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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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Power Shift in Kano: Ganduje Family Bows to Emir Sanusi as Nephew Gets Turbaned

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Ganduje and Emir Sanusi ,Photo Credit BBC Hausa

 

In a dramatic political twist that may redefine Kano’s traditional power matrix, former Governor Abdullahi Umar Ganduje has thrown his weight behind Emir Muhammadu Sanusi II, as the monarch turbaned Ganduje’s nephew, Alhaji Jamilu Sani Umar, as the new Village Head of Ganduje.

This development signals a major shift in political allegiance, coming from a family that once stood at the heart of Emir Sanusi’s 2020 dethronement.

The former village head, Alhaji Sani Ganduje — who was removed from office — had openly challenged the Kano Emirate over the legitimacy of his removal, deepening the rift between the Gandujes and Sanusi’s loyalists.

However, following the recent reinstatement of Emir Sanusi II by Governor Abba Kabir Yusuf, political equations in Kano have shifted rapidly.

In what many see as a move to realign with the prevailing tide, Dr. Ganduje reportedly convened a strategic meeting with his extended family and directed full support for the new appointment.

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Rather than sending a delegate, the entire Ganduje family physically accompanied Jamilu to the Emir’s palace, a powerful public gesture of submission and allegiance to Sanusi’s throne.

Political analysts interpret this as Ganduje’s calculated pivot — recognizing Emir Sanusi’s regained influence and perhaps seeking to reposition himself within Kano’s changing political terrain.

The move also draws a clear contrast with the dethroned Emir Aminu Ado Bayero, who enjoyed close ties with Ganduje during his administration but is now increasingly sidelined.

By endorsing the turbaning and realigning his family under Sanusi’s leadership, Ganduje appears to be reading the political handwriting on the wall — that Emir Sanusi’s return is not just ceremonial, but a restoration of deep-rooted traditional authority with growing political resonance.

As Kano continues to balance tradition and politics, the Ganduje family’s public allegiance to Emir Sanusi may be the clearest indication yet that the old guard is adapting to a new power order.

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We closed hostels over non-compliance with our rules— MAAUN President

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The President of the Maryam Abacha American University of Nigeria Prof. (Dr.) Mohammad Israr has clarified the closure of the Al-Ansar Indabo hostel over non-compliance with the university rules.

It would be recalled that the university has on Monday closed the hostel citing noncompliance and non-adherence to the welfare of students.

In a statement on Tuesday, Professor Israr explained that the university Management found it necessary to take the action due to non-compliance with the university’s rules and regulations governing the operation of private hotels.

“Despite issuing queries to the owners of the affected hostels, they failed to comply with our rules and regulations, we have no option but to take this appropriate action.

“Non-compliance resulted in several unwanted situations and activities within the hostel, including poor water and power supply. These issues pose a serious threat to the well-being of our students.

“We have to protect the reputation that we built for over 13 years, we stand by ethics to ensure good conduct and welfare of our students”.

The hostels are privately owned facilities approved by the institution to accommodate students.

According to Israr, it was part of the university’s effort to ensure safe, secure, and decent hostel accommodations for students while maintaining a zero-tolerance policy for any form of immorality among university students.

The school, which acquired its operational license and commenced academic activities in 2021, allowed private developers to build and apply for the school’s accreditation to house students.

“This is part of the founder’s initiative to contribute more to the economy of the state.

You cannot find these irregularities in our hostels but in the ones owned by the private developers. The closure is in the best interest of the parents and students”. Israr said.

“Accordingly, all affected students are strongly directed to vacate the hostel immediately after the completion of the first-semester examination.

Meanwhile, the management is collaborating with relevant security agencies to ensure total compliance,” the statement said.

It would also be recalled that the university last week ordered the immediate closure of Insktaf hostel as a result of some criminal activities such as torture, physical assault and injury among others, posing a serious security threat to the well-being of students living in the affected hostels.

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FEC endorses life insurance for Tinubu, Shettima, Gbajabiamila, Akume, ministers

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Didi Walson-Jack, head of service of the federation, says the Federal Executive Council has approved the Group Life Assurance Scheme for government workers, paramilitary and uniformed personnel.

Ms Walson-Jack said this while briefing State House correspondents on Monday at the end of the sixth FEC meeting of the year.

She said through the insurance scheme, the federal government would provide a life policy for each public servant and that in the event of death, the public servant’s next-of-kin would benefit from helping the family cushion the effect of the loss.

This scheme underscores the importance that President Bola Tinubu’s administration has placed on the welfare of the federal workers. This year, the group life assurance scheme covers key government officials, comprising Mr President, the vice-president, the chief of staff, and the secretary to the government of the federation.

The other beneficiaries are ministers, the head of the civil service of the federation, permanent secretaries and staff of federal government ministries and treasury-funded agencies,” she stated.

According to her, the scheme also covers the paramilitary agencies such as the Nigerian Immigration Service, Nigeria Security and Civil Defence Corps, Nigeria Correctional Service, the Federal Fire Service, Federal Road Safety Corps, National Drug Law Enforcement Agency and the Office of the National Security Adviser.

She added that the insurance scheme would be annual, and that the approval given by FEC was for the 2025/2026 policy year, and the policy would commence from the date of premium payment to underwriters in line with the no premium, no cover policy.

“The approval for today was for the appointment of 17 insurance underwriters for the group life insurance cover and for the year 2025/2026, as I had earlier mentioned.

“The premium is paid to the insurance companies for 12 months. So, this policy will expire in 2026,” she disclosed.

(NAN) Peoples gazette

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