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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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UNICEF Lauds Nigeria’s Remarkable Progress in Birth Registration (Photos)

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ighlights 14 Million Children Registered in Two Years.

The United Nations Children’s Fund (UNICEF) has commended Nigeria for achieving a significant milestone in child rights, with 14 million children’s births officially registered over the past two years.

This surge represents impressive advancement in ensuring every child is counted and recognized through legal identity.

The announcement came during a courtesy visit by UNICEF Country Representative to Nigeria, Ms. Wafaa Saeed Abdelatef, to Senator Oluremi Tinubu, the First Lady of Nigeria, at the State House in Abuja.

Ms. Abdelatef praised the First Lady’s exemplary leadership in championing children’s issues and family welfare nationwide. She described the progress in birth registration as unprecedented in her experience across various countries.

“Birth registration is the first right of every child—to be counted and recognized,” she stated. “It is really impressive. I have served in many places, but I have not seen such progress in two years as we have witnessed here in Nigeria.

“She highlighted key enablers of this success, including the digitalization of the registration system at health facilities and community levels, as well as ongoing legislative efforts with a relevant bill before the National Assembly.

“Things don’t just happen like that; we scale with leadership,” she added, expressing gratitude for the First Lady’s role in driving this initiative and allowing UNICEF to celebrate this “fantastic leadership.

“The UNICEF representative also acknowledged the First Lady’s broader contributions, referencing her involvement in initiatives such as the national library and food bank launches, as well as commendations from African women leaders at the African Union for her continental impact.

She linked these efforts to Nigeria’s Renewed Hope Agenda, which she said is instilling hope for children and citizens alike.In response, Senator Oluremi Tinubu welcomed UNICEF’s recognition and reaffirmed her commitment to ensuring universal birth registration. “Every child counts,” she emphasized, noting that registration immediately after birth grants children nationality, legal identity, and access to essential services like health and education.

The First Lady described the news as a source of joy and a foundation for national development. “This is how nations develop,” she said. While celebrating the gains, she stressed the need for sustained efforts: “We are not there yet. We have to keep at it and make sure every child is counted.

“She pointed out that birth registration is just the starting point, extending to the issuance of birth certificates. Highlighting Nigeria’s lack of a recent census, she noted that starting with children would provide critical data on the child population to guide government planning and resource allocation.

Senator Tinubu also addressed persistent challenges, expressing concern over persistently high rates of tuberculosis, HIV/AIDS, and maternal and child mortality in Nigeria’s large population.

“These numbers are still high, and it is worrisome,” she said, while assuring that the administration is actively working to position the country for a better future.

She expressed appreciation for UNICEF’s longstanding support and reliable data, pledging continued collaboration in any area of mutual interest. “In any area you want us to collaborate, we are here,” she affirmed. “We want to thank UNICEF for the interest and the work you have done.

“This development underscores Nigeria’s ongoing push toward universal civil registration, aligning with global goals to provide legal identity for all children and support broader child rights and development objectives.

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Navy’s Chief of Operations, Rear Admiral Katagum dies in Egypt

Rear Admiral Katagum previously served as the Director, Naval Intelligence., he’s one time Deputy Defence Adviser, Paris, France and was at the Defence Headquarters before his recent appointment as Chief of Operations by the Chief of Naval Staff, Vice Admiral Idi Abass.

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Photo: Rear Admiral Musa Katagun

Chief of Operations at Naval headquarters, Rear Admiral Musa Katagun is dead at a hospital in Egypt.

News of Rear Admiral Katagun’s death was confirmed by military sources on Thursday.

Katagum is said to have traveled to Egypt for follow up medical evaluation after undergoing an initial surgery in September last year.

Rear Admiral Katagum previously served as the Director, Naval Intelligence., he’s one time Deputy Defence Adviser, Paris, France and was at the Defence Headquarters before his recent appointment as Chief of Operations by the Chief of Naval Staff, Vice Admiral Idi Abass.

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Ondo monarch gunned down outside palace

The armed men were said to have attempted to kidnap him but he refused, resulting to being shot.

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•Kehinde Jacob Faledon

Kehinde Jacob Faledon, the traditional ruler of Agamo Community in Akure North Local Government Area of Ondo State, has been shot dead.

Police Public Relations Officer in Ondo, Jimoh Abayomi, confirmed the incident, said that the monarch was killed after gunmen forced him out of the palace, on Wednesday night.

The armed men were said to have attempted to kidnap him but he refused, resulting to being shot.

“Information reached the division at about 7:50pm from a community leader, High Chief Ajewole Clement of New Town, Itaogbolu, that about six armed men stormed the residence of the monarch and forcibly took him away,” Abayomi said.

“The victim was subsequently found with gunshot injuries and was confirmed dead at the scene.

“The divisional police officer supported by tactical teams of the command, mobilised officers in collaboration with local hunters, Atuluse Security, and Amotekun operatives are combing the surrounding bushes and neighbouring communities.

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