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CBN Resumes Forex Sales To BDCs

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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.”

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

READ ALSO: Court Fixes Date For Ruling On Ex-CBN Boss’ Request To Travel, EFCC Kicks

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.

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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.

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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.

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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.

READ ALSO: BREAKING: Over One Million Students Admitted Illegally – JAMB

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“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.

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Group Throws Weight Behind Benin Monarch’s Decision On Iyaloja

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Group known as Edo Art and Cultural Heritage Institute (EACHI) has thrown its weight behind Oba of Benin, Ewuare II, on the royal father’s stance on the traditional leadership of markets in the Benin Kingdom.

A statement isdued by Okpioba Osaro Idemudia, on behalf of the group, said the “institute aligns with the Oba’s stance that the Iye-Eki is the only recognized traditional head of the markets, and we believe that this position should be respected and preserved in accordance with our cultural heritage.

“EACHI stands firm on the ground that the Iye-Eki holds a significant and revered position in the Benin Kingdom, serving as the main market traditional head. We believe that any attempts to impose external leadership structures that contradict our cultural norms and traditions would undermine the rich heritage of the Benin people.

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READ ALSO: Benin Monarch To Tinubu’s Daughter: Do You Know Role Of Iyeki In Benin Culture?

“We are proud of our royal rather, for his unwavering commitment to upholding the cultural values and traditions of the Benin Kingdom.

“EACHI reassures the people of Edo State and the broader community that we will continue to support and promote the preservation of our rich cultural heritage.”

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The group, while calling on Edo sons and daughters in home and in diaspora to “stand in unity to support our royal father Oba Ewuare II’s disapproval of IYALOJA,” commended
Edo market women for talking a bold stand against the imposition of IYALOJA

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JUST IN: Tinubu’s Minister Resigns Amid Allegations

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The Minister of Innovation, Science, and Technology, Geoffrey Nnaji, has resigned from President Bola Tinubu’s cabinet amid controversies surrounding his academic records and allegations of certificate forgery.

Nnaji, who was appointed in August 2023, announced his resignation in a letter to the President on Tuesday, expressing appreciation for the opportunity to serve.

Confirming the development in a statement on Tuesday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said, “President Bola Ahmed Tinubu has accepted the resignation of Geoffrey Uche Nnaji, the Minister of Innovation, Science, and Technology, following some allegations against him. President Tinubu appointed Nnaji in August 2023.

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READ ALSO:Tinubu Appoints New Heads For Key Agencies

He resigned today in a letter thanking the President for allowing him to serve Nigeria. Nnaji said he has been a target of blackmail by political opponents. President Tinubu thanked him for his service and wished him well in future endeavours.”

Nnaji’s resignation comes amid a lingering controversy over alleged certificate forgery and questions surrounding his academic qualifications from the University of Nigeria, Nsukka.

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Nnaji and the Enugu State Government had traded words over allegations that he presented forged certificates.

READ ALSO:DSS Arraigns Sowore Over Anti-Tinubu Post

The dispute intensified after the Federal High Court in Enugu rejected Nnaji’s bid to stop the University of Nigeria from releasing his academic records.

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The court had ruled that the institution was within its rights to release the minister’s academic details in response to a freedom of information request, a decision that fuelled further public scrutiny.

Nnaji, however, maintained that he was being blackmailed by political opponents determined to tarnish his reputation.

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UNIBEN Bans Students’ Sign-out Celebration

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The University of Benin (UNIBEN) has prohibited all forms of sign-out celebrations by graduating students.

The ban is contained in a circular by the university’s Registrar, Mr Ademola Bobola, on Tuesday in Benin.

In the circular addressed to members of the university community, the management warned that violators risk severe disciplinary actions, including rustication, expulsion, or withdrawal of certificate.

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Bobola said the decision was reached at a meeting on Monday, where it reaffirmed an earlier resolution of the university’s Senate banning such activities on campus.

READ ALSO:UNIBEN Bars 5000 Students From Writing Exam

The management declared that no sign-out celebration of any kind, including signing on T-shirts and playing of music, will be tolerated,” he said.

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He stated that the university would not condone any form of disorderly conduct or unauthorised gathering during or after examinations.

“Indiscriminate parading around the campuses in any brand of vehicle will not be permitted,” the circular warned.

According to him, unauthorised vehicles will not be allowed into the campuses all through the last week of the second semester examination.

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READ ALSO:UNIBEN Releases Screening Results, Begins Admission Process

The management also prohibited large gatherings around faculties, schools, or institutes after examinations.

“Photographers will not be permitted to put up photo stands or galleries for the purpose of such celebration,” he said.

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He said the management equally cautioned parents and guardians of final-year students against visiting campus premises during the final days of examinations.

READ ALSO:UNIBEN Appoints New Vice Chancellor

Parents and guardians of final-year students are advised to stay away from the Faculty, School, or Institute premises, especially on the last day of examination,” he said.

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Bobola emphasised that the university’s stance was aimed at maintaining order, discipline, and academic decorum on campus.

“Members of the university community are kindly invited to note the above position for strict compliance.

“Any violation will attract severe disciplinary sanctions, including withdrawal of certificate, rustication, and expulsion of violators,” he warned.

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