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March 11 polls: FRSC urges Nigerians to vote peacefully, shun violence

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The Federal Road Safety Commission (FRSC), on Wednesday urged Nigerians, particularly electorate, to vote peacefully and maintain decorum during and after the March 11 polls.

The Sector Commander of FRSC, Enugu State, Corps Commander Joseph Toby, gave the advice while speaking with the News Agency o Nigeria (NAN) after attending the Inter-agency Consultation Committee on Election Security (ICCES) meeting in Enugu.

NAN recalls that INEC has scheduled Saturday for Governorship and State Assembly elections in the country.

Toby noted that no meaningful endeavour could be achieved in an atmosphere of rancour and violence.

According to him, Enugu State electorate and the residents in general should continue in their peaceful and matured conduct as exemplified during the just-concluded Feb. 25 polls.

“Nigerians, please go out en masse, be peaceful, cast your votes and go home.

“And if you do not want to go home, stay a distance from the polling units and maintain civility and decorum while the polls last.

“The people contesting these elections are not only Nigerians, but also people living within our neighbourhoods, local government areas and state. They are brothers and sisters, we known them too well.

“We are not foreigners, we are all brothers and sisters and at the end of the day, we will go back to our daily lives and live as one Nigeria,” he said.

The commander said that the Corps had been up and doing in ensuring that vehicles used for election duties were road worthy.

“We have continued to certify road worthiness of vehicles to be used for election duties even at the just-concluded Feb. 25. polls.

“However, it is left for INEC to mobilise them to the field of operation on the election fay as required,” he said.

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Hardship: Protesters Defy Police Warning, Hit Lagos Streets

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Residents have hit the streets of Lagos State to protest against the increasing spike in the price of food and the high cost of living in the country.

The protest was facilitated by a human rights group identified as the “Take It Back Movement.”

This comes against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.

The protesters were seen carrying placards of various inscriptions at Ojuelegba Under Bridge area of the state to express their grievances.

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

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In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

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