CBN introduces FX code as naira strengthens against dollar - Newstrends
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CBN introduces FX code as naira strengthens against dollar

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CBN Governor, Olayemi Cardoso

CBN introduces FX code as naira strengthens against dollar

The Central Bank of Nigeria (CBN) on Monday announced the release of the Nigeria Foreign Exchange (FX) Code, which comes as the Naira shows signs of appreciation against the US dollar in the black market.

The CBN explained in a statement that the FX Code was introduced to help mitigate risks and enhance the stability of the country’s foreign exchange market. This move follows a series of positive changes within Nigeria’s financial sector.

The apex bank also emphasized that the new code aligns with the principles outlined in the Global FX Code and draws from best practices adopted by leading financial jurisdictions worldwide.

CBN said: “Over the years, the Nigerian financial landscape has undergone considerable and positive transformation. Nonetheless, some risks are apparent.

“The FX Code was in response to these developments to set out standards to holistically strengthen and promote the integrity and effective functioning of the wholesale foreign exchange (FX) market in Nigeria.

“It will facilitate better functioning of the market, further reinforcing Nigeria’s flexible exchange rate regime.

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“The FX Code is expected to promote a robust, fair, liquid, open, and appropriately transparent market in which a diverse set of market participants, supported by resilient infrastructure, can confidently and effectively transact at competitive prices that reflect available market information in a manner that conforms to acceptable global behavioural standards and best practices.

“The FX Code applies to market participants. These are authorised dealers licenced by the CBN under the CBN Act 2007 and the Bank and Other Financial Institutions Act (BOFIA) 2020 and other participants that engage in the wholesale foreign exchange business in Nigeria as part of their licenced business.”

According to the apex bank, the FX Code is structured around six leading principles, namely- ethics, governance, execution, information sharing, risk management and compliance, and confirmation and settlement processes.

CBN added: “In addition, some principles were incorporated in the Nigerian FX Code to promote efficiency in the Nigerian FX market.

“The FX Code requires market participants to ensure that illegal financial transfers are avoided and appropriate money laundering policies are put in place to protect the integrity of the domestic markets and the global financial framework as a whole. In the context of the FX Code, the term

“Market participant is generally used to refer to banks, personnel, and other approved institutions.

“In some cases, it will be clear that a principle is by its nature more relevant to only one or the other. For example, certain principles deal primarily with business or bank-level policies and procedures rather than individual behaviours.

“The terms ‘banks’ and ‘personnel’ are occasionally used where principles focus on good practice by banks with regard to personnel in their capacity as such, and vice versa.”

The first response to the FX Code release was the appreciation of the Naira by N10 at the black market on Monday.

CBN introduces FX code as naira strengthens against dollar

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‘Show Them Your Money While Alive’ — Reno Omokri Tackles Lavish Funeral Spending

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Tinubu’s FBI records: Reno Omokri explains why President opposes release
Reno Omokri

‘Show Them Your Money While Alive’ — Reno Omokri Tackles Lavish Funeral Spending

 

Former presidential aide and social commentator, Reno Omokri, has questioned the practice of spending huge sums of money on elaborate burial ceremonies while little or nothing is done to support people when they are alive and battling illness.

Omokri made the observation in a post on his social media account on Sunday, where he argued that resources often deployed to funeral ceremonies could instead be used to improve the quality of life and support people during periods of ill health.

He wrote, “Where is the wisdom in spending so much to throw a party for a person in a coffin, when you did not show them the power of your money when they were coughing with the ill health that killed them?”

The former presidential aide said Africans could rethink the culture of elaborate funeral celebrations, describing the burial industry as one that attracts significant financial expenditure after death.

According to him, greater emphasis should be placed on initiatives that extend people’s lives and improve their living conditions rather than concentrating resources on burial ceremonies.

“As Africans, perhaps we can do better than investing in the industry of death and burials and instead target our money at extending the lives and improving the conditions of the living and on the type of industry that expands our economy,” he stated.

His comments have reignited discussions around Nigeria’s often elaborate burial ceremonies, which in some communities involve large gatherings, expensive clothing, entertainment, food, transportation and other costly arrangements.

While elaborate funerals are deeply rooted in cultural and social traditions across many Nigerian communities, critics have increasingly questioned the financial pressure associated with such ceremonies, particularly when families struggle to meet healthcare and other basic needs while their loved ones are alive.

