The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has sacked the Executive management of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
A source at the organisation confirmed that the affected directors got their letters on Friday.
The pioneer Managing Director, Mr. Aliyu Abdulhameed, had earlier been sent away over an alleged multi-billion Naira fraud and has been under investigation.
His replacement, Abbas Umar Masanawa was removed in the latest exercise.
Although the CBN said the exercise was part of reorganisation, insiders said that it was part of the decision of Mr. Cardodo to remove those with unwholesome records.
What remained unclear was how all the directors would be involved in the mismanagement of the resources of NIRSAL.
Other directors who were sacked were : Kennedy Nwaruh, Executive Director, Operations; and Olatunde Akande, NIRSAL Plc’s Executive Director, Technical.
It was not clear if other staff in the Directorate cadre would be affected in further similar exercises.
But it was learnt that uncertainties about the fate of other senior staff was of a great concern to the workers.
[Vanguard]
Arrested and detained EndBadGovernance protesters have filed an application before a federal high court in Abuja seeking to vacate an order allowing the police to detain them for 60 days.
Nigerians staged a nationwide protest against economic hardship from August 1–10.
The protesters demanded a reduction in the cost of governance, a return to the petrol subsidy regime, food security, and fiscal discipline, among others.
The demonstration, however, turned violent in some parts of the country, with looting and vandalism recorded in some states.
Following the protests, the police announced the arrest of perpetrators in some states.
On August 22, Emeka Nwite, presiding judge, granted an ex parte application marked FHC/ABJ/CS/1223/2024 brought by the inspector-general of police to detain 49 respondents in the FCT for 60 days pending the conclusion of investigation.
However, the respondents have filed an application seeking to vacate the order against them on the grounds that their fundamental rights were breached.
Amongst several other grounds, the respondents/applicants, through their legal team led by Femi Falana, contended that “the honourable judge acted without jurisdiction when his lordship made an order committing the defendants to correctional centre pursuant to Section 299 of the Administration of Criminal Justice Act (ACJA), 2015″.
“Pursuant to Section 293 (1) ACJA 2015, only a magistrate court that has jurisdiction to try an offender that was brought within a reasonable time,” the application reads in part.
“At the time of the hearing of the motion ex-parte, the respondent/applicant was in custody of the applicant/respondent at Abuja, within the jurisdiction of this Honourable Court and not produced before the court.
“The motion ex-parte was predicated on suppression and misrepresentation of material facts.
“The motion ex-parte constitutes a gross abuse of the process of this honourable court.
“The complainant/respondent motion ex parte did not disclose any fact capable of linking the respondents/applicants to any terrorism activity.”
Meanwhile, no date has been fixed for hearing of the motion by the court.
[TheCable]
Malik Abdulganiyu and Hawal Akande have been reportedly found dead in a river at Egudu Baale community in the Ado-Ota LGA area of Ogun state.
Omolola Odutola, the police spokesperson in the state, confirmed the development on Saturday.
On Wednesday, Abdulganiyu and Akande reportedly left their home on Olaigbe Street in Egudu Baale to report to work at the local Salvation Army, also located within the same community.
Odutola said the next day, the mothers of the deceased reported that their children were yet to come home from work.
He said following a search, the bodies of the kids were found in a river not far from their home.
“On August 8, 2024, at approximately 1:30 a.m., the mothers of Abdulganiyu and Akande, aged 15 and 13, respectively, reported that their children had not returned home from work on Thursday,” Odutola said.
“The corpses were discovered floating in a river not far from their home. Police detectives visited the scene and conducted a thorough examination of the bodies, but found no signs of an attack.
“The bereaved family demanded the release of the corpses, arguing that they wanted to bury them according to Islamic rites.”
Mercy Eke, the reality TV star, has opened up about her experience with the Brazilian Butt Lift (BBL) surgery.
In a recent interview, Eke said she underwent the BBL in Nigeria in 2018 without thoroughly researching her surgeon.
She explained that the trend at the time influenced her then and she did not fully grasp the potential risks.
Eke said she would take the time to thoroughly investigate the surgeon’s track record if she ever considered undergoing surgery again.
“To be very truthful, it was initially because of the trend. I did my body in 2018,” she said.
“I think, at the time, it was just the trend, maybe peer pressure. Everyone was doing it.
“I had a beautiful, slim body, but my stomach was a little too much.
