With the introduction of new guidelines for the nation’s foreign exchange market with the adoption of a single structure through the interbank/autonomous window by the Central Bank, the naira on Monday crashed by 31 per cent to 288.85 against the United States dollar on at the close of trading. It closed at 288/dollar at the new official market.

The local currency also depreciated at the parallel market where it closed at 346 to the greenback, down from around 330 and 335 on Friday.

The naira, which was pegged at 197-199 per dollar before the emergence of the new forex policy, closed at 288.85 to the dollar on Monday, with the forces of demand and supply coming to play to determine the value of the nation’s currency after the CBN allowed it to float freely.

The CBN said it cleared a total foreign exchange demand backlog of $4bn with a dollar exchanging for N280 at the foreign exchange market.

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said the naira fell to 346 against the dollar at the parallel market, because “the interbank market has not effectively taken off.”

He said,

“There is no way demand can reduce at the parallel market now because the 41 imported items are still banned from accessing official forex market,” he said, adding that the backlog of dollar demand was far higher than $4bn.

“Up untill now, many correspondent banks have yet to send their unmet obligations to the Central Bank of Nigeria. And for the foreign inflow that we are expecting, there is still lack of confidence by the investors as to how liquidity is going to be sustainable so that when they want to move out, they won’t have the problem of dollar scarcity. So, they are watching to see how liquid the market will be, and that will take a couple of weeks before this can be unravelled,” Gwadabe explained.

Several muslim clerics took over a school in Osun to ensure compliance with the rule on wearing hijab to school by Muslim students.

Up to 25 muslim clerics in Osun on Monday morning visited St. Charles High School in Osogbo and Ife Oluwa Middle School to enforce the June 3rd court judgement that female Muslim students should start wearing hijab to schools.

According to ThisDay, the clerics went to the school around 8am to enforce the court order.

The principal of St. Charles’ High School, Mr. Anthony Famoriyo, reportedly informed them that he could not fulfil their request because he was yet to be directed by the Ministry of Education to that effect.

Famoriyo, when contacted by journalists inside the school, said he told them that no teacher would prevent any student from wearing hijab the moment they receive such directive from the state government.

However, Islamic followers forcefully enforced the use of Hijab on those identified to be Muslim girls in the school.

Academic activities in the school were distrupted as the group also stormed classrooms to stop teachers on duty.

Two days ago, there were reports about a section of the Ogun River flowing through the Kara Cattle Market in Lagos which suddenly disappeared.

Earlier reports were that the river ‘dried up’ and from the pictures and videos shared, people were seen walking on it, testing the river bed for firmness.

But the Lagos State Government has issued a warning to residents.

According to the statement signed by the Commissioner for Waterfront Infrastructure Development, Engr. Adebowale Akinsanya, the river is “blocked by vegetation” and it could “open up at any time with dire consequences.”

Here’s exactly what happened: A thick layer of vegetation was forced atop the river by a heavy storm, and this vegetation created a compact layer over the body of water, creating a false firm land which people have been seen walking on. It is very dangerous because at any time, the vegetation could give way, swallowing whatever is atop it.

Akinsanya added this yesterday:

“It is important to notify the public that have been worried about the environmental consequence of a dried up river to note that the flow of the river is still active beneath the vegetation and the situation is been evaluated.

“However, because of the compacted nature of the vegetation residents and onlookers are of the erroneous belief that the river has suddenly dried up and can walk across the vegetation.

“A lot of people that have turned the place to a tourist destination are unaware of the danger lying ahead. It’s important for the public to be aware that the vegetation can give away at any time and can lead to a potential disastrous situation.”

Carrying out any activities on the blockage of this river is unsafe, dangerous and disastrous.

Please keep off.”

It was yet another bloody day yesterday after one of the buses belonging to popular transport company Peace Mass was involved in a tragic accident in Enugu.

According to the Facebook user Ngene Vivian who shared this story, the accident occurred along Airport Road in Emene, Enugu State, yesterday evening. And from the pictures shared, the bus was badly mangled.

Read the statement Below:

The Economic and Financial Crimes Commission (EFCC) has blocked the account of Ekiti State Governor, Mr Ayodele Fayose, he operates with Zenith Bank Plc. The governor, who spoke to reporters in Ado-Ekiti on Monday at the premises of the bank, said he had information that the accounts of some of his associates were also affected.

According to a press release by the Chief Preds Secretary to the Governor, Mr Idowu Adelusi, the governor accused some leaders of the All Progressives Congress (APC) and a prominent lawyer from the state of being the brains behind the action.

While condemning the action, Fayose said under the constitution of the Federal Republic of Nigeria, especially th‎e provisions contained in Section 308, he enjoys immunity and wondered why his personal properties should become the targets of Federal Government and it’s agencies under the guise of fighting corruption.

“Section 308 of the 1999 Constitution gives me immunity just like the President. I wouldn’t know why these people are intolerant of others and in a haste. Let them wait till 2018 when I will end my tenure for them to do their investigation.

The other time the EFCC accused me of embezzling N1.2 billion poultry project fund, I was the one who voluntarily reported myself to the EFCC.

“It was ‎when I got a hint of their move that I wrote a cheque to withdraw some money from the account and I came myself. I was denied access to the account as I was told the EFCC has placed restriction on it. That is executive rascality taken too far. Even when I had case with EFCC my properties were not affected.

“If they say they are investigating money spent on election, does it mean it is only Peoples Democratic Party (PDP) that spent money on election? A lot of people and groups supported my campaign then. Where did APC and their leaders get the money they spent on 2015 general elections from? Now it is only in PDP that they find thieves, to them there are no theieves in the APC.

“A lot of petitions were written against former Governor Kayode Fayemi and the EFCC has not asked him a question up till now. The diversion of N850 million fund meant for Ekiti State Universal Basic Education Board is there and nobody is asking Fayemi questions.

“Even the President cannot claim to be an angel. The estate he built in Abuja is known to us. His wife was indicted over the Halliburton Scandal. When that American, Jefferson, was being sentenced, the President’s wife was mentioned as having wired $170,000 to Jefferson. Her name was on page 25 of the sentencing of Jefferson. We can serialize the judgment for people to see and read. “We will not allow this and we will defend our rights within the law of the land. Those who th‎ink they can silence me are mistaken. I am a person who is not perturbed by things like this. Let them wait till 2018 when I will finish my term and I will be the one to go and meet them. I won’t run away and let them investigate the whole world, I have nothing to hide or fear,” he said.

Fayose said he would challenge the action appropriately.