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Breaking News On Dollar Sale

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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.

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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.

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JUST IN: Adelabu Resigns as Power Minister to Pursue Oyo Governorship Bid

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By Yusuf Danjuma Yunusa

The Minister of Power, Adebayo Adelabu, has resigned his appointment to focus on his governorship ambition in Oyo State.

Adelabu disclosed this in a resignation letter addressed to the President Bola Ahmed Tinubu on Tuesday, and routed through the Secretary to the Government of the Federation.

In the letter titled “Resignation as Honourable Minister of Power”, Adelabu expressed gratitude to the President for the opportunity to serve in his administration.

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He said it was a privilege to contribute to efforts aimed at strengthening Nigeria’s power sector in line with the administration’s Renewed Hope Agenda.

Adelabu added that his decision to step down was to enable him fully pursue his aspiration to contest for the office of Governor of Oyo State.

He noted that the move would allow him to dedicate his time and resources to the political ambition.

The former minister also conveyed his appreciation and respect to the President for the confidence reposed in him during his tenure.

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After Kwankwaso Joins ADC, Party Alleges Plot by APC, Senior Lawyers to Force INEC Into Illegal Takeover

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By Yusuf Danjuma Yunusa

The African Democratic Congress (ADC) has alleged that the All Progressives Congress (APC)-led federal government is mounting pressure on the Independent National Electoral Commission (INEC) to interfere in the party’s leadership affairs, following the defection of Senator Rabiu Musa Kwankwaso to its ranks.

In a statement issued on Tuesday, the ADC claimed that a coordinated effort is underway to compel INEC Chairman, Professor Joash Ojo Amupitan (SAN), to invalidate party actions and alter its leadership structure before courts have ruled on pending disputes.

According to Mallam Bolaji Abdullahi, the party’s National Publicity Secretary, a letter dated March 28, 2026, written by a team of Senior Advocates of Nigeria, is being used to pressure the electoral commission. The letter reportedly seeks to enforce a particular interpretation of a Court of Appeal ruling regarding “status quo ante bellum” — a legal principle referring to the restoration of a prior state of affairs.

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The ADC said the legal representatives went as far as threatening the INEC chairman with arrest should he fail to accede to their request within seven days.

“The authors of this vexatious letter are attempting to pressure INEC to take sides and grant them what no court in Nigeria has granted,” Abdullahi said in the statement.

The party dismissed claims by Hon. Nafiu Bala Gombe, whom it described as an expelled former member, asserting that he was never the party’s chairman and had previously resigned his position.

“What we are witnessing is a convergence of legal pressure and political intent by a ruling party that is unsettled by the growing appeal of the ADC,” Abdullahi added.

The ADC described itself as “the only viable opposition party left in the country” and vowed to resist what it called a “grand plan” to destabilise its leadership using all constitutional means.

Kwankwaso, a former governor of Kano State and presidential candidate of the New Nigeria Peoples Party (NNPP) in the 2023 general election, recently defected to the ADC — a move the party claims has unsettled ruling party officials.

The ADC called on INEC to remain guided by the constitution and resist pressure, stating that the matter “is bigger than the ADC” and concerns whether Nigerians can freely choose an alternative political path.

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Steron community development through football competition kicks off in Kano

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By Abdulgafar Oladimeji

 

The Kano edition of the Steron national community development through football competition , on Tuesday flagged off in all the wards in across the 15 metropolitan local governments in Kano .

 

The football competition sponsored by Steron Community Development Foundation will feature grass root football clubs drawn from the wards .

The managing director, Steron Resources International, Abubakar Sadiq Omar briefing sports writers in Kano last Monday, said the major motives behind the football competition is use football as a vehicle to empower Nigerian youths.

According to him, the Steron football project is borne as part of the company’s Cooperate Social Responsibility , CSR with the set out target to assist the youths to achieve their football dreams , saying it is also to make life more meaningful to the future population of Nigerians.

The Managing director , who was represented by the head of the foundation, Mr Musa Mohammed said “ we recognize the power of football as a very strong national unifier and tool for empowerment.

“we hosted similar competitions in other parts of the country, now we are in Kano , Kano is going to be exceptional.

“it is going to be exceptional because, we have invited football scouts to come and watch the matches, so that they can identify those players with exceptional talent, then we can proceed to help them pursue their professional football development.

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Mohammed further said that “throughout the duration of the competition, we will be offering free medical services to players, coaches, back room staff, referees and football fans.”

 

Kano state Football Association, KSFA described the Steron football project as a comprehensive package that would touch all spheres in the pursuit of football development in the state.

The chairman KSFA youths competition committee,, Hassan Garo , spoke on the behalf of the state FA disclosed that the football competition kicks off , March 31st and runs through the first week of April 2026.

 

He stated that the tournament is an open competition without age restrictions, explaining that this is to allow talented players within all age ranges to showcase their football qualities

He said, however ,players who have featured in any level in either of the national major football leagues are exempted from taking part in the tourney.

In his words “ the tournament will start at the wards level centres, the winners at the wards will proceed to compete to produce the local government champion, then each local government champion will now compete to determine the overall champion.

“our joy at the FA knows no bound, because all the clubs have reasons to celebrate the coming of Steron, once you make it to the local government level you will get consolatory prizes

“meaning that if you advance from the ward stages to the local government you will not go home empty handed, also the scouts will be here to scout for talents.

“the opening match in the inter local government phase, which will involve the clubs that qualified from each local government will be played at Sani Abach stadium.

“The remaining matches at this level of the matches will be played at Mahaha ports complex, the final matches will return to be played at Sani Abach stadium.

He disclosed that provisions have been made for adequate security presence , adding that the state FA has prioritize the essence to make the competition an entertaining event.

He added that the media will be given a pivotal role to bring to Kano living rooms, live reports of the matches .

Garo stressed that “we are not leaving anything to chance, we want to see more private entities like Steron come into the game, either for communal purposes like this one or for commercial purposes, therefore we will always live up to expectations.

He enjoined Kano fans and football stakeholders to grab the opportunity been offered by the sponsors in the area of medical outreach to improve their well being.

Our correspondent reports that, the matches have kicked off in the designated ward centres across the state.

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