Connect with us

News

EFCC goes after dollar speculators, CBN slashes banks allocations

Published

on

Deposit Money Banks are battling dollar shortage after the Central Bank of Nigeria slashed their foreign exchange allocations.

Multiple bank officials told one of our correspondents they have been unable to meet their customers’ forex demand for school fees, Personal Travel Allowance, among others.

The gap between demand and supply has become worsened. The CBN will intervene and supply more forex soon, “ a top official of a tier-1 bank.

“For some weeks now, we have not got allocation. Sometimes they delay in giving” another bank official said.

The CBN on Monday said it would introduce measures to curb the naira slide.

However, the naira gained at the parallel market on Tuesday, after the central bank said it would intervene in the continued depreciation of the local currency.

On Monday, while speaking after briefing President Bola Tinubu on what the bank was doing to halt the naira slide, the Acting Governor, CBN, Folashodun Shonubi, said the fluctuation in the parallel market was not solely driven by economic factors, but also speculative demand.

However, some Bureau de Change Operators said the naira which was earlier exchanged to the dollar at 956/$ on Monday, exchanged at 925/$ on Tuesday.

A BDC operator, Alh Alli Kareem, said, “Today, we bought and sold the naira at 915/$ and 925/$. They are saying they will pump more dollars into the economy but, we are still waiting.”

On the Investors & Exporters window, trading of the naira commenced at 785.89/$ and reached a high of 799.90/$ before closing at 774.77/$ on Tuesday; it closed at 764.68/$ on Monday.

A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, the intervention announced by the CBN might be a short-term one, adding that might not be sustainable.

He said, “People don’t have confidence in naira again; when people have money, they go to the BDCs and buy the dollar and keep. The best intervention they can do is to see how they can get the economy to be productive, but now, we are importing a lot.

“If they are saying intervention, is it the dollar you have or the one you don’t have? I don’t worry that the CBN floated the naira, but it cannot defend it.”

It would be recalled that in July 2021, the CBN discontinued dollar allocation to the BDCs, but continued through the Deposit Money Banks.

Meanwhile, the Federal Government may in the coming weeks clamp down on Bureau De Change operators.

Sources close to the matter, hinted to our correspondent that the operatives of the Economic and Financial Crimes Commission might go after currency speculators whose activities have been putting pressure on the local currency.

“The Federal Government is planning to clamp down on operators of Bureau De Change across the country. Although they are businessmen, they are also part of the problem due to the rate at which they greedily hike rates to make profits. The current rates are not market driven but speculative, and that is why the government said they would intervene,” the source said.

EFCC could not verify the plan as of press time.

News

Minister of Environment Vows Coastal Protection, Building a Sustainable Future

Published

on

….Says his ministry is Committed to Protecting the State’s Coastline, Building Safer and Resilient Infrastructure

The Lagos State Government over the weekend has reiterated its commitment to protecting the State’s coastline, building a safer, resilient, environmentally friendly and more sustainable Lagos that it can bequeath to the next generation.

In a press release signed and sent to Ohibaba.com, the Director of Public Affairs, Kunle Adeshina, on June 9, said the commitment was made by the State Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab while representing the state at the ongoing United Nations Ocean conference in Nice, France.

According to him, Lagos as a coastal state faces severe climate risks such as rising sea levels, extreme rainfalls and excessive heat but is not sitting back and watching.

In his words: “Lagos as a coastal state, faces severe climate risks from rising sea levels, extreme rainfall and excessive heat. But we are not sitting back. We are building resilient infrastructure”.

“So as a state, we must face our realities and those realities are that we must build resilient infrastructure which is key and we must also take ownership of those infrastructure which is very key”.

He added that the state has also in the past two years invested in its drainage systems through an all year round clearing of all primary and secondary drains to reduce the possibilities of flash flooding.

“At the last count, in the past two years, we have as an administration done about 76 kilometers of trapezoidal drainage system statewide”.

Wahab informed that with over 13,000 tonnes of daily waste generation, Lagos is moving from a linear disposal system of “you pick and dump” to a circular model where waste becomes a resource for energy and recovery.

