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BREAKING: CBN bows to pressure, resumes sale of dollars to BDC operators

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By Francesca Hamgeior

The Central Bank of Nigeria (CBN) has commenced the sale of dollars to Bureau De Change (BDC).

This was announced in a statement signed by Dr Hassan Mahmud, CBN’s Director of Trade & Exchange Department, on Tuesday, February 27.

The apex bank said $20,000 will be available to each eligible Bureau De Change (BDC) operator across the country.

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The amount, according to the apex bank, is to be sold to each BDC at the rate of N1,301 per dollar, representing the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as of the previous trading day.

Mahmud said all BDCs are allowed to sell to end-users at a margin not more than one percent above the purchase rate from CBN.

The statement reads: “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.

“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024).

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“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.

“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO).”

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A’Court reserves judgment on Kano LG poll dispute

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A special panel of the Court of Appeal sitting in Abuja has reserved judgment in five separate appeals arising from the legal disputes surrounding the conduct of the 2024 local government elections in Kano State.

The appeals stem from two rulings delivered by the Federal High Court in Kano, which, among other declarations, nullified the composition of the Kano State Independent Electoral Commission.

The cases include Appeal No. CA/KN/20/2025, filed by KANSIEC with the Independent National Electoral Commission and four others listed as respondents.

Another, CA/KN/233/2024, was filed by the Kano State House of Assembly and another party, with Aminu Aliyu Tiga and 14 others as respondents.

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Appeal CA/KN/290/2024 was brought by the Attorney General of Kano State and six others against the All Progressives Congress and three others.

Additionally, Appeal CA/KN/291/2024 was filed by KANSIEC and eight others, with the Kano State House of Assembly and six others listed as respondents.

In the appeal marked CA/KN/233/2024, the Kano State House of Assembly and another appellant, represented by Chief Adegboyega Awomolo (SAN), urged the appellate court to overturn the judgment of the Federal High Court, which had barred KANSIEC from conducting local government elections.

Awomolo argued that the Federal High Court lacked jurisdiction to entertain the case, noting that the suit filed by Aminu Tiga and the APC was statute-barred at the time of filing.

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He also contended that the plaintiffs lacked the legal standing to initiate the case.

Justice Simon Amobeda of the Federal High Court had, on October 22, 2024, restrained KANSIEC from conducting elections in the 44 local government areas of Kano State.

The judge ruled that the electoral commission’s members were card-carrying members of the ruling New Nigeria People’s Party, in breach of Sections 197 and 200 of the 1999 Constitution.

Justice Amobeda further directed INEC not to release the national voters’ register for the purpose of the local government elections in the state.

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Additionally, he barred the police, the Department of State Services, and other security agencies from providing support or protection for the polls.

Unhappy with the verdict, the Kano State House of Assembly and other affected parties approached the Court of Appeal, arguing that local government election matters are under the exclusive purview of the state and can only be adjudicated by a Kano State High Court—not the Federal High Court.

After hearing all arguments on Tuesday, the three-member appellate panel led by Justice Georgewill Ekanem announced that judgment had been reserved and would be delivered on a date to be communicated to the parties involved.

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Ondo poly workers commence strike action over unpaid wages

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Workers at the Rufus Giwa Polytechnic, Owo, in Ondo State on Tuesday embarked on an indefinite strike over the non-payment of salaries by the Ondo State Government.

The striking workers, who are members of the Non-Academic Staff Union and the Senior Staff Association of Nigeria Polytechnics, staged a peaceful protest on the institution’s campus to express their grievances.

The aggrieved staff revealed they are being owed six months’ salaries and accused the government of failing to implement the national minimum wage.

They carried placards with messages including, “We are hungry, pay our six months’ salaries,” “Mr Governor, please implement our 2025 budget,” and “Acting Rector, please clear our 2022, 2023, and 2024 promotion arrears.”

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During the protest, the Chairman of NASU, RUGIPO chapter, Mr. Julius Olugbenga-Aro, and his SSANIP counterpart, Mr. Saka Olokungboye, called on Governor Lucky Aiyedatiwa to urgently address the workers’ demands.

They lamented the hardship faced by their members, saying many are unable to meet basic needs due to the unpaid wages.

Olugbenga-Aro stated, “This protest is to express our frustration over the non-payment of six months’ salary arrears and the failure of the Ondo State Government to implement the national minimum wage for polytechnic staff.”

While acknowledging some of the governor’s developmental efforts at the institution, including the recent approval for the polytechnic’s conversion to a university, the union leaders appealed for more urgent actions.

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They urged the state government to approve immediate payment of the outstanding salaries, ensure full implementation of the 2025 institutional budget, and begin payment of the new national minimum wage.

They also warned that failure to act swiftly could result in prolonged disruptions to the academic calendar, further affecting students and the institution at large.

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Court imposes N100m damages penalty on Abuja school over student’s death

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A Federal Capital Territory High Court in Abuja on Tuesday awarded the sum of N100m in general damages against Louisville Girls Secondary School, Gwagwalada, for negligence of duty of care which led to the death of a student.

Mr Ifeanyi Ikpeatusim had sued the school for negligence that resulted in the death of his 9-year-old daughter, Kamzie,

In the suit marked CV/1738/18, Ikpeatusim alleged that the school’s failure to provide adequate medical attention after Kamzie who fell ill shortly after her admission and resumption in the school led to her untimely death.

Kamzie, who was admitted as a boarding student in September 2017 became severely ill by October 2 and died a few days later.

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Justice Sylvanus Oriji, while delivering judgment in the suit brought before the court after awarding the N100m cost, ordered a 10 per cent interest on the judgment sum from April 8 until full payment.

He also awarded an additional N300,000 as the cost of the suit.

Justice Oriji while pronouncing the decision of the court, held that the evidence presented showed the school and its agents acted negligently by failing to attend promptly and adequately to Kamzie’s medical needs.

“The claimant established his allegations of negligence against the school.

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“There is no amount of money that can bring back the child to life,” he stated.

Justice Oriji however acknowledged the fact that one significant outcome of the case was the improvement of the school’s sickbay following the incident.

He noted that the presence of doctors attending to students twice daily was a commendable development.

While the claimant had asked the court to order the school to name one of its structures in Kamzie’s name in her honour, Justice Oriji noted that the improvement in the school’s sickbay was sufficient enough to know the school is making amends from its mistake.

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“The court thinks that the improvement in the sickbay, ensuring doctors are available twice daily, is in honour of Kamzie, as part of reforms recommended by her family.

“The claimant should take solace in the fact that Kamzie has been honoured by the school through these improvements.”

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