The Central Bank of Nigeria has begun another tranche of dollar sales to Bureau De Change Operators to further boost Naira’s appreciation at foreign exchange market.

The National President of the Association of Bureau De Change Operators, Aminu Gwadabe exclusively confirmed this to DAILY POST on Monday.

Accordingly, the apex bank has started selling $10,000 FX to each eligible BDC at N1,101 per dollar.

The apex said All BDCs are allowed to sell to end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.

The implication is that BDCs are to buy at N1,101 per dollar and sell at N1,117.52.

“It is true, CBN had started selling dollars to our members at N1,101/$1, it was reviewed downward from N1,251 per Dollar”, he said.

The development came barely 48 hours after BDCs urged FX allocation below N1,251 per dollar to sustain the Naira’s appreciation in the forex market.

Recall that CBN sold $10,000 at an exchange rate of N1,251 to BDCs to defend the Naira in the foreign exchange market last month.

For a month, the Naira has continued its appreciation against the dollar, which stood at N1,251.05 per dollar last Friday.

The Federal Government on Monday arraigned Binance and one of its executives, Tigran Gambaryan, on five count charges bordering on money laundering

Gambaryan, who took the plea on behalf of the company as its representative denied committing the alleged offences.

Earlier, Justice Emeka Nwite had, in a brief ruling, dismissed the objections by Gambaryan to take plea on behalf of the company on the ground that he was not its representative and had no authority to do so.

Nwite, in dismissing the objection, held that Gambaryan had in an affidavit claimed to be a representative of the company and transacted businesses on its behalf in Nigeria.

The anti-graft agency said the offences, which were committed between January 2023 and December 2023 in Abuja, were contrary to and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Count one accused the defendants between January 2023 and January 2024 in Abuja of carrying on the specialised business of other financial institutions without valid licence.

The offence is said to be contrary to Section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under Section 57(5) of the same Act.

Nwite turned down the foreign national’s plea to be remanded in the custody of the Economic and Financial Crimes Commission, EFCC.

The Judge subsequently ordered that the defendant be taken to Kuje Prison on remand.

Justice Nwite fixed April 18 for hearing of the defendant’s application for bail and May 2 for the trial of the charges.

Details later.

The Ikeja High Court, Lagos, has remanded former Central Bank of Nigeria, CBN, Governor, Godwin Emefiele in custody of the Economic and Financial Crimes Commission, EFCC.

Emefiele was arraigned before the court by the anti-graft agency.

The embattled former governor of the apex bank is being prosecuted for allegedly abusing his office and allocating billions of dollars to himself.

Justice Rahman Oshodi remanded him till the next adjourned date, Thursday, April 11 when the court will give its ruling on his bail application.

Oshodi also ordered the remand of Emefiele’s co-defendant Henry Omoile at the Kirikiri Prison pending the court’s ruling.

Emefiele and his co-defendant, Omole, were arraigned on 26 fresh counts.

In the charge marked ID/23787c/2024 and dated April 3, 2024, the EFCC alleged that Emefiele abused his office between 2022 and 2023.

Liverpool star, Mohamed Salah, secured three records in their Sunday fixture against rivals Manchester United, with the game ending in a 2-2 draw at Old Trafford.

Colombia national, Luis Diaz, put the Reds ahead in the first half before United captain, Bruno Fernandes, restored parity with his sensational long-range strike.

Youngster, Kobbie Mainoo, then put the Red Devils in front and Erik ten Hag's charges looked on course to cart home all three points, only for Aaron Wan-Bissaka to concede a penalty deep in the second half.

Salah stepped up to convert the penalty in the 84th minute to make it 2-2, also ensuring both teams shared the spoils.

According to SPORTbible, Salah's strike from the penalty spot saw him set three records at the Theatre of Dreams.

With 11 goals, the Egypt national has scored the most goals against Manchester United by any player in the history of the Premier League, overtaking Alan Shearer's tally of 10.

The forward has now also gone past Steven Gerrard, who held a milestone for scoring five goals as a visiting player at Old Trafford.

Salah further set himself as the first player to find the net in four consecutive away games against Manchester United.

Meanwhile, the Reds now sit in second position with 71 points following their draw at Old Trafford, while ten Hag's men are in sixth place with 49 points.

Liverpool would be ruing the stalemate, as it may have taken the Premier League title race out of their control.

Cristiano Ronaldo's second son, Mateo, is fast taking notes from his superstar dad's books after he was spotted in the gym.

