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BREAKING: FG Declares Friday 29, Monday April 1 As Public Holidays for Easter Celebrations

Friday, March 29 and Monday, 1st April have been declared as public holidays.
The federal government declared the holiday to mark the celebrations of 2024 Good Friday and Easter Monday respectively.
The minister of interior, Olubunmi Tunji-Ojo, made the declaration on behalf of the federal government.
The minister made the declaration in a statement signed by the Permanent Secretary of the Ministry, Aishetu Ndayako.
He urged Christians and all Nigerians in general to emulate the sacrifice and love displayed by Jesus Christ in dying for the redemption of man.
According to the Minister, Easter, beyond religious significance, promotes values of love, forgiveness and compassion which are essential for social cohesion and harmony.
He called on Christians to imbibe these virtues as they are capable of impacting positively on the socio-economic development in Nigeria by fostering unity, reducing conflicts and encouraging cooperation among Nigerians.
He further urged Nigerians to show acts of charity and generosity to help alleviate the material conditions of the less privileged amongst them.
This, he said, is in tandem with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
While wishing Christians at home and abroad a happy and blissful Easter celebration, the Minister also called on Nigerians to join hands with President Tinubu-led Administration in its determination to bring sustainable development and usher in prosperity for all.
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JAMB Extends Direct Entry Registration By Two Weeks

The Joint Admissions and Matriculation Board (JAMB) has decided to extend the ongoing registration for Direct Entry by an additional two weeks to accommodate all prospective candidates in the process.

This is contained in a statement  by JAMB’s Public Communication Advisor (PCA), Fabian Benjamin on Saturday.

The statement reads “The Joint Admissions and Matriculation Board (JAMB) would be extending the 2024 Direct Entry (DE) registration by two weeks to enable all candidates desirous of DE registration to do so.

“The Board commenced the 2024 Direct Entry on Wednesday, 28th February, 2024, and was to have concluded it on Thursday, 28th March, 2024, but on subsequent consideration, has now extended the exercise by two weeks from Wednesday, 28th March, 2024, consequently bringing the registration to a close on Thursday, 11th April, 2024.

“This extension became necessary following the challenges faced by candidates in going through some of the security screening measures put in place to arrest the rampant and embarrassing cases of fake A’level certificates being paraded by some DE candidates.

“The Board apologises for the inconveniences caused the prospective DE candidates and pledges that, going forward, the process would be made more user-friendly.

“However, in doing this, the Board will not compromise on its avowed determination to ensure that candidates, whose certificates were dubiously acquired are prevented from benefiting from such certificates.

“It is also to be noted that candidates, whose certificate-issuing institutions are among those on the list of institutions that have not verified their certificates despite repeated requests, would not be allowed to register without doing the needful.”

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Olubadan, Oba Lekan Balogun Is Dead

The Olubadan of Ibadanland, Oba Lekan Balogun, Alli Okunmade II, has joined his ancestors at the age of 81.

Governor Seyi Makinde of Oyo State confirmed the passing away of the monarch.

In a statement by his Chief Press Secretary, Sulaimon Olanrewaju, Governor Makinde said Oba Balogun died Thursday evening, March 14,  at the University College Hospital, Ibadan.

He wrote, “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba Balogun, Alli Okunmade II, the 42nd Olubadan of Ibadanland.

“A mighty Iroko has fallen; Oba Balogun has joined the ancestors.

“In Kabiyesi, Ibadanland had a cosmopolitan and well-experienced Olubadan, who made indelible marks on the sands of history and achieved greatly within a short while.

“On behalf of the government and good people of the state, I condole with the immediate family of the Oba Balogun, the Olubadan-in-Council, the state Traditional Council and the people of Ibadanland. It is my prayer that God grants repose to the soul of our late monarch.”

“The passing of Oba Dr. Balogun marks the end of an era for Ibadanland, leaving behind a profound void in its rich history and heritage,” he added.

Born in 1942, Oba Balogun, who was a Fourth Republic Senator, represented Oyo Central senatorial district between 1999 and 2003.

He ascended the throne on March 11, 2022, after the demise of Oba Saliu Adetunji, Aje Oguguniso III. Adetunji, 93, had died on January 2, 2022, after reigning from March 4, 2016.

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As Ramadan begins today, the Sultan of Sokoto calls for prayers against insecurity.

Sa’ad Abubakar, the Sultan of Sokoto and the spiritual head of the Muslims in Nigeria, has proclaimed Monday, March 11, 2024, to be the first day of Ramadan.

The moon was visible in practically every region of the nation earlier on Sunday, the Sultan stated, “signifying tomorrow, March 11, as the first day of Ramadan 1445, as it is the 29th day of the Month of Shaban.”

The Sultan stated, “We received the information from Muslim authorities throughout the nation, and we acknowledge the sighting of the moon properly.

He urged all Muslims in the nation to begin fasting today in accordance with Islamic principles.

He asked Muslims to pray during this Ramadan to stop the nation’s growing insecurity.

