Connect with us
// (adsbygoogle = window.adsbygoogle || []).push({});




The Central Bank has technically devalued the naira to exchange to the dollar at N380 .
The apex bank took this decision after all interventions in the market , such as imposing sanctions on errant operators and use of moral suasion to curb illegal forex operations did not sustain the exchange rate of N360 .
In a circular to the operators in the sector , the CBN merged the rates at both the Bureau De Change rate and Import & Export window at N 380 .
Under the new dispensation , the CBN would make the dollar available to the BDCs at N 378 , which would be sold at N 380 .
The President, Association of Bureaux De Change Operators of Nigeria , Aminu Gwadabe , said the merger of the different rates became necessary to build confidence in the sector .
He said this would make it impossible for those dealing in illegal operations and speculators to be profitable .
Gwadabe said it was an unacceptable situation for operators to access the dollar below N 360 and be selling at between N 370 and N375 .
“There is a circular on it; we are to be buying at N 378 and sell at N380 , ” he said .
He said the rise in the exchange rate was not due to genuine demand because people were not really travelling or importing goods.
“The situation cannot remain like this ; things will improve. If coronavirus goes , we will get over it,” he said .
It would be recalled that in the previous week , the naira exchanged between N 405 and N 420 to a dollar in the BDC segment of the market .

READ ALSO  251 illegal miners arrested in Zamfara

This was attributed to the crude oil price which fell drastically in the international market and this raised speculations among the BDC operators and Nigerians in general .
ABCON had said the movement was as a result of recklessness on the side of the operators when they wanted to speculate .
It said there was no reason for that because the CBN had continued to maintain support for liquidity to the BDC subsector .
Before then , the CBN had maintained the exchange rate at about N360 for more than three years .
However , the CBN had said it was working with the fiscal authorities to properly ease the impact of the coronavirus and ensure a sound and stable financial system .

READ ALSO  Saudi sterilises Kaaba over Coronavirus fears


Lawal Abdulsalam, Student of civil engineering, student from federal polytechnic Ede if you don't know Lawal Abdulsalam then perhaps you started blogging yesterday.He runs one of the most popular blogs on internet.

Advertisement // (adsbygoogle = window.adsbygoogle || []).push({ google_ad_client: "pub-7404936528073869", enable_page_level_ads: true });
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Sudan allows alcohol consumption, decriminalises leaving Islam




Sudan is to allow non-Muslims to drink alcohol for the first time in decades and has scrapped laws that had made leaving Islam potentially punishable by death, the justice minister said.

The raft of amendments comes a year after Islamist dictator Omar al-Bashir was toppled following mass protests against his three-decade rule.

Sudan now “allows non-Muslims to consume alcohol on the condition it doesn’t disturb the peace and they don’t do so in public,” Justice Minister Nasredeen Abdulbari said in an interview Saturday evening on state television.

While Islamic tradition forbids the faithful from drinking, Muslim-majority Sudan has a significant Christian minority.

Abdulbari, part of an transitional government that took power after Bashir’s ouster, also announced that converting from Islam to another religion would be decriminalised.

READ ALSO  BREAKING: FG, SW Govs ‘agree’ on Amotekun

“No one has the right to accuse any person or group of being an infidel… this threatens the safety and security of society and leads to revenge killings,” he said.

Many Muslim-majority countries apply Islamic laws making leaving the faith punishable by death.

Bashir, who had enforced such rules after coming to power in an Islamist-backed 1989 coup, was toppled by the army following mass protests over the country’s worsening economic crisis.

Sudan’s transitional government, installed under a deal between protest leaders and the generals who took charge after Bashir’s ouster, has pursued a string of reforms including on Friday criminalising female genital mutilation.

READ ALSO  COVID-19: 47 health workers in Kano tested positive

A constitution adopted for the three-year transition period omits mention of Islam as a defining characteristic of the state.

Official figures say Christians represent only three percent of Sudan’s 40 million inhabitants, although Christian leaders say the real figure is much higher.

Human rights groups regularly condemned the toppled autocrat’s treatment of non-Muslims especially the Christian minority.

Copts, Catholics, Anglicans and a number of other denominations are present in the country but Bashir’s Islamist regime had driven many of them underground.

In 2014 a Sudanese woman was sentenced to death for converting from Islam to Christianity, triggering an international outcry.

Her conviction was later quashed after a global campaign to free her, and she escaped to the United States.

READ ALSO  Sudan allows alcohol consumption, decriminalises leaving Islam

Continue Reading


Police deploy 5,200 personnel to monitor Saturday’s LG election in Benue





Government election in the state.
The State Police Commissioner, Mr. Garba Mukkadas made this known Friday while briefing newsmen on the preparedness of the command to ensure a hitch-free election in the state.
He said the command would partner sister security agencies to ensure that the process went without any major incidents.
Representing by the Command’s Public Relations Officer, Deputy Superintendent, DSP, Catherine Anene, Mr. Mukkadas said preparation for the election was a sequel to a letter from the Benue State Independent Electoral Commission, BEDIEC, intimating the command of a new date for the rescheduled election.
He said “BESIEC had written to inform us that the local government election which was postponed earlier in the year due to the outbreak of the Coronavirus has been rescheduled for May 30, 2020.

READ ALSO  COVID-19: 47 health workers in Kano tested positive

“It is on that premise that we have deployed 5,200 of our personnel to provide security at the polling units and ensure peaceful conduct of the election.
“We will do this in partnership with sister security agencies and in carrying out that function our personnel have been provided face masks and pocket hand sanitizers to protect them from COVID-19.
“BESIEC has also informed us that they are providing their personnel Personal Protective Equipment, PPE, and will also ensure that the World Health Organization’s protocol on COVID-19 strictly adheres to by the electorates and all those that have one role or the other to play on the election day,” the Police Commissioner said.
He also explained that the command had not imposed movement restrictions on election day except for the subsisting 8 pm to 6am curfew impose by the state government to restrict movements in order to contain the spread of Coronavirus in the state.

READ ALSO  251 illegal miners arrested in Zamfara

Continue Reading

Inspirational Tips



WhatsApp Join Our WhatsApp Chat
%d bloggers like this: