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CBN orders BDCs operators not to sell above $10,000

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…if you do, you must give account of your source

The Central Bank of Nigeria, CBN has ordered foreign exchange sellers to Bureau De Change (BDC) of the equivalent of 10,000 dollars and above to declare their forex sources.
Haruna Mustapha, Director, Financial Policy and Regulation Department of the CBN, said this in a revised regulatory framework to curtail excesses of BDCs and check uncertainty in the foreign exchange market.

Mustapha said that such sellers would also be required to comply with all Anti-Money Laundering/Combating the Financing of Terrorism ( AML/CFT) regulations.

said that the guidelines would significantly enhance the regulatory framework for the operations of BDCs as part of ongoing reforms of the Nigerian foreign exchange market.

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According to him, the guidelines revises the permissible activities, licensing requirements, corporate governance and AML/CFT provisions for BDCs.

It also sets out new record-keeping and reporting requirements, among others,” he said.

The News Agency of Nigeria (NAN) reports that the guidelines also specifies that no person shall carry on the business of BDC in Nigeria except with the prior authorisation of the CBN.

It described BDC as a company licensed by the CBN to carry on only retail foreign exchange
business in Nigeria.

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It banned commercial, merchant, non-interest and payment service banks, Other Financial Institutions (OFIs), including holding companies and payment service providers from promoting BDCs.

It also precluded serving staff of financial services regulatory and supervisory agencies, serving staff of regulated financial services providers, governments at all levels, among others, from promoting BDCs.

The guidelines permitted BDCs to acquire foreign currency from authorised sources like tourists, returnees from the diaspora and expatriates with foreign exchange inflows from work, travel, investment or their domiciliary accounts.

Other permissible sources are International Money Transfer Operators (IMTOs), embassies, hotels that are authorised buyers of foreign currencies, the Nigerian Foreign Exchange Market (NFEM) and any other source that the CBN may specify.

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How female POS operator facilitated ₦4 million kidnap ransom for ₦40,000

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The Delta State Police Command has revealed details of how a female Point of Sale (POS) operator received ₦4 million as ransom payment on behalf of kidnappers, pocketing a meagre ₦40,000 for her involvement.

Police spokesperson, SP Bright Edafe, issued a public warning on Thursday, advising POS operators to steer clear of high-value transactions, especially those linked to criminal activities like ransom payments.

In a message shared on social media, Edafe explained that accepting payments above ₦500,000 could put operators at risk of severe legal consequences.

He pointed to the alarming case of the female operator, cautioning others that participating in such deals could lead to imprisonment before any legal defence can secure their release.

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“You may think it’s just business,” Edafe said, “but you might find yourself cooling off in prison before your lawyer steps in.”

The police urged POS operators to remain vigilant, avoid being exploited by criminals, and adhere to transaction limits while reporting any suspicious activities.

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House Of Reps Calls For Nigeria’s Exit From OPEC Over Petrol Price Hike

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The Labour Party lawmaker Ozodinobi made the call at the House floor while supporting the motion raised during the House plenary on Wednesday by the House Minority Leader, Kingley Chinda of the Peoples Democratic Party (PDP), Rivers State.

A House of Representatives member representing Njikoka/Anaocha/Dunukofia Federal Constituency, George Ibezimako Ozodinobi, has called for Nigeria’s exit from the Organisation of Petroleum Exporting Countries.

The Labour Party lawmaker Ozodinobi made the call at the House floor while supporting the motion raised during the House plenary on Wednesday by the House Minority Leader, Kingley Chinda of the Peoples Democratic Party (PDP), Rivers State.

The lawmakers had in the motion called on President Bola Tinubu’s government to reverse the recent hikes in the prices of Premium Motor Spirit, popularly known as petrol and liquified petroleum gas (LPG), commonly known as cooking gas.

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The lawmaker said it was high time the Nigerian government pushed aside the international standard of selling crude oil.

It urged the government to sell crude oil to Dangote Refinery at a reduced foreign exchange rate.

According to him, President Bola Tinubu’s administration recently approved N70,000 new national minimum wage for Nigerian workers but the current increase in prices of petrol and food items have made the minimum wage meaningless to the extent that N70,000 does not last the earners three days.

Ozodinobi said, “I want to draw the attention of all of us that in the recent past, the federal government gave a minimum wage of N70,000 per month, and just a week or two ago, there was an increase of fuel price.

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“I’m telling you from personal experience, my driver, I approved his transport of N3,000 transportation a day, has come up with the bill of N6,000 transportation just to come to work.

“All these things are affecting the entire state of our people. We cannot transport food from our constituencies or our constituents cannot transport their produce from the farm to markets with a much lesser cost.

“The increase of food prices in this country, somebody who is earning N70,000 per month, his N70,000 cannot last him for three days in this country, in the same government, the same policy.

“I want to thank God for the life of Aliko Dangote who has through other investors, come up with a refinery. I want us to pressurise the government, because not all countries that produce petroleum are in OPEC.”

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According to him, “We need to review our OPEC policy. We mustn’t be in OPEC because the only thing that will solve this problem of petroleum increase is to use what we have to solve our problem.

“In other words, I’m advocating that the NNPCL (Nigerian National Petroleum Company Limited), the government should, as a matter of policy, sell the crude oil we produce to Dangote at a reduced foreign exchange because their hands are tied, we will have to review the policies we have with OPEC. We mustn’t be there.

“We have crude oil. Dangote must be given our crude oil at a reduced foreign exchange, not on international standard.”

SaharaReporters had reported that the House of Representatives while calling President Tinubu’s government to reverse the increased fuel and gas prices, emphasised the need for urgent interventions, such as price relief, tax reductions, or subsidies, particularly to alleviate the burden on low-income households.

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The lawmakers noted that Nigeria’s dependence on petroleum products and cooking gas as primary energy sources has made the recent price increases unbearable for ordinary Nigerians.

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How Many African Countries Has World Bank Taken To ‘Promise Land’? – Ex-Senator Questions Tinubu’s Policies

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Social activist and former Nigerian lawmaker, Senator Shehu Sani, has knocked the World Bank and the President Bola Tinubu-led government’s economic policies despite its harsh effects on Nigerians.

Sani said that the World Bank only wanted the hardship in Nigeria to extend to the next 15 years before Nigerians could reach the “promised land” of a healthy economic system that would favour Nigerians.

The former lawmaker who questioned how many Nigerians that would remain alive to enjoy the fruit of the World Bank in its promised land of economic boom, questioned how many African countries the World Bank had taken to the said promised land.

Sani in a post on his X account said, “The World Bank wants the hardship to extend to the next fifteen years before we can reach the promise land.

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“I don’t know of how many people will be remaining at that time to enjoy the fruits of the WB in its promise land.
“The question is: How many African countries did the World Bank take to the promise land?”

SaharaReporters had reported that despite the rising hardship in Nigeria, the Vice President and Chief Economist of the World Bank, Mr. Indermit Gill, urged the President Tinubu-led Nigerian government to press forward with its ongoing economic reforms, despite the significant hardships they are causing for many Nigerians.

Speaking at the opening session of the 30th Nigerian Economic Summit (#NES30) in Abuja on Monday, Gill highlighted the importance of sustaining the reforms to pave the way for long-term economic growth.

He commended the Central Bank of Nigeria (CBN) for its efforts in unifying exchange rates, a step seen as crucial for stabilising the economy.

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However, Gill acknowledged the tough conditions many Nigerians, especially the poor and vulnerable, are facing due to these changes.

He emphasised the need for the government to provide cost-effective safety nets to protect the most affected.

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