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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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Kano Government Attributes Muhuyi’s Arrest to Handling of High-Profile Corruption Cases Involving Politically Exposed Persons

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The Kano State Government has expressed deep concern over the arrest and subsequent transfer to Abuja of the former Chairman of the Public Complaint and Anti-Corruption Commission (PCACC), Mr. Muhuyi Magaji Rimin Gado, by heavily armed operatives of the Nigeria Police Force. The development was disclosed by the Attorney General and Commissioner for Justice, Abdulkarim Maude (SAN), while addressing journalists in Kano on Friday evening, with the Commissioner for Information, Ibrahim Abdullahi Waiya, standing in support.

According to Maude, credible information available to the state government revealed that Mr. Rimin Gado was arrested at about 5:30 p.m. at his law office along Zaria Road, Kano, without the presentation of any warrant of arrest or disclosed court process. He was first taken to the Police Headquarters at Bompai, Kano, before being whisked away to Abuja later that same evening. The Attorney General stressed that the incident raises serious constitutional and legal concerns, citing Sections 35, 36, and 46 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), which guarantee personal liberty, fair hearing, and the right to enforce fundamental rights.

While acknowledging the powers of the Nigeria Police Force to investigate crimes, Maude emphasized that such powers must be exercised strictly within the confines of due process and constitutional safeguards. He noted that the arrest of a former head of a major anti-corruption agency without prior engagement with the state’s justice system undermines federalism and inter-governmental cooperation. “Although prior notification may not be a strict constitutional requirement, professionalism and respect for institutional courtesy demand it, especially in actions capable of affecting public peace and political stability,” Maude said.

The Attorney General further warned that the manner, timing, and militarized nature of the arrest could provoke fear, public tension, and political misinterpretation within Kano State. He alleged that certain political elements outside the state may be attempting to exploit federal institutions to destabilize Kano and disrupt its prevailing atmosphere of peace and good governance. “The government is deeply worried about the political undertones of this operation,” he added.

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Maude also revealed that the arrest may be linked to several high-profile criminal investigations and ongoing prosecutions involving politically exposed persons from Kano State. He explained that Mr. Rimin Gado is believed to possess critical, firsthand evidence in those cases, raising fears that his arrest was calculated to obstruct or compromise the integrity of sensitive investigations. “This action poses a serious threat to the administration of criminal justice,” the Attorney General declared.

Even more troubling, Maude noted, is the existence of a subsisting order of the High Court of Justice restraining the Nigeria Police Force and other security agencies from arresting or harassing Mr. Rimin Gado. He condemned the police for disregarding the lawful order and deploying over forty heavily armed officers for the arrest. “At a time when the nation is grappling with serious security challenges, the deployment of such massive force for a civilian arrest is shocking and raises concerns about misplaced priorities and abuse of power,” he said.

The Attorney General stressed that Kano State remains peaceful and governed by the rule of law, warning that any action capable of provoking disorder or politicizing law enforcement must be firmly rejected. He outlined the government’s position, demanding strict compliance with constitutional provisions, calling on the police to clarify the legal basis of the arrest, reaffirming commitment to the rule of law, and cautioning against the misuse of federal security apparatus for political objectives.

In his closing remarks, Maude assured the public that the Kano State Government remains committed to cooperating with lawful security agencies but will not hesitate to take constitutional steps to protect its citizens and preserve public peace. He urged residents to remain calm, vigilant, and law-abiding as the government continues to monitor the situation closely. “We will act decisively in the overall interest of justice, peace, and constitutional order,” he concluded.

 

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Kano Online Chapel Remains Committed to Ethics, Condemns Blackmail Journalism-Dangambo

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The Chairman of Kano Online Chapel of the Nigerian Union of Journalists Abubakar Abdulqadir Dangambo has called on his members to remain committed to ethical Journalism.

He stated this in a chat with newsmen in Kano on Friday.

Dangambo further described the act by some Online newspapers editors in blackmailing people and institutions by using pseudonym as blackmailing and against the ethics of Journalism.

“There is balancing in Journalism, you can’t just report one side in a conflicting story to avoid being described as bias but it is unfortunate that some people are hiding under the name of Kano to be reporting what is blackmailing and unethical in the discharge of their work.

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Journalism remains one of the symbol of development, when Journalists remain ethical by doing their job with all sincerity I believe this is the beginning of development.

I’m calling on such journalists who refused to register with us for reasons best known to them to do so as we will not fold our arms seeing Online Journalists misbehaving and their misconduct will be seen like we are all the same.

These Online newspapers know themselves, they should do so as soon as possible as we are now working in publishing the name of our members”. He said

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President Tinubu Approves New Governing Boards for BOA, UBEC, NADF

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By Yusuf Danjuma Yunusa

 

President Tinubu has approved the constitution and reconstitution of the governing boards of the National Agricultural Development Fund (NADF), Bank of Agriculture (BOA), and Universal Basic Education Commission (UBEC).

Below is the full list of appointed chairmen, executive directors, and members:

UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) BOARD
– Chairman: Senator Umaru Tanko Al-Makura (retained)

– South East Representative: Uchendu Ikechi Mbaegbulem

– South South Representative: Gift Ngo

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– South West Representative: Mrs Ibiwunmi Akinnola

– North East Representative: Dr Meiro Mandara

– North West Representative: Dr Abdu Imam Saulawa

– North Central Representative: Professor Paul Ibukun-Olu Bolorunduro

(Term: 4 years in the first instance)

BANK OF AGRICULTURE (BOA)

– Chairman: Muhammad Babangida

– Managing Director/CEO: Ayo Sotinrin

Executive Directors
– Fatima Garba (Sokoto) – Executive Director, Corporate Services

– Ka’amuna Ibrahim Khadi (Borno) – Executive Director, Risk Management & Strategy

– Hakeem Oluwatosin Salami (Kwara) – Executive Director, Operations

Non-Executive Directors
– Aminu Malami Mohammed – North East
– Charles Amuchienwa – South East
– Oladejo Odunuga – South West
– Rabiu Idris Funtua – North West
– Kochi Donald Iorgyer – North Central

NATIONAL AGRICULTURAL DEVELOPMENT FUND (NADF) BOARD
– Executive Secretary/CEO (previously appointed): Muhammad Abu Ibrahim

– Chairman: Mallam Bello Maccido (North West)

Members
– Dr Nelson Henry Essien – South South (Akwa Ibom)
– Amina Ahmed Habib – North West (Jigawa)
– Engr. Akinyinka Olufela Akinnola – South West (Ondo)
– Hassan Tanimu Musa Usman – North East (Borno)
– Lufer Samson Orkar – North Central (Benue)
– Felix Achibiri – South East (Imo)

The appointments, as announced and signed by Bayo Onanuga, Special Adviser to the President (Information and Strategy), on Friday. take immediate effect.

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