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CBN Moves Against Dollar Speculators, Hoarders As Naira Depreciates

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CBN Moves Against Dollar Speculators, Hoarders As Naira Depreciates

CBN Moves Against Dollar Speculators, Hoarders As Naira Depreciates

… As BDC Operators Confirm CBN Swoop On Hoarders, Speculators

 

 

The Central Bank of Nigeria (CBN), has vowed to go after currency hoarders and speculators whose activities are affecting the appreciation of naira against the US dollar.

 

CBN Moves Against Dollar Speculators, Hoarders As Naira Depreciates

 

 

An authoritative source in the apex regulatory bank said the speculators and hoarders are sabotaging the government’s efforts towards stabilising the naira against the dollar.

It could be recalled that government’s efforts to stop the depreciation of the naira relative to major currencies received a significant boost in the last two weeks when the naira appreciated significantly.

Majority of Nigerians are, however, very happy about the appreciation and strengthening of the naira as many commended the federal government and CBN for doing a good job and the only unhappy Nigerians are speculators and hoarders who lost a lot of money.

However, from yesterday, the naira began to depreciate. In the last two days, the rally has slowed down and naira has started depreciating again as speculators and hoarders fight back.

The government and the CBN’s positions have always been that the gap between the official and parallel market is artificially induced by speculation and hoarding.

Speaking, the source who craved anonymity because he’s not authorized to speak, said
politically exposed persons that benefited from the FX roundtripping under the last administration are currently fighting the system in other to have a depreciated naira.

“The federal government did an excellent job with the naira given its recent appreciation. Speculators and hoarders who are powerful Nigerians are pushing back and sabotaging government efforts. The government will go after them and deal with them decisively.

“Based on the intelligence at my disposal, the CBN has concluded that the depreciation is due to a pushback by speculators and current traders,” the source stated.

According to the source, politically exposed persons who are benefitting from round tripping in the last administration are responsible for the renewed crash of naira.

“Now, the CBN is focused on launching a campaign against speculators and hoarders else, the gains against the naira will be eroded if nothing drastic is done.

“Powerful Nigerians who benefitted from roundtripping in the last administration are still involved in speculation now. They are used to easy money and government is ready to decisively move against them,” he stated.

Corroborating the CBN source, the Association of Bureau de Change Operators of Nigeria warned that the CBN, was set to inflict pain on currency speculators.

The President of ABCON, Aminu Gwadabe, said, “what is happening in the market and the continuous naira rebound are the manifestations of the CBN double-edged sword measures of dollar liquidity injection and naira mopping through the instrumentality of interest rates hikes.

“It is a good development as it is (now) a great risk to speculate, hoard and substitute naira for other currencies,” Gwadabe declared.

“As we continue to observe developments, there is the need for caution in attacking the naira, as it all appears that the CBN has got the arsenal and the logic to continue to enshrine the success recorded,” ABCON noted.

The association noted there had been “Panic selling as against panic buying.”
The BDC operators called on the apex bank to continue to make clarifications and implement some of their recommendations to include them in the foreign exchange market.

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

 

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

 

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

 

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

 

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

 

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

 

Thank you.

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

 

 

 

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

 

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

 

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

 

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

 

Speaking on the collaboration, the Laffmattazz team stated:

 

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

 

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

 

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

 

 

About Laffmattazz

 

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

 

About First Bank of Nigeria Limited

 

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.

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MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

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FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

 

 

 

Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.

 

 

 

Now, FirstBank is making homeownership more attractive.

 

 

 

FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.

 

The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.

 

 

 

You are one quick decision away from being a landlord.

 

 

 

If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.

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