“I did my body here in Nigeria. I didn’t do any research on the doctor beforehand.
“Maybe I was just ignorant. I didn’t think about the risks.
“But now, if I have to touch my body, I have to see the works of that doctor. How many deaths?
“How many complications? I’m going to ask a lot of questions before anybody can touch my body again.”
Eke rose to fame after winning the fourth season of the BBNaija reality TV show in October 2019.
In 2020, she made her acting debut in the film ‘Fate of Alakada’.
She also featured in the Nollywood blockbuster ‘Shanty Town’.
In 2023, Eke participated in the BBNaija All-Stars season, finishing as the first runner-up
My 54 years old Wife Who Deliver 11 Babies Was Pregnant For Three And A Half Years – Cleric Tells His Story
AFOLABI
When Alhaji Yahaya Imam Nafiu, an Islamic cleric and Missioner of the Ilorin Emirate Development Progressive Union in the Republic of Benin, learned that his third wife had given birth to 11 babies, he was overwhelmed by the magnitude of the news.
The news left him feeling jittery, and the reality of the financial strain and responsibility of caring for eleven newborns almost made him run away.
In an interview with Tunde Oyekola, he recounts his initial fears and how he tried to come to terms with the overwhelming responsibility
Recently, news broke that your wife gave birth to 11 children. How did you feel when you received the news?
My wife, Chognika Latoyossi Alake, who is a native of Ajasse-Cotonou in Benin Republic, gave birth to 11 children in Porto Novo in two tranches. She first delivered six – five boys and one girl – on July 6 and 7, 2024.
On August 14, she gave birth to another five boys. Unfortunately, one of the girls from the first set passed away about one and a half hours after birth, and we later lost another baby. Currently, we have nine surviving children, and they have all been named.
Were these children her first?
No, they are not her firstborn. Latoyossi is my third wife. I had two wives before marrying her. She was previously married and had three children in her first union. She became pregnant nine years after having her last child. This particular pregnancy lasted for about three and a half years.
I left Ilorin in 2008 for Porto Novo in search of greener pastures. I’m 56 years old while my wife, Latoyossi, is 54 years old.
A normal pregnancy is supposed to last nine months. What did you do when there was an unusual delay?
During that period, she visited hospitals, underwent various medical tests and scans, and had three surgeries. The most surprising thing was that each time doctors attempted to operate on her, the incision would close up again. The last doctor, a white man, said he had never encountered anything like it in his long medical career. The doctors also told us that unseen spirits seemed to be interfering whenever they attempted to operate. After exhausting the options at government and private hospitals in the Benin Republic, we turned to traditional birth attendants.
What do you think caused the extended pregnancy?
I’m not certain about what caused it, as it wasn’t her first pregnancy. As I mentioned before, she had three children from her previous marriage. However, I suspect it might have been due to some malevolent forces. We were all deeply concerned when she couldn’t deliver the babies within the expected timeframe.
Were the children born via caesarean section?
No, they were delivered naturally by their mother. They were born at a traditional birth attendant’s home.
Did the doctors confirm there were babies in her womb?
Yes, medical tests confirmed she was pregnant, but the scans didn’t reveal the number of babies. They only indicated that she was carrying babies.
When you were informed that she delivered 11 babies, what was your reaction?
The 11 babies weren’t delivered all at once; they came in two tranches. When I received the call that my wife had delivered six babies, I was terrified because the news was so shocking. Although I had heard of such things happening in other countries, it was unprecedented in Nigeria or the Benin Republic. Initially, I didn’t believe it. I asked about my wife’s condition, and they assured me she was fine. I wanted to speak with her, but they said it wasn’t possible at that moment. At one point, I considered fleeing because I couldn’t fathom how I would feed eleven children in addition to the others I already had. But eventually, I decided to go and see them, believing that Allah, who gave them to us, would also provide for their needs.
What happened next?
About a week after delivering the six babies, my wife began to complain of stomach pain and had difficulty eating. Despite the traditional birth attendant’s advice not to take her elsewhere, we decided to visit a hospital. The doctor there recommended another scan, which revealed that more babies were still in her womb, though the exact number wasn’t clear. We returned to the traditional birth attendant, who admitted that he had known there were more babies but didn’t want to alarm her. He instructed us to return when she showed signs of labour. When she started experiencing labour pains, we took her back, and she delivered another five boys, one of whom later passed away. The last set of babies are two weeks old and are all healthy.
