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CBN Unveils Sweeping Changes In Draft Guidelines For BDCs
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The Central Bank of Nigeria (CBN) through its Financial Policy & Regulation Department, has issued a draft revised Regulatory and Supervisory Guidelines for Bureau de Change (BDC) Operations which will require amongst others that sellers of $10,000 and above to BDCs will have to declare the source of foreign exchange.
The circular with reference number FPR/DIR/PUB/CIR/0021006, dated was copied to all bureau de change operators and stakeholders in the financial services industry for comments and inputs.
The draft guidelines also proposed a significant enhancement to the regulatory framework for the operations of Bureau De Change as part of ongoing reforms of the Nigerian foreign exchange market.
The draft notes that sellers of the equivalent of USD10,000 and above to a BDC are required to declare the source of the foreign exchange and comply with all AML/CFT/CPF regulations and foreign exchange laws and regulations.
It further proposes that customers may transfer foreign currencies from their individual domiciliary accounts with Nigerian banks to BDCs.
According to the proposition, payments to customers for cash purchases of foreign currency, the equivalent of above USD500, shall be by transfer to the customer’s Naira bank account. If the customer is non-resident (whether Nigerian or not), a BDC shall issue the customer a prepaid NGN card.
Where such a card is issued, relevant maximum credit and cumulative limits, in line with relevant Know Your Customer requirements, shall apply.
Also, “A beneficiary of BTA or PTA shall receive up to 25 per cent of the foreign currency in cash. In other words, at least 75 per cent of any sale of foreign currency by a BDC shall be transferred to the customer electronically (to the customer’s Nigerian domiciliary account or prepaid card).
“Notwithstanding the proposition above, a beneficiary of BTA or PTA of the equivalent of USD500 or less may receive his/her BTA or PTA in cash.”
Under the draft guideline, the BDCs are not permitted to, amongst other things; engage in Street-trading of foreign currency, maintaining any type of account for any member of the public, among others.
The CBN requested that comments be forwarded to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria, Abuja with soft copies mailed to PolicyandRegulationDivisioncbn.qpv.no by March 4, 2024.
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President Tinubu Speaks On Ajuri Ngelale’s Indefinite Leave Request
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By Kayode Sanni-Arewa
President Bola Ahmed Tinubu’s administration has endorsed Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, indefinite leave request.
Recall Ngelale, in a statement on Saturday, announced an indefinite leave of absence.
He proceeded on the leave to attend to pressing medical matters affecting his immediate family.
In a statement he posted on his general communication WhatsApp platform on Saturday, Ngelale revealed that he submitted a memo to the Chief of Staff on Friday.
He noted that the memo was a means of notifying him of the decision to pause his functions, including his roles as Special Presidential Envoy on Climate Action and Chairman of the Presidential Steering Committee on Project Evergreen.
Ngelale explained that the decision was after consultations with his family due to a worsening medical situation at home.
He expressed hope to return to full-time national service when circumstances permit.
In a statement posted on X by Tinubu’s Special Assistant on New Media, Olusegun Dada and signed by the Presidency, Tinubu approved Ngelale’s request.
Tinubu stated that he fully understands his Chief spokesperson’s reason and sympathizes with the circumstances that have led to this seemingly difficult decision.
The statement read: “The President has received the memo from Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity and Official Spokesperson of the President as well as Special Presidential Envoy on Climate Action, informing of his decision to proceed on an indefinite leave of absence for personal and health reasons.
“The President accepts his reasons for the leave, fully understands them and sympathizes with the circumstances that have led to this seemingly difficult decision.
“While extending his heartfelt prayers and best wishes to Chief Ngelale and his family during this challenging moment, the President hopes for a speedy recovery and full restoration to health.
“The President notes his tireless efforts and dedication in serving the nation, and thanks him for the remarkable contributions he made in his various capacities, especially in advancing national discourse and leading efforts on climate action and other key initiatives.
“The President wishes him well in all his future endeavors.
“During this period, we kindly ask that the wish for privacy of Chief Ngelale and his family be respected.”
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Confusion As FG Denies Ownership Of Yacht Spotted In France With Nigerian Flag
![](https://naijablitznews.com/wp-content/uploads/2024/09/Screenshot_20240907-235621.png)
…says it belongs to an undisvcosed private individual
By Kayode Sanni-Arewa
The presidency, on Saturday, denied ownership of a yacht spotted hoisting Nigerian flag in St-Tropez, a coastal town in France.
There had been reports of a “presidential yacht belonging to the Nigerian government being used for vacation at St Tropez” on social media.
Senior Assistant to President Bola Tinubu on digital and new media, Otega Ogra, in a post on X, said the yacht belongs to a private individual.
The presidential aide said flags used by the president or armed forces do not contain the coat of arms like the one on the yacht.
Ogra said on Saturday, “There have been false claims circulating that a private individual’s yacht was spotted in St. Tropez is a Nigerian government yacht. Here are some points to consider in order to discern the truth.
“The 42m Bennetti yacht currently being shared online has been privately owned for around 5 years since it was constructed.
It is important to note that this specific yacht has no connection or ownership ties to the Nigerian government, president or armed forces. Any claims or assertions suggesting otherwise are simply not true and inaccurate.
“It is not uncommon for luxury yachts to fly the flag of the owner’s country as well as the flag of the country in which they are registered.
“The official Nigerian flag is Green-White-Green without a coat of arms in the middle. Flags representing the Nigerian President or the Armed Forces do not contain a coat of arms in the center. Placing anything in the center of the flag is a clear deviation
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Constituency Devt: Senator Manu fulfils promise, installs solar energy as alternative source of power for constituents(Photos)
![](https://naijablitznews.com/wp-content/uploads/2024/09/Screenshot_20240907-234433.png)
By Kayode Sanni-Arewa
In a bid to enhance better life for his constituents, Senator Manu Haruna has facilatated installation of solar energy in Takalafiya community in Bali Local Government Area of Taraba State.
Senator Manu who represents Taraba Central Senatorial District in the National Assembly fulfilled his promise of ensuring the energy needs of his constituents are adequately taken care of.
This initiative reflects his unwavering commitment to addressing the energy needs of his constituents by providing a reliable and sustainable power source.
The solar energy project is expected to improve the quality of life in the community, enabling access to electricity for homes, schools, and local businesses, while also promoting environmental sustainability.
This project is part of Senator Haruna’s broader efforts to enhance infrastructure and development in Taraba Central.
Manu is also working tirelessly to make sure areas not connected to the national grid are connected within the shortest period possible.
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