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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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New Defense Minister GC Musa Takes Oath of Office

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By Yusuf Danjuma Yunusa

President Bola Tinubu has sworn in General Christopher Musa (retd.) as the new Minister of Defence.

Musa, a former Chief of Defence Staff, took the oath of office on Thursday at the State House, Abuja.

Nigerian Tracker News had reported that the Senate on Wednesday confirmed Musa as Minister of Defence following a rigorous five-hour screening.

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During the session, the former CDS was grilled over recent security lapses, including the controversial withdrawal of troops from Government Comprehensive Girls Secondary School, Maga, in Kebbi State, shortly before schoolgirls were abducted on November 17.

He told lawmakers he would “immediately set up a full-scale investigation” into the troop withdrawal once he assumes duty.

Musa also vowed to probe the killing of Brigade Commander Brig-Gen. Musa Uba in Borno State, along with other attacks on senior military officers.

Musa’s nomination followed the resignation of former Defence Minister, Mohammed Badaru, reportedly on health grounds.

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KANSIEC Appoints Adhoc Staff for Ward Bye-Elections

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Prof Sani Lawal Malumfashi KANSIEC Chairman

 

The Chairman of the Kano State Independent Electoral Commission (KANSIEC), Professor Sani Lawal Malumfashi, has issued appointment letters to adhoc staff for the upcoming ward bye-elections in three local government areas of the state.

During the presentation of the appointment letters, Professor Malumfashi urged the adhoc staff to justify the trust and confidence the commission has reposed in them.

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He expressed his confidence in their ability to discharge their duties based on their level of education, experience, and track record of honesty and dedication.

The adhoc positions include 3 Returning Officers, 3 Electoral Officers, and 3 Assistant Electoral Officers for Dala (Kofar Mazugal), Dogowa (Maraku), and Ghari (Matan Fata) wards.

In a statement signed by Bashir Habib Yahaya media aid to the executive chairman said the Chairman appreciated security agencies, politicians, and the general public for their support and cooperation. The bye-elections are scheduled to hold on December 13, 2025.

 

 

 

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One Kano Agenda Raises Alarm Over Rising Insecurity

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Civic platform One Kano Agenda has raised alarm over rising insecurity in Kano State, warning that abductions, attacks, and suspicious activities are threatening both residents and the wider Northern region. The group made the call during a press conference in Kano on Wednesday , stressing that the state’s reputation for peace and hospitality is under strain.

According to the group adressed by its Chairman Abbas Abdullahi Yakasai said credible reports have emerged of unidentified individuals operating commercial motorcycles across several communities, particularly in Kano North.

Many of these individuals reportedly do not speak fluent Hausa, fueling suspicion among locals. The organization commended the Kano State Government for swiftly banning motorcycles in the metropolis and praised Governor Abba Kabir Yusuf’s introduction of the Safe Corridor program, which has absorbed over 2,000 youths into community security and intelligence structures.

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According to Abbas initiative said for the first time in Kano’s history that insecurity is being tackled through both rehabilitation and enforcement. Previous administrations, it noted, relied largely on force and political alliances. Residents were urged to report suspicious activities, avoid direct confrontation, and remain vigilant.

Abbas Abdullahi Yakasai further called on Emirate Councils and traditional leaders to strengthen coordination with district and village heads to ensure swift information flow to security agencies. The group also urged community members to cooperate fully with police, vigilante units, and intelligence frameworks, while encouraging security agencies to intensify patrols and surveillance, especially in border and transport areas.

The organization expressed concern over what it described as “reckless politicization” of security challenges by certain media outlets and political actors. It accused some of exploiting the situation for personal gain, pointing to reports of police redeployment from flashpoints to cemeteries, leaving vulnerable communities exposed. “Such actions embolden criminal elements to see Kano as a safe haven,” the group warned.

On recent directives involving a former governor and a senator, One Kano Agenda stressed the importance of due process and professionalism. It urged security agencies to act transparently and in compliance with constitutional provisions, regardless of the individuals’ status.

In its closing remarks, the civic platform announced plans for a “Peace Walk” and “Prayer for Divine Intervention” to unite residents and foster solidarity. Abbas Abdullahi Yakasai said the initiative, it said, would appeal for divine protection over Kano and Northern Nigeria. The group urged stakeholders, especially media and political actors, to prioritize public safety over personal gain.

 

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