Connect with us

News

EFCC goes after dollar speculators, CBN slashes banks allocations

Published

on

74 Views

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

Christian Chukwu’s Burial Photos

Published

on

By

23 Views

• by Ohibaba.com

The funeral procession

Governor Peter Mbah made a speech

Peter Obi , other dignitaries with Chukwu’s family

Continue Reading

News

Mbah, Obi, Bid Farewell to Christian Chukwu

Consoling the family, Governor Mbah said, “As a government, we will always stand by you and ensure that Chukwu is immortalised, for indeed he served and loved Enugu and Nigeria with all his heart.

Published

on

By

29 Views

Image credit: Peter Obi / X

A 10- days night of tributes in Lagos and Enugu for the former Super Eagles captain and head coach -Christian Chukwu, ended today with his burial at his country home, Obe, in the Nkanu West Local Government Area of Enugu State.

Chukwu, popularly called “Chairman”, died on April 12, at the age of 74.

Dignitaries at the burial were former Labour Party presidential candidate Mr Peter Obi., President of the Nigeria Football Federation (NFF) Alhaji Ibrahim Gusau, represented by the Chairman of the Nigeria National League, Mr George Aluo, and Senator representing Anambra Central, Sen. Victor Umeh.

Others are members of the Enugu Executive Council, the retired Anglican Archbishop of the Enugu Diocese, Rt. Rev. Emmanuel Chukwuma, ex-Rangers players, the former Chairman of the Enugu Sports Club, Chief Nnanna Atuonwu, and others.

Governor Peter Mbah of Enugu State said at the event: “For me, and I believe for so many as well, it is difficult for you to have met Chairman without being inspired by his simplicity and humility.

“Without a doubt, he was disciplined, dignified, polite, and empathetic,” Mbah said.

Consoling the family, Governor Mbah said, “As a government, we will always stand by you and ensure that Chukwu is immortalised, for indeed he served and loved Enugu and Nigeria with all his heart.

Let us be comforted by the remarkable memory and legacies he left behind,” he added.

Earlier in his homily, the Anglican Bishop of Enugu Diocese, Rt Rev. Samuel Ike, extolled Chukwu’s exploits, contributions and development to football in Nigeria and Africa.

He described him as a “strong man” that led his team on a journey and fought and won several battles, as well as a committed family man that loved his family and relations.

“Chukwu has won battles with Rangers, Super Eagles and others. The Lord has been gracious unto him through several battles; he was an all-rounded man, very generous, and his generosity extended to the family of St Philip’s Church, Obe,” Ike said.

In response on behalf of the family, Mr Chukwuemeka Chukwu Jr thanked the guests for honouring and paying their last respects to his father.

Chukwu was born in Enugu and is widely regarded as one of Nigeria’s greatest defenders of all time.Chukwu, revered for his leadership and defensive mastery, captained both Enugu Rangers and the Nigerian national team, leading the country to its first Africa Cup of Nations title in 1980.

Continue Reading

News

Nigeria’s Military Capture top Ansaru, Mahmuda terrorist group leaders

Published

on

By

32 Views

The National Security Adviser, Nuhu Ribadu, declared today Nigeria’s security forces capture two top leaders of Jama’atu Ansarul Muslimina fi-Biladis Sudan, an Al-Qaeda affiliate in Nigeria, following a months-long counter-terrorism operation.

Ribadu, at a press briefing held at the Office of the National Security Adviser in Abuja, said that those arrested are Mahmud Muhammad Usman, also known as Abu Bara’a, Abbas or Mukhtar, identified as the self-styled Emir of Ansaru, and his deputy, Mahmud al-Nigeri, also known as Mallam Mamuda.

Ribadu said the intelligence-led operation was carried out between May and July 2025 in collaboration with security and intelligence agencies.

According to Ribadu, Abu Bara coordinated terrorist sleeper cells across Nigeria and masterminded high-profile kidnappings and armed robberies to finance terrorism.

He added that his deputy, Mamuda, led the “Mahmudawa” cell around Kainji National Park and trained in Libya between 2013 and 2015 under foreign jihadist instructors.

Ribadu said, “The targeted operation, which was conducted between May and July 2025, led to the capture of two top ANSARU leaders who have been responsible for masterminding several terrorist attacks against Nigeria over the past years.

The first is Mahmud Muhammad Usman (aka Abu Bara’a/Abbas/Mukhtar), the self-styled Emir of ANSARU.

He is the coordinator of various terrorist sleeper cells across Nigeria. He is also the mastermind of several high-profile kidnappings and armed robberies used to finance terrorism over the years.“

The second is Mahmud al-Nigeri (aka Mallam Mamuda), Abu Bara’s proclaimed Chief of Staff and Deputy.

He is the leader of the so-called “Mahmudawa” cell hiding out in and around the Kainji National Park, straddling Niger and Kwara States up to the Benin Republic.

Mamuda trained in Libya between 2013 and 2015 under foreign jihadist instructors from Egypt, Tunisia, and Algeria, specialising in weapons handling and IED fabrication.

Continue Reading

Trending