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Tragedy hit the University of Ilorin as some yet-to-be-identified students and a shuttle driver got involved in a fatal auto crash at the school’s main gate, which led to the death of a student.
PUNCH Metro gathered on Thursday that it was a lone accident and the victims were passengers of the campus shuttle.
In a 23-second video obtained by our correspondent, it was observed that a white mini bus (Korope) involved in the accident was upside down and a female passenger was lying and bleeding on the floor. Some Good Samaritans were also making efforts to rescue the students entrapped in the vehicle.
Confirming the incident, the spokesperson for the Kwara Police Command, Adetoun Ejire-Adeyemi, stated that a student died, while other students including the drivers are receiving medical treatment at the University of Ilorin Teaching Hospital.
Ejire-Adeyemi said,” The bus driver was conveying students out of the school premises, just at the exit lane close to the school gate, apparently he lost control and the vehicle somersaulted while on the motion.
“Unfortunately, one student lost her life, and other passengers sustained different injuries but they are presently receiving treatment in the university hospital. The shuttle driver is also receiving treatment.”
In a post made on X.com by the UNILORIN Students Union @UiLStudentUnion, it was disclosed that the victims are at the healthcare facility for medical attention.
It reads, ”Excellent Unilorites, please be informed that the victims of the unfortunate incident are currently receiving treatment in the Intensive Care Unit. Please disregard any other information at this time. Further updates will be provided as necessary.”
Efforts made by our correspondent to contact the UNILORIN Students’ Union President, Joseph Ologundudu, and Public Relations Officer, Oluwatobi Atolagbe, proved abortive as they did not respond to calls as of the time of filing this report.
[Punch]
Airlines’ operations in countries like Singapore, the United States and Australia have been disrupted due to a major global cyber outage affecting services.
The massive information technology (IT) outage, which began in the early hours of today, also affected banks and media outlets.
More to follow…
[TheCable]
Yobe State Governor, Mai Mala Buni, has charged Nigerian youths in the North East region to shelve any plan of embarking on another round of protests, saying such a move would be dangerous and counterproductive.
The governor, through his Senior Special Assistant, Digital and Strategic Communications, Yusuf Ali, also charged the youths with the responsible use of social media in shaping positive narratives about the state and the country.
Buni gave the charge during the launch of the Ethical and Re-Orientation Campaign (Operation Gyaran Hali), organised by the Ministry of Religious Affairs and Ethical Re-Orientation in Damaturu.
He said no Nigerian youth, especially from the North East part of the country, in his right senses will stage a protest that will disturb the hard-earned peace that people are enjoying in the North East after years of Boko Haram insurgency.
He added that the North East part of the country was yet to recover from the impact of the deadly Boko Haram insurgency, which has left the region in ruins with millions of people’s lives and property worth billions destroyed.
“We all have not forgotten what we have gone through during the dark days of the insurgency. Only those who have no senses will pray to go back to those years when people were running for their dear lives not to talk of what to eat,” Buni said.
According to him, another round of protests will worsen the already precarious security situation and economic hardship currently bedevilling the North East region and country.
The governor said his administration has taken bold steps in training youths on the responsible use of social media and providing tools for them to key into the digital economy.
He noted that the Yobe State Information Technology Development Agency, YITDA, is also working to engage more youths in its drive to provide digital skills to the people.
The governor called on traditional rulers, religious leaders, and parents to rise to the responsibility, of rebuilding the eroding culture of discipline, decency, and righteousness in the youth for a better future.
The Organised Private Sector, OPS, has reacted to the new N70,000 minimum wage adopted by the Federal Government.
DAILY POST had reported that President Bola Tinubu on Thursday approved N70,000 minimum wage for Nigerian workers, with a promise to review the national minimum wage law every three years.
Reacting, the spokesperson of OPS, and Director General of the Nigeria Employers’ Consultative Association, NECA, Adewale-Smatt Oyerinde, warned that members cannot pay the N70,000 national minimum wage announced by the Federal Government without support.
He was quoted as saying: “While we commend the President for putting to rest the immediate issue of the National Minimum Wage, we also note, most importantly, his commitment to support the sub-nationals and the organised private sector to pay the new wage.”
The Minister of Education, Professor Tahir Mamman, has accepted 16 years as the admission age into tertiary institutions for the 2024/2025 academic session.
Mamman who had earlier pegged the admission age of undergraduates to 18, however made a u-turn after protests from stakeholders at the 2024 policy meeting organised by the Joint Admissions and Matriculation Board (JAMB).
