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ABCON lauds CBN’s FX policies
The Association of Bureau de Change Operators of Nigeria (ABCON) says the recall of members into the foreign exchange (FX) market has led to stability in the exchange rate.
Aminu Gwadabe, ABCON president, spoke on significant developments in Nigeria’s FX market in a statement on Sunday.
According to Gwadabe, in addition to addressing the $7 billion FX backlog, and the monetary policy tightening that led to more investment in government instruments, the recall of the bureau de change (BDCs) operators by the Central Bank of Nigeria (CBN) was also a significant move to boost dollar liquidity at the retail end of the market.
He thanked the CBN and other relevant agencies for acknowledging the BDCs as a crucial component of the FX market and an efficient mechanism for transmitting exchange rates in FX management.
“The reconsideration of the BDCs into the mainstream foreign exchange market has not only cleared illegal economic behaviours of hoarding, rent-seeking, round tripping and FX holding position, and led to the emergence of exchange rate convergence,” he said.
“The stability in exchange rate has already started to have positive impact on the prices of goods and services.
“For instance, the price for international school fees has dropped by 15 percent; cost of medical tourism reduced by 20 percent and airfares for local and international trips dipped by 25 percent.
“In a most serious note, the positive impacts include also heightened confidence of the public in the local currency as it eliminates currency substitution behaviour which hitherto being (sic) adding pressure on our local currency.”
Gwadabe said the success story is unending, with the naira trading at N1,255/$ on Saturday — which is below the N1,269.765 the BDCs are advised to sell.
“It is our view that the collaboration between the BDCs, CBN, National Security Adviser (NSA), Economic and Financial Crimes Commission (EFCC), as well as support from the presidency helped in creating the opportunity for building the foundation of this achievement,” he said.
“Overall the combination of these actions have induced an atmosphere of public calmness, confidence, hope and liquidity in the markets.
“We call therefore on the CBN to continue to calibrate the existing relationship between the BDCs and the apex bank to sustain the success story.”
Describing the ongoing market development as revolutionary, the ABCON president said a stable naira would attract more foreign portfolio inflows to the economy.
He said prospects for FX earnings are promising, with an increase in foreign portfolio investments (FPI) and inflows exceeding $1.5 billion just days after the monetary policy committee (MPC) raised interest rates by 200 basis points.
Gwadabe said increases in FX inflows through the CBN’s monetary tools are aiding to boost foreign reserve accretion, granting the apex bank the power to defend the local currency.
Gwadabe reiterated ABCON’s commitment to maintaining collaboration with the central bank to ensure that all members benefit mutually, preventing exclusion and the dominance of the sector by larger entities.
The collaboration, he said, aims to safeguard the investments, skills, and capacity of members — mitigating potential losses of capital and unintended consequences such as unemployment and heightened insecurity.
On February 27, CBN approved the sale of FX to BDCs.
Speaking on the decision, the apex bank said it observed the continued price distortions at the retail end of the market, which was feeding into the parallel market and further widening the exchange rate premium.
As Christians around the world mark Palm Sunday, the beginning of Holy Week, the Christian Association of Nigeria (CAN) has called for peace and unity in the country.
Extending warm greetings to all the faithful and people of goodwill across the nation on Palm Sunday, CAN said the sacred occasion invites citizens to reflect deeply on the life and mission of Jesus Christ, whose message of peace, humility, and sacrificial love remains as urgent today as it was over two thousand years ago.
This was contained in a statement released by the Christian body on Sunday, and signed by its President, Archbishop Daniel Okoh.
The umbrella body for Christians in Nigeria also strongly condemned the recent wave of brutal killings in Plateau State, particularly the April 4, 2025 attacks that claimed dozens of innocent lives in Bokkos and Mangu Local Government Areas.
It added that the acts of violence represent not only a gross violation of human dignity and the sanctity of life but also a serious threat to our national unity and peace.
CAN called on the security agencies to act swiftly and decisively in bringing the perpetrators to justice.
The statement read in part, “Palm Sunday commemorates the triumphal entry of Jesus Christ into Jerusalem, where He was welcomed with palm branches and shouts of “Hosanna!”—a powerful symbol of peace, humility, and hope.
“This moment, recorded in the Gospels (Matthew 21:1–11, Mark 11:1–11, Luke 19:28–44, and John 12:12–19), offers enduring lessons for our nation as we navigate these uncertain and challenging times. These lessons are especially pertinent as we are once again confronted with a painful reminder of the fragility of peace in our land.
“With deep sorrow, CAN strongly condemns the recent wave of brutal killings in Plateau State, particularly the attacks of 4 April 2025, which claimed the lives of dozens of innocent citizens in Bokkos and Mangu Local Government Areas. These senseless acts of violence represent not only a gross violation of human dignity and the sanctity of life but also a serious threat to our national unity and peace.
