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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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North Grossly Underdeveloped – Emir Sanusi Laments

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The 16th Emir of Kano, Muhammadu Sanusi II, has lamented that the northern part of the country is grossly lagging behind in terms of development particularly in education and agriculture, causing the region to suffer significantly.

Sanusi said this on Saturday at the 50th anniversary of the visit of the founder of Faidha Tijjaniyya in West Africa, Sheikh Ibrahim Nyass, in Jos, Plateau State.

The Emir, who was the guest speaker at the event, said the North had failed to capitalise on its huge population, noting that significant percentage of people from the region are mostly agrarian farmers who lack the requisite knowledge on modern agricultural technology.

He urged stakeholders in the North to invest in education and agriculture for the betterment of the region and its people, adding that the north must wake up.

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Delivering a lecture on the imperative of harmonious coexistence in a multi-ethnic/religious setting, the Emir recalled that 50 years ago, late Sheikh Ibrahim Nyass, visited Nigeria from Senegal on the invitation of the then former Head of State, General Yakubu Gowon, to foster peaceful coexistence among the Muslims and non-Muslims in the then Benue-Plateau State.

He added that his grandfather, Muhammadu Sanusi I, received Sheikh Nyass under the permission of the then Governor of Benue-Plateau State, J. D Gomwalk.

While commending the present administration in the state for its support and commitment towards activities of Muslim community, Sanusi urged Muslims in the state to complement the efforts of the state governor to achieve sustainable peace and development.

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Agidigbo FM denies organising Oyo’s tragic children’s party sponsored by Ooni’s ex-wife’s foundation

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Agidigbo FM, a prominent private radio station, has disclaimed involvement in the ill-fated children’s festive party that tragically resulted in multiple deaths on Wednesday morning in Ibadan, Oyo State capital.

The tragedy which struck on Wednesday morning at the Islamic High School in Bashorun, Ibadan when a stampede occurred during a children’s Christmas party.

The station’s management clarified they were not sponsors or organisers of the event, contrary to initial reports. It identified the organiser as WINGS (Women In Need Of Guidance and Support), whose founder is Queen Naomi Silekunola Ogunwusi, the ex-wife of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi.

Eyewitnesses report that many children were trampled in the chaos, with several others injured and currently receiving treatment at the University College Hospital in Ibadan.

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The exact number of fatalities and injuries is still unknown, but the incident has sent shockwaves through the community.

Reacting in a press statement shared via his personal X profile, Governor Seyi Makinde also confirmed the multiple deaths during the stampede as reported by SaharaReporters.

He added that the organisers of the event had been arrested and that an investigation was ongoing to unravel the cause of the tragedy.

Queen Naomi Silekunola Ogunwusi, the former wife of the Ooni of Ife, was a key organiser of the tragic children’s festive party. Additionally, Agidigbo 88.7 FM, owned by Oriyomi Hamzat, had actively promoted the event in the days leading up to the devastating incident.

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A press statement signed by Olayinka Abdul Wahab, Director of Programmes at Agidigbo FM on Wednesday evening, however, denied the involvement of Oriyomi and its organisation in the planning of the event.

The statement reads: “This is to inform the general public that the management of Agidigbo FM, Ibadan, received the news of the tragedy that heralded the children’s fun fair at Islamic High School, Bashorun, Ibadan, organized by the WINGS foundation with great shock and wholeheartedly commiserate with the families involved.

“Amidst the tragedy, the news making the rounds says that Agidigbo FM is the organizer of the children’s funfair. However, the management wishes to state that Agidigbo FM is not the organizer of the event but one of the media outfits used to promote the event.

“Upon receiving the notice that a mammoth crowd had assembled before 5 am this morning at the venue, Agidigbo FM, the people’s voice, used all media strategies to sensitize the populace with jingles and public service announcements, from that time that people should stop going to the venue of the funfair.

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“The organizers of the event also did all they could to ensure that the tragedy was curtailed by deploying security apparatus, medical officials, and other relevant agencies to come to the aid of those affected by this tragic event.

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Video: Tinubu Arrives Lagos, Meets Old ‘Friend’ Papa Ajasco

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President Bola Ahmed Tinubu has arrived in Lagos for the Christmas and New Year celebrations.

Tinubu arrived at the Presidential Wing of the Murtala Mohammed International Airport, Lagos, at noon on Wednesday, December 18.

Tinubu had earlier today presented the 2025 Appropriation Bill to the 10th National Assembly in Abuja.

His arrival was disclosed in a post via the X handle of his Special Assistant on Social Media, Dada Olusegun, on Wednesday, December 18.

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The caption reads: “President Tinubu arrives in Lagos where he will spend the Christmas. He is received by H.E #jidesanwoolu and members of the Lagos Executive Cabinet.”

Upon arrival at the Lagos airport, Tinubu met his ‘longtime friend’, Abiodun Ayo Yinka (a.k.a Papa Ajasco).

Disclosing this, Olusegun wrote: “Beautiful moment between PBAT and his long-time friend, Mr Abiodun Ayo Yinka (a.k.a Papa Ajasco) at the Presidential Wing of the Muritala Muhammed International Airport, Lagos.”

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