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EFCC Goes After Dollar Speculators, CBN Slashes Banks Allocations

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Deposit Money Banks are experiencing dollar shortages after the Central Bank of Nigeria reduced their foreign exchange allocations.

According to The Punch, multiple bank officials said they have been unable to meet their customers’ forex demand for school fees, Personal Travel Allowance, among others.

A top official of a tier-1 bank said the gap between demand and supply has become worsened. We only hope the CBN will intervene and supply more forex soon.

“For some weeks now, we have not got allocation. Sometimes they delay in giving” another bank official said.

Other sources from banks also confirmed that the CBN has drastically reduced its forex allocations.

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.

 

Credit: The Punch

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Toke Benson, Yinka Adebayo To Unveil BON Awards 2025 Nominees List

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The eagerly anticipated Best of Nollywood (BON) Awards is set to ramp up its 2025 edition with the official announcement of its nominees list on Monday, November 3. The glamorous unveiling ceremony will be led by the Lagos State Commissioner for Tourism, Arts and Culture, Hon. Toke Benson-Awoyinka, and renowned media and advertising guru, Mr. Yinka Adebayo, MD Media Reach.

According to Seun Oloketuyi, founder, Best of Nollywood Awards, the 2025 edition saw an overwhelming response from filmmakers, with over 100 films submitted across 39 competitive categories, reflecting the robust growth and creative depth of the Nigerian film industry.

The grand finale of the BON Awards 2025 is scheduled to hold in Lagos, the epicenter of Nigeria’s creative economy, come Sunday, December 14, with organisers promising an event of unparalleled excellence.

“The sheer volume and quality of submissions this year is a testament to the fact that Nollywood is consistently pushing its boundaries. We had to work harder than ever to arrive at this final list. Our return to Lagos is also symbolic—it’s where the dream began, and this year, we will ensure the event is exceptionally excellent, just like Lagos itself. Filmmakers, fans, and stakeholders should prepare for an edition that will set a new benchmark for film awards in Africa, especially with our Guinness World Record Attempt for the Longest Red Carpet in the world.”

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BIG STORY

JUST IN: 12 Feared Dead As Plane Carrying Tourists Crashes In Kenya

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A small passenger aircraft travelling from Kenya’s coastal city of Diani to the Maasai Mara National Park crashed early Tuesday, killing all 11 people on board, including foreign nationals, according to the airline.

The plane, operated by Mombasa Air Safari, was headed for Kichwa Tembo — an airstrip inside the popular Maasai Mara reserve — when it went down around 5:30 a.m. local time (0230 GMT).

Confirming the incident, the chairman of Mombasa Air Safari, John Cleave, said the aircraft had 10 passengers — eight Hungarians and two Germans — alongside a Kenyan pilot.

“Sadly, there are no survivors,” Cleave stated, citing preliminary information. “We have activated our emergency response team and are cooperating fully with the authorities.”

He added that the company’s thoughts and prayers were with the families and loved ones of those affected by the crash.

An earlier statement from the Kenya Civil Aviation Authority (KCAA) reported that the plane had been carrying 12 people at the time of the crash, though the discrepancy has yet to be clarified.

The KCAA said relevant government agencies were already at the scene to determine the cause of the accident.

In a similar incident in August, a light aircraft operated by medical charity Amref crashed near Nairobi, the Kenyan capital, killing six people and injuring two others.

 

Credit: AFP

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Meta, TikTok To Obey Australia Under-16 Social Media Ban, Cite Implementation Concerns

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Tech giants Meta and TikTok have confirmed they will comply with Australia’s new law banning users under the age of 16 from social media platforms — even as both companies warned that enforcing the measure would be challenging.

Under the new rule, set to take effect on December 10, social media platforms including Facebook, Instagram, and TikTok will be required to remove users below 16 years from their services.

The policy has drawn global attention as regulators around the world grapple with how to protect minors from online risks while balancing access and privacy concerns.

Both TikTok and Meta acknowledged the government’s authority but cautioned that enforcing the law would be technically difficult.

“Put simply, TikTok will comply with the law and meet our legislative obligations,” said Ella Woods-Joyce, TikTok’s Australia policy lead, during a Senate hearing on Tuesday.

While the law is considered one of the strictest worldwide, Australian authorities are still ironing out key details about how it will be implemented and monitored.

TikTok described the ban as “blunt,” warning it could drive young users to unregulated corners of the internet.

“Experts believe a ban will push younger people into darker corners of the Internet where protections don’t exist,” Woods-Joyce added.

‘Vague’ and ‘Rushed’

Meta’s policy director Mia Garlick told lawmakers the company was working to remove hundreds of thousands of underage accounts before the December 10 deadline but described the task as complex.

She said Meta faced “significant new engineering and age assurance challenges” to identify and remove accounts belonging to users under 16.

“The goal from our perspective, being compliance with the law, would be to remove those under 16,” she noted.

Officials have clarified that social media companies will not be mandated to verify every user’s age but must take “reasonable steps” to detect and deactivate underage accounts.

Violating the regulation could attract penalties of up to Aus$49.5 million (US$32 million).

Several tech firms have criticized the legislation as “vague,” “problematic,” and “rushed.”

Video platform YouTube, also affected by the ban, said that while Australia’s intentions were good, the approach was flawed.

“The legislation will not only be extremely difficult to enforce, but it also does not fulfill its promise of making kids safer online,” said YouTube’s local spokesperson Rachel Lord.

Australia’s online safety watchdog has also hinted that other platforms — including WhatsApp, Twitch, and Roblox — could fall under the scope of the new law.

 

Credit: AFP

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