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President Tinubu mourns Nigerian envoy to France

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Bola Tinubu

President Bola Tinubu is profoundly saddened by the news of the passing of Nigeria’s Ambassador to France, Kayode Laro.

He extends his deepest condolences to deceased family, the diplomatic community, as well as the Government and people of Kwara.

The president recognises Amb. Laro’s tireless dedication in fostering mutually-beneficial diplomatic ties between Nigeria and France during his tenure.

He noted that his commitment to diplomacy and the impactful role he played in ensuring the success of the president’s visit to France in June this year.

The visit was the president’s first foreign trip following his assumption of office in May 29.

Laro has devoted himself fully to his duties during 35 illustrious years in service as a Nigerian diplomat, spanning from 1983 to 2018.

Tinubu remembered the late diplomat’s profound grasp of geo-political intricacies and how he aptly harnessed his wealth of skill and experience in multilateral diplomacy to advance worldwide peace, security and development.

The president affirms that the appointment of the Fellow of the National Defence College as an Ambassador in July 2020 to represent Nigeria in France was in recognition of his widely respected expertise and dedication.

“Our nation has lost an exemplary diplomat. I will always hold cherished memories of my interactions with him during my attendance at the New Global Financial Pact Summit in France this June.

“His unwavering dedication and strong sense of duty left an indelible mark. May his legacy continue to inspire us to strive for a more harmonious and prosperous world,” the president said.

Tinubu prayed that Almighty God will continue to console Laro’s family, friends, and colleagues while granting eternal rest to the departed soul.

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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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