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Forex: CBN goes tough on Banks

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…floods market with $545m

By Aaron Ossai

The Central Bank of Nigeria (CBN) has threatened to sanction any Deposit Money Bank (DMB) in breach of its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates of all trading currencies. This is even as the Bank sustained its intervention in the various sectors of the inter-bank Foreign Exchange market with the injection of $545 million.

A circular issued by the Bank warned that the CBN would mete out stiff regulatory sanctions to banks that fail to comply fully with the directive by October 13, 2017. The circular signed by the Director, Banking Supervision, Ahmad Abdullahi, stressed that the Bank would bar erring DMBs from all future CBN foreign exchange interventions.

It will be recalled that the CBN in March 2017 had directed banks and authorized dealers to open a teller point for retail FX transactions (PTA/BTA and SME) including buying and selling, in all locations in order to ensure access to foreign exchange by their customers and other users, without any hindrance.

The March 2017 circular also directed DMBs to have electronic display boards in all their branches, showing rates of all trading currencies, which it urged customers to insist on in processing their foreign exchange transactions for invisibles and the SMEs window.

While noting that the objective was aimed at creating awareness among members of the public regarding the availability of such facilities in branches of the banks at clearly disclosed prices, the CBN frowned at the banks for not fully complying with its directives.

Accordingly, the CBN has given the erring banks a four-week period, expiring on October 13, 2017, to fully comply with its directives or face regulatory sanctions, which it noted include but not limited to being barred from all future CBN foreign exchange interventions.

Meanwhile, giving a breakdown of the Bank’s latest forex injection, its Acting Director, Corporate Communications, Isaac Okorafor, revealed that the retail Secondary Market Intervention Sales (SMIS) received the largest intervention of $285 million. Other components of the released figures include the $100 million offered for wholesale SMIS, $90 million for Small and Medium Enterprises (SMEs) window and $70 million for invisibles such as Basic Travel Allowances, tuition fees and medical payments.

According to Okorafor, the amount released underscored the CBN’s avowed commitment to ensure a liquid interbank foreign exchange market, where all genuine requests will be met in line with extant forex guidelines.

Speaking further, the CBN spokesperson expressed optimism that, with the accretion to the nation’s foreign reserve, the Bank would continue to fulfil its mandate of safeguarding the international value of the legal tender. He further disclosed that the Bank’s management also remained optimistic about achieving a convergence between the forex rates at both the inter-bank and BDC segments.

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The Sack of Mandaragrau: Biu in Panic Mode As Council Boss Raises Alarm, Allege Insider Job.

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☆☆☆Worries Over Repentant Boko Haram activities.
☆☆☆BOSG Orders Immediate Action as Traditional Ruler seeks help.

By: Our Special Correspondent.

Mandaragrau, a quiet town of about 3000 people: just 20 minutes drive from Biu, the headquaters of Biu Local Govetnment Area, in Southern part of Borno State, has come under armed attack for the upteenth time.
Coming on the heels of assurances that no community will again fall to the guns of insurgents in Borno state, the town has been completely sacked.
National Trail investigations reveal that, the attack was the fifth, with attendant casualties on the part of both the Military, stationed in the town and the community.
Our correspondent learnt that, both the District Head, Lawan Mohammed and the ward heads in the area have been forced to relocate to Biu, the Local Government headquaters, while thousands seek refuge in adjourning communities.
The District Head in a report made to the Local Government Chairman, Sule Ali Yimi, and made available to our correspondent, indicates that, other members of the community have all fled the town to Biu, Mirnga, liya and other commu ities.
The Military command post has been equally sacked, with soldiers now operating from Maina Hari, in the neighbourhood of Biu.
Chairman of Biu Local Government Area, Sule Ali Yimi confirmed to our correspondent that, the town has also been reduced to ashes, as the insurgents burnt town every available building in the town.
The Chairman also told our correspondent that, with the successful infiltration and sack of Mandaragrau, Biu, the Local Government headquaters is not safe, as it may be the next target.
“As it is, we are not safe. Mandaragrau is one of the most fortified towns after Biu, and we fear that Biu could be their next target”, Yimi said.
This is even as the Deputy Governor of Borno state, Umar Usman Kadafur has ordered the State Emergency Management Agency, SENA. to quickly make assesment and report the situation for immediate government action.
Kadafur told NationalTrail Editor-in-Chief, that, the state government will implement immediate interim meadures before a comprehenssive plan for reclaimng the area, before resettling citizens is worked out.
He said he has been in contsct with the Molitary hierachy in evaluating efforts, prom8sing a strong collaboration for the immediate rescue of Mandaragrau.
The deputy gover or further assured that, the Military has put in plsce multiple measures to ensure the crisis does not spillover into Biu.
Mesnehile, the chairman of Biu. Sule Ali Yimi, has further alerted on the activities of repentant Boko Haram elements, deployed to Mandaragrau, alleging that, accusing fingers point in their direction for compromising the security of Mandaragrau.
Our correspondent reports that, repentant Boko Haram elements have been wrecking havoc in Mandaragrau and are extending their activities into Biu.
While coroborating NationalTrail findings, the council boss said, he is aware that, the repentant elements have been harrasing citizens, demanding for monetary settlement, at gun points.
Yimi said before the community was dispersed, repentant Boko Haram elements have been collecting royalties from villagers.
According to him, with the fall of Mandaragrau, security reports indicate that Biu may be tbeir next target.
Findings reveal that, the repentant Boko Haram have also relocated to the bus terminus in Biu, where they continually harass citizens.
While praising the efforts of the Military in trying to reclaim Mandaragrau, Yimi lamented that soldiers were ill equipped, and how the attackers peneterated the cordon, put around the Military camp in Mandaragrau, remains a mirage.
“Even the military have their suspicion, that, they might have been working with an insider, and citizen allege that, the insider could possibly be a repentant Boko Haram”, he noted.
Our correspondent traced several members of the Mandaragrau community to Biu, where they are squatting with relatives.
One of them, Haruna Saidu told NationalTrail, that, he was inside the mosque for an all night recitation when he heard gunshots, followed by explossions in the direction of the Military camp.
On getting outside, he noticed that the whole community had been thrown into confussion, with people fleeing in no particular direction.
He asked for a call to be put out to the District Head, Lawan Mohammed, who was out of town, intimating him of the development.
Haruna said, by the morning of June 11th, the entire town had been vacated, except for for some aged persons, who could not move out in the night. “They have also been evacuated, by noon of that day”, he added.
National Trail also reports that, for five days after the attack, the insurgents returned to Mandaragrau each night, setting the remaing few house on fire and vandalizing property.
Soldiers who also fled the town only go in the morning and return to their new base in Maina Hari, by 5:00pm, everyday.