Omokri’s post had attracted thousands of views and reactions on social media as of Sunday evening, with users weighing in on his call for a shift in priorities from lavish burials to healthcare, welfare and economic development.

 

‘Show Them Your Money While Alive’ — Reno Omokri Tackles Lavish Funeral Spending

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NDLEA arrests herbal tea seller behind Saudi-bound cocaine shipment

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NDLEA arrests herbal tea seller behind Saudi-bound cocaine shipment

NDLEA arrests herbal tea seller behind Saudi-bound cocaine shipment

The National Drug Law Enforcement Agency (NDLEA) has arrested a 34-year-old convicted drug trafficker who allegedly operated under the guise of a herbal tea businessman while masterminding illicit drug shipments, including a 1.2kg cocaine consignment allegedly destined for Saudi Arabia.

The suspect, identified as Dunu Bethel Ebubechukwu, was arrested during a sting operation at Article Market, opposite Trade Fair Market, in the Ojo area of Lagos State, on Friday, September 4, 2026.

According to the NDLEA, his arrest followed an intelligence-led investigation into the interception of a 1.2kg cocaine shipment concealed inside phone chargers at a courier company in Lagos on July 31.

The consignment was allegedly headed for Riyadh, Saudi Arabia.

The agency said operatives from its Directorate of Operations and General Investigation (DOGI) began tracking the person behind the shipment after the cocaine was intercepted.

Following weeks of investigation, the operatives traced the alleged mastermind to Ebubechukwu, who was reportedly operating a herbal tea business as a cover.

The NDLEA said the suspect admitted during interrogation that he had masterminded illicit drug shipments in the past.

He also reportedly discarded his telephone SIM card after learning that the cocaine shipment had been intercepted by the agency.

Further investigation, according to the anti-drug agency, revealed that Ebubechukwu had previously been arrested and convicted for drug trafficking.

The NDLEA said he was first arrested in 2011 at the Murtala Muhammed International Airport (MMIA), Lagos, after allegedly ingesting 900 grammes of cocaine and 130 grammes of heroin while attempting to travel to Austria.

He was subsequently prosecuted, convicted and sentenced to five years in prison.

The agency said he was then known as Dunu Chukwuyenre Enoch but later changed his name to Dunu Bethel Ebubechukwu before allegedly returning to the illicit drug trade.

Following his latest arrest, NDLEA operatives searched his residence at 6 Yemishola Street, Ejigbo, Lagos.

The search reportedly led to the recovery of phone chargers similar to those allegedly used to conceal the Saudi-bound cocaine shipment.

According to the agency, the internal components of the chargers had been removed to create spaces capable of concealing drugs.

The NDLEA said the arrest was part of a wider nationwide operation during which its operatives recovered large quantities of cocaine, cannabis, tramadol, methamphetamine and other controlled substances across several states.

In Lagos, NDLEA operatives at the airport recovered 966,200 tablets of Tramadol 225mg, valued at more than N1.1 billion.

The tablets were reportedly concealed among thrift trousers contained in a 21-carton consignment imported from Pakistan.

Another operation in Lagos resulted in the recovery of 57.8kg of Loud, a potent strain of cannabis, from cartons of disposable hand gloves imported from Singapore.

The agency said the consignment had remained unclaimed for weeks before NDLEA operatives, alongside officials of the Nigeria Customs Service and other security agencies, conducted a joint examination on Thursday, September 3.

In Ondo State, NDLEA operatives intercepted a 20,000-litre fuel tanker marked MKA 960 XC along the Akoko-Lokoja Expressway.

The driver allegedly refused to stop when the vehicle was flagged down and later abandoned the tanker at a church premises in Ugbe Akoko before escaping into the bush.

A search of the tanker uncovered a concealed compartment containing 165 bags of cannabis weighing 2,145kg, alongside the legitimate fuel cargo reportedly destined for Jos, Plateau State.

At the Tin Can Island Port in Lagos, the agency intercepted another consignment containing 598.08kg of cannabis-laced cookies and gummies, packed in 890 packets inside a 40-foot container.

The seizure was linked to three suspects already in custody over an earlier seizure involving 842.54kg of cannabis-laced cookies.

The suspects were identified as Yashim Dauji, Larry Ifeanyi and Joseph Moji.

