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CBN Denies Selling FX To BDCs at N1,300 Per Dollar

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The Central Bank of Nigeria has described as fake a circular that it authorised the sales of foreign exchange to Bureau De Change operators in the country.

The circular dated Tuesday, 10 December, had claimed that the apex bank sold $20,000 to each legible BDC operator at N1,300 per dollar rate.

“Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium,” the fake circular reads.

However, CBN, in its official X account on Wednesday, described the circular as fake.

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This comes as the Naira has firmed up in the past seven days against the dollar at the FX market after CBN introduced the Electronic Foreign Exchange Matching System (EFEMS) for transparent FX transactions.

Although in the past two days, the Naira had weakened at the black market to N1660 per dollar, the country’s currency gained against the dollar on Tuesday at the official market to close at N1,525.

Recall that the last time CBN intervened in the black market was in September 2024 when it sold FX at N1590 per dollar to BDC operators.

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Fresh twist as Coordinator of fake agency releases appointment letter bearing OSGF letterhead

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A fresh twist as emerged as the coordinator of the purported National Brands Development and Made in Nigeria Special Project Office, Prince George Buchi Nwabueze, has released an appointment letter bearing the letterhead of the Office of the Secretary to the Government of the Federation (OSGF).

Nwabueze shared the document on his LinkedIn page on Saturday amid controversy surrounding the alleged establishment and operation of the agency within the OSGF.

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The President also ordered the suspension of three permanent secretaries allegedly linked to the operation and directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the circumstances surrounding the agency’s creation and activities.

ICPC Chairman, Musa Aliyu, said the discovery was made during investigations into the activities of the alleged fake Presidential Foreign Intervention Promotion Council (PFIPC) and other breaches of government procedures.

The appointment letter released by Nwabueze is dated October 3, 2025, with reference number OSGF/MIN/59310/11/205. It was purportedly signed by Nadungu Gagare, identified in the document as Permanent Secretary, Political and Economic Affairs Office.

Titled “Appointment as National Coordinator and Executive Director Made in Nigeria Project Office,” the letter stated that Nwabueze had been appointed National Coordinator/Executive Director of the Made in Nigeria Project Office under the OSGF.

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It said the appointment followed an assessment of his commitment, contribution and capacity to deliver on the mandate of the Special Project Office.

According to the document, the appointment was for a five-year tenure commencing from July 2025 and was renewable.

The letter assigned Nwabueze responsibility for overseeing the development of programmes, projects and policies, as well as supervising regional and state coordinators.

He was also expected to organise exhibitions, trade expos and economic summits aimed at promoting indigenous products and services and supporting economic development.

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The document further stated that the project office was to operate from a temporary office at Room B53, Ground Floor, within the OSGF Complex.

It added that the appointment was subject to the pleasure of the Secretary to the Government of the Federation and was aligned with the objectives of the Made in Nigeria initiative under the Renewed Hope Agenda.

Meanwhile, TheCable reported that Nwabueze had also written to several state governments seeking the nomination of state coordinators for the purported Made in Nigeria Project Office.

The development comes as the Federal Government intensifies investigations into the circumstances surrounding the alleged agency and the individuals and officials connected with its operations.

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How fake agency secured SGF office, built nationwide network – ICPC

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The alleged fake National Brands Development and Made-in-Nigeria Special Project Office claimed it had Federal Executive Council approval dating back to 2017, nine years before the Independent Corrupt Practices and Other Related Offences Commission uncovered it.

The office, which was domiciled in the Office of the Secretary to the Government of the Federation, also created a nationwide network of appointments covering geopolitical zones and states.

ICPC Chairman Dr Musa Aliyu said the commission uncovered the alleged fake office during its investigation into the fictitious Presidential Foreign Intervention Promotion Council and other weaknesses in the public service.

“Upon further briefing by ICPC to Mr President on the ongoing investigations into the fake PFIPC and procedural weaknesses in the public service, the ICPC has uncovered another fake agency and office operating under the name National Brands Development and Made-in-Nigeria Special Project Office, which has been illegally allocated office space within the premises of the Office of the Secretary to the Government of the Federation,” Aliyu said.

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He identified the promoter as George Nwabueze, alleging that he operated under several variations of the name with the suspected collaboration of senior public servants in the OSGF.

