TEAM LAGOS EMERGES TOP AT 23RD NATIONAL SPORTS FESTIVAL SOUTH WEST ELIMINATION. (PHOTOS). #PRESS RELEASE.

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 TEAM LAGOS EMERGES TOP AT 23RD NATIONAL SPORTS FESTIVAL SOUTH WEST ELIMINATION Lagos State athletes proved their dominance in the South West by edging out regional competitors and emerging top in the five team events contested at the elimination series qualifier for the 23rd National Sports Festival later this year in Enugu. The elimination series featured team events in volleyball, basketball, football, beach volleyball, and cricket in male and female categories. While the team clinched only the female football ticket by topping their group, they showed dominance in three other sports by winning both the male and female tickets. Team Lagos took first position in the volleyball male and female categories. The male team defeated their counterparts from Ondo in the finals by 25-18, 24-26, 25-20, and 25-20, while the female team defeated Team Oyo by 25-18, 22-25, 28-26, 16-25, and 15-8. The Osun basketball team fell to the superior firepower of the Team Lagos male team in their last ...
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CBN DENIES SELLING FX AT N1, 301/$ TO BDCs. (PHOTO).

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 CBN denies selling FX at N1,301/$ to BDCs


The Central Bank of Nigeria (CBN) has dismissed claims that it is selling foreign exchange (FX) to eligible Bureau de Change (BDC) operators at N1,301 per dollar.


In a statement posted on X on Tuesday, the CBN clarified that a widely circulated document suggesting such a transaction did not originate from the bank.


The fake circular claimed that BDCs were permitted to sell FX to eligible end-users at a margin of no more than 1% above the purchase rate from the CBN. It further alleged that the CBN had implemented measures to address exchange rate distortions and approved the sale of $20,000 to each BDC at the rate of N1,301 per dollar.


“Following ongoing reforms in the foreign exchange market to achieve an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed continued price distortions at the retail end of the market, feeding into the parallel market and widening the exchange rate premium,” the fraudulent document stated.


The fake circular also detailed instructions for BDCs, including making Naira payments to designated CBN Foreign Currency Deposit Accounts and submitting necessary documentation at specific CBN branches in Abuja, Awka, Lagos, and Kano.


However, the CBN has categorically denied these claims, describing the information as false and unaffiliated with the bank.


It is worth noting that on September 6, 2024, the CBN approved the sale of dollars to BDC operators at a rate of N1,580 per dollar.

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