At just six years old, Mateo is already displaying a keen interest in fitness, taking after his father, who is renowned for his dedication to training and staying in shape.

In a post shared on Georgina Rodriguez's Instagram stories, Mateo, shirtless and determined, was seen lifting a small weight suitable for his age while going through his workout routine.

Accompanied by his twin sister, Eva, who also attempted some exercises under Georgina's watchful eye, it's evident that fitness runs in the family.

Although it may seem unusual for children of their age to be hitting the gym, it's hardly surprising given Ronaldo's commitment to fitness and athleticism.

Widely regarded as the epitome of professionalism in sports, Ronaldo's relentless pursuit of excellence, coupled with his disciplined approach to training, has enabled him to maintain peak physical condition well into his late 30s.

Says ‘Govt Must Withdraw From Business

Constitutional lawyer and former chairman of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), has said the Nigerian economy is beginning to turn, showing signs of recovery.

The Senior Advocate of Nigeria, however, noted that the turning points now witnessed in the economy are due to the efforts of Aliko Dangote and Allen Onyema, CEO of Dangote Group and CEO of Air Peace Airlines, respectively.

He said the forex market reacted to Dangote Refinery commencing sales of diesel and Air Peace flying to the UK, as the Naira strengthened against the dollar, adding that the much-needed relief for Nigerians will occur if this trend continues.

He, therefore, advised the government to withdraw from business, stressing that Nigeria must move immediately from consumption to production.

Agbakoba, who said that the Nigerian economy has gone through very challenging times over the past year, noted that inflation reached 28.92 per cent in December 2023, the highest in 27 years.

In a post on his X handle on Friday, the legal expert noted that the development raises the issue of putting the private sector at the centre of economic development.

The post titled, ‘IS THE ECONOMY BEGINNING TO TURN?’, reads: “Nigeria’s economy has gone through very challenging times over the past year. Inflation reached 28.92% in December 2023, the highest in 27 years. Food inflation rose to 33.93% in December 2023.

“The naira depreciated significantly, losing 25% of value in a single day in June 2023 when the government removed pegging to the US dollar. This made imports much more expensive.

“Removal of fuel subsidies in May 2023 caused petrol prices to jump by 196% practically overnight, from ₦189 to ₦557 per litre. Prices went through the roof!

“According to the World Bank, accelerating inflation pushed an additional 24 million Nigerians into poverty in the first five months of 2023. By late 2022, 63% of Nigerians (133 million people) were considered multidimensionally poor.

“Major foreign companies like Procter & Gamble, GSK, and Bayer stopped manufacturing and scaled back operations in Nigeria, due to the tough operating environment. This resulted in massive job losses.

“However, there may be signals the economy may be turning.

“Dangote refinery commenced sales of diesel, significantly increasing supply and crashing prices significantly. Diesel prices dropped from about ₦1,700 per litre to around ₦1,350 per litre. This was just by pumping 100 million litres. Dangote plans to pump another 100 million litres. Diesel prices may dip below N1000. Dangote announced plans to begin the sale of Premium Motor Spirit (PMS) by May. This will significantly bring down prices. Experts predict petrol prices to crash by at least 25% to N400.

“Additionally, @flyairpeace with the support of Festus Keyamo, Minister of Aviation, finally broke through the reciprocity barrier in aviation. Air Peace is now flying to the UK. Ticket prices monopolised by British Airways and Virgin Atlantic crashed by at least 60%.

“The forex market reacted to all these. The Naira strengthened against the dollar. Experts suggest the price of the dollar may well fall below ₦1000 in the coming months. If this trend continues, much-needed relief for Nigerians will occur. The Central Bank of Nigeria may potentially review the Monetary Policy Rate (MPR) by Q4.

“It is notable that the turning points now witnessed in the economy are the work of just two persons (Dangote and Onyema). Imagine what 10, 20 or 50 private-sector individuals can do. This raises the issue of putting the private sector at the centre of economic development. Government must withdraw from business.

“We must move immediately from consumption to production. Q4, 2024, may look on the bright side but it is still early days.”

The Federal High Court in Abuja will today (Monday) resume sitting in the lawsuit filed by the Edo State Deputy Governor, Philip Shaibu, challenging the move by the state House of Assembly to impeach him.

Justice I. E. Ekwo had on March 28 adjourned till April 8 (today) for the defendants in the suit to appear before him to show cause why Shaibu’s prayer to halt the impeachment proceedings should not be granted.