“We call on the security agencies to act swiftly and decisively in bringing the perpetrators to justice. We also urge the government—at all levels—to intensify its efforts to secure all communities and prevent further bloodshed. The continued loss of lives in such tragic circumstances is simply unacceptable.
“We stand in solidarity with the bereaved families and the people of Plateau State. May God grant comfort to the grieving, healing to the wounded, and peace to every troubled heart. In times like these, we are reminded that true leadership is most vital when lives are at risk and communities are in distress.
“In this critical moment, we call on our leaders to rise to the occasion with humility and a clear sense of purpose. Jesus’ choice to enter Jerusalem on a donkey—symbolising peace and servanthood—remains a timeless example. Our leaders must embrace the principles of servant leadership, placing the welfare of the people above personal or political interests. Amidst insecurity, economic hardship, and displacement, let their actions be marked by compassion, justice, and a steadfast commitment to national healing.
“In the same spirit, we appeal to all Nigerians—regardless of ethnicity, religion, or political affiliation—to rise above division and embrace our shared identity as one people under God. Just as the diverse crowds in Jerusalem were united in hope, so too must we come together with a common purpose: to heal our land and build a future grounded in mutual respect, compassion, and solidarity.
“Palm Sunday reminds us that even in times of trial, there is hope. The journey to national renewal begins with each of us. Let us be mindful of our words and actions, choosing to be peacemakers in our homes, communities, and workplaces. Through a shared commitment to truth and justice, we can overcome the pain of the present and help shape a Nigeria where every citizen has the opportunity to thrive.
“As we lift our palm branches today, let them serve not only as symbols of worship but as signs of our collective resolve to work for a peaceful and united Nigeria. May God grant us wisdom, courage, and grace in these trying times. We pray for our leaders, that they may be guided by divine insight; for our people, that they may draw strength from unity; and for our nation, that peace may reign in every corner.
“God bless you all, and God bless the Federal Republic of Nigeria.”
Billionaire businessman, Femi Otedola, has joined other prominent Nigerians in paying tribute to late Super Eagles legendary former captain and coach, Christian Chukwu, who died on Saturday.
The Nigerian football icon, nicknamed ‘Chairman’ for his imposing presence and the authority he exuded just in defence, died at 74, throwing family, friends, and the entire nation into mourning.
In a tribute to the former centre defender posted on his social media pages on Sunday, Otedola said that Chukwu creatively used the game of football as a unifying force for us as individuals and the nation in general.
“The sudden passing of the legendary Christian Chukwu, former captain and head coach of the Super Eagles, has come as a rude shock to me. As one of Nigeria’s Patriots, Christian Chukwu creatively used the game of football as a unifying force for us as individuals and the nation in general.
“His footballing career as the captain and subsequently coach of the national team remains legendary and fully etched in the annals of our national history,” the statement said.
The former national team and Enugu Rangers captain was diagnosed with prostate cancer in 2019, and Otedola stepped in to offer financial support for his medical treatment in the United Kingdom.
The Executive Chairman of Geregu Power PLC recalled that his intervention in 2019 saw Chukwu saw through a very challenging time and gave him a new lease of life.
He condoled the family of the late legendary footballer and his fans all over the world.
“Back in 2019, when he was diagnosed with prostate cancer that affected his legs, I stepped in with the necessary support so as to enable him receive comprehensive care and medical treatment in the United Kingdom.
“Thankfully, that intervention and opportunity saw him through a very challenging time and gave him a new lease of life. My condolences go out to his entire family and to his fans all over the world. May you all find comfort during this difficult time. May his soul rest in peace.”
Chukwu captained Nigeria to their first Africa Cup of Nations (AFCON) trophy in 1980 and was also a former coach of the side between 2002 and 2005. He led the Super Eagles to a third-place finish at the 2004 edition of the continental competition in Tunisia.
He devoted his club career to Enugu Rangers, where he won multiple national titles and led the club to continental glory with their 1977 African Cup Winners’ Cup triumph.
The Presidency has reacted to the directive to US law enforcement agencies to release confidential information generated on President Bola Tinubu.
Elanza News had reported how a United States District Court ordered the FBI to release the information on Nigeria’s number one citizen.
Reacting, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the information being sought did not indict President Bola Tinubu.
He also hinted that there is nothing new, in the report by Agent Moss of the FBI and the DEA report, saying the report has been in the public space for more than 30 years.
According to Onanuga, “Journalists have sought the Presidency’s reaction to the ruling last Tuesday by a Washington DC judge ordering the US FBI and DEA to release reports connected with President Bola Ahmed Tinubu.
“There is nothing new to be revealed. The report by Agent Moss of the FBI and the DEA report have been in the public space for more than 30 years. The reports did not indict the Nigerian leader. The lawyers are examining the ruling.”