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Just In: CBN Initiates Dollar Sales To Bureau De Change Operators
Just In: CBN Initiates Dollar Sales To Bureau De Change Operators....KINDLY READ THE FULL STORY HERE▶
In a significant policy shift, the Central Bank of Nigeria (CBN) has announced its decision to commence the sale of foreign exchange to qualified Bureau De Change (BDC) operators nationwide, with each operator eligible to purchase up to $20,000………CONTINUE READING
This move marks a departure from the stance adopted over two years ago by the former CBN Governor, Godwin Emefiele, who suspended forex sales to BDC operators in efforts to stabilize the forex market.
The announcement of this policy reversal was made through a circular issued on Tuesday, signed by Hassan Mahmud, the Director of the Trade and Exchange Department at the CBN.
The decision is viewed as a strategic measure by the apex bank to boost liquidity in the forex market and stabilize the naira against major currencies.
Emefiele’s suspension of forex sales to BDC operators was initially aimed at curbing forex misuse and speculation in the market, believed to contribute to naira volatility.
Titled “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions,” the circular aims to address existing distortions in Nigeria’s forex market retail segment and narrow the exchange rate gap.
According to the circular, the allocated forex will be sold at a rate of N1,301/$, 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 states, “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.
“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.”
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‘I Did Not Truly Understand Peter Obi’ – Kwankwaso Reveals What Changed His Mind.
The Nigeria Democratic Congress (NDC) vice-presidential candidate, Rabiu Kwankwaso, has expressed regret over his failure to form an alliance with the party’s presidential flagbearer, Peter Obi, ahead of the 2023 general election.....KINDLY READ THE FULL STORY HERE▶
Before the 2023 presidential election, Kwankwaso had rejected proposals to run alongside Obi, arguing that he possessed greater political experience and higher academic qualifications, including a PhD.
However, the former Kano State governor admitted on Saturday that he had not fully understood Obi at the time.
Kwankwaso made the revelation while addressing party supporters at the 360 Event Centre in Dutse, the Jigawa State capital.
He suggested that a joint presidential ticket with Obi in 2023 could have defeated the All Progressives Congress (APC).
He said, “I did not truly understand Peter Obi until now. Had I understood him better in 2023, we would have collaborated and ousted the All Progressives Congress from the presidency.”
Kwankwaso described his current alliance with Obi ahead of the 2027 general election as a major turning point for the country’s development.
The former governor also disclosed that the NDC leadership had agreed to appoint him as Minister of Education if the party wins the 2027 presidential election.
Meanwhile, the Kano State chapter of the All Progressives Congress (APC) has challenged Kwankwaso to provide evidence linking the party and Governor Abba Kabir Yusuf to alleged attempts to disqualify the NDC governorship candidate, Aminu Abdussalam Gwarzo, from the 2027 election.
The ruling party dismissed the allegation as false and baseless, accusing the former governor of attempting to blackmail the APC and its governorship candidate.
Kwankwaso had reportedly accused the APC and Governor Yusuf of being involved in the legal proceedings concerning Gwarzo’s candidacy.
However, the APC maintained that neither the party, the governor nor the Kano State Government had any involvement in the case.
In a statement, the party explained that the legal dispute originated from an internal crisis within the NDC, insisting that members of the party, rather than the APC, instituted the case.
It accused Kwankwaso of attempting to divert attention from the internal challenges facing his party by dragging the APC and its candidate into the controversy.
The ruling party also denied sponsoring, influencing or facilitating the court action against Gwarzo.
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‘I Was Shocked’ – Funke Akindele Speaks On Influencer Who Ignored Her Promo Offer.
Nollywood actress and filmmaker, Funke Akindele, has revealed how a social media influencer ignored and turned down her offer to pay for promotional content for her 2024 movie, Everybody Loves Jenifa.....KINDLY READ THE FULL STORY HERE▶
Akindele made the revelation during a panel discussion at the Creative Africa Nexus Weekend (CANEX WKND).
The actress explained that she was initially hesitant to contact the unnamed influencer but eventually decided to reach out to explore a possible promotional partnership for the movie.
According to her, she waited for several days before receiving a response that the influencer’s management was not interested in the proposed collaboration.
Akindele said she even offered to pay for the promotional content, but the influencer allegedly ignored her message.
Despite the experience, the filmmaker maintained that the rejection did not discourage her from seeking promotional partnerships, adding that she had learnt not to allow such situations to affect her emotionally.
She also disclosed that she later came across claims that she had blocked someone over the disagreement but did not reveal the identity of the influencer.
Recounting the experience, she said:
“There was this influencer I reached out to, I sent a message to them that I would like to create content. One, two, three… for almost a week. And I did not want to send this message, this was during ‘Everybody Loves Jenifa’ but I tried and I was like let me send it, so I sent it.
“The person was like ‘I am sorry, my management does not want me to do this’. And I was like ‘I would pay’ but the person ignored me. Then months after, I read that I blocked somebody because of this.
“I didn’t let it affect me. I embraced it. I didn’t go and reply. I just said, God, take control. I got back to it.”
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Infantino Celebrates Flamingos After Historic U-17 Women’s World Cup Triumph.
FIFA President Gianni Infantino has congratulated Nigeria’s Flamingos following their historic victory at the 2026 FIFA U-17 Women’s World Cup in Morocco.....KINDLY READ THE FULL STORY HERE▶
The Nigerian team defeated Japan 2-1 in Saturday’s final at the Mohammed VI Football Complex in Rabat, becoming the first African country to win the tournament.
Goals from Awawu Bashiru and Oluebube Umejiaku put Nigeria two goals ahead before Fuki Ito scored for Japan. Despite the late pressure from their opponents, the Flamingos held on to secure the historic victory.
Reacting to the achievement, Infantino praised the Nigerian players for their outstanding performances throughout the competition, describing their triumph as well deserved.
“Congratulations to Nigeria, world champion U-17 Women’s World Cup of FIFA here in Rabat. First African team to ever win a (FIFA) Women’s U-17 World Cup, so many congratulations to Nigeria. Well deserved in the final,” he said.
The FIFA president also congratulated Japan for finishing as runners-up and the Democratic People’s Republic of Korea (DPR Korea) for claiming the bronze medal.
“Congratulations to Japan as well, great tournament, silver medal. And DPR Korea, bronze medalists at this beautiful (FIFA) U-17 Women’s World Cup,” he added.
The victory marks a historic milestone for Nigerian football, as the Flamingos become the first African team to lift the FIFA U-17 Women’s World Cup trophy since the competition was introduced in 2008.
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