Business

Inflation: Where Are We Going From Here? [OPINION]

Published

2 years ago

February 6, 2024

Richard Asoge

Nothing depresses a man of the house like waking up early in the morning in preparation for the task of the day but not without doing all mathematical economics considering the size of his lean pocket. His take home can no longer take him to the bus-stop not to talk of providing for his households. Same applies to CEO of various small and medium scale enterprises. On daily basis, if not on hourly business transactions, he does calculations on overheads, cost of replacement of raw materials or ordering to arrive at fair price of each of the items available for sale so that the firm will not go under. The worst hit are the salary earners whose salary hardly changed. All these mathematical economics on daily basis would not have been necessary if the prices of goods and services were relatively stabled and not dangling like water lettuce on the sea.

We are in dire situation where you keep racking your brain on calculations over the price for the meal of the day, the transport fare or cost of putting your car on the road and other basic things that define the existence of humanity. You keep adjusting your spending downward until a point where it is no longer possible. The calculations you used in the last 24hours for buying some items of goods are no longer reliable just because the prices have move up almost immediately. Where are we going from here?

For any economy to have not just growth but sustainable development, inflation must be well monitored and guided. As a matter of fact, it should not go beyond the threshold of single digit. Going by the report of NBS for November 2023, inflation rate was 28.2 percent. Breaking it down further, inflation in food sector is leading the component to the historical level of 32.8 percent. This should be a concern to every right thinking individual and institution, be it local or foreign.

FROM THE AUTHOR: 2024 Budget: What Average Nigerian Wants?

Statutorily, the primary responsibility of the CBN as an institution is price stability. Every other function comes after price stability. This is a serious challenge to the monetary regulatory authority. Continuous failing in the purchasing power of naira can make one interact with the history of dark days of trade by barter.

Unsatisfying taste for foreign goods and services contributed in no small scale to the persistence fall in the value of naira. It will always be in that trend until we roll up the sleeves of our shirts for production and create value on our local products in such a way that those living outside the shore of Nigeria can not take their eyes off them. This will in turn bring in the foreign currency needed for settling international transactions. The proceeds of crude oil, being the major item for exportation that generates foreign exchange, is no longer enough to keep us in a good liquidity position as a country. How better the country would have been if leaders of various groups and opinion molders can demonstrate high level of patriotism by not just believing in Nigeria products but buy and use them. The effect will trickle down to the common man on the street.

In 2017, during one of the medical vacations of the President Mohammed Buhari, his Vice, Yemi Osinbajo signed three executive orders. One was on ease of doing business. Within 30 days, there was respite. There was fresh breath across the length and breadth of the country. Infact, exchange rate came down. This well thought out approached endeared many people to him till date. Is it not time for President Tinubu to sign appropriate executive order(s) and activate necessary machineries to alleviate the suffering of the citizens and rescue the small and medium scale enterprises that are currently gasping for breath? Whatever happens to the small and medium scale enterprises has its implication on the economy. Nigeria can not afford to add to the current high level of unemployment. No government anywhere in the world can provide jobs for all its citizens but putting necessary framework in place gingers small and medium scale enterprises not only to prosper but engage all that are willing to work.

FROM THE AUTHOR: Subsidy Removal: A Measure To Re-Jig The Economy [OPINION]

The Recent killing of two kings and kidnapping of staff and students of a private secondary school in Emure Ekiti, Ekiti Sttate, is a strong justification for supporting local vigilante called Amotekun to bear light weapons against these marauder killers and evil doers. In the time past, nobody dare looked into the eye of a traditional king not to talk of pointing gun at him. Such a fellow will not live to tell the story.

Fountain of knowledge state is known for intellectual prowess and farming. Each family had farm until recently when farms are no longer safe. This is why hunger is on the faces on the people not only in the state but across the country. We can not continue to use the same approach on a knotty issue and expect different result. It is time to have special court to try kidnapping cases with a timeline to conclude the case. Whoever is found culpable must be sentenced to death without option. This will naturally bring down the incidence if not total eradication.

Negotiation and Implementation of new minimum wage by the federal government and others are long overdue. No matter the amount agreed upon by the parties concern may just be like a medicine to the symptoms and not the root cause. In a matter of months, the money would have lost its value and then back to where we were coming from.

I look forward to seeing our president, President Bola Tinubu working round the clock for the poor to breath and as well secure the country before it fails.

Richard Asoge
Clappahouse Analytics
chards001@gmail.com
08081492614.

Business

Full List: 82 Newly Approved, Fully Licensed BDC Operators

Published

5 days ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.

In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.

“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.

The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.

“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.

