News
EFCC goes after dollar speculators, CBN slashes banks allocations
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.
President Tinubu Orders Arrests, Suspends Permanent Secretaries
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered another fake agency operating from within the Office of the Secretary to the Government of the Federation (SGF).
According to sources familiar with the investigation, the illegal entity was discovered during an ongoing probe into fraudulent government structures. The so-called agency allegedly functioned under the cover of the SGF’s office, raising serious questions about internal oversight and possible collusion by senior civil servants.
In a swift response, President Bola Tinubu has ordered the immediate arrest of all individuals linked to the fake agency. The President has also directed the suspension of the Permanent Secretaries connected to the matter pending the conclusion of full investigations.
The development marks another high-profile case of institutional fraud being exposed by the ICPC within the Federal Civil Service. Officials say further details of the operation and the identities of those involved are expected to be made public as the probe intensifies.
The Presidency has described the discovery as “unacceptable” and vowed that those found culpable will face the full weight of the law.
News
Enugu Air: NSIB releases preliminary report
The preliminary report is available for download on the NSIB website for members of the public and the media.
The Nigerian Safety Investigation Bureau (NSIB) has released the preliminary report on its ongoing investigation into the accident involving an Embraer ERJ 170-100LR aircraft with nationality and registration marks 5N-ENR, operated by Enugu Air Limited.
This was disclosed on Friday by Mrs Funke Adebayo-Arowojobe
Director, Public Affairs and Family Assistance, NSIB.
The accident occurred on 23 July 2026 at about 14:55 h during a scheduled passenger flight ENU4264 from Murtala Muhammed International Airport, Lagos, to Oba Akenzua II Airport, Benin, Edo State.
The aircraft, which had five crew members and 63 passengers on board, landed on Runway 05 at Oba Akenzua II Airport and subsequently overran the end of the runway, entering the unpaved area beyond the runway.
The aircraft struck approach-lighting installations and two fixed concrete structures associated with a decommissioned localizer installation.
All 68 occupants were evacuated without injury using the emergency escape slide.
The preliminary report presents the factual information gathered so far, including information from witness statements, flight recorders, air traffic control communications and a preliminary inspection of the aircraft.
The investigation remains ongoing, and further technical examinations are underway.
The preliminary report also contains four immediate safety recommendations, A-2026-039 to A-2026-042, addressed to the Nigerian Civil Aviation Authority, the Federal Airports Authority of Nigeria and the Nigerian Meteorological Agency, concerning the runway-end environment, control tower line of sight and the availability of meteorological information.
The preliminary report is available for download on the NSIB website for members of the public and the media.
As part of its commitment to public transparency and the communication of safety information, the NSIB has also released a preliminary flight path recreation video based on data available at this stage of the investigation.
News
2027 Polls: INEC Fixes November For Nationwide Mock Accreditation Exercise
The exercise will test the Bimodal Voter Accreditation System (BVAS) and other electoral equipment, allowing the Commission to identify and address potential operational challenges ahead of the polls.
The Independent National Electoral Commission (INEC) has announced plans to conduct a nationwide mock accreditation exercise in November 2026 as part of preparations for the 2027 general election.
The exercise will test the Bimodal Voter Accreditation System (BVAS) and other electoral equipment, allowing the Commission to identify and address potential operational challenges ahead of the polls.
INEC Chairman, Joash Amupitan, disclosed this during a courtesy visit by a delegation from the Canadian High Commission to the Commission’s headquarters in Abuja.
He said that the mock exercise was among INEC’s five strategic priorities for 2027, alongside strengthening technology, improving electoral inclusion, building institutional capacity, and combating misinformation.
Amupitan also said that INEC would require about 1.4 million ad-hoc personnel to conduct the 2027 elections across more than 176,000 polling units nationwide.
Tinubu chairs APC Presidential Campaign Council
BREAKING: ICPC Uncovers Another Fake Agency Operating Inside SGF’s Office (Video)
Oyebamiji Meets Tinubu After Osun Poll
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News3 days agoGov. Adeleke Prostrates Before Elder Brother After Re-Election Win
-
Business2 days agoCement price hits N16,000 per bag
-
Business2 days agoNaira Exchange Rates Friday, August 21
-
News2 days agoFG Declares August 25 Eid ul Mawlid Public Holiday
-
Politics2 days ago2027: Atiku Promises Nigerian Millions of Subsidy Removal If Voted President
-
News3 days agoBoat Mishap Claims Lives in Goronyo (Photos)
-
News2 days agoBREAKING: ICPC Uncovers Another Fake Agency Operating Inside SGF’s Office (Video)
-
Business2 days agoCybercriminals cloning DStv, other brands to steal bank accounts across Africa