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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.

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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).

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“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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2027: Tinubu Can Be Shoved Aside If INEC Is Closely Monitored – Dele Momodu

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Ex-presidential aspirant, Dele Momodu, has said it is possible to defeat President Bola Tinubu in the 2027 general election if the opposition gives the Independent National Electoral Commission (INEC) close monitoring.

Momodu made the remark during an interview on Channels Television’s The Morning Brief on Thursday, stressing that removing President Tinubu from office is not impossible.

According to the politician, who recently announced his defection from the Peoples Democratic Party (PDP) to the African Democratic Congress (ADC), the opposition needs candidates with the political strength and capacity to challenge the ruling party.

“I don’t know why people think it’s impossible that Asiwaju is not removable. Trust me, as long as we give INEC close marking, and that is why you need candidates who will be able to generate the firepower,” he said

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VP Shettima, Akpabio, Other Dignitaries Commemorate Armed Forces Remembrance

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By Kayode Sanni-Arewa

The Armed Forces Remembrance Day Parade and Wreath-Laying Ceremony took place at the National Arcade in Abuja on Thursday

Vice President Kashim Shettima, Senate President Godswill Akpabio, Deputy Senate President Benjamin Kalu, Minister of Defence Christopher Musa, and other dignitaries attended the event.

Vice President Shettima at the Armed Forces Remembrance Day ceremony in Abuja on Thursday, January 15, 2026
The dignitaries were led to the cenotaph in a solemn march by soldiers, where they laid a wreath in remembrance of the fallen heroes who gave their lives in service to the nation.

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Prayers were also conducted for the living and fallen heroes who fought gallantly for global peace and national integration.

The prayers were led by the Director of Chaplain Services (Protestants) Army, Colonel Rev. B.P. Nyam; followed by the Director of Air Force Islamic Affairs, Group Captain H. Idris; and finally, the Director of Chaplain Services (Roman Catholic), Navy Captain Very Rev. Fr. R.C. Diala.

Following the prayers, a minute of silence was observed in honour of the fallen heroes, immediately followed by the firing of the artillery gun.

The wreath-laying ceremony, which involves the placing of flowers at a memorial site, then commenced at the Tomb of the Unknown Soldier.

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Leading the wreath-laying ceremony was Vice President Kashim Shettima, who solemnly proceeded to lay the wreath, accompanied by the Commander of the Guards Brigade, Brigadier General Adebisi Onasanya.

Next to lay wreaths were the Senate President, Senator Godswill Akpabio, and the Deputy Speaker of the House of Representatives, Benjamin Kalu.

Following them, the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, laid her wreath, immediately succeeded by the Minister of Defence, General Christopher Musa (Rtd), and the Dean of the Diplomatic Corps, Abbas Salaheeden, High Commissioner of the Republic of Cameroon.

The Chief of Defence Staff, the Chief of Army Staff, the Chief of Naval Staff, the Chief of Air Staff, and the Inspector General of Police also participated in laying wreaths to honour the fallen heroes.

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The Armed Forces Remembrance Day Celebration (AFRDC) is observed annually on 15 January. It serves to honor veterans of World War I and II, as well as the Nigerian Civil War, and to commemorate the servicemen of the Nigerian Armed Forces.

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Armed Forces Remembrance Day: HoR minority caucus honour Nigeria’s fallen heroes, say “your sacrifices not forgotten”

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By Kayode Sanni-Arewa

The House of Representatives Minority Caucus commemorate with Nigerians on 2026 Armed Forces Remembrance Day, says their sacrifices cannot be forgotten.

This was contained in a commemorative message signed on behalf of the caucus leadership by the Minority Leader, Rep Kingsley Ogundu Chinda stating that:

“Today, the Minority Caucus of the House of Representatives joins the rest of the nation in solemn reflection as we honour the courage, sacrifice, and unwavering patriotism of the gallant men and women of the Nigerian Armed Forces (past and present) who laid down their lives in defence of our country.

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“On this Armed Forces Remembrance Day, we remember with deep gratitude those who paid the ultimate price to preserve Nigeria’s sovereignty, unity, and democratic ideals.

“Their selfless service, often rendered in the face of grave danger and personal loss, remains a powerful reminder that our freedoms were hard-won and must never be taken for granted.

“We also salute our wounded heroes and veterans whose sacrifices did not end on the battlefield, as well as the families of fallen soldiers who continue to bear the pain of loss with quiet strength and dignity.

” Your resilience embodies the true spirit of national service, and the nation owes you an enduring debt of gratitude.

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“As a Caucus, we reaffirm our commitment to the welfare of members of the Armed Forces, veterans, and their families.

“This includes sustained advocacy for improved welfare packages, adequate equipment, mental health support, timely pensions, and the fulfilment of all statutory obligations owed to those who have served our nation with honour.

“At a time when our country continues to confront security challenges, we urge renewed national unity, responsible leadership, and collective resolve to support our Armed Forces, not only in words, but through concrete policies and actions that strengthen morale, accountability, and professionalism within the security sector.

“May the souls of our fallen heroes rest in perfect peace. May their sacrifices continue to inspire us to work tirelessly for a safer, more just, and more united Nigeria.

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“We remember. We honour. We will never forget.

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