He urged all Muslims to pray during Ramadan for the leaders to carry out their responsibilities without fear of God.

In addition, he exhorted all Muslims within and outside the nation to observe the fast in the utmost awe of God and urged the wealthy to provide food for the poor during the Holy Month.

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Naira Is Removed From Binance’s Peer-to-Peer Market Due To Nigerian Government Crackdown

The popular cryptocurrency trading site Binance removed the Naira, the currency of Nigeria, from its peer-to-peer feature on Wednesday.

The P2P market functionality enables users, buyers, and sellers to conduct transactions without the involvement of a third party.

Nigerians first learned about it in 2021 when the government of former president Muhammadu Buhari outlawed cryptocurrency trade in the nation.

SaharaReporters discovered that the elimination of their currency has prevented many Nigerian users from using the feature.

Nigerian authorities claimed that Binance’s removal of Naira from its P2P market was a result of the platform’s role in the devaluation of the currency.

Bayo Onanuga, President Bola Tinubu’s Special Advisor on Information and Strategy, said on Wednesday that Binance’s arbitrary foreign exchange rate fixing would ruin the Nigerian economy if it isn’t stopped.

The National Security Adviser Nuhu Ribadu’s office detained two Binance employees on Wednesday, according to a report published in the Financial Times. The detentions were a result of an inquiry into the cryptocurrency exchange’s activities in Nigeria.

By cracking down on bitcoin exchanges, their imprisonment in Nigeria was an attempt to stop naira speculation and stabilize its wild decline.

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Killer Herdsmen Out: I’m Back to Chase – Sunday Igboho Warns

Sunday Adeyemo, also known as Sunday Igboho, is a Yoruba nation activist who has declared that he is returning to Yorubaland to pursue killer herdsmen.

In a video that went viral on Tuesday, he made these remarks to a group of supporters after his mother’s funeral in his hometown of the Igboho area of Oyo State.

The Yoruba-speaking activist claimed that neither the federal government nor the army stationed in Yorubaland—particularly in Ekiti, where kings were assassinated in broad daylight—could bring an end to the alleged murderers.

“I want you all to stand with me so that we can free ourselves from the encroaching herders on our lands,” he declared. If we don’t establish security throughout the Yoruba territories, they will seize our territory.

“We don’t need to hold out for the authorities or anybody else. Just let’s get to work together. These herders are the reason we are unable to farm on our grounds. And our people are outraged and going hungry. The soldiers that the government says it has sent to Ekiti State are not necessary. We operate in line with our Elders and mount places.

“My fear used to be my mother, but now that she’s gone, I don’t have anything to fear.” I’m returning now to reclaim our territory.

The activist from Ibadan questioned whether he could be working for politicians and whether they would still want him dead, while criticizing the rumour that he was employed by them.

“I work for no political party. If I happened to smack someone, the authorities would be more than happy to take me into custody. I’m prepared to act to put an end to these marauders’ operations on our territory, but I know they are attentively observing me right now to see what I will do next,” he insisted.

Adeyemo managed to flee from a deadly Department of State Service nighttime raid on his Ibadan home, according to a 2021 PUNCH article.

He and his spouse, Ropo, were subsequently taken into custody in the Benin Republic on July 19, while traveling to Germany. That being said, in October 2023, he was liberated.

The liberation soldier just got back to Nigeria in time for his mother’s funeral.

Igboho said there was an attempt on his life when his Ibadan home was raided.

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The Reason President Tinubu Selected To Keep the Naira in the Currency

President Bola Ahmed Tinubu’s reasoning for floating the naira has been made public by the Presidency.

According to the statement, the decision was made because the Central Bank of Nigeria (CBN) was maintaining the value of the naira at the official rate by spending almost $1.5 billion each month.

This was revealed in a recent interview with Arise News by Bayo Onanuga, the President’s Special Advisor on Information and Strategy.

According to Onanuga, some connected to Godwin Emefiele, the previous governor of the Central Bank of Nigeria, and others close to some members of Muhammadu Buhari’s administration allegedly collected money at the official rate and sold it on the black market.

“Under the previous administration (of the CBN), as per media reports, the CBN was spending roughly $1.5 billion every year,” he stated.

In this case, individuals close to the former governor and other government figures were receiving payments at the official rate. They then engaged in arbitrage, or the sale of the funds obtained through roundtripping and selling them on the black market, where they profited handsomely for doing nothing. The government attempted to prevent some of these things.

Onanuga added that foreign direct investment (FDI) had eventually “dried up” because investors were unwilling to make investments in an area where there was unstable currency rates because of the gap in the official window and the parallel market.

According to the presidential adviser, market prices for goods and commodities were rising faster than they ought to.

“Some of the price increases we are seeing are extremely phony; it seems like everyone is just raising prices,” he stated. Because even if you want to dollarize your economy, you actually can’t tolerate the kind of extremely sharp price increases that this nation is currently experiencing if you line it with the exchange rate.

Onanuga went on to say that although more money had been allocated to the lower levels of government, there had been no progress in the last few months, so more complaints and queries should be addressed to state and local government councils rather than the federal government.

