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CBN okays weekly FX sale of $150,000 to each BDC

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Akpo Ojo

The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM) as part of efforts to improve foreign exchange liquidity in the retail segment of the market and meet the legitimate needs of end users.

The CBN has also approved that weekly forex purchases by each BDC be capped at $150,000, and that utilisation comply with existing BDC operational guidelines.

The new directive by the apex bank is contained in a circular signed by the Director, Trade and Exchange Department, Musa Nakorji.

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The circular stated that all BDCs duly licensed by the CBN are permitted to access foreign exchange through any authorised dealer bank of their choice, at the prevailing market rates.

The move, according to the circular, aims to deepen market efficiency and ensure broader access to foreign exchange across the economy.

However, the CBN has imposed strict compliance and risk-management conditions on the transactions.

It said authorised forex dealers are required to conduct full Know-Your-Customer (KYC) and due diligence checks on BDC clients before any forex sale.

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To strengthen transparency and accountability, the CBN further directed that all licensed BDCs must submit timely and accurate electronic returns in line with extant regulations.

“Any unutilised foreign exchange must be sold back to the market within 24 hours, as BDCs are prohibited from holding forex positions purchased from the NFEM,” the CBN said.

Also, the circular restricted settlement practices, mandating that all foreign exchange transactions be conducted through settlement accounts with licensed financial institutions.

The apex bank therefore, prohibited third-party transactions, while cash settlement is limited to a maximum of 25 percent of each transaction amount.

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Overall, the directive reflects the CBN’s broader strategy to balance market access with strong regulatory oversight, ensuring liquidity in the foreign exchange market while safeguarding financial system integrity.

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NDLEA unearths another massive industrial scale clandestine meth laboratory in Oyo forest(Photos)

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. Arrests Mexican, 4 others; recovers multi-billion-naira worth of illicit substances

. We’ll find you in the cities, track you into the forests, and dismantle your infrastructure of death, Marwa warns drug cartels

Operatives of the National Drug Law Enforcement Agency (NDLEA) have struck yet another decisive blow against transnational drug syndicates following the discovery and dismantling of a fortified, industrial-scale clandestine methamphetamine laboratory operated by a Nigerian-Mexican cartel deep within the forest of Tapa Village, Ibarapa North Local Government Area, Oyo State.

The breakthrough comes barely four weeks after the Agency dismantled a similar massive meth laboratory in a forest in Ijebu East, Ogun State, signaling a desperate attempt by drug barons to turn the Southwest axis into a synthetic drug manufacturing hub.

Speaking on the development at the NDLEA Headquarters in Abuja, the Chairman/Chief Executive Officer of the Agency, Brig. Gen. Mohamed Buba Marwa (Rtd) who was represented by the Director of Media and Advocacy, Femi Babafemi at a press briefing on Wednesday 24th June 2026, commended the gallantry, dedication, and clinical professionalism of the officers involved in the operation.

According to him, “On Wednesday, 17th June 2026, tactical operatives of the NDLEA stormed a highly fortified, industrial-scale clandestine methamphetamine laboratory operating deep within the forest of Tapa Village, Ibarapa North Local Government Area, Oyo State.

“This was not a rudimentary setup; it was a sophisticated, highly organized transnational syndicate. During the raid, our operatives successfully arrested five key members of the cartel on-site.

They include a 56-year-old Mexican Methamphetamine expert, Jose Villa Ochoa, brought in specifically to provide the technical expertise for large-scale synthesis and four Nigerian collaborators providing logistical support, cover, and local operations. They are: Maxwell Uche Nevoh, 30; Olatunji Yusuf, 37; Bankole Akeem Owolabi, 45; and ⁠Ganiu Monsiu, 43.

“The arrest of a foreign cartel specialist on Nigerian soil underscores the transnational nature of this threat, but more importantly, it underscores our Agency’s world-class intelligence capability to track, intercept, and neutralize them. Following the successful raid, a specialized team from our Directorate of Forensic and Chemical Monitoring moved in on June 18th, 2026, to conduct a rigorous forensic examination of the facility. What they uncovered is a massive, factory-level production line of poison.

