CBN Directs BDCs To Sell FX At 1% Profit

Henceforth, bureau de change (BDC) operators are expected to sell foreign exchange (FX) to end users at one percent margin of the purchase rate. The development follows the Central Bank of Nigeria (CBN’s) plan to sell FX to BDC operators at N1,301/$, according to a statement yesterday signed by the Director, Trade and Exchange Department, Hassan Mahmud. CBN explained that the decision is to enable BDC operators to meet the retail demand for FX for eligible invisible transactions. The statement reads in part: “Following the ongoing reforms in the foreign…

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Geometric Power Plant Commissioned: Prof. Barth Nnaji Happy With AMCON, Afrexim, BOI, CBN, Others

History was made today in Aba Abia State when the Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima commissioned the 181-megawatts Geometric Power Plant, Osisioma Local Government Area of Aba, Abia State. The Vice President was led to the event by the Abia State Governor Dr Alex Otti and the Minister of Power. Before the commissioning, Prof Barth Nnaji CON, the Chairman, Geometric Power Group found time to address the media where he highlighted the critical and strategic role played by the management of Asset Management Corporation…

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Forex Crisis: Raid On BDCs Ill-Advised – Peter Obi Tackles Tinubu Government

President Bola Tinubu (right) with Peter Obi Peter Obi, The 2023 presidential candidate of the Labour Party, Mr. Peter Obi has said that the Economic and Financial Crimes Commission (EFCC), raid on Bureau De Change operators across major cities in Nigeria is ill-advised. Obi disclosed this in a statement on his official X account on Sunday. In efforts to rescue the Naira from continued fluctuations against the US dollar, the operatives of the EFCC raided BDC operators in the Federal Capital Territory, Lagos, Kano and other states. However, reacting to…

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EEDC Effects STS Prepaid Meter Upgrade In S/East In February 24

By NewsBits The Enugu Electricity Distribution Company (EEDC) has said that it will effect its technical implementation for the Standard Transfer Specification (STS) prepaid meter upgrade on February 24 within its network in the South-East. The company said that from 6a.m. to 10p.m. on the February 24, EEDC’s vending platform would be shut down for technical work for rollover in readiness for the STS prepaid meter upgrade. EEDC’s Head, Corporate Communications, Mr Emeka Ezeh, told newsmen on Friday in Enugu that as a result of this development, customers would not…

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CBN To Hike BDC Minimum Share Capital To N2billion

The Central Bank of Nigeria (CBN) is mulling an increase in the share capital of Bureau De Change (BDC) operators to N2 billion and N500 million for Tier 1 and Tier 2 licenses. It was previously N35 million for a general license. This was contained in the draft Revised Regulatory And Supervisory Guidelines For Bureau De Change Operations In Nigeria published by the apex bank. The new guidelines contain several new changes to the guidelines for BDC operations in the country. If endorsed, the new guidelines will be effective at…

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President Bola Tinubu Changes The Executive Management Of AMCON, NCC, NIGCOMSAT

By NewsBits Nigeria President Bola Ahmed Tinubu has approved the appointment of a new four-man management team for the Asset Management Corporation of Nigeria (AMCON). The appointments are pending confirmation by the Nigerian Senate led by Senator Godswill Akpabio. The appointees, according to a release issued on Thursday by presidential spokesperson, Mr Ajuri Ngelale, include Gbenga Alade — Managing Director/CEO, who takes over from Mr Ahmed Lawan Kuru OFR; Aminu Ismail — Executive Director who retained his position. The other two newcomers who were also appointed Executive Directors include Mr…

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IMF Predicts Further Depreciation Of Naira By 35% To Hit N2,081/$1 In Official Market

The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 percent this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. IMF disclosed this in its February 2024 Post–Financing Assessment and Staff Report, noting that the nation’s monetary policy is currently insufficiently tightened to bring inflation below 20 per cent while pressures on the Naira persist. The report noted that amid the absence of…

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Naira Gains As Security Operatives Sustain Raids On BDCs

The raid of bureau de change (BDC) operators continued on Wednesday with the operatives of the Economic and Financial Crimes Commission (EFCC) storming major hubs in Lagos, Abuja, Ibadan, Kano and Aba. Consequently, the NAFEX rate depreciated by 2.89% to close at N1,621.41/USD, while the BDC rate depreciated by 0.82% to close at N1,840/USD. Findings by our correspondent revealed that the operatives stormed the Allen Avenue hub around 12 pm on Wednesday and arrested no fewer than 10 people. In Ilorin, a BDC operator at Kwara Hotel confirmed to our…

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Lagos State Taskforce Arrests 110 Suspects Vandalising Rail Tracks

The Lagos State Environmental Taskforce, on Thursday, arrested 110 persons suspected to be destroying and stealing rail track. The suspects were arrested at midnight in an ongoing operation to clean up and secure the Redline rail track around the Pen-Cinema-Iju Fagba corridor. Commissioner for Environment and Water Resources, Tokunbo Wahab, confirmed the arrest, in a post on his X handle on Thursday morning. Wahab said “In an ongoing operation to clean up and secure the Redline Rail Track around the Pen Cinema – Iju Fagba corridor as ordered by the…

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FG To Restart Direct Cash Transfer To 15million Households Says Wale Edun

Latest news reaching our news desk has it that the Federal Government led by President Ahmed Bola Tinubu has concluded plans to restart the direct cash transfer to the poorest and most vulnerable Nigerians. This is coming in the face of hardship faced by millions of Nigerians with escalating prices of goods and food items as well as the continuous fall of the naira. With about three million Nigerians benefitting from these programmes, the federal government projects that an additional 12 million people, households can benefit from these direct payments,…

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