The minister succumbed following the argument that students under the age of 18 had already registered, sat and passed the Unified Tertiary Matriculation Examination (UTME) and were awaiting admission.
The meeting held on Thursday in Abuja and had in attendance the JAMB Registrar, Ishaq Oloyede, vice chancellers, registrars and other stakeholders.
Leading the motion against the minister’s pronouncement, Professor Kayode Ijiadunola, who got massive support from other heads, registrars and admission officers participating in the policy meeting, proposed 16 as the minimum age requirement for admission into tertiary institutions.
“What happens to those who have written this year’s exams and passed their exams? We reject 18 years as the minimum age requirement and are proposing 16 years,” he said.
While the hall erupted in support of 16 years as a minimum requirement, the Registrar of JAMB asked where parents and candidates were rushing to.
“The only point is they have taken examinations and at that time they were not told or aware and therefore if we want to enforce it, it should be from subsequent years,” Professor Oloyede said.
The minister in response says, “I can work with that but I want to remind you of one thing, even that argument cannot stand if we want to go by the law which states 6-3-3-4 as our system of education, it won’t stand but for practical reasons, for this year, I will allow it to stand.”
Reiterating the minister’s decision amidst resounding applause, Professor Oloyede added, “We thank the minister for conceding but from next year we will enforce it.”
Professor Mamman, while delivering his address earlier as the chairman of the 2024 Joint Admissions Matriculation Board’s (JAMB) policy meeting on Education, had called for the enforcement of 18 years as the new minimum admission age for admission into tertiary institutions in the country.
N423bn probe case: El-Rufai accuses judge of bias, seeks transfer of suit against Kaduna assembly
AFOLABI
Nasir el-Rufai, former governor of Kaduna, has asked John Tsoho, the chief judge of the federal high court, to reassign his fundamental human rights case to another judge.
In June, el-Rufai sued the Kaduna house of assembly over the allegation that his administration diverted N423 billion when he was the governor of the state.
The former governor, through Abdulhakeem Mustapha, a senior advocate of Nigeria (SAN), filed the fundamental rights suit at the federal high court in Kaduna.
The matter came up for a hearing on July 8 but was adjourned after proceedings to July 17 by agreement of counsel.
However, according to a letter signed by Adetayo Adeyemo and addressed to the chief judge, the court did not sit on July 17.
“On the said 17th of July 2024, our principal, A.U. Mustapha, SAN, appeared in court with S.S. Umoru, Esq., and Habib Dauda, Esq., having arrived from Lagos a day earlier, but we were informed that the court would not sit. As a result, he proceeded back to Lagos,” the letter reads.
Adeyemo said they later got information that the court would sit on July 18.
“In view of this extremely short time, we caused a letter of adjournment to be written and filed in court. The said letter was filed and served on the court and all the counsel in the matter,” he said.
Nevertheless, Adeyemo said R.M. Aikawa, the presiding judge, went ahead to hear the suit on Thursday, allowing the respondents to adopt and adumbrate their processes.
“The action of the presiding judge to hear the matter without the attendance and appearance of the applicant smacks of extreme bias, injustice, and denial of a fair hearing against the applicant for a lot of reasons,” he said.
“The applicant was not put on notice for the proceedings of 18th of July, 2024 as expressly explained in the letter of adjournment. We only got a whiff of the hearing on the night of 17th of July which is an extremely short time for us to appear in court.
“Service of hearing notice in a matter is sacrosanct, and our courts have held severally that every party must be put on notice before his case can be heard, and this was done without putting the applicants’ counsel on notice.
“Equally important is the fact that the applicant was not given an opportunity to respond to the 1st respondent’s counter-affidavit and written address.
“The 1st respondent filed his processes out of time and followed same up with an application for an extension of time. Thus, it is elementary that the applicant’s time to respond to the processes would begin to count upon the grant of the application for an extension of time.
“In view of the foregoing, we humbly apply for a transfer of this matter from the trial court presided over by honourable justice R.M. Aikawa, whereby the relevant applications can be heard as the applicant has lost confidence in the judge to continue to hear and determine the matter. Justice must not only be done but must also be seen to be done.
“Having expressly refused to put the applicant on notice before hearing the matter and proceeding to hear the same when the applicant was still within time to respond to the 1st respondent’s application, the average man on the street could see which way the judge is headed.”
