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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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Senate Summons Aviation Minister, Keyamo, Over Hike in Flight Ticket Prices

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By Yusuf Danjuma Yunusa

The Senate on Tuesday summoned the Minister of Aviation and Aerospace Development, Festus Keyamo, along with heads of the Federal Airports Authority of Nigeria (FAAN) and the Nigeria Civil Aviation Authority (NCAA), over the sudden and steep increase in domestic flight ticket prices.

The minister and heads of the agencies are expected to appear before lawmakers in a closed-door session on a date to be announced.

The resolution followed a motion sponsored by the Chairman of the Senate Committee on Aviation, Buhari Abdulfatai.

While presenting his motion, Mr Abdulfatai lamented that airfares across Nigerian airlines had risen sharply due to the festive season, a development he said would force many Nigerians to forgo travel because of insecurity on the roads.

The senator, who represents Oyo North Senatorial District, said he had previously engaged airline operators on the issue, but the high fares persisted. He therefore urged the Senate to empower its aviation committee to intervene.

One-way airfares on some domestic routes have risen by as much as 150 per cent, with tickets costing at least N300,000. Before the festive period, domestic flight tickets averaged around N120,000, but prices have reportedly surged to as high as N400,000.

Given the worsening insecurity on major highways, many Nigerians prefer to travel by air, but the soaring cost of tickets is a major hindrance.

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Contributing to the debate, Adamu Aliero (APC, Kebbi Central), described the fare hike as unacceptable in a country where the minimum wage is N70,000. He noted that a civil servant would have to save for up to six months to afford a one-way flight.

“The synopsis of the motion was given that the minimum wage for Nigeria is 70,000 Naira. It means a civil servant will have to save five months’ salary or even six months’ salary before they could afford a one-way ticket to Lagos,” he said.

Mr Aliero, a former minister of the Federal Capital Territory (FCT), questioned the rationale behind the sudden increase in air fares and insisted that the Senate must summon all stakeholders to explain the hike.

“Mr President, this is unaffordable, and there has not been a corresponding increase in aviation fares. There has not been a corresponding increase in the airport charges from either FAN, NCAA or Nigerian Civil Aviation Authority. So we need to summon all the stakeholders and question them on why this hike is announced.

“And not only that, Mr. President, we need to halt this increase in order to save Nigerians from exploitation. Mr. President, it is normal for airlines at the end of the year to increase fares, but not as it is announced today. An increase of 10 to 15 per cent is understandable, but not an increase of over 200 per cent. So if we do that, honestly speaking, Mr. President, we are allowing exploitation of Nigerians,” he added.

Peter Nwebonyi (APC, Ebonyi North) also condemned the sharp increase, saying he attempted to book a flight from Abuja to Enugu and was shocked to discover that Air Peace Airline was charging N500,000 and Ibom Air, N460,000.

“Just this morning, I called my personal assistant to get a ticket for me for the 13th of December from Abuja to Enugu, and shockingly, Mr. President, the cost for a one-way ticket from Abuja to Enugu is N500,000 for Air Peace and N460,000 for Ibom Air. Mr. President, this is unheard of. This is over a 400 per cent increment at a go. We never had it this way,” he said.

Adeola Olamilekan (APC, Ogun West) called for a comprehensive engagement with all aviation stakeholders to find a lasting solution to the problem.

In his remarks, the Senate President, Godswill Akpabio, accused airlines of exploiting Nigerians.

“It is very clear that Nigerians are being exploited and people are taking advantage of Nigerians,” he said.

Mr Akpabio subsequently put the motion to a voice vote, and it received overwhelming support.

After taking the vote, the senate president said the planned meeting with the aviation minister and relevant agencies was necessary to address the abysmal fare increase and to prevent disruptions to travel during the Christmas period.

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Dangote Sugar’s New Packs Gain Traction At Kano Fair

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From right: The Makaman Bichi, Alhaji Isiyaku Umar Tofa, General Manager Dangote Sugar, North, Abdullahi Waya, KACCIMA President, Amb. Usman Darma, CEO, Dala Inland Dry Port, Ahmad Rabiu, and a member of KACCIMA, Aliyu Mustapha, at the unveiling of the new 100g and 25kg Dangote Sugar packs at the Kano International Trade Fair in Kano.

 

Marketers and participants at the just-concluded Kano International Trade Fair have endorsed the newly unveiled Dangote Sugar packs, describing them as convenient, consumer-friendly, and well-suited for both household use and retailing.

Dangote Sugar recently unveiled new pack sizes, including 100g sachets and 25kg bags aimed at increasing affordability and market penetration.

“The Dangote new sugar packs will greatly make more affordable to the average northern population,” a monarch who participated in the Fair, Alhaji Isyaku Umar Tofa, Makaman Bichi, told newsmen on the sideline of the company’s Special Day.

According to him, the redesigned and reasonably priced packs will enable more households, small retailers, and food vendors to access quality sugar without financial strain, thereby supporting both daily consumption needs and small-scale commercial activities.