In Adamawa State, NDLEA operatives recovered 864,000 opioid pills, including tramadol, from a residence linked to a fleeing suspect identified as Patrick KC Frank.

The agency said Frank’s Honda Civic rammed an NDLEA patrol vehicle before he escaped.

In another operation in Michika, 35-year-old Calistus Ebubechukwu, whom the NDLEA described as a major methamphetamine supplier operating between Lagos and the Mubi-Michika axis, was arrested with 2kg of methamphetamine.

The NDLEA said the series of operations reflected its continued efforts to disrupt drug trafficking networks, intercept illicit consignments and apprehend individuals allegedly involved in the movement and distribution of controlled substances.

NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa (retd.), commended the officers involved in the operations and urged them to sustain their intelligence-led approach to combating drug trafficking.

Marwa also warned individuals involved in the illicit drug trade against attempting to evade law enforcement by changing their identities or hiding their activities behind legitimate businesses.

He said the agency would continue to track down suspected traffickers and disrupt their operations.

The arrest of Ebubechukwu also highlights the role of intelligence-led investigations in tracing suspected drug trafficking networks after illicit consignments have been intercepted.

In the present case, the 1.2kg cocaine shipment allegedly bound for Riyadh was intercepted weeks before the suspect was arrested, giving investigators time to trace the alleged source of the consignment.

The suspect remains in NDLEA custody as investigations continue into the alleged cocaine shipment and other drug trafficking activities linked to him.

NDLEA arrests herbal tea seller behind Saudi-bound cocaine shipment

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Ondo Tragedy: 3 Siblings, Including Twins, Found Dead Near River on Family Farm

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Ondo Tragedy: 3 Siblings, Including Twins, Found Dead Near River on Family Farm
Ondo State Police Public Relations Officer, Jimoh Abayomi

Ondo Tragedy: 3 Siblings, Including Twins, Found Dead Near River on Family Farm

A routine trip to a family farm in Akure, Ondo State, has ended in unimaginable tragedy after three siblings—including a set of 11-year-old twins—were found dead near the bank of a small river on the property, plunging their community into mourning.

The deceased children have been identified as 11-year-old twins Joshua Jonah and Jacob Jonah, and their five-year-old younger sister, Blessing Jonah. The devastating discovery was made on Saturday, September 5, 2026, less than 24 hours after the children were reported missing from their father’s farm located around the Owena Army Barracks area on the outskirts of Akure, the Ondo State capital.

According to family sources, the three children had accompanied their father, Samuel Jonah, to the farm on Friday, September 4, 2026. At some point, they reportedly left the farm ahead of their father to return home. However, when Samuel later returned home and could not find them, he immediately raised the alarm, prompting an extensive search by family members and neighbours around the farm, bushes, and adjoining paths. The search ended in sorrow on Saturday morning when the bodies of the three siblings were discovered near the bank of a small river within the farm.

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The tragic incident has thrown the Jonah family’s residence at Oke Ogba, Akure, into deep grief. When journalists visited the family home, the compound was filled with grieving relatives, friends and neighbours offering condolences, while the atmosphere remained tense and sorrowful as many struggled to come to terms with the loss of three young children from the same household in a single incident. One neighbour was quoted as saying, “It is too painful. Twins and their little sister. All gone together.”

The Ondo State Police Command confirmed the tragic incident. The command’s spokesman, DSP Jimoh Abayomi, stated that the children had gone to the farm with their father before their disappearance was discovered upon his return home. He added that a search operation was subsequently conducted, leading to the discovery of their bodies near the riverbank within the farm. “The Command is documenting the incident and investigation is ongoing to ascertain what led to their death,” Abayomi said. He confirmed that the bodies had since been released to their father, Samuel Jonah, for burial.

The police spokesperson also used the opportunity to advise parents and guardians to exercise greater vigilance over children, particularly when they are near rivers, streams, ponds, and other potentially dangerous bodies of water. He expressed the command’s condolences to the bereaved family and assured the public that the investigation would continue until the exact circumstances surrounding the deaths are established.

As of press time, the police had yet to establish the circumstances surrounding the children’s deaths. While the family prepares for their burial, the community continues to await answers over the tragedy that claimed three young lives from the same household. The incident has also renewed concerns in Akure over child safety on farms and around water bodies.

Ondo Tragedy: 3 Siblings, Including Twins, Found Dead Near River on Family Farm

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