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OPEN RESPONSE TO THE DEMAND FOR INVESTIGATION OF THE CATHOLIC DIOCESE OF MAKURDI.

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The Executive Chairman Economic and Financial Crimes Commission (EFCC) Abuja, Nigeria

Dear Sir,

RE: RESPONSE TO THE CALL FOR INVESTIGATION OF THE CATHOLIC DIOCESE OF MAKURDI

I write as a concerned Catholic faithful and citizen of the Federal Republic of Nigeria regarding the recent public call for a comprehensive investigation into the financial affairs of the Catholic Diocese of Makurdi covering the period from 1989 to 2023.
While transparency and accountability are principles that every institution should uphold, it is equally important that public requests for investigations be founded on credible evidence and specific allegations rather than on speculation, assumptions, or generalized concerns.

The Catholic Diocese of Makurdi has, for decades, played a significant role in education, healthcare, humanitarian services, peacebuilding, and the spiritual development of communities across Benue State and beyond. Through the leadership of Most Rev. Athanasius Atule Usuh and Most Rev. Wilfred Chikpa Anagbe, the Diocese has established schools, healthcare facilities, pastoral institutions, and numerous social outreach programs that have positively impacted countless lives.

In a democratic society governed by the rule of law, institutions and individuals are presumed innocent unless credible evidence suggests otherwise. A blanket demand for the examination of over three decades of financial activities without presenting any specific allegation of wrongdoing risks creating unnecessary suspicion and damaging the reputation of an institution that has served the public faithfully.

It is important to emphasize that no institution is above the law. Should there be verifiable evidence of financial misconduct, the appropriate authorities should investigate such matters in accordance with established legal procedures. However, investigations should be guided by facts, evidence, and due process rather than public pressure or unsubstantiated claims.

The Catholic Church operates within established canonical, administrative, and financial frameworks that include various levels of oversight and accountability. Any concerns regarding diocesan administration should, where appropriate, also be addressed through the relevant ecclesiastical and legal channels.

I therefore respectfully urge the EFCC and all stakeholders to remain guided by the principles of fairness, objectivity, and justice. Public confidence is strengthened not merely by investigations, but by ensuring that every action of public institutions is based on credible evidence and respect for the rights and reputations of all concerned.

I remain committed to transparency, accountability, and the rule of law, while also safeguarding the principles of justice, fairness, and the presumption of innocence.

Thank you for your attention.
Yours faithfully,

Bolingo T Leva.
Concerned Catholic Faithful Makurdi Diocese, Benue State Federal Republic of Nigeria

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2027: Bye -Election: I do not Need to be a senator before providing water for my people – Ombugadu

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.. orders immediate construction of three Motorized boreholes in community

Wakama Community in Nasarawa North witnessed a large turnout on Thursday as supporters and residents received the campaign team of Rt. Hon. David Emmanuel Ombugadu, amid renewed political engagement ahead of the senatorial by-election.

The visit, according to community representatives, was marked by discussions on urgent development needs, particularly access to clean water, a challenge repeatedly raised by residents during the engagement.

The Youth Chairman of Wakama, Anyabuga Auta while addressing the gathering, outlined the difficulties faced by the community and appealed for immediate intervention.

“We have suffered for too long without reliable access to potable water,” he said. “Our people deserve urgent action, not promises that delay.”

In response, Ombugadu was quoted as directing his engineers to map out plans for the construction of three motorized boreholes, stating that work would commence on Monday.

“I do not need to be a senator before I provide water for the people of Wakama,” he said. “The work will commence on Monday. The chairman and all those involved should kindly follow me to my house so we can map out the locations for immediate intervention.”

The announcement was met with enthusiasm from residents, many of whom described the pledge as a practical step toward addressing a long-standing community challenge.

The community is widely regarded as part of the local political base associated with former Minister Labaran Maku, adding political significance to the outreach visit as campaign activities intensify across the district.

Local leaders at the event maintained that while political alignments remain diverse, priority will be given to candidates who demonstrate concrete commitments to infrastructure and basic services.

The campaign train is expected to continue engagements Wamba and Akwanga in the coming days as candidates intensify efforts to win voter confidence ahead of the poll.

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