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EFCC goes after dollar speculators, CBN slashes banks allocations

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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.

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VIDEO: Tears As Students’s Hostel Collapses

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A building collapse occurred at Pentagon Lodge near the Alex Ekwueme Federal University, Ndufu-Alike, Ikwo, Ebonyi State on Friday.

Students witnessed the incident, with one student captured on video expressing concern over the lodge’s collapse, saying, “See my lodge is falling, all my properties are inside.

”A video clip of the incident, seen by Naija News House , showed the moment the three-storey building collapsed.

As of the time of filing this report, it was not clear whether there were causalities as details of the collapse are still emerging.

A student, also said that students in that particular lodge had earlier noticed the cracks on the walls and some had already moved out of the facility before the collapse.

“Only properties inside the building are likely those of students that traveled out of the town,” the source said.

Recently there were reports of building collapses in Ebonyi State, including a three-storey building under construction near the Alex Ekwueme Federal University Teaching Hospital.

In the construction building collapse, two persons were trapped and later rescued, with one labourer escaping due to stepping out to wash his hands before the collapse.

Sequel to the building collapses, the Ebonyi State government had established a special investigative committee to determine the causes of such incidents and prevent future occurrences.

The committee’s findings and recommendations aim to improve building standards and enforcement in the state.

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FG denies 12 Years Minimum Entry Age Into JSS1

Boriowo urged the public and education stakeholders to disregard any contrary claims.

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The Federal Government has debunked a report claiming that the minimum age for admission into Junior Secondary School 1 (JSS1) has been raised to 12 years.

The Ministry of Education Director of Press, Folasade Boriowo, made this known via a statement issued on Friday, July 25, 2025.

Boriowo said the report was inaccurate, noting that it did not come from any official source and did not reflect government policy.Boriowo stated: “For the avoidance of doubt, the minimum age for admission into JSS1 remains 10 years.

“No child should complete primary education below the age of 10.”

Boriowo urged the public and education stakeholders to disregard any contrary claims.

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NGE Mandates Media Organizations to set up fact-check desks in the newsroom to Fight Fake News

During the workshop, the European Union Ambassador to Nigeria and ECOWAS, Mr Gautier Mignot and the NGE President, Mr. Eze Anaba, said that newsroom managers should acquire the skills and tools for fact-checking as a way to arrest fake news, misinformation and disinformation.

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Editors under the Nigerian Guild of Editors (NGE) have resolved today to henceforth set up a fact-check desk in their various newsrooms as a measure to tackle fake news, misinformation and disinformation.

The decision was reached on the occasion of a one-day workshop organised by the European Union (EU) NGE in Lagos on Thursday.

The editors said that having a Fact-Check Desk would help media organisations verify news hints, with the view to publishing only accurate information.

Other key decisions taken at the end of the workshop include:

Media organizations should organise trainings for their newsroom managers and line editors on fact-checking.

The Guild should set up disinformation counter groups across its zonal structures, ahead of the 2027 general election.

Media organizations should collaborate and reach out to each other to verify information.

Media organisations should look at the quality of their Online Editors to ensure that experienced and well-grounded journalists man the position.

The Guild should use other of its bigger platforms to address issues bordering on fake news, misinformation and disinformation.

During the workshop, the European Union Ambassador to Nigeria and ECOWAS, Mr Gautier Mignot and the NGE President, Mr. Eze Anaba, said that newsroom managers should acquire the skills and tools for fact-checking as a way to arrest fake news, misinformation and disinformation.

Mignot said that the EU was taking a multi-pronged approach to address the threats posed by misleading information, which he described as a “danger to democracy and public trust.

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