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Naira Falls After CBN Stops Forex Sales To Bureau de Change

Naira fell marginally against the U.S dollar at the parallel market on Tuesday, after CBN announced that it has ended the sales of forex to Bureau De Change operators. #connectleynews

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The CBN says it will not sell dollars to Bureau de Change because they had become a conduit for illicit forex flows and graft.

Naira fell marginally against the U.S dollar at the parallel market on Tuesday, after the Central Bank of Nigeria (CBN) announced that it has ended the sales of forex to Bureau De Change operators.

The bank said the parallel market had become a conduit for illicit forex flows and graft.

The CBN said it will also call off the processing of applications for for BDC licences in the country.

The CBN governor, Godwin Emefiele, who disclosed this during a live TV broadcasting while announcing that the bank has retained its benchmark policy rate, noted that weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks.

“We are concerned that BDCs have allowed themselves to be used for graft,” Mr Emefiele said.

Data recorded on abokiFX.com, a website that collates the parallel market rates in Lagos, showed that naira closed at N505.00 per $1 on Tuesday, a N1.00 or 0.20 per cent devaluation from N504.00, the rate it traded in the previous session on Monday.

Similarly, the local unit also fell against the greenback currency at the official market segment on Tuesday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

According to data posted, the naira closed at N411.67 per $1 on Tuesday, this represents a N0.17 or 0.04 per cent depreciation from N411.50, the rate it exchanged hands with the hard currency in the previous session on Monday.

This became evident as forex turnover slumped by 17.10 per cent, with $115.67 million posted at the end of the market session as against the $139.49 million recorded in the previous session on Monday.

The currency hit an intraday low of N412.95 and oscillated to a high of N387.67 before closing at N411.67 on Tuesday.

The spread between the official market and the parallel market segment rates is pegged at N93.33, translating to a margin of 18.50 per cent as of the close of business Tuesday.

  Nigerian Passports will soon be available in all LG - Aregbesola

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Adeleke wins as Supreme Court dismisses Babayemi’s appeal

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Adeleke wins as Supreme Court dismisses Babayemi’s appeal

Naija News

On Thursday, the Supreme Court confirmed Senator Ademola Adeleke, the Peoples Democratic Party (PDP) candidate, as the next Governor of Osun State.

Adeleke was declared the winner of the July 16 gubernatorial election in the state.

The apex court, in a unanimous judgement by a five-man panel of justices, dismissed an appeal that was lodged against Adeleke by Prince Dotun Babayemi who laid claim to the governorship ticket of the PDP.

  Nigerian Passports will soon be available in all LG - Aregbesola

Babayemi emerged from a parallel primary election that was held by a faction of the party in the State.

Counsel to the Appellant, Mr. Adebayo Adelodun, SAN, withdrew the appeal after the panel led by Justice Amina Augie, drew his attention to the fact that the case was statute barred.

  INEC announces date for 2023 general elections

The panel had maintained that the appeal was incompetent, stressing that it was filed outside the 14 days period provided by the law.

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Tinubu absent as Atiku, Peter Obi sign peace pact

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BREAKING: Tinubu absent as Atiku, Peter Obi sign peace pact

Naija News

The presidential candidate of the All Progressives Congress, Asiwaju Bola Tinubu, was absent as the presidential candidates of other political parties signed the now-customary peace pact at the International Conference Centre (ICC) Abuja.

However, Tinubu’s running mate, Kashim Shettima, was present at the signing on Thursday alongside, Atiku Abubakar of the Peoples Democratic Party, Peter Obi of the Labour Party, Rabiu Kwankwaso of the New Nigeria Peoples Party among others.

  Nigerian Passports will soon be available in all LG - Aregbesola

Naija News 247 had reported that former Edo State Governor, Adams Oshiomhole, said he does not have firsthand information about the whereabouts of Tinubu while featuring on Channels Television’s programme, Politics Today, on Wednesday night.

It will be recalled that the Independent National Electoral Commission on September 21, 2022, released the final list of candidates for national elections, namely presidential, senatorial and federal constituencies, in line with the 2023 elections timetable earlier released in the year.

  INEC announces date for 2023 general elections

The list contained 36 presidential candidates and the running mates of 18 political parties. Also, a total of 4,223 candidates will battle for 469 legislative positions (senatorial and federal constituencies) at the federal level.

Details later…

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Court sacks Ahmed Lawan as APC senatorial candidate

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Yobe North Senatorial ticket: Machina kicks as APC submits Lawan’s name

Naija News

Federal High Court sitting in Damaturu has ruled that Bashir Shariff Machina is the duly elected candidate for Yobe North Senatorial District.

Consequently, the presiding judge, Justice Fadimatu Murtala, ordered the All Progressives Congress (APC) to submit the name of Machina to INEC.

This is as she affirmed the 28th May 2022 primary election conducted by the party which Machina won.

  Nigerian Passports will soon be available in all LG - Aregbesola

In a judgement delivered today in Damaturu, Murtala also annulled the parallel primary election of 9th June 2022 that produced President of the Senate, Ahmed Lawan.

Counsel to the second dependant Kolawale Balogun told newsmen that his client would be appropriately advised on the next move.

  INEC announces date for 2023 general elections

Details later…

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