The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.

TIER 1

1 DULA GLOBAL BDC LTD

2 TRURATE GLOBAL BDC LTD

TIER 2

1 ABBUFX BDC LTD

2 ACHA GLOBAL BDC LTD

3 ARCTANGENT SWIFT BDC LTD

4 ASCENDANT BDC LTD

5 BARACAI BDC LTD

6 BERGPOINT BDC LTD

7 BRAVO MODEL BDC LTD

8 BRIMESTONE BDC LTD

9 BROWNSTON BDC LTD

10 BUZZWALLET BDC LTD

11 CASHCODE BDC LTD

12 CHATTERED BDC LTD

13 CHRONICLES BDC LTD

14 COOL FOREX BDC LTD

15 CORPORATE EXCHANGE BDC LTD

16 COURTESY CURRENCY BDC LTD

17 DANYARO BDC LTD

18 DASHAD BDC LTD

19 DEVAL BDC LTD

20 DFS BDC LTD

21 EASY CASH BDC LTD

22 ELELEM BDC LTD

23 E-LIOYDS BDC LTD

24 ELOGOZ BDC LTD

25 ENOUF BDC LTD

26 EVER JOJ GOLD BDC LTD

27 EXCEL RIJIYA FOREX BDC LTD

28 FABFOREX BDC LTD

29 FELLOM BDC LTD

30 FINE BDC LTD

31 FOMAT BDC LTD

32 GENELO BDC LTD

33 GENTLE BREEZE BDC LTD

34 GRACEFUL GLORY AND HUMILITY BDC LTD

35 GREENGATE BDC LTD

36 GREENVAULT BDC LTD

37 HAZON CAPITAL BDC LTD

38 HIGH-POINT BDC LTD

39 I & I EXCHANGE BDC LTD

40 IBN MARYAM BDC LTD

41 JOURNEY WELL BDC LTD

42 KEEPERS BDC LTD

43 KHADHOUSE SOLUTIONS BDC LTD

44 KIMMELFX BDC LTD

45 KINGSOFT ATLANTIC BDC LTD

46 M.S. ALHERI BDC LTD

47 MASTERS BDC LTD

48 MCMENA BDC LTD

49 MKOO BDC LTD

50 MKS BDC LTD

51 MR J GOLF BDC LTD

52 MUSDIQ BDC LTD

53 MZ FOREX BDC LTD

54 NEJJ BDC LTD LTD

55 NETVALUE BDC LTD

56 NEW WAVE BDC LTD

57 NOTABLE AND KINGSTON BDC LTD

58 PILCROW BDC LTD

59 RAPID BDC LTD

60 RIGHTWAY BDC LTD

61 RWANDA BDC LTD

62 SABLES BDC LTD

63 SAFETRANZ BDC LTD

64 SAMFIK BDC LTD

65 SEVENLOCKS BDC LTD

66 SHAPEARL BDC LTD

67 SIMTEX BDC LTD

68 SOLID WHITE BDC LTD

69 ST. NICHOLAS GLOBAL BDC LTD

70 TOPFIRST UNIQUE MULTICHOICE BDC LTD

71 TOPGATE BDC LTD

72 TRAVELLER’S CHOICE BDC LTD

73 TUCA GLOBAL BDC LTD

74 TURBOVA BDC LTD

75 TURN-UP BDC LTD

76 UNIGO BDC LTD

77 VICTORY AHEAD BDC LTD

78 WHITEWAY WWW BDC LTD

79 YUND GLOBAL LINK BDC LTD

80 ZAMAD FOREX BDC LTD

Business

CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators

Published

5 days ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) under its updated regulatory framework and cautioned members of the public against engaging with unlicensed foreign exchange operators.

In a statement issued on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the Bank said the licences became effective on 27 November 2025. The approvals were granted under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.

The CBN stressed that only BDCs listed on its official website are recognised as licensed operators. It encouraged the public to verify the licensing status of BDCs before engaging in any foreign exchange transactions.

The Bank reiterated that running a BDC without proper authorisation constitutes an offence under Section 57(1) of the BOFIA 2020. It stated that enforcement actions would be taken against violators.

The licensing exercise forms part of the CBN’s broader initiative to reform the foreign exchange market and ensure that only compliant operators participate in the sector. Under the 2024 guidelines, which took effect in June 2024,
all BDCs are required to reapply for Tier 1 or Tier 2 licences.

The guidelines stipulate minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2, along with non-refundable licensing fees of ₦5 million and ₦2 million, respectively.

The CBN said it would continue its efforts to maintain order and transparency in the foreign exchange market.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

2 weeks ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.