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CBN Commands Banks To Sell Excess Dollars Within 24 Hours

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CBN Commands Banks To Sell Excess Dollars Within 24 Hours

This move, disclosed in a circular released on Wednesday, is part of the CBN’s broader strategy to address the volatility in the foreign exchange market……CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

 

The central bank has raised concerns that some commercial banks have been maintaining long-term foreign exchange positions to profit from the fluctuations in exchange rates.

The new guidelines, as outlined in the circular titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” aim to mitigate the risks associated with these practices.

This directive follows closely on the heels of another circular that cautioned banks and FX dealers against reporting inaccurate exchange rates.

Furthermore, the recent adjustment in the methodology for calculating the nation’s official exchange rate by the FMDQ Exchange has seen the Nigerian Autonomous Foreign Exchange Market rate surge from approximately N900/dollar to N1,480/dollar, a move applauded by economists for its potential to unify the official and parallel market rates.

However, economists have also urged the CBN to address the over $5bn FX backlog and ensure sufficient funding for FX demands at the official market to prevent divergence between the official and parallel market rates.

In the latest circular signed by Dr. Hassan Mahmud, Director of Trade and Exchange, CBN, and Mrs. Rita Sike, representative of the Director of Banking Supervision, CBN, banks are accused of holding excess foreign exchange positions.

Banks are now required to align their Net Open Position (NOP) with the new regulations, which stipulate that the NOP must not exceed 20 per cent short or 0 per cent long of the bank’s shareholders’ funds, calculated using the Gross Aggregate Method.

Banks currently exceeding these limits are instructed to adjust their positions accordingly by the set deadline.

Additionally, the CBN mandates banks to maintain sufficient stocks of high-quality liquid foreign assets and adopt robust treasury and risk management systems to oversee all foreign exchange exposures.

Non-compliance with these directives will result in sanctions and possible suspension from the foreign exchange market, the CBN warned.

This initiative is part of the central bank’s ongoing efforts to ensure stability in the foreign exchange market and promote economic stability.

A top bank executive, who spoke on condition of anonymity with Punch, said the new circular would force banks to sell off excess dollar liquidity exceeding $5bn.

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UNICEF Breaks Silence! The Truth Behind The Viral Photos Of Messi And Baby Lamine Yamal!.

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UNICEF has officially authenticated the viral images of Lionel Messi bathing an infant Lamine Yamal, confirming they are not digitally altered.....KINDLY READ THE FULL STORY HERE▶

  • Origin: The images were captured over 18 years ago by Spanish photographer Joan Monfort during a UNICEF charity calendar photoshoot intended to raise funds.

  • Participants: The shoot featured a young Lionel Messi, the infant Lamine Yamal, and Yamal’s mother, Sheila.

  • Clarification: UNICEF addressed public skepticism and rumors of image manipulation by explicitly confirming the authenticity of the photos on their platform.

  • Current Roles: Both Messi and Yamal now serve as UNICEF Goodwill Ambassadors, utilizing their respective platforms to advocate for children’s rights globally.

  • Symbolism: Many fans view the resurfaced images as a symbolic “passing of the torch” between two football generations, a sentiment highlighted as Messi’s Argentina prepares to face Yamal’s Spain in an upcoming FIFA World Cup match.

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Ambassadorial Nomination Under Fire: Frank Tie Tie Exposes ‘Mistake’ Regarding Ex-FUOYE VC Fasina!.

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Human rights lawyer Frank Tietie has criticized the nomination and subsequent confirmation of Professor Abayomi Fasina, the former Vice-Chancellor of the Federal University, Oye-Ekiti, as a non-career ambassador designate.....KINDLY READ THE FULL STORY HERE▶

  • Prior to his confirmation, a coalition of civil society organizations protested at the National Assembly on July 7, 2026, opposing Fasina’s nomination due to pending court cases involving allegations of sexual harassment, human rights violations, and victimization.

  • Despite these protests, the Nigerian Senate officially confirmed Fasina’s appointment as a non-career ambassador on Thursday.

Frank Tietie’s Position

  • During an interview on ARISE Television, Tietie argued that nominating an individual with such “baggage” was a mistake, emphasizing that ambassadors represent Nigeria in the same capacity as the President.

  • Tietie stated that the government should have sent the “right signals” by avoiding such controversial appointments, especially given the current state of governance.

  • He argued that even in the absence of a final court judgment, the allegations themselves have “tainted” Fasina’s reputation, and the Senate should have delayed the confirmation until the legal matters were resolved.

  • Tietie also suggested that the National Assembly’s decision overlooks significant social changes regarding how such allegations are now viewed by society.

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“They Want Me Gone!” Peter Obi Speaks Out Amidst Mounting Assassination Fears!.

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Peter Obi, the 2027 presidential candidate for the Nigeria Democratic Congress (NDC), has publicly claimed that there was an orchestrated plan to assassinate him in April 2025 during a scheduled humanitarian trip to Benue State. He detailed these allegations during a high-level roundtable discussion in Berlin, Germany.....KINDLY READ THE FULL STORY HERE▶

  • The Venue: Obi made the disclosure while participating in the “Nigeria in 2027 and Beyond” roundtable, an event organized by the European Council on Foreign Relations (ECFR) in Berlin.

  • The Benue Incident: The former Anambra State governor explained that his planned outreach in Benue State was initially halted after the state government issued a cautionary directive advising him against making the trip.

  • The Attack: Obi claimed that a shootout actually occurred when he attempted to visit the location, confirming his fears of an active plot against his life.

  • Frustration Over Skepticism: Expressing deep disappointment over the state government’s handling of the situation and the public’s doubt regarding his safety, Obi challenged the skepticism. He emphatically asked, “What else do you need? Do you need somebody to die before you believe it? There was already a shootout when I tried to visit the place. Once they said, ‘Don’t come here.’ What else do you want me to tell you about the attempt on my life.”

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