In April, the Kaduna assembly inaugurated a 13-member committee to examine the loans, grants, and project implementation in the state during el-Rufai’s tenure.
The lawmakers said most of the loans obtained and projects implemented did not follow the “due process”.
They also called for the prosecution of some of the commissioners and officials who worked under el-Rufai.
The National Orientation Agency (NOA) says it has identified sponsors of the proposed nationwide protest.
There have been reports that some Nigerians, under various bodies, are planning a nationwide protest between August 1 and 10 against the rising cost of living and the economic hardship in the country.
In a statement on Thursday, Paul Odenyi, deputy director of press at NOA, said the agency has “successfully” identified the sponsors of the proposed nationwide protest and likely flashpoints where it may occur.
Odenyi quoted Lanre Issa-Onilu, director-general (DG) of the agency, as saying that the protest promoters intend to “project Nigeria as an unstable country to the international community”.
Issa-Onilu urged the promoters of the proposed nationwide protests to pursue dialogue instead of recourse to disorder.
“The identities of many of the brains behind the protest have been known, along with their collaborators who are safely residing abroad, and the government is taking necessary actions to stop their subversive plans,” the statement reads.
“The intentions of the elements behind the planned protest are not about governance or the state of the economy but a decoy to destabilise the country, cause mayhem, and carry out arson, killings, and maiming of innocent citizens for narrow political reasons.
“The NOA is intensifying efforts in civil intelligence gathering and sensitisation of community leaders, parents, and youths across the 774 local governments on the need for vigilance and collective preventive actions.”
On July 3, the Economic and Financial Crimes Commission (EFCC) said a “shadowy group” was organising a protest against its operations.
Subsequently, NOA announced that it had mobilised 4,000 of its personnel nationwide to track the activities of the group organising the protest.
…Orders 50% slash on grains
… Says Niger don’t rely on FAAC for projects
Following the planned nationwide protest against hunger and economic hardship, the Governor of Niger State, Mohammed Umaru Bago has disclosed that the youths of the state will not be joining their counterparts in other parts of the country.
New Telegraph reports that August 1st to 10th of this year has been slated for the nationwide protest.
Speaking at a town hall meeting with stakeholders at the Justice Legbo Kutigi conference centre in Minna on Thursday the Governor said “Our youths are peaceful and would not be drawn into any protest.”
Accordingly, he said “We, as youths of Niger state have distanced ourselves from the nationwide protest because we are peaceful and want peace and tranquillity.
You can start demonstrations but you cannot end demonstrations. To youths who are agitating for this protest, let us end this agitation, let us communicate and dialogue on the best way forward.”
The governor then announced the release of 50,000 metric tonnes of grains which he said would be sold at 50 per cent of its current price.
In his words: “We have over 100, 000 metric tonnes of food in our reserves, we will be releasing 50,000 metric tonnes to be sold at 50 per cent of its current price. And before the end of the year, we will slash food price by 90 per cent”.
Also, the Governor of Niger state declared his support for the autonomy of local governments but urged them to sit up as several of them could not pay salaries for a year.
Speaking on the reliance on Federal Allocation, Governor BAGO said “Niger state government does not depend on FAAC to finance its projects or move the state forward.
I do not need FAAC in Niger state. The roads I am building, the projects I have undertaken is not being done by FAAC. We are producing and that is the secret behind what we are doing. There are people who have invested in Niger state in the next five years.
“The food I am giving out at 50 per cent subsidy was originally meant for export but due to the hardship faced by the people, we have opened our warehouses to feed Nigerlites.”
The Emir of Bida and the Chairman of the council of traditional rulers of Niger state, Alhaji Abubakar Yahaya said that protest is not a way to go urging the youths not to join in the temptation of joining the planned nationwide protest.
The Speaker of the House of Assembly, Honorable Abdulmalik Sarkindaji in his address also called on the youths of the state not to be part of the protest stating that the state will organize programmes for the youths to engage in while others are protesting in other states.
Also, chairman of the Christian Association of Nigeria CAN Niger state, Most Rev. Dr. Bulus Dauwa Yohanna admonished Nigerlites to embrace whatever would lead to peace.
According to him “let us remain peaceful and pray for the state, the government and then support government’s programmes and policies.”
Governor Bago presented cars to members of the House of Assembly, Commissioners, Judges, Chief Imam of the state, the state CAN Chairman, and Service Chiefs.
Former Vice-President Atiku Abubakar says the national assembly is becoming an “enabler of executive recklessness”.
