Business
CBN sells dollars to BDCs @N1,251/$1 as Naira regains strength

The Central Bank of Nigeria has issued a circular to Bureau De Change operators (BDCs), informing them that it has sold $10,000 to each BDC at a rate of N1,251/$1.
In a circular seen by Nairametrics, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.
This suggest BDC are not expected to sell above N1,269/$1.
We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.
We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”
This confirms the resumption of dollar sales to BDC operators after a prolonged period of suspension by the central bank in 2021.
The ban was lifted earlier in the year following the revocation of licences of over 4173 BDC operators in February
Investigations reveal that the exchange rate fell below N1,400/$1 in the parallel market after closing at N1,431/$1 on Friday, with the referenced NAFEX rate at N1,382/$1.
What this means
At an estimated 1,500 BDC licenses remaining, Nairametrics estimates that over $15 million might have been sold into the retail end of the market. Before the revocation Nigeria had an estimated 5,689 licenses.
The resumption of forex sales to BDCs indicates that the apex bank is refocusing on enhancing liquidity in the retail segment of the forex market.
Previously, price arbitrage was a significant reason for the prohibition of forex sales to operators during Emefiele’s tenure, a time when the exchange rate was fixed.
However, with the exchange rate now being “market-determined” under a new forex regime, the apex bank believes that operators no longer have the incentive to engage in arbitrage by purchasing at lower rates from the CBN and selling at higher rates in the parallel market.
By enhancing liquidity, the central bank aims to stabilize the forex market, narrow the gap between official and parallel market rates, and ultimately reduce the volatility of exchange rates.
This strategy is expected to make forex more accessible to retail and small-scale enterprises, fostering a more transparent and efficient market.
If sustained, Nairametrics projects that the impact of improved liquidity could lead to an even stronger Naira in the short term. This projection is further supported by the anticipated hike in MPR rates when the CBN MPC reads out its communique on Tuesday.

Business
BathymooreZena real estate lands in Imo with Fabulous offers

A leading African Real estate firm BathymooreZena Properties and Associates has landed in Imo State, offering assets in choice locations in the state with office in the Capital City, Plot 7B Okigwe Road, Owerri.
BathymooreZena Properties has been making waves in Real Estate Industry across the West African subregion, particularly, Nigeria. The brand is a resource hub specializes in quality properties at choice locations around the country situated in strategic places with access roads in a serene environment with Certificate of Occupancy (CofO) and veriable survey plans, power of Attorney and other relevant documents are also intact.
The company has attracted attention since its commencement of Business in the city of Owerri with unique approach to real estate business and partnership inclusivity. Since its inception, the team has built a strong and committed community, with agents joining to be part of the ongoing realtor revolution in the country.
Over the years, the Company boasts a strong trust to commitment. This mission has helped the company build confidence in her numerous clients
There are various ways to join the star rising realtor company especially in the area of Affiliate marketing, referrals, Estate building, buying, selling and management of properties in Nigeria. Other avenues include leasing, renting, deals on contract to build estate for companies or individuals.
BathymooreZena also does more on supply of materials for building like tiles, interlocks, marbles, ceramics, while equally taking care of your interior designs and decorations as well as Estate cleanings which is parts its offers.
In Owerri, the Owerri, the the company has properties situated in New Owerri, Port Harcourt Road, Spitbat, MCC Road, Toronto, Uruatta, Mbari, Imo Airport axis and Zion Ministry’s environs in Ngor Okpala,among others
Business
New mobile technology for home learning unveiled in Imo

