forward with the establishment process, Little approached the Kano State High Court to seek redress,” Mukhtar said.

Those listed as respondents in the suit include the Speaker of the Kano State House of Assembly, the Kano State House of Assembly, the Attorney General of Kano State, the Kano State Hisbah Board, Baffa Babba Danagundi, and Haruna Ibn Sina.

In an official statement posted on his Facebook page, Little said:

“I have today instructed my lawyers to file an action challenging the establishment of an Independent Hisbah in Kano State. This follows my recent letter to the parties concerned and their insistence on proceeding with the establishment of the Independent Hisbah.

 

“I believe this move is an attempt to disrupt our peaceful coexistence at a time when the state is facing security challenges.

 

“The peace of Kano State remains our utmost priority.

Kano Sabuwa, In sha Allahu.”

Continue Reading

Trending