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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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RFI Tasks Media on Reporting Women, Children, and Minors

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Radio France Internationale (RFI) has urged journalists to broaden their coverage to include issues affecting women, children, and minors, as part of its Hausa Service programme Rayuwata. The head of RFI Hausa Service, Joe Penny, made this call while addressing journalists in Kano during preparations for the upcoming Rayuwata event. Penny emphasized that the programme this year will spotlight personal stories shared by women and children, underscoring the importance of amplifying their voices.

According to Penny, RFI, headquartered in France with 17 language services, operates its Hausa Service from Lagos. He noted that the station has successfully reached millions of people through social media, particularly Facebook, where it boasts 2.3 million followers. He explained that the decision to host the event in Kano was deliberate, given the city’s role as a cultural and economic hub in northern Nigeria.

Penny further stated that RFI’s outlets have traditionally focused on politics and security-related attacks, but the organisation is now expanding coverage to other aspects of life. “Last year, we partnered on sports and signed a memorandum of understanding with Kano pillars football club . This year, we are focusing on women and children,” he said. He added that the programme will feature videos designed to spark conversations and highlight pressing social issues.

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The Hausa Service head also revealed that the event will celebrate achievements in Kannywood, the Hausa-language film industry. “We have a series on Kannywood where we interview actors. It provides a service beyond us and a larger one. This is the first time we are doing this event in Kano, and there are new ways of engaging our audience,” Penny explained.

He stressed that public feedback would be crucial in shaping the festival, which he described as being in the public interest.

Highlighting the programme’s history, Penny noted that Rayuwata has been running for five years, consistently focusing on children and minors. He reiterated that the initiative seeks to celebrate, encourage, and educate, while also drawing government attention to the needs of vulnerable groups.

On his part, veteran broadcaster and co-anchor of Rayuwata, Muhammad Musa Muhammad Inya, emphasized RFI’s global reach and its commitment to ensuring Kano is not left behind.

He disclosed that RFI will collaborate with five local radio stations this year to strengthen community engagement. “We are helping those that are not privileged, especially fatherless children. We come to educate the government on the importance of children and the less privileged,” Inya said.

The upcoming Rayuwata festival in Kano is expected to serve as a platform for dialogue, cultural celebration, and advocacy, reinforcing RFI’s mission to expand media coverage beyond politics and security to include the everyday realities of women, children, and minors.

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Ex-IG Alkali Withdraws from Yobe APC Governorship Race

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By Yusuf Danjuma Yunusa

Former Inspector-General of Police, Usman Alkali Baba (retd.), has withdrawn from the 2027 Yobe State governorship race on the platform of the All Progressives Congress.

Baba announced his withdrawal in a statement made available to Newsmen on Wednesday, saying the decision followed extensive consultations with political stakeholders and associates across the state and beyond.

The former police chief said the move was taken in the interest of party unity, stability and progress ahead of the APC governorship primaries.

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‎He stated, “After due consultations and exhaustive meetings with the Vice-President, Federal Republic of Nigeria Senator Kashim Shettima, the Executive Governors of Yobe and Borno states, elders and political associates, as well as some very critical stakeholders across the seventeen Local Government Areas, I have decided to withdraw my aspiration for the governorship ticket ahead of the 2027 general elections.”

Baba described the decision as a difficult but necessary sacrifice for the unity of the ruling party in Yobe State.

‎“The decision was not arrived at easily; it is voluntary but an obvious sacrifice we must make in the interest of party unity, stability and progress of our dear state,” he said.

He urged his supporters to remain calm and continue supporting the APC and whoever emerges as the party’s governorship candidate.

‎“Having made this decision, we urge our teeming supporters to remain calm, law-abiding and continue to support our great party, the APC, as well as the eventual gubernatorial candidate,” Baba added.

‎The retired IGP also reaffirmed his commitment to the development of Yobe State despite stepping down from the race.

His withdrawal comes less than 24 hours after another APC governorship aspirant, Alhaji Lawan Kolo Geidam, also exited the contest.

The remaining aspirants include Senator Ibrahim Muhammed Bomai, Mustapha Yunusa Maihaja, Bashir Sheriff Machina and Kashim Musa Tumsah.

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Wike Throws Jab at Makinde, Says Alliance with APM Unknown to INEC

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By Yusuf Danjuma Yunusa

Minister of Federal Capital Territory, Nyesom Wike, has described the alliance between Oyo State Governor, Seyi Makinde-backed Peoples Democratic Party (PDP) and the Allied Peoples Movement (APM) as fraudulent.

“When I say people are fraudulent, they thought I was joking. And that’s the 419 we are talking about,” said Mr Wike during an inspection of ongoing road projects in Abuja on Thursday.

Mr Makinde earlier declared his interest to contest the 2027 presidency after signing a Memorandum of Understanding with the APM to be its standard bearer.

“I, Oluseyi Abiodun Makinde, Excellency, announce my candidacy for the position of the President of the Federal Republic of Nigeria,” the governor stated.

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According to the agreement, candidates of the Turaki-led PDP faction in Oyo State loyal to Mr Makinde who are contesting governorship, Senate, House of Representatives and state assembly seats are expected to run on the platform of the APM rather than the PDP in the 2027 elections.

However, Mr Wike said the alliance was unknown to the Independent National Electoral Commission and his faction of the PDP.

He added, “There’s no alliance between PDP and Allied Peoples Movement (APM) or any other political party, as the case may be. INEC also knows that there’s nothing called PDP-APM alliance.”

Noting that the ongoing political activities within the PDP, including the screening of aspirants, clearly showed that the party remained independent and had not entered into any coalition arrangement, the minister accused Mr Makinde of pursuing his personal presidential ambition through the APM platform.

“PDP has presented a presidential candidate and watch out who will be submitted to INEC and see whether there’s anything called PDP-APM.

“What you have is Seyi Makinde joining APM to be able to actualise his presidential ambition, which is already dead on arrival,” Mr Wike said.

The PDP has been embroiled in leadership crisis stirring yet to be resolved court cases.

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