However, the seven-man impeachment panel headed Justice Omonuwa (retd.) ended its sitting on Friday after Shaibu failed to appear before the panel that probed allegations of perjury and leaking of the government’s secrets against him.

The panel, which had its inaugural sitting last Wednesday in Benin, ended its sitting on Friday with Shaibu or his counsel failing to show up.

The panel had adjourned till Thursday for Shaibu to open his defence and when he didn’t show up, he was given Friday as the final day to come and defend the allegation against him, which he failed to do.

The Edo State House of Assembly, which is the petitioner in the case, had on Wednesday opened and closed its case, paving the way for Shaibu to defend the allegations levelled against him.

Counsel for Shaibu, Prof Oladoyin Awoyale (SAN), attended the Wednesday (the opening day) sitting but excused himself in the middle of the hearing after the panel refused his prayer to suspend the proceedings pending the outcome of a lawsuit in Abuja.

The panel chairman, Justice Omonuwa, upheld the opposition to the suspension prayer by the Assembly, represented by its Deputy Clerk, Joe Ohiafi.

After Awoyale excused himself, Ohiafi went on to state the Assembly case against Shaibu.

In his submission, the Deputy Clerk told the panel that Shaibu leaked the Edo State government’s secrets in the affidavit he filed in support of his suit in Abuja. He said Shaibu tendered documents relating to the State Executive Council’s meeting.

According to Ohiafi, Shaibu violated the Oath of Secrecy he took and acted contrary to the provisions of Schedule 7 of the 1999 Constitution.

At Friday’s sitting, the Assembly was represented by its Legal Officer, N.U. Ibrahim, who appeared with two others.

Ruling on the development, the Chairman of the panel noted that “the panel adjourned sitting for the last time for today (Friday) to allow the respondent to defend himself.

“The panel shall retire to go and write its report as required by the constitution.”

A member of the administrative staff of the panel, who pleaded anonymity, told journalists present in the courtroom that the panel would forward its report to the Edo State Chief Justice, who set up the investigative panel.

However, our currespondent gathered from a source close to the House of Assembly that the lawmakers were also waiting for the report of the impeachment panel to get to the Assembly as soon as possible.

The source said the House was not in a position to determine when the report would get to it as it was the Chief Judge, Justice Daniel Okungbowa, who set up the panel independently.

“I can only say that the House of Assembly is also waiting for the report after the panel ended its sitting on Friday. It is the Chief Judge who set up the panel and the House cannot determine when the report gets to it,” the source said.

The Association of Bureaux De Change Operators of Nigeria has appealed to the Central Bank of Nigeria to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.

ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department.

The appeal comes when the parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate of 1,251/$ (plus a 1.5 per cent margin) set by the CBN in its latest tranche of interventions.

Gwadabe lamented that the naira’s speedy recovery made CBN’s selling rate to BDCs very expensive and difficult to offload to retail end buyers, who were going to the undocumented forex operators for cheaper rates.

He further expressed concerns that many BDCs, who funded their accounts for dollar allocations, were yet to receive their allocation of dollars to meet the legitimate critical demand of their clients due to scrutinisation of the BDCs’ documents for collections at the various designated centres.

He noted that this had made the BDCs vulnerable to exchange rate risk and significant losses.

“We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5 per cent are yet to receive their disbursement. This is happening in the face of the prevailing open market rate of N1,235/$, which is lower than the authorised applicable exchange rate by the CBN to the BDCs,” the letter said.

Despite this development, ABCON lauded the CBN leadership for the recall of BDCs into the official FX window and steps taken by the apex bank to strengthen the naira against the dollar and other global currencies.

ABCON president stated that the positive fallout of the CBN’s efforts to restore the naira’s glory came faster than expected, reiterating its commitment to working with the apex bank to realise the objectives of the government towards exchange rate stability and economic growth.

He added that ABCON’s forecasts in the ongoing market development indicated a willingness of the market to correct itself with realistic price discovery as the naira is forecast to continue to appreciate further across the market with the increasing sources of foreign exchange inflows aided by the CBN policies

“It is in view of the above market developments that we write to appeal to your good selves for readjustments and review downwards of our funding rate of the last tranche (2nd bidding) from N1,251/$ further down to reflect current market rate discovery.

“This became imperative as it is only the consideration of the readjustment downward that will enable our members to upload their holding positions,” he noted.

The association also requested that the process of payments at the various disbursement centres be reviewed in the immediate time to a medium time automation to achieve enhanced timely payments while also observing the spot nature of transactions.

