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Naira Depreciates Against Dollar Amid CBN’s New Guidelines For BDC Operators
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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UNGA SHOWDOWN: Furious Obidients Demand Immediate Answers For Tinubu’s Three-Year Global Snub!
The Obidient Movement has criticized President Bola Tinubu for his continuous absence from the United States and the United Nations General Assembly (UNGA), demanding that the government account for his failure to attend the global summit for three consecutive years.....KINDLY READ THE FULL STORY HERE▶
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Global Snub Criticism: In a statement issued by its Media and Communications Directorate, the group questioned why President Tinubu chose to holiday in France and attend a private dinner with French President Emmanuel Macron instead of representing Nigeria at the UN summit.
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Implications for Nigeria’s Image: The movement argued that Tinubu’s repeated absence projects a lack of seriousness regarding international diplomacy, noting that UNGA provides a crucial platform to advance national interests, engage global leaders, and address matters affecting Nigeria and Africa.
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Demand for Transparency: Contrasting Tinubu’s European trip with French President Emmanuel Macron—who traveled to New York for UNGA—the group insisted that the administration must clarify its official engagements and provide clear facts regarding the decisions keeping the President away from the international assembly.
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THE GREAT DEFECTION: Former Buhari Ally Babachir Lawal Breaks Silence, Shatters Opposition Lines With Surprise NDC Move!
A former Secretary to the Government of the Federation (SGF), Babachir David Lawal, has officially defected to the Nigeria Democratic Congress (NDC).....KINDLY READ THE FULL STORY HERE▶
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The Reception: Lawal was welcomed into the party by NDC National Leader, Senator Seriake Dickson, and members of the National Working Committee (NWC) on behalf of the party’s presidential candidate, Peter Obi, and his running mate, Rabiu Kwankwaso.
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Past Departure: Earlier in the year, Lawal parted ways with the African Democratic Congress (ADC) following leadership disputes and allegations that their presidential primary was manipulated in favor of Atiku Abubakar.
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Endorsing the Ticket: Explaining his move, Lawal urged patriotic Nigerians troubled by the country’s economic hardship, hunger, and insecurity to support the Obi-Kwankwaso ticket, looking forward to a successful celebration on May 29, 2027.
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Party Leadership Praise: Senator Dickson lauded Lawal as an experienced politician and grassroots mobilizer, assigning him a leadership role to oversee NDC activities and campaigns across the North-Eastern zone.
Lawal expressed confidence that the NDC represents the genuine path forward for Nigeria, calling on citizens to partner with the movement to rescue the nation.
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PRISON WARZONE: Fake Army General Brutally Ambushed And Attacked Behind Bars In Maximum Security Ikoyi Prison!
Bolarinwa Abiodun, a convicted fake Nigerian Army general, was reportedly hospitalized following an alleged physical assault by correctional officers at the Ikoyi Correctional Centre in Lagos.....KINDLY READ THE FULL STORY HERE▶
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According to an insider source, prison warders entered Bolarinwa’s cell while he was asleep, woke him up suddenly, and pushed him to the ground, causing him to fall.
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Following the alleged altercation, he was rushed to the Military Hospital on Awolowo Road, Ikoyi, for medical attention and theatre evaluation.
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A family source corroborated that relatives were later informed of the incident, claiming that Bolarinwa reported being severely beaten and subjected to physical abuse during a search for a mobile phone.
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The family source also expressed deep safety concerns, alleging that this incident follows several previous attempts on his life.
Background on Conviction
Bolarinwa has been serving a prison sentence following his initial remand in April 2022 by the Economic and Financial Crimes Commission (EFCC).
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He was arraigned before Justice Oluwatoyin Taiwo of the Special Offences Court in Ikeja on a 13-count charge encompassing forgery, possession of false documents, and obtaining money by false pretences amounting to ₦266.5 million.
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The EFCC stated that Bolarinwa deceived Kodef Clearing Resources Limited by posing as a military general and claiming that former President Muhammadu Buhari had shortlisted him for appointment as Chief of Army Staff, extracting large sums to “facilitate” the role.
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Investigators also recovered forged appointment letters, military identification cards, recommendations bearing former President Olusegun Obasanjo’s name, and several firearms from his Alagbado residence.
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Although he initially pleaded not guilty, Bolarinwa changed his plea to “guilty” during court proceedings on July 7, 2022.
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Justice Taiwo convicted him on all 13 counts, sentencing him to seven years’ imprisonment without the option of a fine, ordering asset forfeitures, and directing him to pay ₦20 million in restitution.
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