News
CBN dumps BDC operators in $123m sale
By Kayode Sanni-Arewa
Bureau De Change Operators were excluded in the latest tranche of forex sales by the Central Bank of Nigeria to authorised dealers.
This was disclosed by the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, in an interview with The PUNCH.
He said only banks got the forex intervention.
Responding in a chat, the BDC president said, “No, it is their usual intervention at the NAFEM window which presently excludes the BDCs but only banks.”
The apex bank had commenced sales of forex worth $122.67m to 46 approved dealers as part of significant step to stabilize the foreign exchange market.
Authorised dealers include banks and BDC operators.
Last Friday, a statement signed by the CBN Director in charge of Financial Markets, Dr Omolara Duke, said the new release is part of the bank’s determination to promote stability and reduce market volatility in the foreign exchange market.
The statement read in part, “The Central Bank of Nigeria has sold the sum of $122,671,000 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.”
Last month, the President Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, told The PUNCH that the apex bank had suspended supply to the BDCs since March and was moving towards a complete liberalisation of the foreign currency market, which would not require its intervention.
He said, “The BDC window has been suspended by the Central Bank of Nigeria since around March or so. The last time we were funded I think was around March.”
This forex sales break allowed the naira to depreciate further to N1554/$ at the official market on Thursday.
Earlier this week, Nigeria’s external reserves increased yet again, reaching $35.05 billion as of July 8, 2024.
This is the first time it crossed the $35 billion ceiling under the administration of President Bola Tinubu.
According to the statement, the sales were made on Wednesday and Thursday this week.
On Wednesday, the apex bank sold $67.5 million to 27 authorized dealers, while purchasing $2.5 million from one authorized dealer.
The bid range for these transactions was between N1,480/$1 and N1,500/$1. Payments for these transactions are scheduled for July 12, 2024, following a two-day settlement cycle (T+2).
Also, on Thursday, the CBN sold $55.17 million to 19 authorized dealers at a rate of N1,540.0/$1.
No foreign exchange was purchased on this date. The payments for these spot sales are due on July 15, 2024.
The CBN further urged all authorized dealers to ensure that foreign exchange purchases from the bank are exclusively used for trade-backed transactions, which must be reported within 72 hours.
The statement noted that the CBN supplies foreign exchange to the market through FX spot sales to authorized dealers using two-way quotes, aiming to improve liquidity.
News
VIDE; Nigeria’s foreign relations: So far, Tinubu has showcased good salesmanship-Dr Nwambu
… but we’re yet to feel the impact now
Director General of Centre for Credible Leadership and Citizens Awareness CCLCA, Dr Gabriel Nwambu has said President Bola Tinubu has showcased excellent salesmanship globally but Nigerians are yet to feel the impact.
Nwambu disclosed this in a chat with TVC where he outlined Tinubu’s moves so far in international relations.
Watch video below:
News
Budget Defense: Reps Decry Poor Funding for Environment Ministry
…call for action on key projects
By Gloria Ikibah
The House of Representatives has expressed dissatisfaction with the inadequate release of funds to the Ministry of Environment, and described it as a setback to addressing the country’s pressing environmental challenges.
The Chairman House Committee on Environment, Rep. Julius Pondi, who stated this during the Ministry’s 2024 budget defence, highlighted the critical issues of deforestation, pollution, erosion, and the effects of climate change, and said that insufficient funding has hindered meaningful progress in these areas.
He also raised concerns over the removal of the Environmental Health Council of Nigeria (EHCON) and 13 professional bodies from budgetary allocations effective January 2024. While the other bodies were reinstated, EHCON remains excluded.
Rep. Pondi therefore urged the Minister of Environment to work with the Committee to ensure EHCON’s reinstatement.
“The outcomes of this budget review will set the tone for planning and resource allocation in the 2025 Budget.
“As a Committee, we are disposed to increased budgetary allocations for this critical sector, in as much as we see key projects that are envisioned to strengthen climate resilience, combat pollution, enhance community awareness, and ensure accountability in the Year 2025 Budget Proposal of the Ministry and its Agencies,” ,” Pondi stated.
He reminded the Ministry of its constitutional obligations, referencing Section 80(4) of the Constitution, which mandates that funds must be withdrawn from the Consolidated Revenue Fund only as prescribed by the National Assembly.
