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FG begins Kaduna-Kano rail construction in July

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The Federal Government has on Friday said it will begin the construction of the Kaduna-Kano rail line in July

The Minister of Transportation, Rotimi Amaechi, said the government was currently rounding up the Lagos-Ibadan rail project billed for inauguration in June while construction work on the Kaduna-Kano line would commence in July.

He said this when he led a delegation of Nigerian Shippers Council and Nigeria Railway Corporation on a courtesy visit to Kano State Governor, Abdullahi Ganduje, in Kano.

Amaechi stated that even though there was no river in the state, maritime activities would be brought to Kano once the rail line becomes operational.

In a statement issued in Abuja by his media aide, Taiye Edeni, the minister: “We are here because we want to see how far you have gone with the Dala Inland Dry Port. This is because between now and July, we would start work on the Kaduna-Kano part of the rail. Wherever we link the Kano rail to Kaduna and link Ibadan to Abuja, then we have the problem of cargoes.”

The minister added, “We have to learn how to manage cargoes that come to Kano, like you know, we are also linking Kano-Maradi. So Kano will be the hub for the railway sector and with a major station in Kano it will be able to control the volume of human traffic in Kano.”

 

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CBN warns banks over foreign exchange malpractices

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The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.

The circular signed today by the Director Trade and Exchange Department, CBN,  Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).

“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.

“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”

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Naira hits historic low of 543 against dollar

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The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.

The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.

The British Pound was also sold for £1/N740.

This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.

On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.

The CBN said it would also no longer process applications for BDC licences in the country.

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Zugacoin hits $87,000 against Bitcoin $41,000

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Zugacoin, a cryptocurrency  founded by Professor Archbishop Sam Zuga AKA Jehovah’s Field Marshall is now trading at the value of 87,000 dollars against Bitcoin 41,000 dollars.
Africans are advised to take advantage of Zugacoin for their financial freedom especially as it is also on binance network SZCB and has been listed on 10 different Exchange including VinDAX and Pancakeswap.
Zugacoin which is barely a year old is currently on 3 different Blockchains, Ethereum, Binance and Samzuga Blockchain.
This is also coming after the first Blockchain Main Net in Africa was successfully launched by the philanthropic cleric.
Samzugacoin Blockchain Mainnetwork And Zugacoin (Zugascan) Explorer, is the first Blockchain Network created from Africa by an African and for Africa tech space.
Archbishop Sam Zuga, who was recently honored as the first Professor of Digital Economy in the world, is focused at providing ways to help every willing average Nigerian to fight poverty and earn a better living.
According to the cleric, the poverty in Nigeria and Africa is artificial and God has given him the ability to alleviate the citizens out of its shackles.
If possible, eradicate it.
Explaining further how he intends to see his mission and vision accomplished, Sam Zuga stated that with ZUGACOIN every willing Nigerian and African should be able to begin their journey into financial freedom.
He also said he would teach Nigerians how to grow money through digital economy principles.

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