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Naira depreciates further as dollar sales to BDCs wobble

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By Kayode Sanni-Arewa

The declining fortunes of the Naira persisted on Wednesday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program.

Vanguard also learnt that despite the sustained nationwide raids and arrest of street currency hawkers, the Naira further depreciated yesterday to N1,435 per dollar in the parallel market, from N1,415 per dollar on Tuesday, and also depreciated to N1,421.06 per dollar in the Nigerian Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,421.06 per dollar from N1,416.57 per dollar on Tuesday, indicating N4.49 depreciation for the naira.

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Consequently, the margin between the parallel market and NAFEM rates widened to N13.94 per dollar from N1.57 per dollar on Tuesday

In a bid to intervene in the retail segment of the forex market, the CBN in February resumed dollar sales to BDCs. Since then the apex bank has held three editions of the dollar. At the last edition, the CBN offered to sell $10,000 per BDCs at directing them to sell at the maximum margin of 1.5 per cent

BDC operators however complained dollar disbursement from CBN is too slow that and takes three to four weeks between when they make payment and when the dollars are disbursed to them.

Vanguard reliably gathered that as a result of this delay and the uncertainty in the forex market, some BDCs, have asked the CBN to refund their Naira payment.

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Top BDC operators who confirmed this development to Vanguard under the condition of anonymity said that some of the BDCs that asked for refunds have gotten their money.

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PDP’s failure, Tinubu’s reforms have paved way for APC in Delta, says Omo-Agege

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The success of President Bola Tinubu’s economic reforms and internal restructuring as well as widespread discontent with the Governor Sheriff Oborevwori administration’s failures have paved the way for the Peoples Democratic Party (PDP) to be booted out of Delta State in 2027, Senator Ovie Omo-Agege has said.

The former Deputy President of the Senate, said the All Progressives Congress (APC) which now controls the three senatorial seats in the state is primed to take over the state.

Speaking at a stakeholders’ meeting in Koko, Warri North, Omo-Agege reflected on the APC’s narrow loss in the 2023 governorship election, vowing to unseat the ruling PDP in 2027. “We came so close in 2023, but fell short by whiskers,” he said. “However, we’ve learned from our mistakes and are now more determined than ever to win Delta State for the APC.”

Rallying supporters at the meeting, Omo-Agege, addressed post-election grievances, and rejected the Independent National Electoral Commission (INEC)’s declaration of 4,000 votes for APC and 10,000 for PDP in Warri North, alleging systemic rigging by PDP. “Our votes were organic; theirs were products of writing,” he charged, recalling the PDP’s dubious record of delivering 68,000 votes in the area.

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Senator Omo-Agege defended President Tinubu’s economic reforms, highlighting the removal of fuel subsidies and exchange rate unification. While acknowledging the initial hiccups, he framed the measures as crucial for Nigeria’s and Delta State’s future development. “Although increased fuel, food, and forex prices came with challenges, President Tinubu’s wise decision-making will yield a better future,” Omo-Agege stated.

He noted that Delta State now receives more funds, as President Tinubu channels savings to states beyond Abuja. This, he believes, will have a transformative impact, tying the APC’s 2027 prospects to the president’s “Renewed Hope” agenda.

The Delta State APC leader acknowledged strategic mistakes in response to stakeholders’ criticism, including the failure to integrate new members, which led to the alienation of some loyalists. “We’ve paid the price for this oversight,” he admitted. “I should have fostered a stronger bond between old and new members. That error had significant consequences.”

He urged PDP members to defect, describing the ruling party as a “sinking ship” on the brink of collapse. While acknowledging that APC faces similar unity challenges, he downplayed internal friction as “growing pains” ahead of 2027. “Post-congress disputes are not unique to us; even the PDP is grappling with internal conflicts,” he added.

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The leader criticized members who boycotted polls due to grievances, labeling it self-sabotage. “Why stay home? Vote first, defend your votes, and then resolve issues. By staying away, we all lose,” he said, lamenting missed opportunities to secure seats in Asaba, stressing that “the 2027 demands unity. We must put aside divisions between old and new members and work together towards a common goal.”

Reiterating claims of being “robbed” of victory in the 2023 governorship election and Supreme Court ruling, Omo-Agege projected optimism, asserting that Tinubu’s policies would stabilize the economy by 2027, making APC the “natural choice” for voters seeking “democratic dividends.”

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S#exual harassment: Akpabio has no right to intimidate elected female senators

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Ex-Presidential Adviser and senator, Florence Ita-Giwa has said Senate President Godswill Akpabio has no right to intimidate elected female senators.

Ita-Giwa reacted to the sexual harassment claim made by Senator Natasha Akpoti-Uduaghan, stating that women in the Senate cannot be sexually harassed once they are elected.

Akpoti-Uduaghan recently accused the Senate President, Godswill Akpabio, of frustrating her efforts to raise motions concerning the Ajaokuta Steel Company in Kogi State because she allegedly refused his sexual advances.

The claim was made during a live television interview on March 4, 2025, on Arise TV.

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In response, Ita-Giwa, who represented the Cross-River South Senatorial District, criticized the notion that female lawmakers could be victims of sexual harassment once they are elected.

She asserted that once a woman contests and wins a senatorial seat, she has moved beyond such experiences and is no longer vulnerable.

“By the time you contest elections and get to the Senate, you have passed that stage of your life of being sexually harassed,” Ita-Giwa said.

“You go there to serve, and you are all equal in that place.”

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Ita-Giwa also suggested that complaining about sexual harassment in the Senate is a sign of weakness. “It shows weakness; you don’t allow it. It (sexual harassment) cannot happen in the Senate,” she added.

While she clarified that she was not accusing Senator Akpoti-Uduaghan of lying, Ita-Giwa stressed that women in politics should be seen as equal to their male counterparts.

She emphasized that achieving a senatorial seat is no easy feat and should empower female senators to stand strong against any form of harassment.

“I am not saying the lady is lying, but when you get to the Senate, you’re there as a person. You’re not there as a woman,” Ita-Giwa remarked.

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Ita-Giwa further stated that it is unproductive for female senators to publicly accuse their male colleagues of harassment, calling it “the worst sign of weakness”.

Her comments have sparked a heated debate over the treatment of women in Nigerian politics, with many questioning the implications for future claims of sexual misconduct in the political arena.

Natasha has made it abundantly clear that she has valid evidence that she was sexually harassed.

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SAD! Two d3ad as tanker explodes in Oyo

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Two people, including the driver and motor boy, died when a tanker, suspected to be ladened with petroleum products, exploded in Ibadan, Oyo State capital.

The incident, which happened in the early hours of Tuesday at the New Garage area, Oluyole local government area of the city, has thrown the entire people in the neighborhood into a state of mourning.

Men of the Oyo State Fire Service, with the assistance of the security agencies, are battling hard to prevent the inferno from spreading to other commercial outlets and residential buildings.

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