News
CBN dumps BDC operators in $123m sale
By Kayode Sanni-Arewa
Bureau De Change Operators were excluded in the latest tranche of forex sales by the Central Bank of Nigeria to authorised dealers.
This was disclosed by the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, in an interview with The PUNCH.
He said only banks got the forex intervention.
Responding in a chat, the BDC president said, “No, it is their usual intervention at the NAFEM window which presently excludes the BDCs but only banks.”
The apex bank had commenced sales of forex worth $122.67m to 46 approved dealers as part of significant step to stabilize the foreign exchange market.
Authorised dealers include banks and BDC operators.
Last Friday, a statement signed by the CBN Director in charge of Financial Markets, Dr Omolara Duke, said the new release is part of the bank’s determination to promote stability and reduce market volatility in the foreign exchange market.
The statement read in part, “The Central Bank of Nigeria has sold the sum of $122,671,000 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.”
Last month, the President Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, told The PUNCH that the apex bank had suspended supply to the BDCs since March and was moving towards a complete liberalisation of the foreign currency market, which would not require its intervention.
He said, “The BDC window has been suspended by the Central Bank of Nigeria since around March or so. The last time we were funded I think was around March.”
This forex sales break allowed the naira to depreciate further to N1554/$ at the official market on Thursday.
Earlier this week, Nigeria’s external reserves increased yet again, reaching $35.05 billion as of July 8, 2024.
This is the first time it crossed the $35 billion ceiling under the administration of President Bola Tinubu.
According to the statement, the sales were made on Wednesday and Thursday this week.
On Wednesday, the apex bank sold $67.5 million to 27 authorized dealers, while purchasing $2.5 million from one authorized dealer.
The bid range for these transactions was between N1,480/$1 and N1,500/$1. Payments for these transactions are scheduled for July 12, 2024, following a two-day settlement cycle (T+2).
Also, on Thursday, the CBN sold $55.17 million to 19 authorized dealers at a rate of N1,540.0/$1.
No foreign exchange was purchased on this date. The payments for these spot sales are due on July 15, 2024.
The CBN further urged all authorized dealers to ensure that foreign exchange purchases from the bank are exclusively used for trade-backed transactions, which must be reported within 72 hours.
The statement noted that the CBN supplies foreign exchange to the market through FX spot sales to authorized dealers using two-way quotes, aiming to improve liquidity.
By Ojomah Austin.
A large number of officers from the Nigeria Police Force, the Nigerian Army, and the Nigeria Security and Civil Defence Corps (NSCDC) have been mobilized across the city, causing traffic congestion in several areas.
Security personnel were spotted at the Independent National Electoral Commission (INEC) office in Benin, securing strategic locations, with some awaiting further deployment to other parts of the state.
This follows the recent deployment of 35,000 police officers to maintain law and order during the elections, With less than 48 hours to the Edo State governorship election.
The NSCDC also deployed 6,433 officers, while the Defence Headquarters has stationed soldiers to ensure a safe environment for voters.
In addition, authorities have implemented a “show of force” with security agents patrolling key areas.
In anticipation of the election, the Edo State Government declared Friday a work-free day to allow voters to travel to their polling units.
Meanwhile, the Christian Association of Nigeria (CAN) held a prayer session in Benin, calling for peace and the election of a credible leader who will govern with integrity.
INEC has also commenced the distribution of sensitive electoral materials to all 18 local government areas, ensuring readiness for Saturday’s vote.
……“E remain small make breeze blow am away”
By Ojomah Austin.
Nigerian singer, Zinoleesky stirs a buzz online due to a recent video of him circulating on social media.
In the video, Zinoleesky dons a white shirt alongside black trousers as he brags about being worthy to be used as a Valentine’s gift.
Reacting to the video, netizens commented on his skinny appearance.
Famous musician, Oniyide Azeez, better known as Zinoleesky trends online due to a new clip serving the rounds on social media.
In the video, the ‘Element’ hitmaker is spotted wearing a white shirt and a stylish black trouser. While being filmed, Zinoleesky bragged mightily about his looks.
He reiterated that he could be used as a Valentine’s gift to any girl.
The video generated a buzz online with a large number of netizens commenting on his thin body shape. Some swiftly leveraged it to make fun of the artiste.
One @janicekate_x wrote: “E remain small make breeze blow am away 😂.”
soromotoochukwu wrote: “I like how music can take you to another place. For example, this restaurant is playing Zinoleesky so now I’m going to a different restaurant.”
dave.dexter27 wrote: “Make breeze sha no blow as we wan deliver the valentine gift😂😂😂.”
oluwatamilore_xx wrote: “Bro,drank all the whole slimming tea and nothing is left to slim down.”
isco_west_whil wrote: “Chaii dem don set this Guy up for dragging again😂😂.”
scheargoon wrote: “Try put stone for your pocket guy”
bouncequotes wrote: “My boy 😂😂😂😂 slim daddy for dem girls.”
just_eniola_olayemisi wrote: “No be your fault zino, u no just get choice that to continue to dey craze 🥺 I feel for u my bro.”
zaza_mula112 wrote: “Zino Dey enjoy, while seyi vibe Dey cry under record label 😂😂.”
jamesmike7837 wrote: “See person be like broom stick😂.”
sheis_shuga wrote: “Who Dey decive you werey 😢😢see as u slim like who get HIV 😢😔🙄🥺Dooh.”
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