“I’m sure the naira will begin to wax stronger and stronger and probably go to the rate that Governor Cardoso envisages it will be instead of the rate we have now if we can sustain the stability we have now if we can ensure that we don’t have the volatility anymore,” he continued.

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See Who’s Behind The Ibadan Explosion – Residents Reveals

The individual responsible for the explosion in Ibadan on Tuesday is a Malian engaged in illegal mining activities in certain areas of Oyo State, according to a report by Daily Post.

Some of the residents of the street where the incident occurred told Daily Post on Wednesday that the Malian was the one occupying the building where the incident occurred.

Recall that an explosion occurred at Dejo Oyelese close, Bodija Housing Estate in Ibadan on Tuesday.

Two people were confirmed dead, several others injured and property worth millions of naira destroyed.

An octogenarian, who spoke with Daily Post Tuesday evening, said that the Malian has been living in the house for some years.

“He is from Mali. But I did’t know that he was keeping such explosives in the house. We know him to be a Malian. Everyone knows that he is doing illegal mining.

“He and his family members left before the incident. He saw that the thing was on flames, so he took his children and wife out, and he ran away. Even some people who were aware of the flames left immediately.

“He is doing business in the Oke Ogun area. Only those who were not aware were affected. The man and his family members will still be in Ibadan here. They have their people in Ibadan,”he said.

Another resident, who has been living in the area for over two decades, noted that many people in the area refused to speak because of fear of attacks.

The man who is in his 60s told DAILY POST that, “People will not want to talk. What will they say? What the first person told you is not far from the truth.

“Go and check all the places I have mentioned. If you enter from Obasa, only a few houses are occupied by Nigerians.

“Majority of the houses there are being occupied by Malians. Malians have bought the majority of the houses there. Go and check it out. It is because of our complacency,” he lamented.

Another resident disclosed that the Malian left his earlier abode after a petition by residents.

“The man is into illegal mining activities. He has been living in the house for over one year. I was not at home when the incident occurred, but when I came from work, I went there to see the building.

“Three houses completely collapsed.

“We saw some documents. There was a petition against him by fellow tenants in his former residence.

“It forced him to leave the place and come here. He brought all the documents here. All the documents were blown away by the explosion. That was how we got them,” he added.

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Dollar to Naira Black Market Rate: Everything You Need to Know (February 2, 2024)

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate.

Looking to exchange dollars for naira on the black market or parallel market? This article provides current rates, key terms, and important information.

What is the Black Market Rate?

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate. However, transactions occur outside regulated channels, carrying inherent risks.

 

Key Terms:

  • Buying Rate: The price you pay in naira to obtain one dollar.
  • Selling Rate: The amount of naira you receive for exchanging one dollar.
  • BDC Operators/Abokis: Individuals or businesses facilitating black market exchanges.

Today’s Rates (February 2, 2024)

 

Black Market Rate

  • Buying ₦1425
  • Selling ₦1435

CBN Rate

  • Selling ₦1414
  • Buying ₦1413

Please note that

  • Rates are fluid and can change rapidly.
  • Lagos and Abuja often offer better rates due to their strategic location.
  • Transactions carry inherent risks due to the unregulated nature of the black market.
  • Consider alternatives like licensed bureau de change operators for safer transactions.
  • This information is for informational purposes only and does not constitute financial advice.

Remember: Exercise caution when exchanging currencies on the black market. Always compare rates, inquire about fees, and prioritize safety and transparency.

 

Disclaimer: I am not affiliated with any financial institutions and cannot endorse specific services or providers.

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Tinubu Moves Crude Oil Sales Revenue From NNPCL To CBN

President Bola Tinubu has reportedly given a new order to the Central Bank of Nigeria (CBN).
Tinubu ordered the apex bank to take over the responsibility for crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL).
The move was to show transparency and accountability as NNPCL over the years has maintained sole control over crude oil sales, and only rendered accounts to the Federal Government.
According to Western Post, under the new arrangement, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation.
A source within the CBN confirmed to the news platform that receipts of payment for the oil sales will be forwarded to the apex bank with immediate effect.
The source added that the new arrangement will block any gap in the crude oil sales and declared receipts.
Experts told the news site that this arrangement is opaque as it makes the NNPC the overall responsibility rendering whatever amount it wishes to FG for the crude oil sales.
They added that the move is no longer tenable amid declining oil revenue following lower oil production arising from crude theft and other sharp practices.
Recall that the CBN Governor, Olayemi Cardoso, last week stated that the collaboration with the Ministry of Finance and the NNPCL is to ensure that all foreign inflows are returned to the Central Bank.
Cardoso, who was delivering a keynote address at the launch of the Nigerian Economic Summit Group (NESG) “2024 Macroeconomic Outlook Report”, said, “This coordinated effort will greatly enhance the Bank’s foreign exchange flows and contribute to the accretion of reserves.
 
“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN.
 
“This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage.
 
“The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.”

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