News
CBN Resumes Forex Sales To BDCs
Published
1 year agoon
By
Editor
The Central Bank of Nigeria (CBN) yesterday resumed dollar sales to Bureaux De Change (BDC) operators with a planned disbursement of $20,000 to each licensee.
The forex injection, it said, is expected to curb forex distortions, boost liquidity in the market and stabilise the naira.
In a circular to all BDC operators and the public, the CBN said it “observed the continued distortions in the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.”
The circular was signed by Aliyu Mahdi for the bank’s Acting Director of Trade and Exchange Department.
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The apex bank said that eligible BDCs would be allowed to purchase a maximum of $20,000 at a fixed rate of N1,450 to the dollar. The rate is pegged to the lower band of the previous day’s trading rate on the Nigerian Autonomous Foreign Exchange (NAFEX) window.
BDCs are permitted to sell dollars to eligible end-users at a maximum margin of 1.5 percent above the purchase rate from the CBN.
To ensure compliance, BDCs are required to make Naira payments into designated CBN accounts and submit necessary documentation for disbursement at specified branches in Abuja, Lagos, Kano, and Awka in Anambra State.
The CBN attributed the decision to the widening gap between the official and parallel market exchange rates, which it blamed on distortions in the retail end of the market. The bank expressed hope that the move would also help to reduce pressure on the naira.
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Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe said the new dollar injections in the market will induce liquidity and stabilise the naira.
He added that the move has already impacted positively on the Naira, which appreciated from N1,640/$ to N1,570 /$ at the parallel market.
According to him, the review of the return of forex sales to BDCs is commendable and a good step in addressing the challenges confronting the retail end forex market.
The surge in demand pressure through the recent fiscal policies such as duty waiver, and removal of import duty on certain basic needs will surely be augmented by the resumption of forex sales to the BDCs.
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“The BDCs will continue to play their third-level roles in the retail end of the market and will remain the potent and most effective tool of the CBN’s demand monitoring mechanism and meeting the critical liquidity needs in the forex market,” Gwadabe said.
He called on ABCON members to reciprocate the opportunity and comply with regulations for the sustainability of the sub-sector.
The ABCON president also enjoined the government to continue to collaborate with stakeholders in the strategy and tactics to tackle the challenges facing the country.
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The National Commission for Colleges of Education has uncovered and shut down 22 illegal Colleges of Education.
The discovery was made during a crackdown on illegal colleges of education in the country.
The development was revealed in the commission’s achievements, seen by our correspondent.
“The NCCE identified and shut down 22 illegal Colleges of Education operating across the country.
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“The NCCE conducted personnel audit, financial monitoring in all the 21 federal colleges of education,” the commission said.
President Bola Tinubu had recently urged the National Universities Commission, the National Board for Technical Education and the National Commission for Colleges of Education to weed out illegal higher institutions of learning in the country.
Speaking at the 14th convocation of the National Open University of Nigeria in Abuja, the President ordered the NUC, the NBTE, and other agencies to take decisive action against what he described as “certificate millers” undermining the credibility of the education sector.
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Tinubu, who was represented by the Director of University Education at the Federal Ministry of Education, Rakiya Ilyasu, warned that the integrity of the academic system must not be compromised.
“At this juncture, it has become imperative to reiterate that this administration remains committed to strengthening the integration of all agencies involved in the administration of education to enhance efficiency and quality,” the President said.
He added, “The National Youth Service Corps, the Joint Admissions and Matriculation Board, the National Universities Commission, the National Board for Technical Education and the National Commission for Colleges of Education are working in alignment to improve the quality of education and ensure that cases of forgery and unrecognised institutions both within and outside the country have no place in our education ecosystem.”
News
EFCC Orders Arrest Of Dismissed Officer On Lege Miami’s Show
Published
6 hours agoon
August 25, 2025By
Editor
The Economic and Financial Crimes Commission has condemned the actions of one of its former staff, Olakunle Alex Folarin, who was recently spotted participating in a matchmaking programme on social media platforms hosted by popular entertainer Lege Miami.
The agency has ordered his immediate arrest for retaining official EFCC property, including an identity card, following his dismissal for certificate forgery.
The anti-graft agency, in a statement on its official X handle on Monday, said Folarin served as a driver at the EFCC’s Ibadan Zonal Directorate.
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He was, however, dismissed after investigations confirmed he had forged his academic credentials.
It said, “The Economic and Financial Crimes Commission, EFCC, condemned in the strongest terms, the involvement of one of its former staff, Olakunle Alex Folarin, in a matchmaking programme running on Lege Miami social media platforms.”
“Folarin was recently dismissed from the Commission for certificate forgery. He was a driver at the Ibadan Zonal Directorate of the EFCC.”
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The statement said EFCC Executive Chairma,n Mr. Ola Olukoyede, has ordered Folarin to be arrested and emphasised that Folarin’s actions should not be associated with the commission.
“The Executive Chairman of the EFCC, Mr. Ola Olukoyede, has ordered his arrest for being in possession of some Commission’s properties, including an identity card, which he should have handed over upon being dismissed from the EFCC.
“The public is advised against associating Folarin’s post-dismissal conduct with the EFCC,” the statement concluded.
News
NERC Transfers Regulation Of Electricity Market To Bayelsa
Published
6 hours agoon
August 25, 2025By
Editor
The Nigerian Electricity Regulatory Commission has transferred regulatory oversight of the electricity market in Bayelsa State to the Bayelsa Electricity Regulatory Agency.
In a notice on its social media handles on Monday, the commission said this was in compliance with the amended 1999 Constitution and the Electricity Act 2023.
“In compliance with the amended Constitution of the Federal Republic of Nigeria and the Electricity Act 2023 (Amended), the Nigerian Electricity Regulatory Commission has issued an order to transfer regulatory oversight of the electricity market in Bayelsa State from the Commission to the Bayelsa State Electricity Regulatory Agency,” the commission said.
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Recall that with the Electricity Act 2023, the commission retains the role as a central regulator with regulatory oversight on the interstate/international generation, transmission, supply, trading, and system operations.
The Act also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the state to the state regulator.
The transfer order by NERC directed Port Harcourt Electricity Distribution Company Plc to incorporate a subsidiary distribution company to assume responsibilities for intrastate supply and distribution of electricity in Bayelsa State from PHED.
PHED was also directed to complete the incorporation of PHED SubCo within 60 days from August 21, 2025.
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“The subcompany shall apply for and obtain a licence for the intrastate supply and distribution of electricity from BYERA, among other directives,” the commission said.
It concluded that all transfers envisaged by the order shall be completed by February 20, 2026.
With this order, Bayelsa has joined states like Lagos, Imo, Ogun, Ondo, Ekiti, Enugu, Niger, Edo, Oyo and Plateau, which have got the power to regulate electricity markets.
The state can now generate, transmit, and distribute electricity while issuing licences to investors within the value chain.
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