In a post on X on Thursday, Abubakar condemned the removal of Ali Ndume, senator representing Borno south, as the chief whip of the senate.
On Wednesday, Tahir Monguno, senator representing Borno north, took Ndume’s position following a request by Abdullahi Ganduje, national chairman of the All Progressives Congress (APC), and Ajibola Basiru, national secretary of the party.
Ndume has been critical of the government over the state of the nation with his recent claim that the administration of President Bola Tinubu is populated by kleptocrats.
Reacting to Ndume’s removal as the senate chief whip, the former vice-president alleged the Tinubu-led administration is clamping down on people speaking truth to power.
“In the evolution of systems of government, a major concern for thinkers was a governmental framework that will reduce the highhandedness of the executive arm of government,” he wrote.
“It was thought, and rightly so too, that a participatory approach to governance, such that will make the government derive its legitimacy from the people will better serve the interest of the masses.
“And thus, to make sure that the executive does not go overboard in the application of its powers, the legislative arm of government was conceived as a means of protecting the people from the authoritarian tendencies of wielders of state powers.
“Regrettably, however, the democracy in Nigeria in the current administration of President Bola Tinubu has become an anathema to that general principle of democracy as providing primary protection for the people against executive excesses.
“This ugly tendency is being manifested by the steady posturing of our National Assembly, especially the Senate, of taking a reverse course in its core function and becoming a puppet in the hands of the President.
“It is uncharitable that whenever members of the Senate stand on the floor of the red chamber to perform their statutory duty of calling the executive to order, they are immediately reprimanded for so doing.
“When Senator Abdul Ningi called attention of the country to the incident of budget padding in the 2024 Appropriation bill, rather than calling for a thorough investigation into the observation, the reaction of the Senate was to hand him a suspension.
“Today, the people of Nigeria are victims of ambiguous budget framework upon which appropriations for the current fiscal year are hinged in the face of a multiplicity of appropriations.
“Only yesterday, Senator Ali Ndume called for the President to wake up to his responsibilities and provide succour to address the biting hunger and poverty in the country. Ironically, the response of the senate to his patriotic warning is to relieve him of his principal office as the Chief Whip of the Senate.
“Also, despite persistent solicitations that government put its priorities on cancelling the excruciating hardship in the land and suspend the idea of spending scarce resources on the purchase of new aircraft for the presidential fleet, the Senate took a stand against the people and ignored the voices of altruism by decorating the President with controversial purchases of an aircraft and a yacht amidst the worst material conditions of the average citizen in the history of our country.
“We are, therefore, beginning to see a pattern in which the National Assembly has become an enabler of executive recklessness, and the concerns of the people stand in the nadir of priority list of the legislature. This emerging reality must stop.”
Abubakar said the nation’s democracy is being “compromised” by an “unholy alliance” between the executive and the legislature and “portends a dictatorship that will worsen a lot of the people”.
says refinery at ‘45% completion
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the Dangote refinery is still at the pre-commissioning stage and has not been licensed.
Speaking to state house correspondents on Thursday, Farouk Ahmed, the chief executive officer (CEO) of NMDPRA, said there are numerous concerns regarding petroleum products’ supply nationwide.
“Well, just like you rightly asked, there are lots of concerns about the supply of petroleum products nationwide and the claims by some media houses that we were trying to scuttle Dangote refinery; that is not so,” he said.
“Dangote refinery is still in the pre-commissioning stage. It has not been licensed yet. We have not licensed them yet.
“I think they are at about 45 percent completion. So we can not rely heavily on one refinery to feed the nation because Dangote is requesting that we should suspend or stop all importation of petroleum products, especially automotive gas oil (AGO) or jet kero and direct all marketers to the refinery.”
This, Ahmed said, is not good for the nation in terms of energy security and also not good for markets because of monopoly.
“So, in terms of quality, currently, the AGO quality in terms of sulphur is the lowest as far as West Africa’s requirement of 50 ppm,” he said.
“Dangote refinery as well as some major refineries like Waltersmith refinery, produce between 650 to 1200 ppm. So, in terms of quality, their quality is much more inferior to the imported quality.”
On June 4, Aliko Dangote, Africa’s richest person, said some international oil companies (IOCs) were struggling to supply crude to his refinery.
Speaking on Arise TV on July 15, Gbenga Komolafe, chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) described the claim as “erroneous” as the Petroleum Industry Act (PIA) has provisions that guide willing buyer-willing seller transactions.