He stated that the state is also transforming the way it manages plastic waste by religiously following a trajectory that has already banned the use of styrofoam food containers and moving on to effect the enforcement of its ban on single use plastics from July 1 after 18 months moratorium to users and producers.

“In the last two years, we have chosen to categorize waste as a resource, so we have transitioned from a pick and dump system to a more sustainable climate friendly system where waste is now a resource for wealth, a resource for energy. Where waste is not just seen as a waste anymore”, Wahab stressed.

Continue Reading

News

JUST IN: Man Falls Inside Well While Attempting To Retrieve Phone

Published

on

There was wide Jubilation in Oyo state as Firemen rescued a 68 year old resident of Molefalafia, Oke-Ado in Ibadan South-West Local Government Area, who fell into a well at Mobolorunduro Mosque on Sunday.

Special Adviser to Governor Seyi Makinde on Fire Service Reform, Adebayo Akiinwande, in a statement, said the 68-year-old man was trying to recover his lost mobile phone from the well when he got trapped in it.

Mr Akinwande said, “The distressed call was reported at exactly 06:10hrs this morning, Sunday, June 8, 2025, through a telephone call of someone that fell into a well at Mobolorunduro Mosque, No.30 Ajeigbe Street, Molefalafia, Oke-Ado, Ibadan.

“The fire personnel led by ACFS Adedeji promptly deployed to the scene of the incident. On getting there, it was discovered to be a man of about 68 years of age trapped inside a deep well of Mobolorunduro Mosque while he was solely trying to recover his lost phone in the well.

“The firemen swiftly swung into action by tying all necessary knots and observing precautionary measures. The man was rescued alive and handed over to his family for proper care.”

Mr Akiinwande blamed the victim’s ignorance and lack of knowledge about the dangers associated with entering a well without being properly trained for the incident.

He urged the public to refrain from activities that could endanger their lives.

Continue Reading

News

President Tinubu ends months of rifts with Governor Sanwo-Olu in Lagos

Published

on

…..End months of political tension between them.

President Bola Tinubu has declared that he has forgiven Lagos State Governor Babajide Sanwo-Olu, putting an end to months of political tension between them.

The reconciliation happened on Sunday, June 8, 2025, at Tinubu’s Queens Drive residence in Ikoyi, Lagos, where Governor Sanwo-Olu and members of the Lagos State Governor’s Advisory Council (GAC) visited him to seek peace.

During the meeting, Sanwo-Olu prostrated before the president, lying face down in the Yoruba cultural manner of showing deep apology and respect.

The governor’s gesture was his way of asking Tinubu for forgiveness after months of strained relations.

The closed-door discussion was aimed at resolving the fallout between both men, which began after Sanwo-Olu’s political moves earlier in the year.

THE BEGINNING OF THE RIFT:

In January, it was reported that the Speaker of the Lagos State House of Assembly, Speaker Mudashiru Obasa was removed, but was eventually reinstated.

Tensions between the president and the governor became more visible in public.

At a recent event, Tinubu was seen avoiding direct interaction with Sanwo-Olu, fueling speculation that the governor could face impeachment or removal before his tenure ends in 2027.

Sanwo-Olu’s political journey is closely tied to Tinubu, who supported him to become governor in 2019 after the exit of Akinwunmi Ambode.

This background made the rift even more sensitive, with many in Tinubu’s circle reportedly disappointed with Sanwo-Olu’s actions.

In seeking reconciliation, Sanwo-Olu was accompanied by loyal APC members who also appealed to Tinubu on his behalf.

According to those present, Tinubu listened and assured the group that he had let go of any anger toward Sanwo-Olu and others involved in the disagreement.

Although details of Tinubu’s exact words were not shared, the governor’s public show of remorse was accepted, and the meeting ended with both sides agreeing to move forward.

Click the link below to watch the video:

https://we.tl/t-lCyXhLNk1m?utm_campaign=TRN_TDL_05&utm_source=sendgrid&utm_medium=email&trk=TRN_TDL_05

Continue Reading

Trending