According to the group, the apex bank should introduce a cut-off time for payments and collection of bids, adding that the current open-ended system for payments and collection of bids does not make for effective administration and control of the process.

“Consequently, many of our members are jittery to bid/collect their bid for fear of losing money as the current market reality has the potential to force us to sell below cost price and antithetical to recent market price discovery,” it elucidated.

ABCON insisted that the disturbing exchange rate disparity could be addressed by a quick and decisive response of the apex bank, which would go a long way in bolstering BDC operators’ confidence in the ongoing intervention by the Central Bank of Nigeria as well as enhance their participation in the bidding process.

Presidential candidate for the opposition and leadership crisis-ridden Labour Party (LP) in the 2023 General elections, Peter Gregory Obi, has declared unequivocally that he is not desperate to be Nigeria’s President at any point in his life.

Peter Obi also dismissed insinuations that he is preparing to dump the Labour Party anytime soon, saying that it is mere rumors peddled by politicians who are jittery about his political popularity in the country.

He was fielding questions from Journalists in Bauchi on Sunday shortly after he commissioned a hand pump for water supply in Sabon Layi Community, a suburb of the Bauchi metropolis.

According to him, “I am not thinking of 2027, my concern for now is how to improve the living standards and conditions of Nigerians. Nobody should be talking about politics now, the focus should be on good governance that will make Nigeria better.”

The former Presidential candidate of LP stressed that, “The leadership crisis in the LP presently is not an abnormal thing, it is an in house problem and it will be solved amicably as a family.”

He further stressed that, “I have never thought of leaving the LP, I only advocated for peace because I am a man who believe in peace, I am a man who believe in unity, I am a man believes that we are the same. I don’t see any difference between you and me, by the grace of God I always want to do the right thing that is the reason I came here personally, I would have asked someone to represent me, no, I didn’t.”

According to him, “For me, it is not about elections, we spend more time talking about elections, let us spend time talking about how we can put poor people out of poverty, let’s spend time to know how out-of-school children will be back to school, let’s spend time in other areas, it is not about elections,”

He added that,” I have said it before that I am not desperate to be President, I am desperate to see Nigeria work for the people. It is important for me because we cannot continue this way, poor people in this country are suffering alot. I am urging all leaders in and out of office, this is time for us to listen to to the people, it is time to work with them, time to feel a bit of their pains.”

Peter Obi stressed that,”The crisis in the LP will be resolved just like I have been saying and at the end things will get better. Labour Party is not the problem of Nigeria, the problem of Nigeria is beyond Labour Party, so, my focus is not on the Labour Party but on Nigeria, my promise is a new Nigeria and that new Nigeria is what I am focussed and it important that we all remain focussed on it.”

“If we fixed the leadership problems in Nigeria, I would not have been here to provide this water. So, let us talk about issues of this water, let’s talk about how the people will live and eat. I assure that Labour Party will resolve its issue as a family, no family is perfect,” he concluded.

Kano State Governor Abba Kabir Yusuf has replied his predecessor, Dr Abdullahi Umar Ganduje, over his claims of failure in his eight-month term in office.

He said Ganduje’s eight-year tenure was characterised by maladministration with massive records of corruption, diversion of public funds and sale of government properties.

Governor Yusuf, in a statement issued yesterday evening by his spokesperson, Sanusi Bature Dawakin Tofa, regretted that Ganduje spoke about non-existent failure in the present administration, instead of facing the nemesis of corruption and political violence hanging around his neck.

The governor however emphasised that it would leave no stone unturned in pursuing the dollar video scandal to logical conclusion, urging the Economic and Financial Crime Commission (EFFC) to release the forensic investigation it conducted on the “Gandollar Saga” in 2018, for public consumption.

He advised Ganduje to buckle up in defence of his already battered image at the court, instead of further exposing his impunity on the media space.

The governor also reminded Ganduje on how his gross penchant for corruption had brought shame and disgrace to the good people of Kano, insisting that no amount of media campaign would hinder the process of bringing him (Ganduje) to book on the glaring cases of corruption filed against him.

Part of the statement reads, “Our eight months in office has remarkably outweighed Ganduje’s eight wasted years of political caricature and maladministration by all standards.

“We wish to reaffirm the present administration’s resolve and readiness to make anyone found guilty of corruption to face the full wrath of the law for their intentional wrong doings.”

Governor Yusuf maintained that his administration is multifacetedly inclined, prioritising attention on socioeconomic and physical infrastructure development for the well-being of Kano and the good people of the state.