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BDC operators reportedly nabbed as naira sells 1,416/$
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By Kayode Sanni-Arewa
Operatives from the Economic and Financial Crimes Commission on Tuesday reportedly arrested some Bureau De Change operators at the popular Wuse Zone 4 market on Tuesday.
This came as traders also said some BDC operators resisted the arrest during a sting operation.
The operatives had embarked on routine raids to sanitise the market of street traders and eliminate arbitrary trading.
But this move was resisted on Tuesday leading to gunshots and damage to the operative’s vehicles, two currency traders who witnessed the incident confirmed
One of the traders who asked not to be named for fear of retribution said the traders simply acted out of frustration as the arrests were becoming too rampant and just to extort money from them.
He said, “EFCC guys came to raid and make an arrest on Monday and they came today (Tuesday) but today’s operation was too strong.
“This is the issue we are facing. Yesterday (Monday) they arrested traders but they were attacked back today and gunshots were fired because our people tried to resist the arrest. They were provoked and frustrated. They even broke the glasses of the EFCC vehicles today and that means people are getting tired and desperate.”
Another trader who confirmed the incident warned that a continued raid by the anti-corruption body might lead to killings.
The trader who also pleaded anonymity said, “If this thing continues like this, that means they would kill people because if they try to arrest next time, nobody would agree and another person would gather together so that nobody would be taken.
“That was happened today. People are now turning because all they do after arrest is to collect money from us. Nothing else is done. They are frustrating use.’
The EFCC had resumed raiding in a bid to stabilise the naira.
Penultimate week, the commission arrested over 35 suspected currency speculators for alleged foreign exchange fraud.
Last week, it also paraded over 20 BDC operators arrested in the capital city.
Despite these efforts, the naira has continued on a free fall.
On the rates, the operators said they bought the dollar at N1,400 and sold at N1,425 per dollar leaving a profit margin of N25.
It also indicated an N5 drop from the N1,430 it sold on Monday.
A trader, Malam Yahu, complained of the market fluctuation, adding that it was now difficult to project what the rates would trade at.
He said, “Right now the market is just fluctuating, the naira is not stable at all and that’s why we are even sceptical about buying now. We can’t even predict how the market will trade.
“For instance, after today’s arrest, I didn’t buy or make sales to avoid a loss. I bought it earlier today at N1,400 and sold it at N1,425.
“We have also noticed that once the prices go up, there will be scarcity because they would expect the naira to drop further but if it’s at a loss, they would then rush to sell it off.”
At the official market, data obtained from the FMDQ exchange securities revealed that the currency depreciated to N1,416/$ from N1,354/$ recorded at the foreign exchange market on Monday.
The new rate indicated that the naira dropped by 4.4 per cent or N62, raising concerns about rapid fluctuations.
The intraday high increased to N1,445 on Tuesday from N1,441/$1 recorded on Monday. The intraday low also depreciated to N1,301/$1 as against N1,285/$1 it traded on Monday.
The volume of dollars supplied by willing buyers and willing sellers however increased to $160.77m from $84.3m on Monday.
The former rate was the lowest point in approximately ten weeks when daily turnover was $66.4 million, which occurred on February 19, 2024.
News
Troops Repel Terrorists’ Attack on Military Post in North-east, Eliminate 12 ISWAP/Boko Haram Fighters
Troops of the Joint Task Force (North East), Operation Hadin Kai (OPHK), have eliminated 12 ISWAP and Boko Haram fighters during a failed attack on a military position in the Kirawa axis of Sector 1 OPHK Area of Responsibility in the early hours of May 22, 2026.
The operation was carried out under Operation Desert Sanity and Siege Operations after suspected terrorists attempted to infiltrate positions occupied by troops of the 153 Task Force Battalion and other allied forces along the Nigeria-Cameroon border axis.
According to the Media Information Officer of Joint Task Force (North East) Operation Hadin Kai, Lieutenant Colonel Sani Uba, the attack was promptly detected and effectively repelled by troops and members of the Civilian Joint Task Force (CJTF), who responded with superior firepower and maintained control of their positions throughout the encounter.
The terrorists were subsequently forced to abandon the mission and retreat towards the Cameroon axis after suffering heavy casualties during the gun battle.
“Intelligence, Surveillance, and Reconnaissance assets, as well as platforms of the Air Component of OPHK and partner forces, provided coordinated support during the operation.
“Following the engagement, troops confirmed the neutralisation of 12 terrorists, while several others reportedly escaped with gunshot wounds, as evidenced by blood trails along their withdrawal routes.
“Recovered items included AK-47 rifles, rocket-propelled grenade systems, ammunition, and a PKT machine gun, further weakening the operational capability of the insurgents in the area,” the statement said.
Troops of OPHK, working alongside the Civilian Joint Task Force, have continued exploitation operations to track fleeing terrorists and recover additional weapons and equipment, while maintaining heightened vigilance across the area.
