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CBN bans staff, govts, banks, others from owning BDCs

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By Emmanuel Agaji

The Central Bank of Nigeria (CBN) has excluded governments, commercial banks, merchant banks, Other Financial Institutions (OFIs), public officers among other parties from owning Bureau De Change (BDCs) directly or indirectly.

CBN disclosed this on Friday in its Guidelines for the operations of BDCs in Nigeria.

The apex bank noted that no person is permitted to carry on the business of BDC in Nigeria without its authorization.

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Section 2.0 of the guidelines stated: “The following shall not be allowed to participate in the ownership of BDCs, directly or indirectly: Commercial, merchant, non-interest and payment service banks, OFIs, including holding companies and payment service providers, serving staff of financial services regulatory and supervisory agencies;

Serving staff of regulated financial services providers, Governments at all levels, public officers as defined in 5th Schedule Part IV of the Constitution of the Federal Republic of Nigeria;

“Non-Governmental organizations, cooperative societies, charitable organizations, academic and religious institutions, non-Nigerian non-resident natural persons, non-Nigerian resident natural persons, non-resident non-regulated companies, telecommunication services providers;

“Sanctioned individuals and entities, a shareholder in another BDC (whether directly or indirectly), any other entity that the CBN may from time to time designate.”

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Economy

Dangote to scrap steel investment plan in Nigeria over allegations of monopoly

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The President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, has announced that the company will abandon its plans to enter Nigeria’s steel industry to avoid being branded a monopoly.

Dangote made this disclosure in a statement on Saturday while addressing journalists at his refinery in Lagos.

The business tycoon explained that the company’s board decided to avoid the steel industry to prevent accusations of attempting to monopolize it.

Furthermore, he noted that pursuing this venture would involve encouraging the importation of raw materials from overseas, which contradicts the firm’s core mandate.

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“You know, about doing a new business which we announced, that is, the steel.

“Actually, our own board has decided that we shouldn’t do the steel because if we do the steel business, we will be called all sorts of names like monopoly. And then also, imports will be encouraged. So we don’t want to go into that,” he said.

Dangote, however, urged other Nigerians to invest in the industry to help boost the country’s economy.

“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us. They should bring that money from Dubai and other parts of the world and invest in our own fatherland,” the CEO added.

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In June, Nairametrics reported that Aliko Dangote said his company plans to delve into steel production in the near future stating that he wants to ensure that every steel used in West Africa comes from Nigeria.

He noted that the next venture after the refinery project would be in steel manufacturing and ensure that all steel products used in West Africa come from Nigeria.

“I don’t like people coming to take our solid minerals to process and bring the finished product. We should try and industrialise our continent and take it to the next level.

“I told somebody we are not going to take any break. What we are trying to do is to make sure at least in West Africa, we want to make sure that every single steel that we use will come from Nigeria”, Dangote said at that time.

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Nigeria has tried unsuccessfully to become a leader in the steel manufacturing industry with a handful of failed projects like the Ajaokuta steel plant, Delta Steel Company, Osogbo and Jos rolling mills even under government and private ownership.

Like the oil refineries, the federal government under different administrations has spent billions trying to put the local steel plants to work but has been unsuccessful.

The administration of President Bola Tinubu had promised during the campaigns to ensure steel production starts in the multi-billion-dollar Ajaokuta steel complex.

Dangote investment in the industry might have been a game changer, attracting more capital and economic opportunity to the sector.

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However, with the recent revelation and decision from the African richest man, the steel industry may still linger in the shadow of under investment for years to come.

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Economy

SEE Dollar to Naira Exchange Rate at the Black Market Today, July 20, 2024

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Many Nigerians, especially those engaged in foreign trade, travel, and investment, always tend to be very sensitive and inquisitive about the US dollar-to-naira exchange rate. Parallel market rates, otherwise referred to as black market or Aboki FX rates, would often show different prices from the official Central Bank of Nigeria current rates. For many, this is a critical source of foreign exchange. How much is a dollar to naira now in black market? Dollar to naira exchange rate at black market yesterday (Aboki dollar rate): The exchange rate for a dollar to naira selling at Lagos Parallel Market (Black Market), yesterday, July 19, 2024, players bought dollars for N 1555 and sold at N 1565 according to sources at Bureau De Change, BDC.

Please take note that the Central Bank of Nigeria does not recognize the parallel market, popularly known as the black market, for it has directed anybody willing to sell Forex to go to their respective banks. Dollar to Naira Black Market Rate Today, July 20, 2024 Advertisement Buying Rate: N1575 Selling Rate: N1580 Dollar to Naira CBN Exchange Rate Some stability may come with a government-regulated setting of official rates by the Central Bank of Nigeria. View current rates below:

Dollar to Naira (USD to NGN) CBN Rate Today: Buying Rate: N1655 Selling Rate: N1656 These rates reflect government policies aimed at stabilizing the naira and managing foreign exchange reserves. Businesses and individuals who prefer regulated transactions frequently utilise these rates for their transactions. Please note that the rate at which you are selling or buying forex may not be the same during capture in this piece because prices keep varying.

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Dollar to Naira Exchange Rate at Black Market (Aboki FX) July 20, 2024: USD to NGN CBN Rate Advertisement Pounds and Euro to Naira Exchange Rates For those dealing with currencies other than the US dollar, here are the latest rates: Pounds to Naira (CBN Rates) Buying Rate: ₦2,107 Selling Rate: ₦2,108 Euro to Naira (Black Market Rates) Buying Rate: ₦1,767 Selling Rate: ₦1,769

These rates are also subject to market conditions and economic policies.

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Economy

CBN Releases New Guidelines To Banks On Dormant Accounts, Unclaimed Balances

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The Central Bank of Nigeria (CBN) has issued revised guidelines for the management of dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions across Nigeria.

The updated guidelines come into immediate effect, replacing those issued in October 2015.

This was contained in a statement signed by John S. Onojah, Acting Director of the Financial Policy and Regulation Department on Friday where the CBN stated that the revision followed the conclusion of a comprehensive review.

“This is sequel to the conclusion of the review of the Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria issued in October 2015,” Onojah said.

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The new guidelines, which operationalise Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020, were developed after consultations with stakeholders.

“Their feedback and recommendations were incorporated into the final document.

“The revised Guidelines…standardizes the management of dormant accounts, unclaimed balances, and financial assets,” Onojah explained.

“The CBN will soon provide further details on how banks should transfer these dormant balances and unclaimed funds to the central bank.

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“Additionally, updated templates for quarterly reporting to the Banking Supervision Department or the Other Financial Institutions Supervision Department will be communicated.

“This guidelines supersedes the Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria, issued in October 2015 and takes effect immediately,” Onojah confirmed.

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