The naira, on Wednesday, depreciated to N1,300 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 3.17 percent drop from the N1,260 traded on April 22.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,260 and the selling price at N1,300 — leaving a profit margin of N40.

At the official window, the naira fell to N1,308.52 against the dollar — a 0.64 percent decline from the N1,300.15 traded on April 23.

According to the FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded a high of N1,367 and a low of N1,098.

With the current record, the official window rate still surpasses that of the parallel market by N8.52.

The Central Bank of Nigeria (CBN), on April 23, reduced the FX rate for dollar allocations to BDC operators.

The financial regulator, in a circular signed by Hassan Mahmud, director of trade and exchange department, said it sold $10,000 at the rate of N1,021/$ to each BDC.

On April 8, CBN also sold FX to the BDCs at the rate of N1,101/$, compared to the N1,251 the apex bank offered to the parallel market operators on March 25 and the N1,301 announced on February 27.

Nonye Soludo, the first lady of Anambra, says women in the state should embrace backyard garden practice to help their families cope with the rising cost of living.

Nonye, the founder of Healthy Living Initiative, spoke when she received a group of Anambra female farmers and businesswomen in Awka, the state capital.

She said home garden practices have helped families as primary and regular sources of diet and nutrition

The Anambra first lady said backyard gardens would also reduce dependence on commercial food products which are mostly expensive.

“Economic circumstances do not completely determine healthy living practices, including the choice of what we consume to keep the body in good shape,” she said.

“We also need to dispel the notion that eating healthy is about eating expensive food products.

“You only need to go to the small farm behind your house to pick up what the body needs to be healthy.

“This is why I am encouraging families to embrace backyard or home gardens and this is in line with the state government’s agricultural agenda.

“Those who live in areas without enough land for subsistence farming purposes can adopt sack farming, which does not cost anything to set up.

“By having such farms around the house, households can have easier and healthier alternatives, cut down their costs of living and boost the green environment.’’

Nonye said her healthy living campaign aims to sensitise households on adopting healthy living as a culture.

“One of our goals is to ensure that families in Anambra prioritise nutritional values of what they eat to improve their family health,” she added.

On her part, Esther Onyekesi, the leader of the group, said women have a major role to play in food production and should be given every necessary support.

Onyekesi, who is also the women’s leader of the All Progressives Grand Alliance (APGA) in the state, encouraged her colleagues to key into backyard farming to enhance food security.

She added that the recent hike in prices of foodstuffs should encourage everyone to go into farming.

The Central Bank of Nigeria (CBN) has denied instructing banks to restrict cryptocurrency accounts.

In a post on X on Wednesday, CBN clarified that the circular did not originate from the bank, urging the public to visit its official website for “authentic updates”.

According to the circular, all deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) were directed to identify persons and entities transacting in cryptocurrencies and ensure such accounts are put on post-no-debit (PND) instruction for six months.

In February 2021, CBN issued a circular to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and OFIs to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

The regulator further warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges.

CBN cited concerns over money laundering (ML), terrorism financing (TF), cybercrime, and the volatility of cryptocurrencies as reasons for the ban.

However, on December 22, 2023, CBN lifted the ban and directed all banks and other financial institutions to carry out cryptocurrency services.

The apex bank also issued operational guidelines on virtual assets service providers (VASPs) to all banks and OFIs.

According to the CBN, VASPs means any entity that conducts exchange between virtual assets (cryptocurrencies), fiat currencies and transfers of virtual assets.

The development signals a shift from CBN’s initial position which restricts crypto transactions.