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JUST IN: CBN Gov Cardoso Considering Moves To Ban Dollar To Naira Street Trading
By Kayode Sanni-Arewa
The Central Bank of Nigeria (CBN) led by Yemi Cardoso, says it is considering stopping street trading, among other fresh guidelines, to Bureau De Change Operators in Nigeria amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market
The Central Bank disclosed this in its draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria.
The apex bank plans to fix the minimum per capital share for Tier 1 and 2 BDC licenses to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general license.
“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.
ATier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and rendition requirements.
A Tier 2 BDC is authorized to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees.”
The development comes amid a clampdown on illegal BDCs in Abuja, Lagos, Kano and Ibadan Oyo States by the operatives of the Economic and Financial Crimes Commission to stabilize the Naira against USD.
As at the close of work on Friday, the Naira depreciated N1,665.50 per US dollar from N1571.31 on Thursday at the FMDQ market. Meanwhile, in the parallel market.
The Naira traded for N1,750 to N1,800 per USD on Friday compared to N1,680.00 on Thursday.
CBN had unveiled several FX interventions in the past months but the country’s foreign exchange crisis has, however, persisted.
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EducationUSA: In 2023 Over $30bn Was Awarded In Scholarships, Financial Aid To Nigerian Students – U.S. Ambassador
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The Federal Capital Territory(FCT), Minister of the Federal Capital Territory Administration (FCTA), Barr Nyesom Wike has moved to ensure that the cost of construction is reduced in the Territory.
By Kayode Sanni-Arewa
He took this position during an inspection tour to Zeberced Limited Quarry Saturday in Abuja which is the largest in the whole of West Africa.
Wike, who was amazed at the scale of operations, described it as a game-changer for the construction industry in the region.
He said: “It’s a factory right here in the FCT, and the Managing Director has always invited me to see the facility, which is the biggest quarry in West Africa. I had never been here before, but today, I’ve taken the opportunity to assess the environment and see firsthand the incredible work being done,” Wike remarked during his tour of the factory.
The minister’s visit comes amidst rising construction costs in the capital city.
Wike stressed that the abundant availability of raw materials within the FCT should, in fact, lower construction expenses, particularly when it comes to aggregates used in building roads and infrastructure
He stated, “That shows that ordinarily, the cost of construction ought not to be very expensive, particularly in the FCT. Apart from the equipment that is imported, the raw material is available here. I wonder why contractors should be talking about the high cost of aggregates as if these materials are imported they’re made right here.”
With over 800 workers directly employed at the quarry, Wike commended the company’s contribution to job creation and local economic growth.
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He further revealed that the same company is spearheading the development of an industrial park at Idu, a project the FCT Administration is fully supporting.
“I sent out a letter to the Ministry of Finance just yesterday to facilitate some tax credits, which will enable them to carry out the expansion of a single-carriage road to a double-carriage way, a project currently being handled by Salini Construction Company. We’re giving them all the necessary support to make this a reality,” Wike added.
The minister, visibly impressed by the quarry’s operations, expressed some concerns about the environmental impact but was reassured that all assessments were up to standard. “My only concern was the environmental impact assessments, but I’ve been assured that everything is in compliance. I’m very impressed with what I’ve seen here.”
Wike’s visit underscores the FCT Administration’s focus on driving industrial growth while encouraging local manufacturing to support infrastructure development.
With local resources available, he emphasized the need for contractors to re-evaluate pricing structures, particularly in the FCT, to reflect the advantages of sourcing materials locally.
Wike’s endorsement of the quarry and the upcoming industrial park at Idu marks a step towards a more sustainable and cost-efficient approach to construction in the capital, aligning with President Bola Tinubu’s administration’s vision for economic growth and infrastructural development.
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Pastor Adeboye narrates how a scammer promised to make him commandant
By Kayode Sanni-Arewa
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has narrated how his ambition to lead a paramilitary group led to a massive scam.
He recalled an incident from years ago when he was deceived by someone claiming to offer him a prestigious position.
He said the man, who presented himself as a recruiter for a new paramilitary agency, convinced him to invest in the venture.
The clergy revealed this in a post on his X handle on Monday.
Describing his decision to trust the man as a lapse in judgment influenced by his past fascination with the military, Adeboye admitted that his desire to fulfil this role led him to act prematurely.
He narrated, “Years ago, I was duped by a man who promised to make me a commandant of a paramilitary group. This man had been sending messages to me through my secretary for a while, and so, one day, I gave him an audience. He explained to me how a Boy-Scouts-like group had evolved into this new agency, and that he was sourcing for who would lead the group spiritually.
“Normally, I ask God before getting involved in anything at all, but this time, my love for the military in my younger days beclouded my best instincts, and I agreed to be their head. He told me that they needed some funding, which I gave as the prospective head. However, I later found out that the man was a fake.”
He, however, noted that the experience birthed the Redemption City corps and a local police post.
“My desire to be part of a paramilitary group made me run ahead of God, but God had already purposed for Redemption City to have its own corps of chaplains as well as a local Police post. He knew the desire of my heart, and He had planned for it to be fulfilled in His own time. I thought that I could bring my desire to fulfilment in my own time, but I was wrong. What I lost in that experience was money, but for someone else, it might have been their life or a loved one.
“However, I later found out that the man was a fake. My desire to be part of a paramilitary group made me run ahead of God, but God had already purposed for Redemption City to have its own corps of chaplains as well as a local Police post. He knew the desire of my heart, and He had planned for it to be fulfilled in His own time. I thought that I could bring my desire to fulfilment in my own time, but I was wrong. What I lost in that experience was money, but for someone else, it might have been their life or a loved one,” he added.
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