News
CBN Unveils Sweeping Changes In Draft Guidelines For BDCs
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.
By Kayode Sanni-Arewa
US President-elect, Donald Trump’s incoming administration plans to immediately order a series of deportation raids targeting illegal immigrants after his inauguration.
Chicago is expected to be the first major city targeted by Immigration and Customs Enforcement agents as part of Operation Safeguard, the New York Times reported, citing two people familiar with planning the undertaking.
The massive deportation operation is expected to target criminals and gang members in the United States illegally and run for one week.
Trump has promised to conduct the largest deportation program in U.S. history.
Up to 200 ICE agents are being sent to Chicago to help kick off the operation on Tuesday, the Wall Street Journal reported. The agency has already asked agents to volunteer for the post-inauguration raids.
“There’s gonna be a big raid across the country,” Tom Homan, who will be in charge of U.S. borders once Trump takes office, told Fox News in an interview.
Homan has previously said he will instruct ICE agents to carry out raids on illegal immigrants at their workplaces.
In addition to Chicago, the sweeping crackdown will also target other major U.S. cities with large immigrant populations.
Trump is set to take the oath of office on Monday, January 20, in an inauguration that will take place indoors.
By Kayode Sanni-Arewa
A faith-based civil society organization, CSO that monitors and reports on Hajj and Umrah activities, the Independent Hajj Reporters, IHR, has commended the National Hajj Commission of Nigeria, NAHCON, for selecting a different Saudi-based Hajj service provider for the 2025 Hajj season.
It said the decision would create healthy competition among service providers interested in efficiently, qualitatively, and satisfactorily serving Nigerian pilgrims.
The CSO, in a statement signed by its National Coordinator, Malam Ibrahim Muhammed, in Makkah, Saudi Arabia, and made available to our correspondent on Sunday in Abuja, said the quest for improved Hajj services has been a major challenge for Nigerian pilgrims owing to the repeated failure of providing satisfactory services.
”We applauded the decision to pick another service provider that will cater for the needs of pilgrims within the Masha’ir areas during the five days of Hajj,” he said
The national coordinator, who is currently in Saudi Arabia to monitor the pre-Hajj arrangements, said available information shows that the new company, Mashariq Al Dhahabia, is an experienced provider that has served top-rated Hajj countries, like Indonesia and Malaysia, and ranked among the top five Hajj service providers by the Saudi Arabia Ministry of Hajj and Umrah.
“The company served 249 706 which is the largest number of Hajj pilgrims during the 2023 hajj. They were awarded as the Best Hajj Service Providers during the 2022 Hajj by the Saudi Ministry of Hajj and Umrah,” he stated.
IHR said it further understood that NAHCON is planning to recruit another service provider to provide services for very important personalities, VIP pilgrims so as not to repeat the experience of previous years, which is also a desired step forward.
It, however, urged NAHCON to set a parameter of performance for the newly selected service providers to serve as a baseline for determining continuous patronage, advising that such criteria should be based on pilgrims’ satisfaction and adherence to contractual terms.
Speaker Abbas expresses sorrow over Niger tanker explosion, multiple fatalities
Fear as Trump’s deportation raids in US to start in Chicago immediately afte inauguration
Hajj: CSO lauds NAHCON’s selection of new Saudi-based service provider
Just in: Terrorists ambush military truck, kill all soldiers on board
Nigerian Dancer, Korra Obidi Attacked with acid, stabbed on stage In UK
Meet Rare Gem 16 Years Old Chiaza, CEO of ‘RUN MARKET PLACE’
-
News17 hours agoFinally, court bars FRSC from arresting vehicles, penalizing motorists faded number plates
-
News16 hours agoFG Accepts New VAT Sharing Formula Proposed By Governors
-
News12 hours agoCLARIFICATION: Wike’s aide rubbished claim on his principal’s alleged trip to UK
-
News12 hours agoCatholic church suspends priest over alleged secret marriage in US
-
News11 hours agoSAD! Two Judges shot dead in Court as attacker takes own life
-
News16 hours agoTrump launches his own meme coin, value soars
-
Metro17 hours agoWedding gone awry as teenagers k!ll man
-
Metro16 hours agoLagos hoodlums made to sweep pedestrian bridge for defecating on it