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JUST IN: CBN Begins Sales Of Dollars To BDCs

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The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.

This is coming more than two years after the suspended former CBN governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators in that segment of the forex market.

The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday.

The circular titled, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” said the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridging the widening gap in the exchange rate.

READ ALSO: JUST IN: CBN May Increase Bureau De Change’s Share Capital To N2bn

It said the allocation will be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024.

The circular read, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024).

READ ALSO: JUST IN: Tinubu Seeks Senate Confirmation For Five CBN Directors

“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one per cent (1 per cent) above the purchase rate from CBN.”

It further directed eligible BDCs to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation.

All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO,” it added.

The CBN in frantic efforts to save the free fall of the naira has made a number of significant reforms towards addressing Naira depreciation, such as probing and clearing FX backlog, limiting forex for foreign education and medical tourism, increasing BDCs’ minimum share capital, and curbing FX speculators, among others.

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Obaseki Warns Against Open Grazing, Solicits Stakeholders’ Support

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Governor Godwin Obaseki of Edo State has said the ban on open grazing in the state still remains, warning that anyone found wanting will be made to face the full wrath of the law.

The governor said this while addressing stakeholders during an interactive session on the Edo State Regional Development and Benin City Master Plan, held at Iguobazuwa, Ovia South-West Local Government Area of the State.

Obaseki who reassured the government’s commitment to the safety and security of residents, called for the collaboration and support of all stakeholders to ensure a peaceful, secure and prosperous Edo State.

He said, “Any herdsman in our bush without permission is working against the law of our State, and anything that happens, they can’t blame anyone.

READ ALSO: Edo Police Parade 21 Suspects Over Alleged Murder, Cultism, Pipeline Vandalism

“Let us be sure that nobody gives that person the permission to enter our forest and if permission will be granted, let us know the type of permission given to them to come into our bushes or forest to graze with their cattle.

“Open grazing is banned in Edo State. If they are in your forest, let us know where they are because we have police and vigilantes who will help us get them out through a number we will give you to call.”

Obaseki added, “Anybody that wants to do ranching business should contact you, the community people and you will decide on the land to use and method of feeding their cattle. They should do the business with you and not invade our forest indiscriminately as if there are no owners. The forest and bushes belong us.”

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Nigeria Air: EFCC Arrests Ex-Buhari’s Minister Over N8bn Fraud

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The Economic and Financial Crimes Commission, EFCC has arrested Hadi Sirika, Minister of Aviation under former President Muhammadu Buhari’s administration over an ongoing N8 billion money laundering probe of Nigeria Air.

Vanguard gathered that Sirika arrived at the Federal Capital Territory Command of the EFCC at about 1:00 pm on Tuesday.

Sirika is currently being quizzed by the EFCC investigators over alleged fraudulent contracts awarded by him to a company known as Engirios Nigeria Limited, owned by his younger sibling, Abubakar Sirika.

READ ALSO: BREAKING: Dangote Further Crashes Diesel, Aviation Fuel  Price

Recall that, in February, EFCC investigated the activities of the Aviation Ministry under Sirika for conspiracy, abuse of office, diversion of public funds, and contract inflation.

Others are criminal breaches of trust and money laundering amounting to N8,069,176,864.00 during Sirika’s tenure in office.

Apart from being listed as the company’s Managing Director and Chief Executive Officer, Abubakar is said to be the sole signatory to the company’s two accounts, domiciled in Zenith and Union Banksy.

READ ALSO: BREAKING: EFCC Chair Vows To Follow Yahaya Bello’s Prosecution To Conclusion

It was gathered that the ex-minister’s younger brother, Abubakar Sirika, has been arrested and detained by the commission in connection with N3,212,258,930.18 paid to his company, Engirios Nigerian Limited’s, bank account by the former minister.

It was noted that there is no trace of work done on any of the contract items to date.

Sirika was arrested Sunday February 4 to assist the commission in its probe of the Aviation Ministry’s financial expenditures during his tenure.

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BREAKING: EFCC Freezes Over 300 Accounts Over Suspicious FX Flows

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says the anti-graft agency has discovered another worse scheme other than crypto trading platform Binance and its system.

He said the agency has frozen about 300 accounts to ensure the safety of the foreign exchange market.

READ ALSO: BREAKING: EFCC Chair Vows To Follow Yahaya Bello’s Prosecution To Conclusion

The scheme popularly called the “P to P” peer- peer financial trading scheme has operated outside the official banking and financial corridors and there was a looming disaster that could further crashed the Naira value that has continued to gain.

“There are people in this country doing worse than Binance,” he said, adding that over $15bn passed through one of the platforms in the last one year, outside the financial regulations.

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