fbpx
Connect with us

News

Breaking News On Dollar Sale

Published

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.

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

#

News

Former Defence Minister General Abbe Passes On At 75

Published

on

 

Former Military Governor of Rivers and Akwa Ibom States, Major General Godwin Osagie Abbe, has passed away. He was 75.

Abbe served as the Military Governor of both Akwa Ibom State from 1988 to 1990, and River State from 1990 to 1992. He also held the position of Minister of Interior under President Umaru Yar’Adua’s administration where he was later redeployed to the ministry of defence

He died in Abuja on Saturday after a long illness.

His academic achievements include a Postgraduate Diploma in International Relations from Obafemi Awolowo University and attendance at the United States Army Infantry School, the Ghana Armed Forces Staff College, and the National Institute for Policy and Strategic Studies.

He rose through the ranks to become the General Officer Commanding of the 2 Division of the Nigerian Army, and commanded both the Training and Doctrine Command and the National War College.

Abbe retired in 1999 at the rank of Major General and subsequently joined the Peoples Democratic Party (PDP).

#

Continue Reading

News

World Bank Project in Kano Trains 1,000 Healthcare Personnel to Combat Malnutrition

Published

on

Dr Umar Yahuza addressing news men

 

Dr. Umar Yahuza, the Project Coordinator for the World Bank-assisted initiative in Kano, known as Accelerating Nutrition Results in Nigeria (ANRiN), has announced the training of 1,000 healthcare personnel in a bid to provide preventive nutrition services to pregnant and lactating mothers.

During a workshop held for the training of healthcare workers, Dr. Yahuza addressed newsmen, highlighting the significance of the ANRiN project, which is funded by the World Bank. He explained that the project aims to change behavior from the grassroots and reverse the negative trends of malnutrition.

Kano State has made significant progress in reducing severe stunting by 9 percent, a notable achievement that underscores the need for continued improvement. Dr. Yahuza emphasized that the N774 being used to train frontline healthcare workers was initially unstructured.

The journey began with MYCN facilitators in Kano and Lagos, followed by the training of a critical mass of facilitators. Subsequently, 120 healthcare professionals from various health facilities in Kano, including medical doctors and dieticians, were trained.

Currently, training is underway for 484 apex healthcare facilities in Kano. The training is being conducted at eight different points, with 60 healthcare workers being trained at each location, totaling 1,000 trained healthcare personnel under the MYCN initiative.

#

Dr. Yahuza expressed optimism about seeing an end to malnutrition in the region. He stated, “We are near to seeing an end to malnutrition. We are not late.”

One of the beneficiaries, Rahinatu Ado Ibrahim, shared her experience, saying, “We received capacity building, and there are available resources.”

The ANRiN project is designed to provide comprehensive support to healthcare workers, equipping them with the necessary skills and knowledge to address malnutrition effectively. With continued efforts and collaboration, the project aims to improve the overall health and well-being of the population in Kano State.

 

Continue Reading

News

Stampede at Catholic Church in Maitama Claims Ten Lives During Food Distribution

Published

on

 

Ten people have been confirmed dead in a stampede at the Holy Trinity Catholic Church, Maitama, on Saturday, 21st December 2024, during the distribution of food items to vulnerable and elderly individuals.

The unfortunate incident, which occurred around 6:30 am, resulted in the loss of ten lives, including four children, and left eight others injured with varying degrees of severity. Four of the injured have been treated and discharged, while the remaining victims are still receiving medical attention.

#

The FCT Police Command, in a statement issued by its spokesperson, SP Josephine Adeh, confirmed the tragedy, extended condolences to the families of the deceased, and wished the injured a swift recovery.

Continue Reading

Trending