As an Islamic cleric, how do you describe the birth of 11 children by a single woman?
The birth was nothing short of a miracle from Allah; something no human can fully comprehend. It is an inexplicable wonder (Ise Olorun ni, awamaridi si ni ti enikankan ko le mo).
Are twins common in your family?
No, twins are not common in my family. Only one member of my family has given birth to twins and they are two girls. Since then, no member of my family has had multiple births.
What has it been like feeding the babies?
The first five babies were breastfed by their mother for the first few days, but she soon became overwhelmed, and we had to switch to formula. They consume three containers of formula daily.
How are you coping with this situation?
Although we are not wealthy, we are relying on Allah, who blessed us with these babies. We are appealing to both the Federal and Kwara State governments, as well as to philanthropic individuals in society, to assist us in caring for these gifts from God.
What are your plans for the babies?
Strictly following our tradition in Ilorin, when the babies were born, I informed the Magaji of our compound, who is the head of the family, and other family members. Baba Magaji then informed the Emir of Ilorin about the great gift bestowed upon our family. I came to Ilorin on Tuesday this week, and we visited the Emir, HRM Maimataba Alhaji Sulu-Gambari, on Wednesday to celebrate the blessing of the eleven children. The Emir offered special prayers for the children and the entire family and gave us gifts to help take care of them. We have also informed the governor about the children. However, one significant challenge remains – bringing the children and their mother from Benin Republic to Ilorin so that the Emir and our family can see and pray for them. I don’t have the funds to transport them. Another challenge is that I have not yet performed the necessary traditional rites for my wife, which is also costly. Although we have fulfilled the Islamic requirements for marriage, we still need to complete the traditional ceremonies before she can travel with me to Ilorin. Therefore, I am appealing to philanthropists and well-to-do individuals to come to our aid so that the babies can be well cared for and brought to see my family.
***
Source: The PUNCH
One Emmanuel Urhobocha has allegedly taken his life in Ogun State.
The lifeless body of the 35-year-old man was found in his apartment on Alafia Street in Sango-Ota, located in the Ado-Odo Ota Local Government Area.
The deceased was said to have committed suicide around 9:00 a.m. on Friday after he started displaying some bizarre behaviour.
The Ogun State Police Command confirmed the incident, saying one Obabiyi David, the roommate of the deceased, had reported him at the police station after he (Urhobocha) stabbed him.
The command’s spokesperson, Odutola Omolola, disclosed that David, had gone to the Sango-Ota Police Division to report that his flatmate was acting irrationally.
“He (David) stated that Urhobocha was behaving oddly and even mentioned that the deceased had attacked him with a knife at one point. David sustained injuries but managed to escape the assault,” Odutola stated.
A team of policemen from the Sango-Ota division was sent to interrogate Urhobocha regarding the alleged attack on his friend, but upon arrival, they found the room locked from the inside.
After several attempts to force the door open, the police finally gained entry and found the suspect lying lifeless, face down in the apartment.
Odutola said, “He was discovered dead in the apartment, with a container of insecticide found next to his body.
“He was promptly transported to a local hospital for medical attention, but the attending doctor confirmed him dead. His body has been placed in the morgue for an autopsy, and the incident remains under investigation.”
This incident occurred just days after a 32-year-old man, Olúwaṣeun Shorinola, died by suicide in the Kémta area of Abeokuta, the Ogun State capital, on August 28, 2024.
The Nigerian Education Loan Fund (NELFUND) has revealed the data showing student loan applicants by state of origin.
President Bola Tinubu in July launched NELFUND.
The revised Student Loan Act 2024 was signed to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.
The loans cover tuition, fees, and maintenance costs. The repayment process starts two years after the beneficiary completes the NYSC program.
The Federal Government recently allocated over N2.5 billion in student loans to over 22,00 students nationwide, with institutions in the Southeast notably absent from the list of beneficiaries.
Students from Kano and Borno States have emerged as the frontrunners in the NELFUND student loan applications.
Kano State recorded 17,122 applications out of 20,814 registered tertiary students.
Borno State followed closely, with 13,798 students applying for the loan out of 16,353 registered students.
These figures were shared on NELFUND’s X account, highlighting the distribution of registered students and subsequent loan applicants by state of origin.
Benue State ranked third, with 11,754 of its 16,127 registered students applying for the student loan.
