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JUST IN: CBN Commences Sales Of $20,000 Each To Eligible BDCs

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The Central Bank of Nigeria (CBN), has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change (BDCs) operator across the country.

This is coming more than two years after the suspended former CBN governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators in that segment of the forex market.

The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday.

The circular titled, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” said the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridging the widening gap in the exchange rate.

It said the allocation will be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024.

The circular read, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024).

“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one per cent (1 per cent) above the purchase rate from CBN.”

It further directed eligible BDCs to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation.

“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO,” it added.

The CBN in frantic efforts to save the free fall of the naira has made a number of significant reforms towards addressing Naira depreciation, such as probing and clearing FX backlog, limiting forex for foreign education and medical tourism, increasing BDCs’ minimum share capital, and curbing FX speculators, among others.

 

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BIG STORY

Alleged Terror Financing: Malami Faces Long Detention As DSS Intensifies Investigation

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Former Attorney General of the Federation, Abubakar Malami (SAN), might spend a longer time in the custody of the Department of State Services, according to reports.

Multiple security sources reported that Malami faces prolonged detention, as the DSS is already working to obtain a court order to keep him in custody until the investigations are concluded.

Malami’s latest ordeal began on Monday when DSS operatives took him into custody shortly after he perfected his bail and was released from the Kuje Correctional Centre in Abuja. His arrest came barely minutes after he stepped out of the facility, where he had been detained since early December over allegations brought against him by the Economic and Financial Crimes Commission. Security sources indicate that the DSS is seeking a court order to prolong his detention, citing the sensitive and complex nature of the investigations, which are expected to take months.

The former AGF had initially been arrested by the EFCC following allegations that he conspired with his wife, Asabe, and their son to conceal proceeds of unlawful activities valued at about N8.7bn. According to the anti-graft agency, the alleged offences involved the use of multiple corporate entities, bank accounts, and high-value real estate transactions in Abuja and other parts of the country.

The trio was arraigned on December 29, 2025, before a Federal High Court in Abuja on 16 counts bordering on money laundering and conspiracy. They all pleaded not guilty to the charges.

Before their arraignment, Malami had been unable to meet the bail conditions earlier granted to him, leading to his continued detention from December 8. On December 18, a Federal Capital Territory High Court presided over by Justice Babangida Hassan upheld his detention, ruling that it was lawful under the circumstances. It was not until January 7 that Justice Emeka Nwite of the Federal High Court granted Malami, his wife and son bail in the sum of N500m each, with stringent conditions.

In the charges preferred against them, the EFCC alleged that the defendants conspired to conceal proceeds of unlawful activities through multiple corporate entities, bank accounts and high-value real estate transactions in Abuja and other parts of the country to the tune of N8.7bn. They pleaded not guilty to the 16 charges.

However, Justice Emeka Nwite of the Federal High Court in Abuja on January 7 granted Malami, his wife and son bail in the sum of N500 million each.

Justice Nwite ordered that each defendant produce two sureties with verifiable landed property within Asokoro, Maitama or Gwarimpa areas of Abuja.

The court also directed that the title documents of the properties be deposited with the court for verification by the Deputy Chief Registrar, while the sureties were to depose to affidavits of means.

Twelve days after he was granted bail, Malami perfected his bail and was leaving the correctional centre when the DSS picked him up.

Report says the ex-AGF might not be released anytime soon, as investigations may take months.

According to sources familiar with the matter, Malami is being grilled over his handling of the list of Nigerian terror financiers released by the United Arab Emirates.

A source familiar with the matter told The PUNCH, “The investigation is likely going to take a long time. This is why we are working to get a court order on Wednesday (today) to detain him further.

“There are several issues he is being questioned on. One of them is the handling of the terrorism financiers list released by the UAE in 2021 and some terror financiers during his term as the AGF. So, this investigation will take a very long time. I am not sure he will be released anytime soon.”

In 2021, authorities in the United Arab Emirates named six Nigerians with ties to the insurgent group, Boko Haram, as terrorist financiers.

The UAE Cabinet issued Resolution No. 83 of 2021, designating a total of 38 individuals and 15 entities on its approved list of persons and organisations supporting Boko Haram and other terrorist causes.

The individuals listed by the UAE authorities included Abdurrahaman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan and Surajo Abubakar Muhammad. At the time, the release of the list sparked widespread controversy within Nigeria, raising questions about how suspected terror financiers were able to operate within the country and whether Nigerian authorities had acted decisively on intelligence shared by foreign governments.

Ironically, Malami had, during his tenure as Attorney General, repeatedly vowed that the government would not shield any individual linked to terrorism or its financing. He publicly maintained that no matter how highly placed, anyone found culpable would be prosecuted in line with the law. Investigators are said to be revisiting those declarations in the light of the allegations now levelled against him.

