Connect with us

latest

Just In: CBN Initiates Dollar Sales To Bureau De Change Operators

Published

on

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.”

latest

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

Published

on

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.

Continue Reading

latest

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

Published

on

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.

Continue Reading

latest

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

Published

on

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.”

Continue Reading

Trending