News

CBN Resumes Forex Sales To BDCs

Published

1 year ago

July 19, 2024

The Central Bank of Nigeria (CBN) yesterday resumed dollar sales to Bureaux De Change (BDC) operators with a planned disbursement of $20,000 to each licensee.

The forex injection, it said, is expected to curb forex distortions, boost liquidity in the market and stabilise the naira.

In a circular to all BDC operators and the public, the CBN said it “observed the continued distortions in the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.”

The circular was signed by Aliyu Mahdi for the bank’s Acting Director of Trade and Exchange Department.

The apex bank said that eligible BDCs would be allowed to purchase a maximum of $20,000 at a fixed rate of N1,450 to the dollar. The rate is pegged to the lower band of the previous day’s trading rate on the Nigerian Autonomous Foreign Exchange (NAFEX) window.

BDCs are permitted to sell dollars to eligible end-users at a maximum margin of 1.5 percent above the purchase rate from the CBN.

To ensure compliance, BDCs are required to make Naira payments into designated CBN accounts and submit necessary documentation for disbursement at specified branches in Abuja, Lagos, Kano, and Awka in Anambra State.

The CBN attributed the decision to the widening gap between the official and parallel market exchange rates, which it blamed on distortions in the retail end of the market. The bank expressed hope that the move would also help to reduce pressure on the naira.

Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe said the new dollar injections in the market will induce liquidity and stabilise the naira.

He added that the move has already impacted positively on the Naira, which appreciated from N1,640/$ to N1,570 /$ at the parallel market.

According to him, the review of the return of forex sales to BDCs is commendable and a good step in addressing the challenges confronting the retail end forex market.

The surge in demand pressure through the recent fiscal policies such as duty waiver, and removal of import duty on certain basic needs will surely be augmented by the resumption of forex sales to the BDCs.

“The BDCs will continue to play their third-level roles in the retail end of the market and will remain the potent and most effective tool of the CBN’s demand monitoring mechanism and meeting the critical liquidity needs in the forex market,” Gwadabe said.

He called on ABCON members to reciprocate the opportunity and comply with regulations for the sustainability of the sub-sector.

The ABCON president also enjoined the government to continue to collaborate with stakeholders in the strategy and tactics to tackle the challenges facing the country.

News

Christian Genocide: Regha Reveals Why Trump Called Nigeria ‘Disgraced Country’

Published

11 hours ago

November 2, 2025

Editor

Popular social media commentator, Daniel Regha has suggested why the US President Donald Trump called Nigeria a “disgraceful country”.

Recalls that Trump had, in a statement on Saturday, warned that if the Nigerian government failed to tackle the alleged genocide against Christians, the US would “immediately stop all aid and assistance to the West African country.

The US leader also warned that his nation may very well go into Nigeria, which he labelled “that now disgraced country”, to wipe out the terrorists allegedly perpetrating the religious persecution.

Reacting, Regha, in a post on his official X account on Sunday, claimed that Nigeria is a “disgraced country” today as a result of bad leadership from all regions.

According to him, corruption is found in every state, and all ethnicities are involved.

“Nigeria is a “Disgraced country” today as a result of bad leadership from all regions. Corruption is found in every state and local govt; And all ethnicities are involved,” Regha wrote.

“From Hausa to Igbo to Yoruba to Urhobo, and others. Past administrations failed, and Tinubu’s administration is failing cos the leaders who are representing different tribes and constituencies aren’t speaking up.

“State govts are equally acting nonchalantly by not solving regional problems, but instead playing politics. Before u shift the blame, remember that the State House of Assembly has your people in there, and State governance is by indigene.”

News

Kwankwaso Sends Message To Trump After US Invasion Threat

Published

12 hours ago

November 2, 2025

Editor

The leader of Kwankwasiyya and former Presidential candidate, Rabi’u Musa Kwankwaso has expressed concern over recent comments by US President, Donald Trump about Nigeria.
President Donald Trump had described the country as a country of particular concern.

Kwankwaso who took to his Facebook page on Sunday wrote: “I have noted with increasing concern the heightened pronouncements on Nigeria by President Donald Trump. This follows his designation of Nigeria as a ‘country of particular concern.’”

He stressed that Nigeria remains a sovereign nation facing security challenges caused by outlaws, not by religion or ethnicity.

“The insecurity we face does not distinguish based on religious, ethnic, or political beliefs,” he said.

Kwankwaso urged the United States to support Nigeria with modern technology to fight insecurity instead of issuing threats.

“The United States should assist the Nigerian authorities with better cutting-edge technology to tackle these problems, rather than posing a threat that could further polarise our country,” he added.

He also called on the Nigerian government to engage with the US diplomatically.

“The Nigerian government should also consider appointing special envoys from its distinguished diplomats to engage the American government. Additionally, it is necessary to appoint permanent ambassadors to represent Nigeria’s interests on the international stage,” he said.

Senator Kwankwaso appealed to Nigerians to remain united, saying, “To my fellow countrymen, this is an important moment where we should emphasise unity of belonging over division. God bless Nigeria.”

News

5 Pro Tips On How To Become A Good Writer

Published

17 hours ago

November 2, 2025

Editor

Writing is one skill that cuts across every profession. Whether you are in civil service, journalism, business, or even tech, you can’t escape the need to write.

Contents
1. Write, Write, Write!
2. Embrace Writing Tools
3. Learn from Experts
4. Read voraciously
5. Get Feedback, Don’t Fear Criticism

From emails to reports, social media posts to full-length books, your ability to communicate clearly can set you apart.

Writing is not a talent reserved for a few gifted people; it’s a skill like any other that can be learnt, practiced, and mastered over time.

In this article, Tribune Online takes a look at five ways to become a better writer :

1. Write, Write, Write!

The best way to become a better writer is simply to write more. It sounds obvious, but many people spend more time worrying about writing than actually doing it.

Don’t just wait for the right moment, create it. Set aside time daily or weekly to write, even if it’s just a page.

Keep a journal, write short stories, or start a blog. Even a few paragraphs a day make a huge difference. Consistent writing helps you find your voice and refine it with time.

2. Embrace Writing Tools

Technology has made it easier to polish your writing. From grammar checkers to distraction-free apps, these tools reduce errors and improve flow.

Tools like Grammarly, ProWritingAid, or Quillbot can help tidy up your sentences. Apps like Scrivener or Ulysses can keep longer projects organised.

3. Learn from Experts

No one becomes a master alone. Signing up for writing courses, webinars, or workshops connects you to experts who can sharpen your craft.

Online platforms now offer lessons in copywriting, creative writing, grammar, storytelling, and editing.

4. Read voraciously

Great writers are voracious readers. Reading fuels your creativity, sharpens your vocabulary, and exposes you to different writing styles.

If there’s a specific area of writing you want to specialise in, study the works of experienced writers in that field. Read their books, articles, and resources, and learn from their style and approach. When you engage with the works of others, you tend to easily gain insight into effective techniques and common pitfalls to avoid. And don’t restrict yourself to a particular niche; expand your reading to different authors, cultures, and genres.

5. Get Feedback, Don’t Fear Criticism

One of the fastest ways to grow as a writer is to regularly seek feedback. No matter the kind of writing you do, having others review your work helps you see how your words are received beyond your own perspective.

Share your drafts with trusted friends, colleagues, mentors, or even family members. Their proofreading, corrections, and honest criticism can point out blind spots and give you fresh ideas for improvement.
(TRIBUNE)