Oyo State saw 14,086 students register, with 8,990 moving forward with the application process.
In Kaduna State, 13,873 students registered, and 10,380 proceeded to apply.
Katsina State had 13,538 students register, of which 10,952 eventually applied.
Osun State registered 13,368 students, with 8,093 applying for the loan.
Kogi State saw 12,675 students register for the NELFUND student loan, with 8,400 of them proceeding to apply.
In Plateau State, 11,624 students registered, and 9,328 of them went on to submit their loan applications.
Adamawa State had 11,219 students register, of which 8,977 successfully applied for the loan.
Kwara State recorded 11,126 registrations, with 7,645 students applying for the loan.
In Taraba State, 10,699 students registered for the student loan, and 8,668 of them proceeded to apply.
Yobe State had 10,398 students register, with 8,966 going on to apply for the loan.
Ogun State saw 10,387 registrations, with 5,943 students moving forward with the application.
Akwa Ibom State recorded 9,594 registrations, with 6,525 students applying for the loan.
In Bauchi State, 8,358 students registered, and 6,517 applied for the student loan.
Kebbi State had 7,873 students register, with 6,333 proceeding to apply for the loan.
Gombe State recorded 7,594 registrations, with 6,121 students applying for the loan.
Niger State saw 7,487 students register, and 5,804 of them went on to submit their loan applications.
In Jigawa State, 6,937 students registered, with 5,535 successfully applying for the loan.
Ondo State had 6,519 students register, with 3,854 proceeding to apply for the student loan.
Nasarawa State saw 6,192 students register, and 4,789 of them applied for the loan.
Ekiti State recorded 6,065 registrations, with 3,497 students applying for the loan.
In Imo State, 5,458 students registered, with 2,802 going on to submit their loan applications.
Delta State saw 4,943 registrations, with 2,771 students applying for the loan.
Ebonyi State recorded 4,749 registrations, with 2,981 students applying for the loan.
In Cross River State, 4,282 students registered and 2,476 of them proceeded to apply.
Enugu State had 4,133 students register, with 2,247 successfully applying for the loan.
Abia State saw 4,068 registrations, with 2,170 students moving forward with the application.
Lagos State recorded 3,947 registrations, with 2,347 students applying for the loan.
Anambra State had 3,747 students register, with 1,840 proceeding to apply for the student loan.
In Zamfara State, 3,721 students registered, and 2,986 of them successfully applied for the loan.
Edo State saw 3,612 registrations, with 2,149 students applying for the loan.
Rivers State recorded 3,612 registrations, with 2,162 students applying for the loan.
Sokoto State had 3,014 students register, with 2,055 proceeding to apply for the student loan.
Bayelsa State saw 1,977 students register, with 1,267 of them applying for the loan.
In the Federal Capital Territory Abuja, 894 students registered for the loan, while 676 proceeded to submit their applications.
Kelechi Ndukwe has made history as the first Nigerian to command a US Navy warship.
Kelechi was promoted to the rank of Commander in the US Navy on Thursday August 29 2024.
Sharing the news on his official X, a US Army Officer, Victor Agunbiade congratulated Ndukwe on his achievement.
Sharing pictures from the promotion ceremony, Ogunbiade wrote; “Ladies and Gentlemen, meet the newest US Navy Captain Kelechi Ndukwe. The first Nigerian to have a command of the US Navy War Ship! Congratulations on your promotion Captain! Well deserved.”
Reacting to the news on X, Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, congratulated Ndukwe on his achievement.
“A hearty congratulations to Navy Captain Kelechi R Ndukwe who has been promoted to the rank of Navy Captain from Commander, in the US NAVY.”
The deal between the Nigeria Football Federation (NFF) and the new Super Eagles Coach Bruno Labbadia have been aborted.
The News Agency of Nigeria (NAN) reports that the NFF had earlier announced on Tuesday that it had reached an agreement with German tactician, Labbadia to become the Head Coach of the Super Eagles.
However, a statement by Ademola Olajire, NFF’s Director of Communications, on Friday quoted the NFF President, Musa Gusau as saying that the deal between the NFF and Labbadia had been botched.
Gusau explained that stringent regulations of German tax authorities had conspired to abort the agreement between the NFF and Coach Labbadia.
“We have been on the tax issue for the past three days.
“I told him clearly that there was no way the NFF will agree to offset the concomitant tax percentage on his salary that will be demanded by German tax authorities.