The Joint Task Force reaffirmed its commitment to sustaining pressure on terrorist groups until they are completely neutralised across the theatre of operations.
The military high command also commended the troops for their gallantry, professionalism, and swift response, which it described as the third successful operation recorded within the week, urging them to sustain the operational momentum in the interest of national security.
News
Africa needs $2.8 trillion by 2030 to meet climate goals — Report
Africa will require an estimated $2.8 trillion between 2020 and 2030 to effectively tackle climate change and meet its commitments under the Paris Agreement.
A new report policy analysis by Harrison Rehoboth Consulting, states that the continent needs about $277 billion annually to fund climate adaptation and mitigation projects.
The investment is aimed at reducing the impact of floods, droughts, desertification, and other environmental challenges threatening livelihoods across the region.
Femi Sekoni, spokesperson for Harrison Rehoboth Consulting, said the funding is critical to strengthen infrastructure, protect vulnerable communities, improve food security, expand renewable energy, and support a transition to cleaner, more sustainable economies.
Despite the growing climate crisis, the report notes that Africa remains heavily dependent on foreign sources for climate financing. Domestic investors contribute only a small portion of available funds.
Local institutions including banks, pension funds, insurance firms, and private investors account for roughly 10% of climate finance flowing into the continent. International organisations and development partners provide the larger share.
Uneven distribution and structural barriers
Climate financing across Africa remains unevenly distributed. Countries with stronger financial systems and investment structures—South Africa, Egypt, Nigeria, Morocco, and Kenya—attract a significant percentage of available funding.
Many other African countries facing severe climate threats struggle to attract large-scale investment.
The report cites weak institutions, limited project preparation capacity, policy uncertainties, and concerns over investment risk as key barriers.
The analysis also raises concerns about the structure of climate financing available to African countries.
A large portion comes in the form of loans rather than grants or concessional financing, which could worsen debt burdens for nations already facing rising debt-servicing obligations and economic pressure.
Climate adaptation projects such as flood control systems, drought resilience programmes, and coastal protection infrastructure often provide social and environmental benefits but generate little direct revenue.
This makes loan repayment difficult for governments.
The report notes that rising debt levels have fueled global discussions around climate justice and the need for wealthier nations to provide more grant-based support to vulnerable countries facing the harsh effects of climate change.
The report acknowledges efforts by institutions such as the African Development Bank and some African countries, including Rwanda, Kenya, Senegal, Egypt, and South Africa, to expand climate investment initiatives and develop financing frameworks capable of attracting private investors.
However, Harrison Rehoboth Consulting stresses that Africa’s climate finance gap cannot be closed through international promises alone.
It calls for stronger domestic financial systems, improved governance, better project planning, and reforms in global financial institutions to make climate funding more accessible.
Key recommendations include: increasing concessional financing and grants for adaptation projects; improving collaboration between governments and private investors; strengthening policies that encourage long-term investment in climate and infrastructure projects; and building domestic financial capacity to reduce over-reliance on external funding.
The report concludes that closing Africa’s climate finance gap will require coordinated action at national, regional, and global levels to ensure funding reaches the countries and communities most exposed to climate risk.
News
Obi meets S’African leaders over xenophobic attacks on Nigerians
Presidential aspirant in the Nigerian Democratic Congress (NDC), Peter Obi, has intensified efforts to protect Nigerians in South Africa following new reports of xenophobic attacks and rising depression among victims.
Obi made his involvement public in a Facebook post on Saturday, detailing a series of high-level meetings with South African government officials and political party leaders.
“After speaking with Nigerians in Cape Town yesterday, I was able to have meaningful discussions this morning with three South African ministers and political party leaders regarding the ongoing challenges related to immigration, regional collaboration, and fostering peaceful coexistence,” Obi wrote.
He revealed that he met with Mr. Leon Schreiber, South Africa’s Minister of Home Affairs and a prominent figure in the Democratic Alliance; Mr. Velenkosini Hlabisa, Minister of Cooperative Governance and Traditional Affairs and leader of the Inkatha Freedom Party (IFP); and Mr. Gayton McKenzie, Minister of Sports, Arts and Culture and leader of the Patriotic Alliance (PA).
Obi described the conversations as “productive and candid,” with a focus on migration, economic strains, youth unemployment, security issues, and rising tensions faced by African foreigners in South Africa.
He emphasised that Nigeria and South Africa—as two of the continent’s most prominent nations—must enhance dialogue and seek solutions based on justice, mutual respect, and the rule of law.
“In challenging times, leaders and citizens alike need to demonstrate responsible leadership, compassion, and restraint,” he said.
The discussions also stressed the importance of law-abiding behavior, avoiding violence, resisting hate or provocation, and allowing lawful institutions to address grievances through democratic processes.
“The progress of Africa hinges on our ability to create unity, foster economic inclusivity, invest in our communities, and uphold the dignity of every African, no matter where they live,” Obi added.
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