“The laboratory was fully stocked with a frightening array of precursor chemicals, industrial catalysts, and heavy-duty processing equipment. Chemicals and Materials recovered include: Phenyl-2-propanone (P2P), which is the the main, highly controlled precursor required for methamphetamine synthesis; 1800-litre drums containing Phenylacetic acid (the primary precursor used to synthesize P2P); Two 180L drums containing a staggering 300 litres of whitish crystalline substance; Four 180L drums containing dark liquid undergoing synthesis.

“Others include: 101 bags (25kg each) of Caustic Soda; 17 containers (25L each) of Sulphuric Acid; 19.5 containers (25kg each) of Tartaric Acid; 5 containers of Reniso Ultracool 68 (three 50L and two 25L capacity; 25 bottles (500ml each) of 80% Thioglycolic Acid; 2 containers (25L each) of Ethyl Phenylacetate, and 25 cartons of aluminum foil.

“The Industrial Processing Equipment discovered at the site include: One (1) Reactor Pot, which is the heart of the chemical synthesis; Two (2) mounted distillation units and three (3) fabricated mixers and condensers; as well as Two (2) vegetable dehydrator machines used for the rapid drying of the crystals.

“As a result, immediate field tests were conducted by our forensic experts. Samples of the finished crystals recovered yielded a definitive positive result for Methamphetamine. Furthermore, the crystalline substance from the 180L drum tested positive for Phenylacetic acid. Every single gram of these exhibits has been safely evacuated, documented, and preserved for comprehensive and strict evidential presentation in court.

This is yet another multibillion-naira worth of illicit substances and production equipment ready to push millions of doses of synthetic drugs into our streets, communities and the international community but for the vigilance of our dedicated officers.”

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Marwa noted that the proximity of the latest discovery to the Ogun State lab uncovered about four weeks ago reveals a desperate attempt by drug barons to establish a synthetic drug manufacturing hub in the Southwest axis, adding that the cartels thought hiding in dense forests would shield them from the long arm of the law but were wrong.

“Let the message go out clearly to all drug cartels, domestic and international that Nigeria is not, and will never be, a safe haven for your illicit trade. We will find you in the cities, we will track you into the forests, and we will dismantle your infrastructure of death. They thought hiding in dense forests would shield them from the long arm of the law. They were wrong”, the NDLEA boss warned.

“We want to commend the gallantry, dedication, and clinical professionalism of our officers of the Oyo state Command involved in this operation. To the Nigerian public, we say thank you for your continued trust and credible information. Together, we are securing the future of our nation”, he added.

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BREAKING: El-Rufai arrives in court under heavy security for trial over alleged financial crimes

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Ex-Kaduna State Governor, Nasir El-Rufai, has arrived at the Federal High Court sitting in Kaduna for the continuation of his ongoing trial over alleged financial misconduct and wire taping the National Security Adviser, brought by the Independent Corrupt Practices and Other Related Offences Commission, ICPC.

The former governor arrived at the court premises under intense security escort.

Recall that the case, which includes allegations of abuse of office, financial impropriety, and fraud during his tenure as governor, was previously adjourned to June 24, 2026, after two co-defendants failed to appear in court.

Meanwhile, El-Rufai has denied the allegations, while the ICPC says it has evidence supporting the charges.

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DAILY POST reports that on April 14, 2026, the presiding judge of the court, Justice Rilwan Aikawa, granted the former Governor bail in the sum of N200 million, with conditions including two sureties – one being a serving or retired civil servant at Grade Level 15, and the other a recognised traditional ruler.

His lawyers later applied to the court for the variation of the bail conditions, which was turned down by the court.

At the court proceedings on Wednesday, the two co-defendants are expected to be present for the continuation of the hearing on the substantive matter.

Details shortly…

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JUST IN: Obasanjo is alive, hale, hearty not dead– Reports

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Ex-President Olusegun Obasanjo is alive, hale and hearty, according to reports.

This dispelled rumours in some quarters that the former President had died.

Nigerians and indeed the global community were thus enjoined to ignore the news of Obasanjo’s death.

It would be recalled that there had been news on the social media that the former President had passed on.

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A terse statement jettisoning the rumour was captured thus, “The elder statesman is alive and actively engaged in various national and continental activities.
Ignore the death rumours”.

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