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JUST IN: CBN Gov Cardoso Considering Moves To Ban Dollar To Naira Street Trading

By Kayode Sanni-Arewa
The Central Bank of Nigeria (CBN) led by Yemi Cardoso, says it is considering stopping street trading, among other fresh guidelines, to Bureau De Change Operators in Nigeria amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market
The Central Bank disclosed this in its draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria.
The apex bank plans to fix the minimum per capital share for Tier 1 and 2 BDC licenses to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general license.
“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.
ATier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and rendition requirements.
A Tier 2 BDC is authorized to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees.”
The development comes amid a clampdown on illegal BDCs in Abuja, Lagos, Kano and Ibadan Oyo States by the operatives of the Economic and Financial Crimes Commission to stabilize the Naira against USD.
As at the close of work on Friday, the Naira depreciated N1,665.50 per US dollar from N1571.31 on Thursday at the FMDQ market. Meanwhile, in the parallel market.
The Naira traded for N1,750 to N1,800 per USD on Friday compared to N1,680.00 on Thursday.
CBN had unveiled several FX interventions in the past months but the country’s foreign exchange crisis has, however, persisted.
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“I am not happy Iran, Israel violated ceasefire deal -Trump declares

US President Donald Trump said Tuesday that a ceasefire between Iran and Israel was holding, shortly after he lashed out at both countries and cursed as he accused them of violating the truce.
In a fast-moving series of declarations, the 79-year-old Republican, who was on his way to attend a NATO summit in The Hague, posted on his Truth Social app that “the Ceasefire is in effect!”
“ISRAEL is not going to attack Iran. All planes will turn around and head home, while doing a friendly ‘Plane Wave’ to Iran. Nobody will be hurt,” Trump wrote.
Minutes earlier, he had castigated Iran and also close US ally Israel for violating a ceasefire he had originally announced late Monday.
The two countries have been “fighting so long and so hard that they don’t know what the fuck they’re doing, do you understand that?” the president told reporters at the White House.
Iran violated the ceasefire, “but Israel violated it too,” Trump told reporters on the White House’s South Lawn as he departed for the NATO summit.
“So I’m not happy with them. I’m not happy with Iran either. But I’m really unhappy if Israel is going out this morning.”
“I’ve got to get Israel to calm down,” he said. “Israel, as soon as we made the deal, they came out and dropped a load of bombs the likes of which I’ve never seen before.”
Trump’s unusually public display of anger at Israel saw the US leader apparently trying to cajole his ally to call off warplanes in real time.
A man looks at items found in the rubble of a destroyed home in the northern Arab-Israeli city of Tamra, on June 24, 2025, days after an Iranian ballistic missile slammed into the neighbourhood. (Photo by AHMAD GHARABLI / AFP)
Earlier the same morning, he had posted on Truth Social: “ISRAEL. DO NOT DROP THOSE BOMBS” — without it being clear which bombs he was referring to.
“IF YOU DO IT IS A MAJOR VIOLATION. BRING YOUR PILOTS HOME, NOW!”
If it holds, the truce would be a big political win for Trump in the wake of his risky decision to send US bombers over the weekend to attack three nuclear facilities in Iran that Israel and the United States say were being used to build an atomic bomb in secret.
The US leader had said the truce would be a phased 24-hour process beginning at around 0400 GMT Tuesday, with Iran unilaterally halting all operations first. He said Israel would follow suit 12 hours later.
Israel has been bombing Iran in an offensive that began June 13. The United States joined the attack with a mission starting overnight Friday to Saturday against the deeply buried Fordow complex and two other sites.
cease-fire-iran-israel
Speaking to reporters at the White House, Trump insisted that the US bombing mission was a success.
“I think it’s been completely demolished,” he said, savaging US journalists for “fake news” and calling two networks “scum” for reporting that it remains unclear whether the Iranian nuclear infrastructure was truly dismantled.
“IRAN WILL NEVER REBUILD THEIR NUCLEAR FACILITIES!” he posted separately on Truth Social.
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Just in: Senate extends 2024 budget cycle to December 2025

A bill for an Act to amend the 2024 Appropriation Act to further extend deadline for the capital component of the Act and for other related matters 2025 was passed into law by the Nigerian Senate on Tuesday.
The bill was passed into law by the Senate after it passed third reading, following a motion moved by Senate Majority Leader, Opeyemi Bamidele, that was seconded by Minority Leader, Abba Moro.
The Nigerian Senate, during a plenary session presided over by Deputy Senate President, Barau Jibrin, amended the 2024 budget and further extended the deadline set for implementation of the capital component from 30 June 2025 to 31 December 2025.
A bill for an act to amend the 2024 Appropriation Act to further extend the capital component of the Act from 30th June 2025 to 31st December 2025 and for other related matters 2025; third reading taken and passed,” the Deputy Senate President declared.
The Nigerian Senate, during a plenary session presided over by Deputy Senate President, Barau Jibrin, amended the 2024 budget and further extended the deadline set for implementation of the capital component from 30 June 2025 to 31 December 2025.
A bill for an act to amend the 2024 Appropriation Act to further extend the capital component of the Act from 30th June 2025 to 31st December 2025 and for other related matters 2025; third reading taken and passed,” the Deputy Senate President declared.
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Thugs invade SDP headquarters over chairman, others’ suspension

Violence erupted at the national headquarters of the Social Democratic Party in Abuja on Tuesday as a group of armed thugs dressed in black outfits stormed the premises, unleashing violence on journalists and party staff.
The attack comes amid a deepening crisis within the party, triggered by the suspension of key national officers, including the National Chairman, Alhaji Shehu Gabam.
The party’s National Working Committee had announced the suspension of Gabam, National Auditor, Nnadi Clarkson, and National Youth Leader, Chukwuma Uchechukwu.
They were accused of gross financial misconduct, including embezzlement, misappropriation, and unauthorised diversion of party funds running into hundreds of millions of naira.
Journalists who had gathered at the party office for a press briefing were caught in the fray as hoodlums descended on the premises.
Cameras and phones were seized while some reporters, including our correspondent, were physically assaulted, before security agents intervened.
The violence became public knowledge after the party’s National Publicity Secretary, Rufus Aiyenigba, released a statement announcing the suspensions.
“The decision followed resolutions made by members of the NWC, where overwhelming evidence was presented linking the suspended officials to a series of unauthorised financial transactions, personal enrichment schemes, and movement of funds from the party’s accounts without the committee’s approval,” the statement read.
According to the party’s leadership, the situation escalated when Gabam allegedly submitted an unauthorised financial statement to the Independent National Electoral Commission and caused a summary of the accounts to be published in the media.
This, insiders say, prompted alarm within the party’s inner circle.
“The NWC resolved to alert law enforcement agencies and commence a full-scale internal investigation,” Aiyenigba revealed, emphasising that the party “has zero tolerance for corruption and abuse of office.”
In the wake of the crisis, the NWC has appointed Dr. Sadiq Abubakar, Deputy National Chairman (North), as Acting National Chairman, pending the outcome of ongoing investigations.
Aiyenigba also disclosed that an interim investigative panel has been constituted to audit all financial records and recommend possible legal action against those found culpable.
The committee is expected to scrutinise all transactions, especially those related to the proceeds from nomination forms sold ahead of the 2023 general elections, funds believed to have been misappropriated.
“The party will not shield any individual found guilty.
“Our goal is to restore public confidence in the SDP as a credible alternative for national leadership,” Aiyenigba added.
The suspensions have already been formally communicated to INEC and other relevant agencies.
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