Naira Rises To N389/$ As Banks Buy 29% Of Cbn’s Dollar Offer

As a result the parallel market exchange rate dropped from N391 per dollar to N389 per dollar. Confirming this to Vanguard, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Gwadabe said that BDCs have already paid to purchase another $20,000 from the CBN which would be delivered today, expressing optimism that the supply will further enhance the appreciation of the naira against the dollar.

Meanwhile, the CBN said that banks and other authorized dealers have again failed to fully subscribe to the $150 million it offered yesterday. It stated that the dealers could only pick the sum of $43.5 million, which represents 29 per cent of the $150 million offered for subscription in the wholesale segment of the foreign exchange market.

Confirming this development, the apex Bank’s spokesman, Isaac Okorafor, reaffirmed the Bank’s position to sustain the intervention with a view to making foreign exchange available for all genuine transactions eligible for foreign exchange through the CBN window.

Mr. Okorafor also allayed the fear over the dwindling subscription by authorized dealers noting that the development merely goes to confirm the extent of liquidity in the foreign exchange market and the determination of the CBN to sustain the intervention aimed at ensuring stability in the market.

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Lagos Task Force Prosecute 114 Mushin Thugs,destroy 'weed' Worth Millions (pics)

The Lagos state task force has prosecuted 114 hoodlums linked to a fracas that occurred in Mushin a few weeks ago. Following the clash between the hoodlums from Alamutu and Akala-Elegba boys in Mushin Local Government, 114 of them were arrested alongside an alleged notorious killer and rapist from the council. Meanwhile, the Taskforce also destroyed Indian hemp, codeine and other illegal drugs worth millions of Naira recovered earlier from the communities. The prosecution of the 114 hoodlums including two females, was a sequel to the prosecution of 36 suspects arrested during the fracas that left scores of residents dead and others injured. The alleged notorious rapist identified as ‘Lanre Olowojobi (a.k.a Pumpy), an indigene of Ekiti State, confessed that since the fracas started seven years ago, he had killed and injured several residents with his weapons. The 37-year-old suspect said: “the ‘Pump Action’ guns and other weapons used during any fracas within...

CHECK OUT The Handshake Between Obiano And The US Ambassador (Photos)

So US ambassador to Nigeria visited anambra yesterday but this handshake is what got people talking. They seemed to have their official handshake and their unofficial handshake The unofficial handshake.

Nnamdi Kanu's Bail Conditions

The Federal High Court, Abuja, on Tuesday admitted the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, to bail on health grounds. In a brief ruling, Justice Binta Nyako said that she was convinced that Kanu was ill and needed more medical attention than the Nigerian Prisons was giving him. “The first defendant, Nnamdi Kanu, has appealed to the court for bail based on health grounds and it is only the living that can stand trial. “So I am minded to grant him bail so that he can attend to his health and face his trial alive,” Nyako said. She, however, ordered that while on bail, Kanu must not hold any rallies, grant any interviews or be in a crowd of more than 10 people. Nyako gave other bail conditions to include three sureties in the sum of N100 million each. She added that one of the sureties must be a senior highly placed person of Igbo extraction such as a senator. The other surety must be a highly respected Jewish leader since Kanu said...

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