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News_Naija

Currency In Circulation Drops To N5tn Report

The total amount of naira in circulation decreased to N5tn as of March 2025, marking a decline from N5.04tn recorded in February 2025. This represents a further reduction from N5.24tn in January 2025, according to the latest money and credit statistics on the website of the Central Bank of Nigeria. Naira in circulation is the total amount of physical currency circulating in the economy, representing money that is available for daily transactions, investments, and savings. A decrease in currency in circulation can be part of efforts to reduce inflationary pressures and manage economic stability. In addition to the naira in circulation, the CBN’s bank reserves have increased to N28.52bn in March 2025, up from N27.57bn in February 2025. In January 2025, the reserves stood at N27.43bn. Meanwhile, the special intervention reserves remained unchanged at N284.36m during the three-month period. Bank reserves refer to the funds held by the Central Bank and commercial banks to ensure liquidity and financial stability within the banking sector. The steady rise in bank reserves is an indication of the CBN’s efforts to maintain financial security and stability in the economy. As of the same period last year, The PUNCH reported that the value of Nigeria’s currency in circulation had risen to N3.87tn by the end of March 2024. This marked an increase from N3.69tn in February and N3.65tn in January. In addition, the currency outside of banks also saw a steady rise throughout the first quarter, growing from N3.28tn in January to N3.41tn in February, and reaching N3.63tn in March. Also, Nigeria’s money supply recorded its first decline in 2025, falling to N110.32tn in February from N110.94tn in January, data from the Central Bank of Nigeria showed. The 0.56 per cent month-on-month drop comes amid continued efforts by the apex bank to manage liquidity in the system, following earlier signals of monetary tightening and foreign exchange adjustments.

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News_Naija

Court Jails 43-year-old For Illegal Cannabis Possession

A 43-year-old man, Oluwole Johnson, was on Tuesday sentenced to two years imprisonment by a Federal High Court in Lagos for illegal possession of two kilograms of a special strain of cannabis known as “Loud.” Justice Akintayo Aluko handed down the sentence after Johnson pleaded guilty to a one-count charge brought against him by the National Drug Law Enforcement Agency. The NDLEA prosecutor, J.E. Negedu, told the court that Johnson was arrested on February 8, 2025, at Lake View Estate, Phase 1, Ago Palace Way, Lagos, while trading in the banned substance. Negedu told the court that the offence committed by Johnson contravened Section 11(c) of the NDLEA Act, Cap N30, Laws of the Federation of Nigeria, 2004, which prohibits unlawful dealing in narcotic drugs. Upon his arraignment, on charge NO: FHC/L/314c/2025, Johnson admitted to committing the offence and pleaded guilty. The prosecutor, through one of the agency’s operatives, presented the facts of the case and tendered evidence, including the seized drugs, which the court accepted. Following the review of the case, the prosecutor urged the court to convict and sentence the convict, in line with his guilty plea and the law. However, Johnson’s lawyer, Sunday Okwo, pleaded for leniency. He informed the court that his client was a first-time offender with no prior criminal record and had shown remorse for his actions. In his judgment, Justice Aluko convicted Johnson and sentenced him to two years’ imprisonment. The court, however, gave the convict an option to pay a fine of N500,000 in lieu of serving the jail term.

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Futbol

Barcelona's Olmo Cleared To Play For Rest Of Season

Dani Olmo and Pau Victor are eligible to play for Barcelona for the rest of the season, Spain's National Sports Council (CSD) has ruled. La Liga granted Barcelona temporary licences to register Olmo and Victor last summer, but later revoked their registrations after claiming the club had failed to prove they were complying with the league's financial rules by the deadline on 31 December. The CSD gave Barcelona permission to temporarily reinstate the pair following an appeal in January. On Wednesday, La Liga said that the club do not have the financial capacity to register the forwards. But the CSD annulled the agreement between the Spanish top flight and the country's football federation (RFEF). The CSD said the two players' registrations remain valid as the RFEF acknowledged that "there is no federation resolution that agreed to the cancellation of the licences" and that its decision not to grant a licence is "null and void". La Liga said it will appeal the decision. In a statement on Wednesday, La Liga said it had lowered Barcelona's wage cap after irregularities with their end-of-year accounting for the 2024-25 season. Barcelona announced a deal on 3 January to sell VIP boxes at the club's Nou Camp stadium, which is being rebuilt, to raise 100m euros (£83m) in order to meet La Liga's Financial Fair Play rules and extend the registrations of Olmo and Victor. But La Liga said the deal had not been recorded in accounts submitted by Barcelona to the league last week, and that the deal had been approved by a different, unnamed auditor. Olmo was part of Barcelona's academy before leaving to play for Dinamo Zagreb and RB Leipzig. Barcelona paid £52m to reunite with the Spain international last summer and he has featured 28 times this season, including 13 since the CSD's ruling. Victor also came through Barcelona's famed La Masia academy and has played 22 times this term, with five of those appearances coming since the ruling.

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News_Naija

Dane Gun Discharge Killed 12-year-old In Kaduna Police

The Kaduna State Police Command has refuted reports of an explosion in the state on Tuesday, where two children were feared dead. Rather, the police said 12-year-old Abubakar Muhammed was killed by a discharge from a locally made firearm (Dane gun). Residents of Abakpa area of Kaduna North Local Government Area of the state, adjacent the old site of the Nigerian Defence Academy, had been sent into panic mode upon hearing what sounded like a blast. One of the residents recounted how he was gripped by fear upon hearing a loud sound. “I was taking my bath when I heard the explosion and ran out to see what had happened,” he said. “I saw one of the affected victims, Imam, and tried to take him to the hospital but he died before we got to the hospital,” he said. However, the police said preliminary investigations by the Officer in charge of the Police Anti-Bomb Squad indicated that the incident was caused by the discharge of a Dane gun, not an explosion. The police Public Relations Officer, Mansir Hassan, confirmed the incident killed one person and left seven others injured. The statement read, “On 22nd April 2025 at about 0830hrs, the Police received a distress call regarding a suspected blast in the Josawa Road area of Abakpa, Kaduna. “In response, a team of policemen led by the Divisional Police Officer, Kawo Division, was immediately dispatched to the scene. The incident claimed the life of a 12-year-old boy, identified as Abubakar Muhammed of Josawa Road. “Additionally, seven other individuals sustained varying degrees of injuries and are currently receiving medical attention. “Contrary to initial reports, experts confirmed that the incident was not an explosion. Preliminary investigations conducted by the Officer in charge of the Police Anti Bomb Squad indicate that a locally made firearm (Dane gun) was discharged, resulting in the unfortunate loss of life of the young boy.” The police further noted that it has launched an investigation to determine the exact circumstances behind the incident. “The Commissioner of Police, Garrison Commander, State Director, Department of State Services (DSS) and the chairman, Kaduna North Local Government have all visited the scene and a thorough on-site assessment was carried out. “The police command assures the public that further developments will be promptly and transparently communicated. “The command extends its deepest condolences to the family of the deceased and wishes a speedy recovery to those injured,” the statement added. However, residents of the area are still reeling in shock from the incident.