Political analysts note that Malami’s case reflects a broader pattern of post-tenure scrutiny of former top officials, particularly those who wielded enormous influence during the Muhammadu Buhari administration. As AGF and Minister of Justice from 2015 to 2023, Malami was involved in several high-profile cases, including asset recoveries, prosecutions of corruption suspects, and controversial legal opinions that often generated public debate.

Another source said Malami is also being questioned over an arms cache allegedly found in his Kebbi home, as well as terrorism and terrorism financing petitions against him.

“He will also be probed on the arms cache found in his Kebbi home. Beyond this, there are several petitions against him bordering on alleged terrorism financing. Terrorism and terrorism financing are serious offences globally. You’ll recall that when Abubakar Malami, SAN, was the Attorney General of the Federation and Minister of Justice, he vowed that the government of the day would not shield any person or persons linked to terrorism or terrorism financing.

“No responsible government would, in the same vein, fold its hands or turn a blind eye to weighty allegations of terrorism financing levelled against any individual, no matter how highly placed, in this case, Malami, SAN.

“In the course of investigations, we have what is called inter-agency cooperation. It is not uncommon for one security agency to hand over a person under investigation to another sister security agency. In Nigeria, the DSS is the sole security agency tasked with the responsibility of investigating such allegations. It’ll be best to allow them do their job,” the source said.

 

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BIG STORY

ADC Will Bleed After Convention, Mass Exit Likely To Happen If Atiku Emerges Flagbearer —- Hakeem Baba-Ahmed

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Hakeem Baba-Ahmed, former special adviser on political affairs in the office of the vice-president, says the African Democratic Congress (ADC) could face internal collapse if Atiku Abubakar emerges as the party’s presidential candidate for the 2027 elections.

Baba-Ahmed spoke on Tuesday during an interview on Politics Today, a programme aired on Channels Television.

He said Atiku is well-positioned to secure the ADC ticket if the party holds a national convention.

“If ADC goes to convention, and it certainly will, because that’s what former Vice-President Atiku wants, he will get the ticket,” Baba-Ahmed said.

“And then, a lot of people will walk out because a lot of people are in that party only for the same thing. They want the ticket.”

He said the ADC currently hosts several prominent political figures whose ambitions would inevitably clash during the selection process.

Baba-Ahmed said the party’s internal balance could be further strained by the expectations of Peter Obi, former governor of Anambra state.

“One of the reasons Peter Obi is saying, ‘Look at me, I’m not here for number two, I’m not here for convention, I’m here to fly the flag,’ is that he has people who were initially whispering politely to him,” he said.

“But now they are saying, ‘Join the queue. You’re not the only one with ambition here.”

The former political adviser said Obi is more accustomed to being adopted as a consensus candidate than contesting competitive primaries.

“Peter Obi doesn’t do convention. He just goes there to be anointed,” he said.

“So, the ADC will bleed after its convention because almost certainly former Vice-President Atiku will win the ticket, and when he does, some people will walk out, it will be severely damaged.”

 

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BIG STORY

Obasa Bolsters APC’s Membership E-Registration With Strategic Tech Support

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In a decisive show of leadership and commitment to the success of the All Progressives Congress (APC)’s ongoing membership e-registration exercise, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudasiru Obasa has donated eighty (80) 5G-enabled tablets and forty (40) LaserJet printers to aid the registration process across the state.

The items were presented earlier today, Tuesday, January 20, on the Speaker’s behalf by Hon. Mufutau Egberongbe, a former member of the House of Representatives; Hon. Lanre Ogunyemi, a two-term state lawmaker and former secretary of the APC in Lagos; Hon. Johnson Babatunde, former executive chairman of Orile Agege Local Council Development Area; and Hon. Abdoulbaq Ladi Balogun, Managing Director, Lagos State Ferry Services (LAGFERRY).

Additionally, Speaker Obasa also deployed eighty (80) well-trained personnel, comprising computer-savvy youths, to complement the existing party staff and ensure extensive coverage across all local government areas.

Speaker Obasa reckons that equipping the party with cutting-edge technology and skilled manpower will eliminate bottlenecks, enhance efficiency, and guarantee that every eligible member of the APC in Lagos State is captured. More importantly, the intervention, he says, will position the Lagos APC to achieve a comprehensive and transparent registration outcome.

Party stakeholders have lauded Speaker Obasa’s foresight and dedication, noting that his contributions reflect loyalty to the APC, proactive leadership that enhances political mobilization with technology, and a broader vision of youth empowerment, digital inclusion, and grassroots political participation.

“Speaker Obasa’s strategic tech support underscores his reputation as a leader who prioritises innovation, inclusivity, and the growth of the party at the grassroots level,” said Hon. Babatunde.

The membership e-registration exercise, scheduled to conclude by the end of January, is expected to significantly expand the APC’s database and strengthen its organisational capacity ahead of future political engagements.

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