Business
CBN Sells Dollars to BDCs at N1450/USD Amid Forex Market Reforms
In a recent development, the Central Bank of Nigeria (CBN) sold dollars to eligible Bureau De Change (BDC) operators at a rate of N1450 per dollar.
This decision, aimed at meeting demand for invisible transactions, comes after concerns were raised over exclusion of BDCs in previous forex sales totaling $123 million to authorized dealers.
ABCON President Aminu Gwadebe highlighted the exclusivity of banks in accessing these interventions.
The CBN’s move underscores ongoing efforts to reform the foreign exchange market and address retail segment distortions influencing exchange rate premiums.
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
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