MALI RENAMES COLONIAL FRENCH STREET NAMES. (PHOTO).

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 Mali renames colonial French street names Mali followed Burkina Faso and Niger on Wednesday in renaming streets and squares in its capital to get rid of their French colonial names, AFP reported. Streets bearing the names of members of France's colonial administration have been rebaptised in Bamako, according to a decree by the junta chief. Cedeao Avenue (the French acronym for the Economic Community of West African States or ECOWAS) is also now named after a new strategic confederation that Mali has formed with Burkina Faso and Niger – the Alliance of Sahel States (AES). In all, nearly 25 names have been replaced, among them boulevards, streets, squares and public establishments. Niger and Burkina Faso have already made several changes to street and monument names in the last two years. In October, Niger renamed several historic sites in its capital Niamey which previously bore references to old colonial master France. Mali has been ruled by the military since back-to-back coups ...
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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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