On July 17, the management of Dangote Industries Limited (DIL) insisted that IOCs are frustrating its request to purchase crude feedstock for the Dangote refinery.
More...
Former US president Barack Obama has told allies that Joe Biden needs to reconsider his reelection bid, the Washington Post reported on Thursday.
Obama believes that Biden’s path to victory has diminished and that the 81-year-old should “seriously consider the viability of his candidacy,” the newspaper said, citing people briefed on his thinking.
It said there was no immediate comment from Obama, who was in office while Biden was vice president from 2009 to 2017 and who remains hugely influential in the Democratic party.
Obama would be the most heavyweight Democrat so far to join a growing chorus in the party calling for Biden to drop out, following a disastrous debate performance against Donald Trump.
Biden, who is isolating with Covid at his beach house, has rejected concerns about his age and fitness and insisted that he is staying in the race for the White House.
Pressure is mounting, though, with Democratic Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries also both reportedly meeting with Biden in recent days to warn that his candidacy threatens his party’s prospects in November’s election.
The 2024 US presidential election is shaping up to be a highly contentious race. Incumbent President Joe Biden is seeking re-election, despite internal and external pressures suggesting he might step aside.
There are ongoing discussions and debates within the Democratic Party about Biden’s candidacy, with some calling for a replacement candidate due to concerns over his electability against former President Donald Trump.
Trump remains a prominent figure in the Republican Party and is actively campaigning for a return to the White House. He continues to face legal challenges, including cases related to his business practices and claims of immunity from prosecution
As the election draws closer, the political landscape is filled with speculation and strategic manoeuvring from both major parties. Key issues, such as immigration, the economy, and social policies, are central to the campaigns, with both candidates vying for voter support in critical battleground states.
The 2024 US presidential election is scheduled to take place on November 5, 2024.
The ruling All Progressives Congress has knocked governors elected on the platform of the Peoples Democratic Party for blaming President Bola Tinubu and his predecessor for destroying the country’s economy and institutions built during the 16-year reign of the PDP.
In a communiqué issued at the end of their meeting in Enugu on Wednesday, the 13 governors of the opposition party condemned the government’s economic policies, which they believe have led to widespread hardship among Nigerians.
The Chairman of the forum and Governor of Bauchi State, Bala Mohammed, presented their position after the four-hour meeting.
Reacting in a statement issued in Abuja titled ‘PDP governors – barefaced heirs of a legacy of sleaze and ruin,’ the National Publicity Secretary of the APC, Felix Morka, said the opposition party deserved to cover its face in shame over the rot it accommodated during the 16 ‘inglorious’ years it ruled Nigeria.
He said, “It is a sad irony that the PDP governors who congregated to discuss the newly won financial autonomy of local governments, the most remarkable breakthrough in democratic transformation in our country since 1999, ended their meeting pointing their scabby political fingers at the APC government that accomplished a reform that the PDP did not and could not initiate, let alone deliver, in all of its desolate 16 years in government.
“By their statement, it is now obvious that the PDP governors lack understanding of their place and responsibility in our system of government. They do not understand the seriousness of the responsibility they bear as chief executives of their states to justify the resources at their disposal to build and bolster their domestic economies for the good of their people.
“The same PDP governors, many of whom have failed to pay legal minimum wage to their workers, hurdled together, without any sense of shame, to accuse the President Bola Tinubu-led administration of delay in approving a new minimum wage for workers. These are the same governors that, only a few weeks ago, publicly proclaimed their inability to pay the proposed new minimum wage due to their workers.”
Continuing, Morka emphasised that with the N70,000 new minimum wage agreed on Thursday, the president has further shown Nigerians voted for him at the last election.
According to him, it is becoming clear that the ongoing reforms in the country have started yielding the desired results.
“As of the time of preparing this statement, President Tinubu has approved the sum of N70,000 as the new minimum wage for workers in the country. This outcome is the result of the president’s determined leadership of discussions with leaders of Organised Labour. This will, no doubt, help to ameliorate the transient economic hardship that our people have had to endure in patriotic contribution to building a stronger and more vibrant economy for our country.
“Nigerians do not need to be reminded of the PDP’s inglorious 16 years of odious rule during which the party built nothing that can be remembered or destroyed. The APC-led administration has only saddled itself with fixing the PDP’s mess and institutionalized debilitating corruption of nearly two decades.
