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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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Fake Lecturers Arrested in BUK for Trespass and Cheating

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Security operatives in Bayero University, Kano have arrested two persons parading themselves as lecturers and selling books to unsuspecting level one fresh students.

The two persons, whose pictures appear here introduced themselves as David Iluebe from Edo State and Chike E. Eke from Delta State, surreptitiously entered a lecture hall at the Faculty of Engineering of the university and introduced themselves to fresh100 level students as Lecturers of the Department. Thereafter, they presented a set of four different textbooks on Use of English, Statistics, Nigerian People and Culture, and lastly, Algebra and Geometry Mathematics threatening the students to purchase these books as a requirement for their Continuous Assessment (CA) otherwise they’ll fail their courses.

The apprehensive Students present in the hall responded by buying several copies to meet up the course requirement. Nemesis however, caught up with them when the security operatives swoop in on them following a report. The two persons were however, arrested on 25th July, 2024 by the security operatives for suspected criminal trespass, Impersonation and cheating.

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During preliminary investigation, the suspects claimed that they were the authors of the books they were selling to the students and they confessed to all the allegations leveled against them, revealing that they were hustling to make a living due to lack of job. The suspects further disclosed that this was the second time they were coming to the state, having been to the Kano State Polytechnic earlier this year.

The set of books found in their possession were all of poor quality believed to have been pirated. This is clearly a very disturbing emerging trend in our tertiary institutions which are being invaded by crooks and charlatans masquerading as academicians in order to dupe and exploit our unsuspecting students. Meanwhile, the suspects will be handed over to the Police for further appropriate action, while our students would be further sensitized on this ugly development, please.

In a statement signed by secretary information and publication of the university Bala Abdullahi said the Management of Bayero University, Kano wishes to inform the students and the general public to be wary of such impersonators and that surveillance has been beefed up in the University to avert the reoccurrence of such an ugly incident.

 

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Nation Wide Protest Begins From Abuja-Sowore Tackles  Wike

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Former presidential candidate of the African Action Congress, AAC, Omoyele Sowore, has dared Nyesom Wike, Minister of the FCT, for saying that Abuja is not available for protest on August 1.

Sowore in a post on his X handle on Friday said the proposed nationwide protests will start from Abuja.

He said: “It is starting from and in Abuja!”

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Sowore’s statement comes after Wike said that August 1 had been set aside for the chairmen of the six Area Councils of the FCT to give out certificates of recognition to their traditional rulers.

The Minister gave the warning while briefing journalists on the outcome of the FCT Security Council meeting in Abuja on Thursday.

Reports says that some Nigerians are mobilising for nationwide protest slated for August 1 to August 10, 2024.

Tagged #EndBadGovernace, organisers of the protest have lamented about widespread hunger and inflation in the country.

Daily Post

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Robbers Gunned Down While Attempting To Snatch Jeep In Abuja

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IGP Kayode

 

Two suspected armed robbers were shot dead while attempting to snatch a Prado Jeep at gunpoint in the Jahi area of Abuja, the nation’s capital.

CP Benneth Igweh, disclosed this to newsmen while parading two arrested members of the robbery gang at the command in Abuja, on Friday.

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He said this happened around 10:45 pm on Thursday, when a four-men robbery engaged the operatives who were on crime prevention patrol led by DPO of Mabushi police division in a fierce gun battle.

According to him, the four-men robbery gang on sighting the police operatives opened fire, which resulted in a gun duel where two among the robbers were neutralized.

Daily Trust

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