News
Breaking News On Dollar Sale
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.
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.
Punch
News
Remi Tinubu Urges Unity for National Development
The First Lady Remi Tinubu has said that all hands must be on deck to ensure the development of Nigeria.
The First Lady said this while visiting Enugu State to distribute professional kits to midwives in the state.
Speaking on harnessing and leveraging Nigeria’s diversity, Tinubu said it is important to build a safe and prosperous nations regardless of each other political affiliation.
She also highlighted that traditional leaders are closer to the grassroots and the government on the other hand.
She appealed to the traditional leaders to align with her vision to promote the health and well-being of the people, especially women.
“As leaders, we are responsible to take care of all Nigeria, political affiliation notwithstanding.
“Nigeria is a beautiful country and no one should hinder anyone from visiting any part of the country to experience this. We pray our security will improve and Nigeria should get to that place of safety,” Tinubu said
News
FRCN’s Ace Caster Yahaya Umar Passes On
Ace Nigerian broadcaster, Yahaya Umar is dead. Umar is one of the most recognizable voices on the Federal Radio Corporation of Nigeria (FRCN) network.
He was a constant anchor of the widely monitored 7am and 10pm network news on the FRCN.
The news of the legendary renown broadcaster, Yahaya Umar Social have continued to generate reactions among some of his fans in Kaduna.
The broadcaster who is popularly called Umar Social was known for his unique voice and flare while handling the microphone.
Most lovers of Radio Nigeria Supreme FM Kaduna attest to the fact that Umar Social was a voice to reckon with in the 1900s as well as on Radio Nigeria Network Service.
News
Senate To Move Presidential Inauguration Venue From Eagle Square To N’Assembly
The Senate says it is considering a legislative move to institutionalise a presidential address every June 12, in recognition of the day’s historical significance.
This is just as it is also considering the change of venue of presidential inauguration to the National Assembly from the current Eagles Square venue.
The Leader of the Senate, Opeyemi Bamidele, disclosed this in an interview with reporters on Tuesday, stating that the Senate is hoping to prepare a bill to formalise the President’s speech to the nation on that date.
“We are hoping to bring a bill soon to institutionalise the President’s address on June 12 because of its historical importance.
“There can’t be a better time to address the nation through the parliament than on June 12, especially since it is a joint sitting of the National Assembly”, Bamidele said.
He further revealed that the proposed legislation would also seek to designate the National Assembly Complex as the venue for future presidential swearing-in ceremonies.
He added, “We are hoping, in that bill, to ensure that the swearing-in ceremony of the next President and Commander-in-Chief of Nigeria, whom we believe is President Bola Ahmed Tinubu, will be held within the arcade of the National Assembly.”
Remi Tinubu Urges Unity for National Development
FRCN’s Ace Caster Yahaya Umar Passes On
Senate To Move Presidential Inauguration Venue From Eagle Square To N’Assembly
APC Warns Senator Ndume For Predicting Tinubu’s Defeat In 2027
When Danger Rides Beside You: The Evolving Face of ‘One Chance’ Crime in Abuja”
Governor Yusuf approves over ₦6 billion for the construction of the Dansoshiya Dam with a capacity of 3 billion liters.
Power Shift in Kano: Ganduje Family Bows to Emir Sanusi as Nephew Gets Turbaned
Tears, Prayers, and Riyals: A Hajj to Remember with Gov. Yusuf
Breaking : Kano Approves Vacation Date For Primary /Post Primary Schools
Two Years Anniversary : DSP Barau, His Bills and National Representation
Remi Tinubu Urges Unity for National Development
FRCN’s Ace Caster Yahaya Umar Passes On
Senate To Move Presidential Inauguration Venue From Eagle Square To N’Assembly
APC Warns Senator Ndume For Predicting Tinubu’s Defeat In 2027
When Danger Rides Beside You: The Evolving Face of ‘One Chance’ Crime in Abuja”
Governor Yusuf approves over ₦6 billion for the construction of the Dansoshiya Dam with a capacity of 3 billion liters.
Power Shift in Kano: Ganduje Family Bows to Emir Sanusi as Nephew Gets Turbaned
Tears, Prayers, and Riyals: A Hajj to Remember with Gov. Yusuf
Breaking : Kano Approves Vacation Date For Primary /Post Primary Schools
Two Years Anniversary : DSP Barau, His Bills and National Representation
-
Opinion3 years agoOn The Kano Flyovers And Public Perception
-
Features4 years agoHow I Became A Multimillionaire In Nigeria – Hadiza Gabon
-
Opinion4 years agoKano As future Headquarters Of Poverty In Nigeria
-
History4 years agoSheikh Adam Abdullahi Al-Ilory (1917-1992):Nigeria’s Islamic Scholar Who Wrote Over 100 Books And Journals
-
History4 years agoThe Origin Of “Mammy Market” In Army Barracks (Mammy Ochefu)
-
Opinion4 years agoMy First Encounter with Nasiru Gawuna, the Humble Deputy Governor
-
History3 years agoThe History Of Borno State Governor Professor Babagana Umara Zulum
-
News3 years agoFederal University Of Technology Babura To Commence Academic Activities September