“The APC-led administration, through the Minister of the Federal Capital Territory, Nyesom Wike, is now completing and commissioning numerous road projects in the FCT awarded, paid for as far back as 2003 and 2010 but recklessly abandoned by successive PDP administrations.
“The petroleum subsidy regime and parallel foreign exchange regimes sustained by the PDP for the reckless pillaging of our commonwealth blew a gaping hole in the nation’s economy that the APC government continues to work assiduously to revitalize. The enduring dividends of the reforms of President Tinubu’s APC administration are sure as they are imminent,” he stated.
The Zone A Federal Operations Unit of the Nigeria Customs Service in Ikeja, Lagos, on Thursday, announced that it intercepted 150 cartons of bulletproof jackets worth N1.687bn.
Addressing journalists in Ikeja, the Customs Area Controller in charge of the unit, Kola Oladeji, said the contrabands were intercepted along the Ijebuode-Sagamu Expressway in Ogun State.
Oladeji explained that each carton contains 10 packs of the jacket, adding that these contrabands were seized in June.
He explained that under Schedule 4 of the Customs Common External Tariff, the importation of all kinds of military wares by individuals was under absolute prohibition.
“An end-user certificate is required for the importation of controlled items and products into Nigeria and it comes from the Office of the National Security Adviser,” Oladeji said.
Oladeji vowed that the unit was working on credible intelligence to get the importers of these contrabands.
“These seizures were unique because it was a breach of security, no end-user-certificate.
“Because you get the certificate before you can bring your cargo and if you bring it after importation we will arrest you,” he said.
Oladeji said the unit also intercepted kilograms of cannabis sativa and expired drugs within the period under review.
“Our dedicated officers also intercepted 989kg of cannabis sativa and 5,229 cartons of expired drugs,”
According to him, some of the interceptions took place at various times and locations within states in the South-West.
“Other items seized include, 343,750 litres of Premium Motor Spirit, 7,150 bags of foreign parboiled rice, 32 units of used vehicles, 120 bags of sugar, 3,560 cartons of poultry products,” the Oladeji said.
He stated that four suspects were arrested in connection with the various offenses, “including violating import/export guidelines, concealment, wrong classification, smuggling, and contravening policy directives,”
He disclosed that the cumulative duty paid value of the various intercepted goods amounts to N3.6bn.
Oladeji said the unit also recovered the sum of N62m as revenue for June 2024 through documentary checks and the issuance of demand notices on consignments that were found to have paid lesser amounts than the appropriate duties.
He urged Nigerians to provide the service with useful and timely information that would lead to the arrest of illegal importation of military wares, illicit drugs, and counterfeit goods.
“Importers and licensed agents are also urged to make sincere declarations, adhere to existing import and export guidelines, and avoid the risk of losing their goods,” he said.
… As Naira Falls To N1,640/USD
The Central Bank of Nigeria has resumed foreign exchange sales to Bureau de Change operators as FX scarcity deepens.
The sales are coming a few months after the bank stopped selling forex to BDCs and subsequently withdrew all their licenses.
But in a fresh twist, the CBN has commenced FX intervention to traders at N1,450 per dollar as part of a move to tame the rate at which the currency depreciates.
CBN disclosed the development in a statement on Thursday signed by the acting director of the Trade and Exchange Department at the CBN, AA Mahdi.
The CBN said, “Following the ongoing reform in the foreign exchange market with the objective of achieving an appropriate market-determined exchange rate for the naira, the Central Bank of Nigeria has observed the continued distortion in the retail end of the market which is feeding into the parallel market and further widen the exchange rate premium.
“To this end, the CBN approved the sales of FX to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).”
The CBN warned beneficiaries against selling to in-eligible end users. The bank also warned BDCs not to sell the FX more than 1.5 per cent of the purchase price from the CBN.
The central bank was also forced to intervene in the official market by selling $123m to authorised dealers.
The naira has depreciated to N1,640 per dollar since the bank announced a new recapitalization exercise for BDCs.
The CBN issued a ‘Regulatory and Supervisory Guidelines for Bureau on Change Operations in Nigeria 2024’ for compliance by all operators and promoters of proposed BDCs in Nigeria
The guideline mandated BDCs to “Re-apply for a new license according to any of the Tiers or license category of their choice as provided in the Guidelines.
“Meet the minimum capital requirements for the license category applied for within six months from the effective date of the Guidelines.”
THE WHISTLER reported that operators are expected to apply for either of the two categories- ‘Tier one’ or ‘Tier two’ with a minimum capital requirement of N2bn and N500m respectively.