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CBN gives major reason for revoking over 4,000 operational licenses of BDCs

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CBN has revealed the major reason why the apex bank revoked 4,173 Bureau De Change operators’ licences.

Naijablitznews.com reports that the Central Bank of Nigeria (CBN) on Friday revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines.

This online news platform understands that the apex bank disclosed this in a statement by its acting Director, Corporate Communications, Sidi Hakama.

This means there will now be 1,517 operational BDCs from the initial 5,690.

In the CBN statement, Hakama said the licence withdrawal was in exercise of the powers conferred on the apex bank by the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015.

The statement read in part, “The Central Bank of Nigeria, in the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act, 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change, 2015, has revoked the licences of 4,173 Bureaux De Change Operators.

 

“The list of affected BDC operators is available on the Bank’s website (www.cbn.gov.ng).”

It added that the affected institutions failed to observe at least one of the regulatory provisions.

According to the statement, the regulatory provisions include payment of all necessary fees, including licence renewal, within the stipulated period.

It added, “The affected institutions failed to observe at least one of the following regulatory provisions: Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

“Rendition of returns in line with the guidelines; compliance with guidelines, directives, and circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.

“The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.

“Members of the public are hereby advised to take note and be guided accordingly.”

 

Recall that the CBN had recently introduced a draft guideline for BDC operations across the country.

Major provisions introduced in the guidelines include the introduction of N2bn minimum share capital for Tier-1 BDCs, limiting buying and selling of forex in cash by BDCs to $500, and $10,000-year limit for school fees, among others.

Reacting to the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, applauded the move to regulate the operations of the BDCs.

He said, “Definitely, revoking the licences of non-operational BDCs is the appropriate thing to do now. It is the right move because the previous number was difficult to manage and unwieldy.”

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SEE Black Market Dollar To Naira Exchange Rate Today, 13th April 2024

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Curious about the current exchange rate between the Dollar and Naira on the black market? Also referred to as the parallel market or Aboki FX, here’s what you need to know for 13th April 2024

Wondering about today’s Dollar to Naira exchange rate on the black market? Check out the figures for 12th April below. These are the rates at which you can trade your dollar for Naira.

What’s the Dollar to Naira rate in the black market today? Here’s the latest:

At the Lagos Parallel Market (Black Market), traders were buying a dollar for N1130 and selling at N1150 on Friday, 12th April 2024, according to sources from Bureau De Change (BDC).

Remember, the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market). It advises individuals engaging in Forex transactions to go through their respective banks.

Black Market Dollar to Naira Exchange Rate Today:

Buying Rate: N1130
Selling Rate: N1150
Please keep in mind that actual Forex rates may differ from those mentioned here as prices are subject to change.

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IMF Confirms Kristalina Georgieva For Second 5-Year Term

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The IMF executive board confirmed Friday that it had reappointed Kristalina Georgieva to serve for a second five-year term at the helm of the international financial institution.

It means that Georgieva, who was the sole candidate in the running to lead the International Monetary Fund, will continue in office when her current term ends on September 30, 2024.

The decision was taken by consensus, the IMF said in a statement confirming the board’s decision.

“I am deeply grateful for the trust and support of the Fund’s Executive Board, representing our 190 members, and honored to continue to lead the IMF as Managing Director,” Georgieva said in a statement.

“I look forward to continue serving our membership, together with the highly professional and committed staff of the IMF,” she added.

Georgieva, a 70-year-old Bulgarian, has run the IMF since 2019, and told AFP last month that she was making herself “available to serve, if people want me to serve.”

During her tenure, the IMF has helped countries facing financial difficulties during the coronavirus pandemic as well as the havoc wrought by Russia’s invasion of Ukraine, especially in Europe.

Under a controversial, decades-old agreement between Europe and the United States, the International Monetary Fund has historically been led by a European, and the World Bank by a US citizen.

This arrangement was reaffirmed last year when the Biden administration nominated Ajay Banga, an Indian-born, naturalized US citizen, to run the World Bank, which sits just across the street from the IMF in Washington.

Georgieva faced allegations in 2021 — which she strongly denied — that she had been involved in amending a popular World Bank business report in order to favor China when she worked at the development lender.

But after reviewing the World Bank report into the incident, the IMF executive board dismissed the allegations and reaffirmed its confidence in Georgieva, allowing her to remain in post.

The board’s announcement means that next week’s IMF and World Bank-hosted meetings of the world’s financial leaders in Washington can proceed without a distracting battle over the future of the Fund running in the background.

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Minister reveals Why oil production dropped in Q1 2024

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Heineken Lokpobiri, minister of state for petroleum resource (oil), says the drop in crude oil production in the first quarter of 2024 is due to challenges with the Trans-Niger pipeline (TNP) and the maintenance carried out by some oil companies.

Lokpobiri spoke in a statement signed by Nneamaka Okafor, his special assistant, media and communications, in Abuja on Friday.

The TNP, operated by Shell Petroleum Development Company of Nigeria (SPDC), is a major pipeline capable of transporting about 180,000 barrels of crude per day to the Bonny export terminal.

On April 11, the Organisation of Petroleum Exporting Countries (OPEC) said Nigeria’s average daily crude oil production dropped to 1.23 million barrels per day (bpd) in March – a 6.88 percent decrease from the 1.32 million bpd recorded in February.

Commenting on the decline, Lokpobiri said the federal government was intensifying efforts to restore the production to the previous level of 1.7 million barrels per day and also exceed it.

The minister clarifies that the reported “production shortfall was primarily due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some Oil companies operating in Nigeria,” he said.

Lokpobiri said production is expected to return to its previous levels in the coming days.

Speaking further, the minister said his ministry is actively engaged in policy evolution aimed at maximising the utilisation of all available wells in Nigeria.

“This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves,” he said.

“The increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget.”

Lokpobiri also said his ministry remains committed to ensuring the sustainability and growth of Nigeria’s oil sector, which plays a crucial role in driving the nation’s economy.

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