“It is not possible for us to shoulder the responsibility of shelling out another money, between 32 per cent to 40 per cent of his salary, after paying the agreed monthly wage.
“The NFF and Labbadia reached an agreement in principle before we made the announcement that he would become the Head Coach of the Super Eagles.
“The tax details were never part of our discussions, and he had personally agreed to all terms before the tax issue came up.
“We were doing our best to be flexible in the discussions but he was adamant that the NFF had to pay the full tax amount as well. We simply cannot do that,” Gusau said.
He added that with the latest development, Technical Director of Nigeria Football Federation, Coach Augustine Eguavoen will now take charge of the Super Eagles.
Eguavoen will lead the team for the upcoming 2025 Africa Cup of Nations qualifying matches against Benin Republic in Uyo, Sept. 7 and Kigali, Rwanda Kigali, on Sept. 10.
NAN reports that this would be Eguavoen’s fourth stint in charge of the three-time African champions, after earlier experience in 2005 to 2007, 2010 and 2022.(NAN)
Napoli’s Victor Osimhen has found himself sidelined as the Serie A club has handed his iconic number 9 jersey to their new signing, Romelu Lukaku.
This development follows a summer of intense transfer speculation and a reported fallout with the club’s hierarchy, according to journalist Fabrizio Romano.
The Nigerian striker, who played a pivotal role in securing Napoli’s first Scudetto in four decades, was at the centre of a tug-of-war between several top clubs.
However, despite last-minute bids from Saudi giants Al-Hilal and English side Chelsea, Osimhen remains with the Partenopei, a situation that has left many fans and pundits puzzled.
New Napoli manager Antonio Conte, who has a history with Lukaku from their successful stint at Inter Milan, appears to have no place for Osimhen in his plans.
Conte’s preference for the Belgian striker is seen as a key reason behind the decision to strip Osimhen of his number 9 shirt.
Napoli had reportedly reached an agreement with Saudi club Al Ahli for a fee of around £67 million, but negotiations hit a snag when the Italian club demanded a higher fee.
This prompted Al Ahli to shift their focus to Brentford’s Ivan Toney, ultimately securing the English forward for a £40 million move.
Toney, who had already undergone a medical in London on Deadline Day, became the more straightforward option for the Saudi side.
The failed transfer saga has left Osimhen in a precarious position, with reports suggesting he could be sidelined until January when the transfer window reopens.
This situation is in contrast to his recent successes, including being named African Footballer of the Year and finishing 8th in the Ballon d’Or rankings.
After a successful 2023 season, tensions between the striker and Napoli had already been simmering, especially after the club’s official TikTok account released a controversial video that many interpreted as disrespectful.
Despite the public fallout, the former Wolfsburg striker extended his contract with Napoli until 2026.
More...
Three suspects involved in Automated Teller Machine, ATM, swap in Kaduna state, have been arrested and detained by operatives of the Kaduna State Police Command.
The Command’s Spokesperson, ASP Mansir Hassan, confirmed the development in a statement in Kaduna on Friday, adding that the police also recovered 54 ATM cards with a Point of Sale machine, POS.
“On August 27, at about 23:00 hours, following a credible intelligence, police operatives nab three suspects involved in ATM Card Swap Fraud, through a well-coordinated operation,” he said.
Hassan said the suspects included, Umar Ya’u of Zoo Road Kano, Abdullahi Bukar of Tudun Wada Kaduna, and Hussaini Sulaiman of Zoo Road, Kano.
According to him, the suspects were known for loitering around ATM machines, where they pretended to assist individuals who appeared unfamiliar with operating the machines.
“In doing so, they would deceitfully swap the victims’ ATM cards, allowing them to carry out unauthorised withdrawals.
“54 ATM cards of different banks and a POS machine were recovered from the suspects, which they confessed to getting from defrauding multiple victims across Kano, Kaduna, and Zaria,” he said.
Hassan further said that the Commissioner of Police, Mr Audu Dabigi assured the public of the command’s continues commitment towards safeguarding the community.
He also urged the general public to be mindful of unsolicited assistance and to immediately report any suspicious behavior at ATM points to the police for prompt action.
Nigerian actress, Lizzy Anjorin, has spoken on allegations of an affair with Toyin Abraham’s husband, Kolawole Ajeyemi.
