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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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Political Rift Deepens As APC Stops Gbenga Daniel From Stakeholders Gathering.

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Senator representing Ogun East in the National Assembly, Gbenga Daniel, alongside his supporters, was reportedly prevented from gaining access to the ongoing All Progressives Congress (APC) stakeholders meeting held at Adeola Odutola Hall in Ijebu Ode on Monday.....KINDLY READ THE FULL STORY HERE▶

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Explosive Scenes As Paraguay’s Top Football Match Ends In Disarray.

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Violence between supporters and police led to the abandonment of Paraguay’s biggest football fixture on Sunday, April 19, after disorder broke out during the highly anticipated Superclásico between Olimpia and Cerro Porteño.....KINDLY READ THE FULL STORY HERE▶

The match, held at the Defensores del Chaco Stadium in Asunción, was brought to a halt when chaos erupted inside the stands. Police responded by deploying rubber bullets and tear gas as sections of the crowd panicked, with some spectators rushing onto the pitch in search of safety.

According to reports, the unrest began after firecrackers were detonated in the area occupied by Cerro Porteño supporters. The situation quickly escalated into violent confrontations between fans and security personnel, making it impossible for the game to continue.

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Authorities confirmed that around 100 individuals were detained in connection with the incident, while at least six police officers sustained injuries. One officer is reported to be in serious condition. A hospital spokesperson stated that some of the injured officers suffered head trauma, cuts, and suspected stab wounds.

Police defended their actions, saying their intervention was necessary to protect those in attendance and restore order. They also announced plans to identify those responsible for triggering the violence, adding that such individuals could face sanctions and bans from future sporting events.

The abandoned match could have significant consequences in the Paraguayan league title race. Olimpia currently sit top of the table, holding a six-point lead over Cerro Porteño.

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Under league rules, responsibility for a match suspension may fall on the team whose supporters caused the disruption, with potential forfeiture of points. The final decision now rests with the football association’s disciplinary committee.

Following the incident, Olimpia’s president Rodrigo Nogues indicated the club would push for a three-point award, while Cerro Porteño’s president Blas Reguera argued that responsibility for stadium security should be taken into account in determining any ruling.

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Shock Call: OPM Pastor Declares JAMB Irrelevant, Pushes For UTME Abolition.

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The General Overseer of Omega Power Ministries (OPM), Apostle Chibuzor Chinyere, has called for the abolition of the Unified Tertiary Matriculation Examination (UTME), urging the Federal Government to scrap the exam system entirely.....KINDLY READ THE FULL STORY HERE▶

Speaking during a Sunday sermon in Port Harcourt, Rivers State, the cleric argued that the current admission process places excessive pressure on students and has become outdated in today’s education system.

He questioned the relevance of UTME, noting that candidates are required to pass through multiple stages of assessment, including WAEC, JAMB, post-UTME, and varying institutional cut-off marks, which he described as unnecessarily stressful and discouraging.

According to him, the system forces students who fail to meet admission requirements to wait another year and repeat the entire process, which he said adds to frustration among young people seeking higher education.

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The cleric further argued that the examination body has lost relevance, pointing out that universities still conduct additional screenings even after UTME, making the process redundant in his view.

He also raised concerns about the early morning scheduling of examinations, particularly sessions set for around 6:30 a.m., stating that it exposes candidates to safety risks and financial strain, especially those who must travel long distances and lodge near examination centres.

He explained that some families are forced to spend extra money on accommodation for candidates due to the timing and location of exam centres, which he said increases the financial burden on parents and sponsors.

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He also criticised the practice of posting candidates to faraway centres, arguing that it worsens security concerns, especially in light of reported incidents involving student safety in some parts of the country.

Comparing Nigeria’s system with admission processes abroad, he stated that many foreign universities offer direct admission based on academic results without requiring a centralised entrance examination like UTME.

He concluded by insisting that the current system needs urgent reform, describing it as overly complex and no longer suitable for students.

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