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Naira depreciates further as dollar sales to BDCs wobble

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By Kayode Sanni-Arewa

The declining fortunes of the Naira persisted on Wednesday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program.

Vanguard also learnt that despite the sustained nationwide raids and arrest of street currency hawkers, the Naira further depreciated yesterday to N1,435 per dollar in the parallel market, from N1,415 per dollar on Tuesday, and also depreciated to N1,421.06 per dollar in the Nigerian Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,421.06 per dollar from N1,416.57 per dollar on Tuesday, indicating N4.49 depreciation for the naira.

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Consequently, the margin between the parallel market and NAFEM rates widened to N13.94 per dollar from N1.57 per dollar on Tuesday

In a bid to intervene in the retail segment of the forex market, the CBN in February resumed dollar sales to BDCs. Since then the apex bank has held three editions of the dollar. At the last edition, the CBN offered to sell $10,000 per BDCs at directing them to sell at the maximum margin of 1.5 per cent

BDC operators however complained dollar disbursement from CBN is too slow that and takes three to four weeks between when they make payment and when the dollars are disbursed to them.

Vanguard reliably gathered that as a result of this delay and the uncertainty in the forex market, some BDCs, have asked the CBN to refund their Naira payment.

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Top BDC operators who confirmed this development to Vanguard under the condition of anonymity said that some of the BDCs that asked for refunds have gotten their money.

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Akpabio at no time promised return tickets to colleagues who failed in primaries -Media office

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By Kayode Sanni-Arewa

The Media office of the President of the Senate, Godswill Akpabio has debunked reports in a section of the media insinuating that he promised his colleagues who failed in the just concluded primaries return tickets.

This was contained in a statement signed by his Special Adviser on Media, Hon Eseme Eyiboh stating that:

“The attention of the Office of the President of the Senate has been drawn to misleading reports circulating in sections of the media suggesting that the President of the Senate has promised to secure senatorial tickets for senators who lost their party primaries.

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“We must categorically assert that this report does not reflect the position of the President of the Senate. For the record, Senator Akpabio has neither made nor authorized to be made such promise.

“What the President of the Senate actually said, in the course of interacting with his colleagues, was to empathize with senators who were affected negatively by the outcome of their primary elections. He assured them that the leadership of the All Progressives Congress, APC, is actively working to address all issues arising from the primaries and that the final list of candidates will be released in due course in line with the party’s constitution and electoral guidelines.

“Senator Akpabio remains committed to party discipline, due process, and the internal mechanisms of the APC for resolving disputes. He will not interfere with the autonomous processes of the party or make commitments that are outside the purview of the National Assembly leadership.
*ON COMMENTS REGARDING SECURITY AND LEGISLATIVE OVERSIGHT*
“The office also notes another report quoting a distinguished Senator on the need for the Senate to probe the military over recent security incidents.

“While legislative oversight is a constitutional responsibility of the National Assembly, Senator Akpabio’s position is that this is not the opportune moment for a public probe of the Armed Forces. At a time when our troops are engaged on multiple fronts against terrorism, banditry and other threats to National Security, subjecting the military to a public legislative inquisition could undermine their morale and operational focus.

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“The Senate President believes strongly that support, collaboration and closed-door engagements with security agencies are more productive at this critical time. Oversight will be exercised responsibly, without creating distractions that embolden adversaries or divert attention from the urgent task of securing Nigeria and its people.

“Senator Akpabio urges the media and the public to disregard sensational and inaccurate misrepresentation of his remarks and to always seek clarification from his office before publication.

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Nigeria seeks greater climate, biodiversity support as GEF-8 ends

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Nigeria has expressed optimism about securing increased funding for climate change, biodiversity conservation, and environmental restoration projects under the upcoming Global Environment Facility (GEF)-9 funding cycle, as the GEF formally concluded its GEF-8 cycle at its Eighth Assembly in Samarkand, Uzbekistan.

The GEF Council approved $232.5 million in its final meeting of the GEF-8 cycle, supporting 24 projects across 22 countries. Of this amount, $144.3 million was allocated through the GEF Trust Fund, while additional resources were approved through the Global Biodiversity Framework Fund (GBFF) and the Least Developed Countries Fund/Special Climate Change Fund (LDCF/SCCF) for biodiversity conservation and climate adaptation projects.

Speaking at the Assembly, Nigeria’s Minister of Environment, Balarabe Abbas Lawal, praised the GEF funding mechanism, which has supported biodiversity, land restoration, and climate adaptation initiatives in Nigeria since 2009. Under the GEF-8 cycle, Nigeria received about $21 million for projects including efforts to advance the country’s net-zero emissions and biodiversity protection targets.

