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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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JUST IN: President Tinubu to Embark on Working Visit to Paris

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President Bola Ahmed Tinubu will depart for Paris, France, today on a short working visit.

This information was stated in a press release today, April 2, 2025 by Bayo Onanuga, the Special Adviser to the President on Information & Strategy.

Onanuga said during the President’s visit, he will appraise his administration’s mid-term performance and assess key milestones.

“He will also use the retreat to review the progress of ongoing reforms and engage in strategic planning ahead of his administration’s second anniversary”.

“This period of reflection will inform plans to deepen ongoing reforms and accelerate national development priorities in the coming year”.

“Recent economic strides reinforce the President’s commitment to these efforts, as evidenced by the Central Bank of Nigeria reporting a significant increase in net foreign exchange reserves to $23.11 billion—a testament to the administration’s fiscal reforms since 2023 when net reserves were $3.99 billion”.

“While away, President Tinubu will remain fully engaged with his team and continue to oversee governance activities. He will return to Nigeria in about a fortnight, the statement reads.

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Business

Algiers-Abuja direct flights begin April 6

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The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.

This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.

According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.

This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.

“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.

“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.

“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.

The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.

The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.

With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.

The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.

“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.

“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”

The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.

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Crime

Lynched travellers: Tension in Edo as DSS arrests principal suspects

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Operatives of the Department of State Security have arrested two principal suspects involved in the killing of 16 Nigerians of northern extraction in Uromi, Esan North East Local Government last week.

According to a statement by the Chief Press Secretary to Governor Monday Okpehbolo, Fred Itua, the suspects were arrested by operatives of the DSS in Uromi, following credible intelligence.

He noted that operatives of various security agencies were hunting for other key suspects involved in the unfortunate incidents.

He said, “Operatives of the Department of State Security have arrested two principal suspects involved in the killing of 16 Nigerians of northern extraction in Uromi, Esan North East Local Government last week.

“The suspects were arrested by operatives of the DSS in Uromi, following credible intelligence. Operatives of various security agencies are hunting for other key suspects involved in the unfortunate incidents.

”In the latest development, the two principal suspects arrested by officials of the DSS have been transferred to Abuja, the nation’s capital, for further interrogation and prosecution by the relevant authorities.

According to reports, the 14 suspects arrested in connection with the killings have been transferred to Force headquarters while investigation continues on the matter.

The transfer of the suspects to Abuja was in compliance with the directive of the Inspector-General of Police.

“I can confirm to you that the suspects have been taken to Abuja as directed by the IGP and investigation into the matter is still ongoing.

”Itua also said he could not confirm if the compensation promised the family of the victim would be financial.

He, however, said the Edo and Kano governments were working together to fashion out a suitable compensation for the family of the victims.

“As you are aware, Governor Okpehbolo met with the Kano State Government and visited the families of the I6 people that were killed, where he promised compensation.

“I cannot say what form the compensation will take but both state governments are talking to ensure that the victims’ families are compensated.

”A resident of Uromi, who gave his name simply as Michael, said residents of the area, where the killings took place, were deserting their villages over fear of being arrested.

He stated that women thronged the Ojuromi of Uromi palace to protest the indiscriminate arrest of people in Uromi following the killings of the 16 travellers.

He said, “What is happening now is that people are leaving their houses where the killing took place for fear of being arrested by the police, who have been mandated to fish out all the culprits.

“I believe the protest by the women on Monday is in connection with the indiscriminate arrest of residents by security agencies.”

Meanwhile, the Edo State chapter of the All Progressives Congress has claimed that some major opposition political parties were planning to instigate a crisis in the state and make it ungovernable.

The state APC chairman, Jarret Tenebe, stated this during a news conference on Tuesday in Abuja.

“It has come to our attention that the leadership of some major opposition parties in our state, along with two others, has devised a reckless and dangerous plot to instigate crisis and make Edo ungovernable,” he said.

Tenebe alleged that the aim of those behind the plot was to force President Bola Tinubu to declare a state of emergency in the state.

“Their sinister objective is clear: they want to force President Bola Tinubu to declare a state of emergency in Edo, because they have no confidence in securing victory at the Edo Election Petition Tribunal.

The News Agency of Nigeria reports that the tribunal will, on Wednesday, deliver judgment in the petition filed by the PDP candidate, Asue Ighodalo, against the outcome of the Sept. 21, 2024 governorship election in the state.

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