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BREAKING: CBN bows to pressure, resumes sale of dollars to BDC operators
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.
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).
“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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LET THE CREDENTIALS COMMITTEE BE*
The hurriedly written press statement by the embattled Patrick Osadebamwen and OCHIAKA UGWU recently impeached as Exco of the FCT Council of the NUJ is really sad, appalling and completely unwarranted.
It is a brazen attempt by them to usurp the powers of the National Secretariat of the Union.
Article 5(9c, d) of the NUJ Constitution is so unambiguous that does not need any interpretation.
Article 5 sub section 9(C) states inter alia; “The Credentials Committee at the National level shall act independently of the President, National Secretary and any other National Officers, while the Credentials Committee at the State Council level shall be independent of State officers of the Union but shall be responsible and answerable to the National Secretariat.
5 (9d) The Credentials Committee at the State Council level shall be nominated by the State Congress subject to the approval of the National Secretariat.”
From the constitutional provisions, it is clear that the Committee is not in any materia particula answerable to any ‘Executive’ Committee member of the Council but the National Secretariat. And not to the already impeached Patrick-led Exco.
It is more worrisome that this so-called cut and join chairman is oblivious of the constitution he swore to defend. What do you expect of a place -holder chairman?
More importantly, since the National Secretariat has communicated with the Committee to go ahead with its mandate, the outgoing ‘Executive’ Committee has no locus standi in the matter whatsoever.
It is also an irony to note that the outgoing Chairman and Secretary could shamelessly claim that our respected former Chairman of Council, Mr AMOS DUNIA took over proceedings of the Extraordinary Congress. Both officers are obviously having selective amnesia. It’s appears they forgot how they came cap-in-hand to beg former leaders to come to their rescue. What can be farther than the truth. Whereas, members were told at the beginning of the Monday Extraordinary Congress that the Committee of elders and former Chairmen of Council, mandated MR. DUNIA to conduct the affairs of the Congress following the VOTE OF NO CONFIDENCE passed on the Patrick Osadebamwen-led Executive by the Congress the preceding Saturday.
It is really shameful that an Executive that was saved from being disgraced and booted out of office can still have the temerity to openly and outrightly dish out tissues of lies to the public. What a shame!
The question to ask remains, if Patrick Osadebamwen and OCHIAKA UGWU who has indicated interest in contesting the election, now want to act and take decisions on behalf of the National Secretariat.
Members are aware of the antics and game being played to cover up shady deals perpetrated these past six years and we are watching.
We say NO to the attempt to usurp the constitutional role of the National Secretariat by Patrick Osadebamwen and OCHIAKA UGWU.
Enough is enough!
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