Controversial blogger, Esther Aboderin, popularly known as Esabod, recently accused Lizzy of engaging in an intimate relationship with Ajeyemi.
Reacting to the allegation in a viral video on Instagram, Lizzy dismissed the rumours, labeling it “evil”.
She further urged the public to disregard the claims.
“Concerning the rumour that is being spread that Toyin and Kolawole’s marriage is facing challenges, I am not interested. Whatever happens is their problem. It does not affect my life. Whoever wants to do evil should continue. Disregard all the information,” she said.
DAILY POST recalls that Lizzy and Toyin had in 2019, involved in a highly publicised feud after Lizzy was allegedly questioned by Saudi Arabia’s security over suspicion of drug trafficking during her Hajj pilgrimage.
Following the incident, Lizzy accused Toyin of leaking the story to the media.
However, Toyin Abraham denied any involvement. The dispute between the actresses led to several controversies at the time.
The Simom Ekpa-led Biafra Government in Exile has written to the Canadian Government in defense of Amaka Sunnberger amid a call for her prosecution over the threat to harm Yoruba and Bini people of Edo State.
Recall that Sunnberger sparked outrage after a now-viral video she posted on her Tiktok threatening harm against the Yoruba and Edo people.
In response to Sunnberger’s comments, the Nigerian government through the Nigerians in Diaspora Commission, chaired by Abike Dabiri-Erewa on Thursday petitioned the Mayor of Brampton to persecute Sunnberger over the threat.
Reacting to the development, Ekpa, known as the Prime Minister of BRGIE had vowed to defend Sunnberger.
To make real his vow, Dr Joy Robi, who is known as the Director General of Biafra Ministry of Foreign Affairs, has now addressed a letter to the Mayor of Brampton, Canada.
In a three-page letter to the Canadian Government posted on Ekpa’s official X handle on Friday, he expressed concern over what he called the inaccuracies and potential misunderstandings claimed by NiDCOM over Sunnberger.
The letter claimed several violent remarks by individuals within Nigeria against Biafrans which did elicit calls for prosecution by the government.
“We provide below a counter-argument with evidence of how the Nigerian government that NiDCOM is representing has video violence on killings of indigenous people in Nigeria, which resulted in many people fleeing out of Nigeria to preserve their lives.
“Information reaching the Biafra Government reveals that Mrs. Amaka Patience Sonnberge was traumatized by the attempted kidnap of her child in Canada by two individuals.
“Of note, Biafrans living in Nigeria and abroad are suffering intensely under the incessant life threat against the Igbo race. This mental abuse has been ignored due to fear of being killed.
“NiDCOM’s Chair is from a privileged Nigerian tribe with the positive attention her tribe is enjoying but ignored the intense mental suffering being mated on the Biafra people from the great Igbo race.
“Notably, Mrs. Amaka Patience Sonnberge due to the mental suffering certain tribes in Nigeria has mated on her family in Biafra land and may have angrily misspoken due to her pain, but that is not enough for NiDCOM to be advocating for Mrs Amaka Patience Sonnberge to lose her occupation.
“In conclusion, I firmly believe that the claims made against Mrs Amaka Patience Sonnberge are unfounded and do not reflect the true character and contributions when you examine the painful and mental suffering Biafrans in Nigeria are going through daily.
“I respectfully request that you ignore the NiDCOM claims in light of the evidence provided and allow Mrs. Amaka Patience Sonnberge to continue to contribute positively to your community in Canada.
“The Biafra government will defend Mrs Amaka Patience Sonnberge against any action taken by the NiDCOM”, the letter partly reads.
The Naira lost N30 and N28.48 at the parallel and official foreign exchange market in the last week amid the Central Bank of Nigeria Retail Dutch Auction System.
This comes as the Naira depreciated to N1645 against the dollar on Friday compared to the N1615 exchange rate recorded last week on Friday, 23 August 2024.
Similarly, FMDQ data which records official foreign market trading showed that the dropped to N1598.56 per dollar this Friday compared to N1570.14 exchanged last week.
The development means that the weakened both foreign exchange markets despite the Central Bank of Nigeria’s interventions.
Although the foreign exchange transaction turnover increased to $172.80 million on Friday from $155.52 million recorded on Thursday, the Naira fell to strengthen against the dollar in the last seven days.
The development comes weeks after the Retail Dutch Auction System was reintroduced by CBN amid a dollar demand spike.