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Naira Depreciates Against Dollar Amid CBN’s New Guidelines For BDC Operators

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Naira Depreciates Against Dollar Amid CBN’s New Guidelines For BDC Operators

LAGOS – The Naira experienced depreciation against the Dollar in the foreign exchange market, marking the first decline since last Thursday. This coincided with the Central Bank of Nigeria’s issuance of fresh guidelines to Bureaux De Change (BDC) operators…….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

According to data from FMDQ, the Naira traded at ₦1485.66 per Dollar on Thursday, down from ₦1462.59 recorded on Wednesday. This represents a ₦23.07 loss compared to the previous day’s trading rate.

In the parallel market, the Naira also depreciated, trading at ₦1460 per Dollar on Thursday, compared to ₦1450 on Wednesday. This marks the first depreciation since the Naira shed ₦73 against the Dollar seven days ago.

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The depreciation follows the Central Bank of Nigeria’s directive for BDC operators to reapply for licenses, aiming to regulate the foreign exchange market and curb speculative trading.

However, BDC operators have expressed reservations about the new guidelines, particularly the heightened capital requirements and the compressed timeline for compliance. Aminu Gwadebe, President of the Association of Bureau de Change Operators of Nigeria (ABCON), highlighted concerns about the substantial requirements, stating that they are not in line with global practices.

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“The requirement is huge. It is not in line with global practices… We should be careful so that we will not throw away our experience, capacity, and investment,” Gwadebe remarked.

The Central Bank’s initiative is part of ongoing efforts to stabilize the Naira and ensure transparency in BDCs’ operations. However, the response from BDC operators underscores the challenges and complexities involved in implementing regulatory measures within the foreign exchange market.

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“This Will Happen In Seven Days” – Oyedepo Issues Bold Prophecy On Insecurity Sponsors

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According to Nivo News, the General Overseer of the Living Faith Church Worldwide, Bishop David Oyedepo, has declared what he described as divine judgment on bandits and their alleged sponsors responsible for insecurity across parts of Nigeria.....KINDLY READ THE FULL STORY HERE▶

Speaking on Sunday at the church’s headquarters in Ota, Ogun State, during a sermon themed “Covenant Day of Vengeance,” Oyedepo stated that those behind killings, kidnappings, and violent attacks would face divine retribution. He further claimed that within the next seven days, consequences would begin to manifest against those he accused of fueling unrest in the country, assuring worshippers that the coming week would be marked by “testimonies of vengeance.”

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He was quoted as saying that judgment had been pronounced on individuals responsible for such acts and their supporters, adding that the outcome he referenced would unfold within a week.

In a related remark during a recent midweek service, Oyedepo also acknowledged the presence of fraudsters within and outside religious spaces, warning that his identity and images were being exploited for fraudulent schemes. He urged members of his congregation to remain vigilant and committed to truth to avoid falling victim to scams involving impersonation.

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He recounted a case where an individual allegedly posed as him in an attempt to defraud unsuspecting victims, noting that such incidents highlight the growing sophistication of fraudulent activities.

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Wadada Endorsement Divides APC As Power Struggle Intensifies In Nasarawa.

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A political disagreement has emerged within the All Progressives Congress (APC) in Nasarawa State following Governor Abdullahi Sule’s reported endorsement of Senator Aliyu Wadada as his preferred successor ahead of the 2027 governorship election.....KINDLY READ THE FULL STORY HERE▶

According to Nivo News, the move has sparked tension between the governor and his predecessor, Umar Tanko Al-Makura, who faulted the decision, describing it as premature and not properly consulted within party structures.

Al-Makura, a prominent figure in the state’s political landscape, expressed displeasure that he only became aware of the endorsement through media reports. He argued that the decision should have involved wider consultation, warning that such early endorsements could undermine internal party processes.

He further noted that the APC had not begun its formal nomination process, insisting that declaring support for a candidate at this stage was inappropriate and ahead of schedule.

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The controversy was further heightened by former Inspector-General of Police, Muhammad Adamu, who is also aspiring for the APC governorship ticket. He rejected the endorsement, stating that no individual has the authority to impose a candidate, and reaffirmed his intention to contest in the party primaries.

In response, Governor Sule, through his media aide, defended the endorsement, stating that it was consistent with political traditions in the state. He referenced past succession arrangements, including Al-Makura’s own endorsement of him, arguing that the current process was in line with established practice but being conducted more transparently.

The governor’s camp clarified that Senator Wadada remains a preferred aspirant and not the party’s official candidate.

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Senator Wadada, reacting to the development, called for calm among party members, describing the situation as part of normal political competition. He also downplayed tensions with other aspirants, noting that the contest should be seen as a democratic process.

Meanwhile, support for Adamu continues to grow in parts of Nasarawa South, where youths, women, and stakeholders have openly backed his ambition, alongside broader endorsements for President Bola Ahmed Tinubu’s re-election bid.

Adamu, however, maintained that he remains firmly in the race, accusing some political actors of inconsistency in the unfolding succession dynamics.

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Sultan Fires Back At CAN Over Chapel Invitation Row, Releases “Proof”.

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The Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has described as unnecessary the denial issued by the Christian Association of Nigeria (CAN) regarding an invitation allegedly extended to him for the groundbreaking ceremony of an ecumenical chapel at the Nnamdi Azikiwe International Airport, Abuja.....KINDLY READ THE FULL STORY HERE▶

According to Nivo News, the Sultan’s media team maintained that an official invitation was duly sent to His Eminence requesting his attendance as Royal Father of the Day. The statement explained that the event also listed key dignitaries, including the Senate President, Godswill Akpabio, as Distinguished Guest of Honour, and Senator Oluremi Tinubu as Mother of the Day.

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The Sultan’s office emphasised that his participation in the proposed Christian event would promote interfaith harmony, noting his role as Co-Chairman of the Nigerian Inter-Religious Council (NIREC). It added that globally, religious leaders often engage in events outside their faith traditions as part of efforts to encourage unity and peaceful coexistence.

The response follows an earlier clarification from CAN, which denied issuing any invitation to the Sultan and stated that the document circulating in public was not from the association. CAN further explained that the communication in question originated from the Office of the Secretary to the Government of the Federation (SGF) and insisted that it had no involvement in inviting the Sultan to the event.

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While acknowledging that the SGF’s office was linked to the invitation process, the Sultan’s media team expressed concern over CAN’s denial, describing it as unnecessary and capable of creating misunderstanding, especially since the Sultan did not request to attend the ceremony.

The statement also urged religious bodies to focus on messages that strengthen unity and promote peaceful coexistence among Nigerians of different faiths and ethnic backgrounds.

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