“The promoter Nwabueze was discovered to also operate under four other variations of his name: George Nathan, George Nathan Nwabueze, Hon. George Buchi Nwabueze, Prince George Buchi Nwabueze and George Nwabueze,” Aliyu said.

A profile on the organisation’s website identified Nwabueze George as its “Executive Director, National Coordinator”, while the website presented the outfit as a federal agency responsible for promoting Nigerian brands and local manufacturing.

The website claimed that the Federal Executive Council had approved a “National Campaign to Sensitize Nigerians on the Patronage of Made-in-Nigeria Products” at a February 1, 2017, meeting at the Presidential Villa, Abuja, during the Muhammadu Buhari administration.

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It also listed the Ministry of Industry, Trade and Investment as the implementing ministry and cited a purported “Bill for an Act to Establish the National Brands Development and Made-in-Nigeria Promotion Commission and for Related Matters”.

Beyond its claims of federal approval, the alleged agency had established a leadership structure spanning the geopolitical zones and several states.

At the national level, it listed Dr Bassey B. Unaowo as Special Assistant to the Permanent Secretary on Political and Economic Affairs in the OSGF, Dr Hajara Njidda Amoni as Director, National Administration, and Nwabueze as part of the leadership.

It also named zonal directors for the South-West, North and South-East, alongside state coordinators across the North-West, North-Central, North-East, South-South, South-East and South-West.

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The state officials were designated “State Coordinator, National Brand Development and Made in Nigeria Project Office”, with profiles carrying an official-looking green and white insignia bearing the inscription “National Brands Development, The Presidency, Made in Nigeria.”

The outfit also maintained social media accounts under the handle “@pmainpro” on Instagram, Facebook, X and LinkedIn.

However, the ICPC said its findings showed that the office had no presidential authorisation and was operating contrary to extant laws.

The discovery followed the earlier investigation into the alleged fictitious Presidential Foreign Intervention Promotion Council, whose self-styled Director-General, Adeniyi Adeyemi Matthew, is facing prosecution for alleged forgery and impersonation.

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Following the ICPC briefing, President Bola Tinubu ordered the immediate arrest of Nwabueze and suspended three Permanent Secretaries M.S. Danjuma, Engr Nadungu Gagare and Richard P. Pheelangwah pending investigations.

Aliyu said the commission had engaged officials of the OSGF to establish how the alleged fictitious office obtained accommodation within the Secretariat and would investigate the roles of the suspended officials and others connected with the network.

“I have briefed Mr President comprehensively on these new developments. ICPC will continue with its investigations accordingly,” Aliyu said.

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Tinubu Renews Tenures Of NTA DG, NAN MD For Another Three Years

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President Bola Ahmed Tinubu has renewed the tenures of the Director-General of the Nigerian Television Authority (NTA), Abdulhamid Salihu Dembos, and the Managing Director of the News Agency of Nigeria (NAN), Ali Mohammed Ali, for another three years.

This is contained in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on Sunday.

According to the statement, Tinubu first appointed Dembos and Ali to head the NTA and NAN, respectively, on October 20, 2023. Their second terms will commence on October 20, 2026.

Dembos, from Yola, Adamawa State, is a former National President of the Radio, Television, Theatre and Arts Workers Union (RATTAWU).

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He previously served as Executive Director of Marketing at the NTA after his retirement from the organisation in 2017.

Dembos joined the NTA as an announcer at its Kaduna station after completing his National Youth Service in 1989. He subsequently rose through the ranks, serving at various times as General Manager of NTA Lokoja and NTA Kano.

He retired in 2017 as the Acting Zonal Director of the NTA Kaduna Network Centre.

Ali, on the other hand, is a veteran journalist and media manager with more than 30 years of experience.

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He has a keen interest in media evolution and content development in the digital era, particularly in meeting the needs of diverse audiences through alternative news platforms.

Ali holds a first degree in English from Bayero University, Kano; a graduate degree in International Affairs from Ahmadu Bello University, Zaria; and a Postgraduate Diploma in Mass Communication from Bayero University, Kano.

President Tinubu urged the two chief executives to justify the confidence reposed in them by continuing to demonstrate commitment to the mandates of their respective organisations and the promotion of his administration’s Renewed Hope Agenda.

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