Pondi further stressed the importance of the budget defence session in ensuring transparency and accountability, noting its role in evaluating progress made, addressing challenges, and providing actionable inputs for future budgets.
He emphasized that these environmental issues have deprived thousands, particularly in agrarian regions, of their livelihoods and their ability to contribute to national development.
“You may recall that the House of Representatives, on various occasions at plenary, deliberated motions ranging from erosion, desertification, and flood disasters in many parts of the country, necessitating government intervention through the Ministry of Environment and other Agencies.
“Our primary focus is to evaluate how the financial resources allocated have been utilized to achieve set objectives. This session will enable us to identify progress made in implementing projects and programs across key environmental sectors, address challenges that may have hindered the achievement of goals, and provide actionable input in the year 2025 Budget,” he added.
In response, the Minister called for increased budgetary allocations to enable the Ministry to fulfill its mandate effectively.
“In 2024, the Ministry installed about 2,200 units of solar street lights in various communities and 45 solar-powered boreholes to provide clean water for the people,” Lawal disclosed.
He further noted the installation of 5kV solar power systems in five institutions, including Ekpoma, Edo State; Ife, Osun State; Nsukka, Anambra State; Zaria, Kaduna State; and Abuja.
The Committee pledged to continue its oversight functions and collaborate with the Ministry to address environmental challenges and ensure optimal utilization of allocated resources.
News
Just in: Sack newly appointed Super Eagles coach now, NANS tell NFF
Members of the National Association of Nigerian Students (NANS) on Thursday protested the appointment of Eric Sekou Chelle as the substantive coach of the Super Eagles.
NANS held a protest on Thursday at the Moshood Abiola International Stadium in Abeokuta to register their displeasure, calling on the Nigeria Football Federation (NFF) to reverse the appointment with immediate effect.
Led by the clerk of the Senate, Abdul Yekini Odunayo, NANS condemned the appointment and said it fell short of the expectations of Nigerians and football enthusiasts.
The students also threatened to embark on a nationwide protest to drive home their demand and called for the appointment of a better coach who tactical and can harness the abundant talents abound in the country.
“We are gathered here today to address an issue that has not only baffled us but has also drawn widespread disapproval from Nigerian students and sports enthusiasts alike,” Odunayo said.
“On behalf of the National Association of Nigerian Students, I, Abdul-Yekinn Odunayo, Clerk of the Senate of NANS National Headquarters, wish to categorically express our displeasure over the appointment of Eric Sekou Chelle as the new head coach of the Super Eagles.
“This appointment, as announced by the Nigeria Football Federation (NFF), is not only unacceptable but also a slap in the face of our nation’s abundant pool of local coaching talent. Consequently, NANS, as the voice of the Nigerian students, is compelled to organise a national protest to demand a reversal of this decision.”
On Tuesday, NFF confirmed the appointment of Éric Sékou Chelle as Head Coach of Nigeria’s Super Eagles.
His appointment is with immediate effect, and he has the responsibility of guiding the Super Eagles to earn a ticket to the 2026 FIFA World Cup finals, with the next round of matches (Matchdays 5 & 6) taking place in March.
Chelle, who won five caps for the Aiglons of Mali and coached clubs such as GS Consolat, FC Martigues, Boulogne and MC Oran, has been Head Coach of the Aiglons since 2022.
Chelle was appointed manager of Mali and was dismissed on 13 June 2024.
-
News23 hours ago
Nigeria Won’t Break Ties With France Over Niger, Others
-
News23 hours ago
Portugal Football Club Signs on 19-Year-Old Nigerian- born Footballer, Yaqub Usman-Malah
-
News20 hours ago
After firing 27 officers with itchy fingers, EFCC reportedly loses over $350k, jewelries
-
News23 hours ago
Youth Confab Is A Plan To Compensate Seyi Tinubu’s Friends, Not Nigerian Youths – Sowore
-
News23 hours ago
Court jails man seven years for stealing phone
-
News19 hours ago
59 Traff!cked Kids, Aged 4 To 12, Found In Bus In FCT
-
Metro16 hours ago
Two Sisters Arrested For Setting Father On Fire After Rape
-
Metro16 hours ago
Anambra Catholic Priest Resigns, Becomes Native Doctor