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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.

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.

“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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DIPLOMATIC SLAP: ADC Blasts Macron For “Abandoning” Tinubu In France In Epic UNGA Outburst!

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The African Democratic Congress (ADC) has criticized the simultaneous absence of President Bola Tinubu and Vice President Kashim Shettima from Nigeria, calling it a dangerous violation of the Nigerian Constitution. In a statement issued on Tuesday by National Publicity Secretary Bolaji Abdullahi, the opposition party challenged the legality of the President’s prolonged stay abroad.....KINDLY READ THE FULL STORY HERE▶

  • Constitutional Violation: Under Section 145 of the Constitution, a president going on vacation for up to 21 days must formally transmit a written declaration to the National Assembly leadership, allowing the Vice-President to act. The ADC noted that President Tinubu has exceeded this 21-day limit since departing on August 30 without transferring power.

  • Rejection of Proxies: The party dismissed the Presidency’s defense that Secretary to the Government of the Federation (SGF) George Akume could represent the President, stating that SGF status does not confer presidential or constitutional authority.

  • No “Working Vacation”: The ADC rejected the notion of a “working vacation,” arguing that Nigeria is a constitutional democracy rather than a private enterprise managed remotely via phone calls and press statements.

  • The Paris-UNGA Irony: The party slammed it as a “national disgrace” that French President Emmanuel Macron left France to attend the United Nations General Assembly (UNGA) in New York, while President Tinubu remained behind vacationing in Paris.

“President Tinubu cannot be vacationing in Paris while President Macron is in New York representing France and expect Nigerians to accept that it is okay for their President to continue to hang around in a country after the host has left to attend to more important things,” the party stated.

The ADC has formally challenged the Presidency and the National Assembly to clarify who is currently exercising executive powers and under what constitutional provision.

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The Subsidy Debate Explodes: Kwankwaso Confirms NDC Will Ease Nigerians’ Fuel Pain Through Alternative Regimes!.

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Rabiu Kwankwaso, the vice-presidential candidate of the Nigerian Democratic Congress (NDC), has criticized President Bola Tinubu’s removal of the fuel subsidy on his inauguration day, stating that the policy has plunged Nigeria into severe economic turmoil.....KINDLY READ THE FULL STORY HERE▶

Speaking during an appearance on Arise Television, Kwankwaso revealed that an incoming NDC administration would reintroduce the fuel subsidy under a new framework. He emphasized that there are alternative methods to provide relief to citizens without reverting to the old, inefficient system.

Key Highlights:

  • Alternative Subsidy Model: The NDC plans to bring back fuel support in a modified way to ease the financial burden on Nigerians.

  • Refinery Development: Kwankwaso stressed that if private business owners can successfully build refineries, the government should be fully capable of doing the same.

  • Commitment to Lower Prices: The party is fully dedicated to implementing policies that will drive down the cost of petroleum products across the nation.

“We’re bringing back fuel subsidy in our own way. There are so many ways to do that. Now we have a refinery built by a businessman and I am sure more will be built,” Kwankwaso stated. “We in the NDC will do all it takes to put the price of oil down.”

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The Ultimate Political Verdict: Wike Says Tinubu Solved Nigeria’s Toughest Identity Crisis.

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared that President Bola Tinubu has successfully resolved the political and religious tensions that once surrounded the All Progressives Congress (APC) Muslim-Muslim presidential ticket.....KINDLY READ THE FULL STORY HERE▶

Speaking during an interview on TVC News, Wike reflected on the 2023 general elections, admitting that the same-faith ticket initially caused deep concerns, prompting all of his own children to support the Labour Party candidate, Peter Obi. However, he noted that public perception has since shifted, with many realizing that the initial fears were misplaced.

Key Highlights from the Interview:

  • Shifting Public Sentiment: Wike stated that the intense religious campaigns and anxieties surrounding the ticket have dissipated, noting that people who were previously carried away by identity politics no longer view it as a problem.

  • Dismissal of Peter Obi’s 2027 Prospects: The FCT Minister asserted that Peter Obi—whom he referenced as the presidential candidate of the Nigeria Democratic Congress (NDC)—cannot win the upcoming 2027 presidential election.

  • Political Verdict on Tinubu: Praising the administration’s current standing, Wike concluded that President Tinubu has effectively put the Muslim-Muslim ticket controversy to rest through governance.

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