However, GEF financial records show that Nigeria still owes about $6.1 million in outstanding pledges made during the GEF-4 and GEF-5 funding cycles, making it the only country yet to fulfil commitments from two separate cycles. Lawal acknowledged the arrears and assured delegates that efforts were underway to redeem Nigeria’s pledges, although he did not provide specific details.

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Despite the financial challenges, Nigeria urged the GEF to increase support under the GEF-9 cycle, which begins on July 1, particularly to address pressing environmental issues such as desertification, coastal erosion, and biodiversity loss.

A major focus of the upcoming funding cycle will be stronger inclusion of Indigenous Peoples and Local Communities (IPLCs). GEF officials said projects that directly benefit local communities will receive greater consideration, even in countries like Nigeria where indigenous groups are not formally institutionalised. GEF representatives stressed that local communities and indigenous peoples would be treated with equal importance in project design and implementation.

The Assembly also highlighted the impact of GEF-funded small grants in Nigeria. Through programmes implemented by the Nigerian Conservation Foundation, farming communities in the desertifying Hadejia-Nguru wetlands of Yobe State are receiving improved crop varieties and early warning information to strengthen food security and resilience to climate change.

Civil society organisations called for expanded GEF support, while officials from the Federal Ministry of Environment emphasized the importance of blended financing, private-sector participation, community involvement, and capacity building to ensure successful implementation of future climate and biodiversity projects under the GEF-9 cycle.

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Troops neutralise nine terrorists, arrest 31 nationwide

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Troops of the Armed Forces of Nigeria, in collaboration with other security agencies, have neutralised nine terrorists, arrested 31 suspects and rescued more than 16 kidnapped victims during coordinated operations conducted across various parts of the country.

The Director, Defence Media Operations, Major General Michael Onoja, disclosed this on Friday in Abuja while providing an update on military operations nationwide.

According to him, troops deployed strategic assets, conducted joint land patrols and received close air support in efforts aimed at disrupting the activities of insurgents, kidnappers, arms traffickers and other criminal groups.

In the North-East, troops of Operation Hadin Kai carried out a series of operations that led to the arrest of several suspects and the recovery of arms, ammunition and other items.

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The military said a number of individuals linked to terrorist activities, including suspected collaborators and informants, were apprehended in parts of Borno, Yobe, Adamawa and Bauchi states. Troops also rescued escapees from terrorist enclaves and reunited some of them with their families.

In the North-West, troops of Operation Fansan Yamma engaged criminal elements in Katsina and Zamfara states, neutralising suspected terrorists and recovering weapons and ammunition.

The military also reported the arrest of a suspect during operations in Kaduna State, while another suspect was apprehended during a raid in Zamfara State.

In the North-Central region, troops of Operation Savannah Shield conducted patrols in Niger State and successfully repelled an ambush by armed elements, recovering motorcycles and ammunition.

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The operation also led to the arrest of a suspect accused of providing support to criminal groups.

Similarly, troops of Operation Enduring Peace rescued five kidnapped passengers during a search-and-rescue mission in Kaduna State after discovering an abandoned vehicle along a highway.

The military said two injured victims were evacuated for medical treatment, while efforts to locate other missing persons are ongoing.

In Kogi, Nasarawa and Taraba states, troops of Operation Whirl Stroke carried out a series of operations that resulted in the arrest of suspected gunrunners and other suspects, the rescue of kidnap victims and the recovery of weapons, explosives and vehicles.

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In the Niger Delta region, troops of Operation Delta Safe arrested several suspects in Edo State during operations targeting kidnapping and other criminal activities.

The military also recovered locally fabricated firearms and motorcycles during a sweep operation in Delta State.

In the South-East, troops of Operation Udoka arrested several suspects in Abia, Anambra and Ebonyi states during operations aimed at dismantling criminal networks.

The military further disclosed that troops rescued hostages in Ebonyi State following a distress call and arrested three suspects in connection with the incident.

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Major General Onoja said the Armed Forces remain committed to operating in accordance with the law and established rules of engagement while protecting lives and property across the country.

He urged members of the public to continue supporting security agencies by providing credible information on suspicious activities through appropriate channels.

Onoja also conveyed the commendation of the Chief of Defence Staff, Olufemi Olatunbosun Oluyede, to troops for their resilience and professionalism in ongoing operations across the country.

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