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Sokoto students laud Gov. Aliyu over payment of scholarship grants

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The Sokoto State Students Association of Usmanu Danfodiyo University (SOSSA-UDUS), has lauded Gov. Ahmed Aliyu over the recent payment of scholarship grants to 7,477 indigenes of the state.

The News Agency of Nigeria (NAN) reports that Aliyu directed the state Scholarship Board to pay the students grants of over N500 million on assumption of office.

Addressing newsmen in Sokoto on Sunday, Mr Abdullahi Aliyu, the group’s Chairman, described the governor as a resourceful personality and a passionate leader to the course of studentship.

“It is crystal clear that the world has witnessed Ahmed Aliyu’s commitment of making the life of Sokoto state students so colorful and comfortable.

“The governor has restored hope to the entire Sokoto students across different higher institutions of learning.

“From the foregoing, you may need to know that indigenous students from UDUS have enjoyed the full payments of students registration fees from the governor.

“This gesture has made the entire good people of Sokoto State happy than ever before, especially parents, irrespective of their affiliations,” he said.

The student leader appreciated the governor’s step towards making the entire Sokoto State students happier and comfortable.

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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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