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CBN injects fresh Dollars into BDCs at N1,021/$1

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CBN injects fresh Dollars into BDCs at N1,021/$1
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The Central Bank of Nigeria (CBN) has announced the sale of $10,000 to each licensed Bureau De Change (BDC) operator nationwide.

This marks the second such intervention this month by the apex bank.

In a circular addressed to the president of the Association of Bureau De Change Operators (ABCON), the CBN outlined the details of the intervention.

BDCs will be able to purchase dollars at the rate of N1,021 per dollar.

They are, therefore, authorized to sell this forex to eligible end users at a maximum spread of 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

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On the 8th of April 2024, the CBN sold $10,000 FX to each of the 1,588 participating BDCs at a fixed rate of N1101 per US dollar at a spread capped at 1.5 percent above the purchase price from the CBN (approximately N1,116.15 per dollar). This limited the potential profit BDCs could make on each transaction

The latest circular has instructed all eligible BDCs to commence immediate payment of the Naira equivalent for their allocated $10,000 into designated CBN Naira Deposit Accounts.

This deposit must be accompanied by the submission of necessary documentation to facilitate the disbursement of forex at respective CBN branches.

The latest intervention by the CBN is likely to be met with cautious optimism by market participants. The continued injection of US dollars into the BDC segment aims to improve access to forex for legitimate transactions, potentially alleviating some pressure on the parallel market.

However, the effectiveness of this strategy hinges on several factors: the extent to which the allocated amount meets the current demand for forex remains to be seen; strict adherence to the stipulated maximum selling price by BDCs is crucial for ensuring transparency and preventing market distortions; and while stop-gap measures like these can provide temporary relief, addressing the underlying causes of FX scarcity is essential for achieving long-term market stability.

The CBN’s recent actions since February 2024 highlight its ongoing efforts to manage forex liquidity and ensure the smooth functioning of the foreign exchange market.

The success of this strategy will depend on continued monitoring, adjustments as needed, and fostering a more market-driven approach to FX allocation in the long run.(NATION)

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Tinubu Departs for Saudi Arabia to Perform Umrah, Pray for Nigeria

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President Bola Tinubu will depart Abuja on Thursday, October 29, for Makkah, Saudi Arabia, to perform Umrah, an Islamic pilgrimage involving religious rites in the holy city.

The President’s visit will provide an opportunity for spiritual reflection and prayers for Nigeria’s peace, unity, stability and continued progress.

His Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Wednesday.

According to Onanuga, Tinubu will seek Allah’s guidance and blessings for Nigeria and its people during the spiritual exercise.

“While in Makkah, President Tinubu will perform the religious rites associated with Umrah, seeking Allah’s guidance and blessings for Nigeria and its people,” the statement read.

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Before departing Abuja, the President is scheduled to commission equipment acquired by the Nigerian Air Force for its operations.

The commissioning will take place at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja.

Onanuga said Tinubu was expected to return to Nigeria next week after completing the religious exercise.

Umrah is an Islamic pilgrimage to Makkah that can be undertaken at any time of the year, unlike Hajj, which takes place during a specific period on the Islamic calendar.

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Mbah Denies Alleged Order to Block Opposition Town Hall Meeting

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Enugu Governor, Dr Peter Mbah
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…Warns  Opposition Against Defamation

Enugu State Governor, Peter Mbah, has dismissed as false a viral social media allegation that he ordered a political party to be denied access to a private facility for its town hall meeting, warning opposition figures against making defamatory statements.

Mbah, in a statement issued in response to the circulating video, described the allegation as “preposterous and utter falsehood,” insisting that he neither issued such a directive nor had any involvement in preventing the party from using the facility.

The controversy followed the circulation of a video on social media alleging that the governor directed the management of Amadeo Event Centre, a private facility, to deny a political party the use of its premises for a town hall meeting.

Reacting to the allegation, the governor said his attention had been drawn to the video, which he described as an attempt by the opposition to mislead the public and attract attention.

“My attention has just been drawn to a video circulating on some social media platforms, alleging that I gave an order denying a political party use of a private facility for their town hall event. This is preposterous and utter falsehood, because I did not,” he said.

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Mbah further accused the opposition of relying on what he described as propaganda and falsehood rather than presenting substantive issues to the electorate.

“This is shameful and reveals a desperate pattern adopted by the opposition to attract attention,” the governor stated.

He emphasised that although freedom of expression was a fundamental feature of democracy, it should not be used as justification for making defamatory allegations against individuals.

“There’s no doubt that democracy guarantees freedom of expression. It should be noted, however, that it does not grant anyone the right to defamation,” he said.

The governor also maintained that democratic institutions provide avenues for individuals and groups to seek redress when they believe they have been wronged, rather than resorting to statements capable of damaging the reputation of others.

“Democracy also offers avenues to seek redress. So, let it be known that there are redlines that should never be crossed,” he added.

The statement’s accompanying commentary questioned why Mbah would interfere in the operations of a private establishment, stressing that Amadeo Event Centre was not a government-owned facility.

It also accused opposition figures of making allegations against the governor to gain public attention, insisting that the claims were politically motivated.

The development comes amid political activities in Enugu State, where opposition parties and the ruling All Progressives Congress (APC) continue to engage in political campaigns and public debates ahead of future electoral contests.

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Bandits Abduct 29 Women, Child in Niger Communities as 11 Escape

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Gunmen kill Governor’s aide, wife during night raid
Bandits
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Suspected bandits have abducted 29 women and a male child during attacks on four communities in Mariga Local Government Area of Niger State, with 11 of the female victims reportedly escaping from captivity.

The affected communities are Kwimo, Kalgo, Kakaki and Mabona.

The latest development was disclosed in an operational update by the Nigeria Police Force covering security operations across several states between October 27 and 28, 2026.

According to the report, the 11 women escaped from their abductors’ hideout following sustained tactical pressure from police operatives.

Security personnel are continuing efforts to secure the release of the remaining victims and apprehend those responsible for the abduction. The State Criminal Investigation Department in Minna is investigating the incident.

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A resident, Mohammed Ibrahim, said a joint security team led by operatives of the Bangi Police Division immediately launched a pursuit of the attackers after the incident.

He said the security operatives tracked the assailants, leading to efforts to rescue the abducted residents.

The Police Public Relations Officer of the Niger State Command, SP Wasiu Abiodun, also confirmed the attack and the ensuing security operation.

Mariga Local Government Area has experienced repeated attacks and kidnappings in recent months, raising concerns over the safety of residents, particularly those in rural communities.

In September, suspected bandits abducted dozens of farmers, most of them women, while they were harvesting groundnuts in the area. The police confirmed that more than 20 people were abducted, while the local government chairman put the figure at 47.

The recurring attacks have heightened concerns about the security of farming communities and the impact of kidnappings on residents’ livelihoods.

As of the latest available report, efforts were ongoing to rescue the remaining victims of the latest abduction.

The status of the male child and the exact number of victims still in captivity had not been independently established in the reports reviewed.

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