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Dollar recovers, appreciates against naira in official market

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By Kayode Sanni-Arewa

The value of the Naira depreciated in the official foreign exchange market at the close of trading on Thursday, February 7.
Data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market the forex market closed at N1500.65/1$ on Thursday.

Thursday’s rate represents a slight depreciation when compared to the exchange rate of N1,499.76/$1 reported on Wednesday’s market.

The latest performance of the naira means that the Nigerian currency has depreciated for two consecutive days against the US Dollar.

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Naira against dollar in black market

It was a different scenario for the Naira in the parallel market, popularly known as the black forex market.

BDC operators told Legit.ng that the Dollar depreciated further on Thursday, February 6, selling at N1,552, while the buying rate stood at N1,530.

This represents an improvement from Wednesday’s rates, where the Dollar was sold at N1,582 and bought at N1,565.

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Naira/dollar: Official and unofficial market rate gap closes

The latest movement in the naira exchange rate indicated that the gap between the official and black markets is nearing convergence.

With the black market exchange rate now at N1,530/$, and official rate at N1500.65/ the gap between the official and black markets is now N30.

CBN’s latest naira rates against other currencies

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Here are the latest exchange rates against other currencies on the Nigerian Foreign Exchange Market (NFEM).

NFEM rate is derived at Volume Weighted Average and stands as the official exchange rate for the day.

1. CFA – N2.38

2. Yuan/Renminbi – N205.75

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3. Danish Krona – N208.47

4. Euro – N1555.18

5. Yen – N9.87

6. Riyal – N399.92

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7. South African Rand – N80.81

8. Pounds Sterling – N1859.98

CBN permits BDCs to buy dollar from official sources

The CBN recently announced that it had extended the window of allowing Bureau De Change (BDC) operators to buy FX from the official market until the end of May.

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This policy allows BDCs to purchase $25,000 worth of forex per week and should not resell to their customers at a profit margin above one per cent.

Also, BDCs can only disburse purchased FX for specific
transactions, with a maximum of $5,000 per transaction, quarterly

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NDLEA declares 4 members of drug cartel wanted(Photos) …Over cocaine shipments to Saudi Arabia, Qatar, others

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By Kayode Sanni-Arewa

The National Drug Law Enforcement Agency, NDLEA, has declared four associates of Lagos drug kingpin, Alhaji Suleiman Aremu Ganiu (a.k.a Barryshine, Ejeoto) wanted for their involvement in multiple drug trafficking activities for which ‘Barryshine’ is currently facing criminal charges at a Federal High Court in Lagos.

The decision to declare the suspects wanted followed an order granted to the NDLEA by Honourable Justice Akintayo Aluko of the Federal High Court in Lagos. Those wanted for their involvement in multiple drug trafficking activities include: Olarenwaju Ramon Abdulai (a.k.a Alhaji Loyingbo); Oluwafemi Akande Abidoye (a.k.a Igbono, Baba Eje, Ade Iwaya, Femi Iwaya); Olumuyiwa Olufemi Ilori (a.k.a Murphy) and Alate Kafy Bakare Bukki of Kaffy Travels.

The court in its ruling on Tuesday 28th January 2025 following the reliefs sought by NDLEA in charge no: FHC/L/731C/2024 ordered as follows:
“That an order of this Honourable Court declaring one Olarenwaju Ramon Abdulai a.k.a ‘Alhaji Loyingbo’, wanted by a public notice with their photographs conspicuously displayed, who are presently at large for their involvement in multiple drug trafficking activities with Suleiman Aremu a.k.a ‘Barryshine’, ‘Ejeoto’ is hereby granted.

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“That an Order declaring one Oluwafemi Akande Abidoye a.k.a ‘Igbono’, ‘Baba Eje’, Iwaya’, ‘Femi Iwaya’, wanted by a public notice with their photographs conspicuously displayed, who are presently at large for their involvement in multiple drug trafficking activities with Suleiman Aremu Ganiu a.k.a ‘Barryshine’, ‘Ejeoto’ is hereby granted.

“That an Order declaring one Olumuyiwa Olufemi Ilori a.k.a ‘Murphy’, wanted by a public notice with his photograph conspicuously displayed, who is presently at large for his involvement in multiple drug trafficking activities with Suleiman Aremu Ganiu a.k.a ‘Barryshine’, ‘Ejeoto’ is hereby granted.