By Alex Ibeh
In an exciting atmosphere among Students and other scholars, a new Mobile Technology known as “Classmigo” has launched their operation in Imo State.
Launching the “Application(App) in Owerri, Imo State on Wednesday 22nd of August 2024, the Chief Executive Officer of Classmigo Mobile App, Mr. Chinedu Chimezie Mendel described the debut as a groundbreaking innovation, adding that it was a platform for Primary and Secondary Schools in Nigeria and Africa to improve learning.
The UK based Computer Engineer noted that the Application is an AI learning Platform that would help the children learn in the comfort of their homes.
According to him, it is already customized and Personalized for them depending on their individual styles of learning.
He said: “To access the classmigo online App, go to www.classmigo.com or you can go to google play store and search for classmigo, from there You register as a Student even if you want to sign up for your child. If you have two or three children, you also do the same in different registrations.
You don’t register one account for all your children.
“when you registered, you have three days to study the App to know if its what you like. you have 100% access to every bit of the App. We have over 6000 videos on the platform to watch. Your child will be assigned to a personal mentor. He or She will have acces to Amigo quiz to answer questions. Every month we bring in students who have the highest scores for the quiz contest.
In this quiz contest, the winners will go home with a prize. we give prizes like laptops, tablets and even scholarships and this is not just for the App but for University levels.
The Awo-Omamma born Computer guru highlighted the benefits of the concept. “The benefit is with the App, you have a personalized learning just like you learn in classroom, you can repeat what the teacher thought you with classmigo repeatedly until you understand whatever you want. The student still has the opportunity to ask the teacher questions for more clarifications.
“Other benefit included that you can do all these in the comfort of your home. you don’t need to to go to any location or classroom to do this. Everything you need is in the mobile App,”he explained.
In the same vein, the Chief Operating Officer, Mr. John Ihejieto pointed out that the concept is to bring learning in an innovative way.
He also narrated: “we are bringing personalized form of learning , we are bringing a new form of learning and believe that after the launch, students gets to download the App, feel the new vibe of learning.”
He stated that human recruitment has been their major concern so this according to him, will enable the organization to give the students the best Education the deserved.
He used the occasion to disclosed that In the years to come, the initiative would go into adult Education, Affiliate Marketing, adding that Amigo AI is yet to be launched.
Meanwhile, One of the resource persons Rev. Dr. Eke Jamike described the program as an exciting and interesting outing.
Jamike who is the former Principal of Emmanuel College, Government Secondary Technical, Government Secondary School all in Owerri but now retired called the attention of the Government to adopt the system for less expensive academic process.
The founder of Government Approved Great Insight School noted that the idea would make teachers lesser in schools.
Jamike said: “It is something that is less Expensive, Lesser teachers will be Employed to give more output and achievements. It will also help the students learn on their own without always going to school. You can stay in your home learn or teach someone
Business
Emenike hospital Commissioned in Imo

By Alex Ibeh
Partners of Emenike Hospital, Dr. Chukwuma Monye, the founder of AGCARE while describing the hospital as one meeting the International standard, commended Emmanuel Emenike for his interest in mitigating against the high cost of getting health services abroad.
The Director General of the Agency, Mr. Kelechi Ohiri who was represented by the Imo State Coordinator of National Health Insurance Scheme, Mr. Chimezie Ezennabike encouraged the staff and management of the Emenike Hospital for subscribing to National Health Insurance to enable them to benefit from the numerous national health Insurance programs.
In an interview with the Chairman, Emenike Hospital and former Super Eagles forward, Mr. Emenike Emmanuel in the same voice with the wife, Iheoma Emenike expressed gratitude to God for the dream comes true. The duo promised that the standards of the hospital would be maintained to the satisfaction of the patients.
The Emenike Hospital located along Aba Road, Owerri, Imo State has been Commissioned.
Commissioning the Hospital, the State Commissioner for Health, Mr. Prosper commended the founder Mr. Emmanuel Emenike and his wife Iheoma Emenike for thinking home.
The Proprietor, Emenike and the management accordingly, took the guests round the wards and various departments of the hospital to ascertain how ready and equipped the hospital and the organization are, in delivering health services to patients
Nigeria’s football legend – Mr. Kanu Nwankwo, former Deputy Speaker of Imo State House of Assembly Rt Hon. Chuma Nnaji, Traditional ruler of Umeze Abazu Autonomous Community, Eze Iheanyichukwu Akuneto, relatives and associates were present on the occasion.
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