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CBN Allows BDC Operators Temporary Access to NAFEM for FX Purchase

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The Central Bank of Nigeria (CBN) has announced that eligible Bureau de Change (BDC) operators can temporarily access the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly. This measure, effective from December 19, 2024, to January 30, 2025, aims to address seasonal foreign exchange demand.

In a statement by T.G. Allu, the CBN emphasized that BDC operators must fully fund their accounts before transactions, with a 1% cap on retail price spreads. All transactions are to be reported to the CBN’s Trade and Exchange Department.

The apex bank reiterated its commitment to a functional FX market, stating, “All FX transactions must be conducted at market-determined rates.

” This initiative follows earlier steps to stabilize the market, including FX sales to BDCs at N1,590 per dollar in September.

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Mexican Wrestling Legend Rey Misterio Sr. Passes Away at 66

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Rey Misterio Sr., born Miguel Ángel López Días, has passed away at 66. His son, El Hijo de Rey Misterio, announced the news on Facebook, expressing sorrow and promising further updates. The cause of death remains undisclosed.

Lucha Libre AAA Worldwide also confirmed the loss, extending condolences to his family and celebrating his legacy.

Misterio Sr., uncle to WWE star Rey Misterio and father to Dominik Misterio, was a trailblazer in Mexican wrestling. Starting as a boxer, he transitioned to wrestling in 1976, earning titles like the Revolution Tag Team Championship and WWA World Junior Light Heavyweight Championship during his illustrious career.

His death comes just weeks after his brother, Roberto Gutierrez, passed away at 76.


 

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Tragic Accident Claims Lives of Three OOU Students on Ilisan-Ago Iwoye Road

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A tragic road accident claimed the lives of three students from Olabisi Onabanjo University (OOU), Ago-Iwoye, Ogun State, on Friday, December 20, 2024.

The incident occurred around 3:30 pm along the Ilisan-Ago Iwoye Road, according to a statement by the Ogun State Police Command spokesperson, Omolola Odutola.

 

The students were traveling in a commercial Opel Safira with the licence plate Lagos AAA-126HE.

The driver, Adekunkle Adebiyi, reportedly lost control of the vehicle while speeding, causing it to veer off the road and overturn in the bushes.

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One male student, whose identity is yet to be confirmed, died at the scene. His body has been deposited at the General Hospital in Ijebu Ode.

Two female students, identified as 18-year-old Dada Oluwanifesimi, a sophomore studying Mass Communication, and 19-year-old Miracle Ogo Oluwa Daniel, a junior, were rushed to Love and Care Hospital but tragically succumbed to their injuries during treatment.

Meanwhile, two other students involved in the crash are currently receiving treatment at the OOU Medical Centre located on the university’s Mini Campus.

The police have recovered the accident vehicle, which is now in their custody for further investigation.

This devastating incident has left the OOU community in shock and mourning, with calls for safer roads and stricter enforcement of traffic regulations to prevent similar tragedies in the future. Further updates on the incident will be provided as investigations continue.

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Tinubu, Shettima to Spend N9.36 Billion on Travels and Refreshments in 2025

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President Bola Ahmed Tinubu and Vice President Kashim Shettima have allocated N9.36 billion for their local and foreign travels, as well as refreshments, in the proposed 2025 budget.

The 2025 Appropriation Bill, titled “Restoration Budget: Securing Peace and Building Prosperity,” reveals that Tinubu’s travel and refreshment expenses will amount to N7.44 billion, while Shettima’s will total N1.9 billion.

 

The breakdown shows Tinubu’s international trips will cost N6.14 billion, with local trips budgeted at N873.9 million. Refreshments and catering supplies for the president are pegged at N431.6 million. For the vice president, N1.31 billion is allocated for foreign trips, N417.5 million for local travels, and N186.02 million for refreshments.

The 2025 budget also includes N4.76 billion for vehicles in the Office of the President, with allocations for SUVs and operational fleets.

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Both the Senate and House of Representatives have referred the budget to their respective appropriation committees for review, with sittings set to resume on January 14, 2025.


 

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