“That an Order declaring one Alate Kafy Zakare Bukki of Kaffy Travels wanted by a
public notice with her photograph conspicuously displayed, who is presently at
large for her involvement in the drug trafficking activities with Suleiman Aremu Ganiu a.k.a ‘Barryshine’, ‘Ejeoto’ is hereby granted.”

The leader of the gang, Suleiman Ganiu Aremu (a.k.a Barryshine) was arrested on 26th August 2024 two years after coming under the radar of the anti-narcotics Agency. Suleiman who is the Managing Director/CEO of Barryshine Suleiman Nigeria Ltd came under the Agency’s watchlist over his alleged role in four foiled attempts to export cocaine to Saudi Arabia and Qatar through the Murtala Muhammed International Airport, MMIA Ikeja Lagos between 2022 and 2024.

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Many of his mules have since been arrested by NDLEA, prosecuted and convicted. He is currently facing multiple criminal charges at a Federal High Court in Lagos.
Members of the public with any information on the whereabouts of the four wanted suspects are encouraged to contact the nearest NDLEA Command, call our toll free helpline: 080010203040 or send direct messages to any of our social media accounts: @ndlea_nigeria on Instagram, X, Tiktok and @ndlea01 on Facebook or @ndleatv on Youtube.

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Prove your innocence in court, INEC tells sacked REC

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The Independent National Electoral Commission (INEC) has told the dismissed Resident Electoral Commissioner(REC) Hudu Ari to prove his innocence before a competent court of law where he is being tried for allegedly infringing on the electoral process during the 2023 governorship election in Adamawa State.

Ari, who is being prosecuted by the commission for electoral offences in a beireifng in Bauchi at the weekend, said he had evidence that the candidate of the All Progressives Congress (APC), Senator Aisha Binani, won the governorship election in Adamawa State.

The former REC declared Binani winner of the contest when the rerun election was still ongoing before leaving the State, alleging his life was in danger.

However, National Commissioner and Chairman Information and Voter Education Committee of the Commission, Sam Olimekun (Mni) told The Nation that the commission will not comment on Ari’s allegations because his case is before the court.

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Olimekun said: “In response to your request, our attention has also been drawn to the interview granted by the former REC of Adamawa State, Mr. Hudu Yunusa Ari. There is nothing new in what he said.

“In any case, the substantive matter of the 2023 Adamawa State Governorship election has been determined through the appropriate judicial process from the trial Tribunal to the Appeal Tribunal and finally settled by the Supreme Court.

“The Commission will not comment on the propriety or otherwise of his conduct during the concluding part of the election as the matter is right now the subject of litigation at the High Court sitting in Yola and therefore subjudice.

“Now that he is back in the country, the right place to prove his innocence and the propriety of his action is by availing himself for the due process of law and not a press conference.”

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The Senate recently approved President Bola Ahmed Tinubu’s request to sack Ari and two other RECs.

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FG engages Saudi Arabia on visa travel restrictions

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The Federal Government is engaging with Saudi Arabia over the recent listing of Nigeria among nations restricted from multiple entry visas.

Saudi Arabia recently introduced new visa regulations that will impact travellers from 14 countries, restricting them to single-entry visas valid for 30 days with no option of extension.

The changes apply to tourists, business travellers and those visiting family members, while excluding applicants for Hajj, Umrah, diplomatic or residency visas.

The new regulations target travellers from Algeria, Bangladesh, Egypt, Ethiopia, India, Indonesia, Iraq, Jordan, Morocco, Nigeria, Pakistan, Sudan, Tunisia and Yemen.

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But Nigeria expressed optimism that it is a temporary measure.

According to the media aide of Minister of Foreign Affairs, Mr. Alkasim Abdulkadir, the changes may not be unconnected with the upcoming Ramadan season.

He said: “Saudi Arabia has recently adjusted its visa policies, affecting travellers from Nigeria and 13 other countries. The issuance of visas is a sovereign right of each nation and Saudi Arabia has implemented these changes to better manage the influx of visitors, especially with the upcoming Ramadan season.

“Nigerian citizens are still eligible to apply for single-entry visas and thousands continue to do so daily. It’s important to note that this restriction is temporary and specifically pertains to multiple-entry visas. This policy does not prevent travellers or pilgrims from applying to visit Saudi Arabia for work or religious purposes.

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“The Nigerian government is actively engaging through diplomatic channels to ensure that Nigerian pilgrims and travelers experience seamless journeys to Saudi Arabia.”

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