Daily Archives: February 3, 2024

The Central Bank of Nigeria (CBN) refutes any intentions to convert $30 billion in domiciliary deposits into Naira.

The Central Bank of Nigeria has rejected reports suggesting that it intends to convert $30 billion in domiciliary deposits held in Nigerian commercial banks into Naira. The initial claim, reported by Punch, suggested that this measure was being considered to stabilize the national currency. According to a “Presidential source,” the government was concerned about forex…

INEC has halted elections in certain constituencies due to incidents of violence.

The Independent National Electoral Commission (INEC) has decided to suspend ongoing bye-elections in specific constituencies and polling units (PUs) due to disruptions and irregularities. Sam Olumekun, INEC National Commissioner and Chairman of the Information and Voter Education Committee, made this announcement on Saturday, February 3, during the ongoing process in 26 states and 80 local…

The Federal Government is contemplating the conversion of foreign currencies held in domiciliary accounts into the Nigerian naira.

The Federal Government is contemplating a policy shift that would lead to the conversion of foreign currencies held in citizens’ domiciliary accounts to the Nigerian naira in an effort to stabilize the national currency. If the plan is implemented successfully, the government will mandate the conversion of foreign currencies residing in both individual and corporate…

Oyo traditional leader faces suspension amid accusations of association with unauthorized mining activities.

Governor Seyi Makinde has suspended Oba Gbolagade Babalola (Gbadewolu I), the traditional ruler of Ido town in Ido Local Government Area of Oyo state, following allegations of his association with illegal miners. The decision was announced by Oyo State Commissioner for Information and Orientation, Dotun Oyelade, on Friday, February 2. The suspension is based on…