Reacting, prominent businessman and Chief Executive of Sambajo General Enterprises Limited, Alhaji Salisu Sambajo said the 25kg pack is ideal for SMEs, bakeries, restaurants and distributors who require bulk but affordable quantities, making it easier for them to access quality sugar without high upfront costs.

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On the other hand, he said, the 100g pack targets low-income households, retail kiosks, and on-the-go consumers.

“Together, these new pack sizes broaden our reach across all consumer segments, improve product visibility in open markets and retail outlets, and ultimately enhance our market share in the North.”

Dangote is one of the major sponsors of the Kano Trade Fair, with the theme: Empowering SMEs for Sustainable Growth.

He said the Dangote Group’s continuous investment in critical sectors such as sugar, petroleum, cement, fertilizers and more which has tremendously supported national development and improved livelihoods.

Alhaji Sambajo urged Dangote to maintain this commitment to quality, innovation, and local empowerment, especially across northern communities.

“Alhaji Aliko’s contributions remain invaluable, and we look forward to more breakthroughs that will support Nigeria’s growth and self-reliance,” he said.

He added that government should continue to create an enabling environment for large-scale industrialists like the Dangote Group.

“We need a supportive policy on transportation, taxation, energy supply, and ease of doing business to allow these industries to operate optimally and remain competitive,” he said.

A female trader from Maiduguri, Hajiya Y’agana Babagana, who participated in the Kano International Trade Fair, described the company’s initiative to introduce affordable 100g and 25kg sugar packs as a welcome development for consumers.

“I sell locally made incense, known as turaren wuta, and sugar is an essential ingredient in producing it, you simply cannot make turaren wuta without sugar,” Y’agana explained. She spoke enthusiastically about the new range of Dangote Sugar, adding, “You can see why we flocked to the Dangote pavilion to buy, especially the 25kg pack.”

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NGO Calls for Accountability, Digital Transparency and Citizens’ Participation in the Fight Against Corruption

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CITAD

 

 

The Centre for Information Technology and Development (CITAD) joins the global community in commemorating the 2025 International Anti-Corruption Day (IACD) with the theme “United Against Corruption for Development, Peace and Security.” According to CITAD, as an organization committed to promoting accountability, transparency, and good governance, corruption remains one of the most significant threats to Nigeria’s development and democratic stability.

This was contained in a statement signed by YZ Yau, Executive Director of CITAD, and made available to newsmen, stressing the organization’s position on the urgent need for reforms.

CITAD observed that across the country, corruption continues to weaken public institutions, undermine service delivery, fuel insecurity, and erode citizens’ trust in governance. The organization noted that despite efforts by anti-corruption agencies and civil society, the persistence of corruption, especially in procurement, public finances, election processes, and digital governance, demands renewed commitment and stronger systemic reforms.

CITAD further expressed concern that corruption increasingly manifests within digital systems, including opaque data governance practices, misuse of digital surveillance tools, political manipulation of cybercrime laws, and weak oversight of public digital infrastructure. The organization emphasized that as Nigeria deepens its digital transformation, embedding accountability in the digital ecosystem is no longer optional but essential.

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According to CITAD, the fight against corruption must now extend to both offline and online governance spaces, where misuse of power, absence of transparency, and weak regulatory enforcement create new avenues for abuse.

CITAD stressed that digital channels remain the most affordable and accessible means through which citizens can express themselves. The organization condemned the growing culture of weaponizing such expressions of opinion, describing it as inconsistent with democratic aspirations. CITAD insisted that government must demonstrate full tolerance for digital expression and take decisive measures to prevent misuse of security agencies by public officials to harass or intimidate citizens for expressing dissent. Without safe, open, and free online spaces for civic participation, CITAD warned, Nigeria’s commitment to fighting corruption will remain rhetorical.

CITAD therefore called on government and stakeholders to:
1. Strengthen transparency and accountability mechanisms across federal, state, and local government institutions.
2. Promote digital accountability, especially in procurement, data governance, and deployment of public digital infrastructure.
3. Ensure full implementation of the Freedom of Information (FOI) Act to enable citizens and journalists access to public records without intimidation.
4. Protect activists, journalists, whistleblowers, and online critics who expose corruption and hold power to account.
5. Invest in civic and digital literacy to empower citizens, especially youth and women, to identify, report, and resist corruption.
6. Reinforce collaboration between government, civil society, media, and development partners to sustain anti-corruption reforms.

CITAD also urged anti-corruption agencies to prioritize investigation of digitally enabled corruption, strengthen whistleblower protection, and address political interference that weakens enforcement.

The organization emphasized that as Nigeria continues to confront economic challenges, insecurity, and pressures on democratic institutions, the cost of corruption has never been more severe. CITAD maintained that only through collective action, transparency, and accountability, powered by both civic engagement and digital governance reforms, can Nigeria achieve meaningful progress.

Finally, CITAD reaffirmed its commitment to building a society where integrity is valued, institutions are transparent, and citizens can participate freely without fear of reprisal.

 

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