News
CBN Issues IMTOs Naira Access To Boost Remittances
By Kayode Sanni-Arewa
The Central Bank of Nigeria (CBN), on Monday, issued new measures it is currently putting in place, to boost naira liquidity and raise diaspora remittances.
According to its latest circular, the apex bank said eligible International Money Transfer Operators (IMTOs), will now have access to naira liquidity through the bank’s window. This initiative is designed to widen access to local currency liquidity, ensuring smoother and more efficient settlement processes for remittances, the CBN said.
Signed by W. J. Kanya, acting director of the trade and exchange department at the CBN, said transactions executed before noon on a trading date will be settled on the same day.
According to the circular, all participants are required to submit daily regulatory returns to the CBN. These returns must include all relevant information on the sources of funds.
The key participants in the segment include: IMTOs, authorised dealer banks, and the CBN.
Under the new guidelines, IMTO operators will be able to directly access the CBN window, or do so via their Authorised Dealer Banks (ADBs) to execute foreign exchange transactions in the market. The circular outlines specific compliance measures to ensure the effective operation of the initiative.
It also said pricing on the CBN portal will mirror the NAFEX traded rates, which are based on an acceptable market benchmark.
The operation of the segment will follow the existing arrangements in place for authorised dealers involved with foreign portfolio investment in primary market securities auctions.
The circular emphasised that these measures are effective immediately, highlighting the bank’s commitment to maintaining the smooth functioning of the foreign exchange market and improving formal remittance channels.
The decision is expected to significantly improve the liquidity of local currency for diaspora remittances, thereby enhancing the overall efficiency and reliability of the foreign exchange market in the country.
The CBN has focused on increasing remittances and naira liquidity.
This is as in May 2024, the bank granted 14 IMTOs an approval-in-principle (AIP) in an effort to double foreign-currency remittance inflows through formal channels.
“This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira,” said Hakama Sidi Ali, CBN’s Acting Director of Corporate Communications, while announcing the new plan in a statement.
The CBN Governor, Olayemi Cardoso, had recently disclosed the apex bank’s target to double remittance flows into Nigeria within a year, which he firmly believed was possible.
He said, “We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry.”
News
Sad! Train Crushes Man To D3ath In Oshodi, Lagos
By Kayode Sanni-Arewa
There was confusion in Lagos on Friday when a trader was crushed by a Lagos-Ibadan train around Oshodi, Lagos.
The incident happened around 2pm with sympathisers and passers-by thronging the area.
Eyewitnesses said the trader was crushed to death in front of Arena Shopping Complex, Oshodi.
The middle-aged man was said to be urinating while standing in the middle of the rail tracks, with his two ears covered with an earpiece.
A witness told out reporter that despite the heavy horn of the train and passers-by shouting to warn the man, he did not hear the alarm.
Sympathetic passers-by who gathered around the dead body said the man killed himself.
Another witness identified the dead man as a trader who owned a shop at a shopping complex called Moyosore.
He said the deceased was chatting with three other persons who heard the honking of the train and ran away from the tracks.
The deceased’s body was still lying on the ground in front of his closed shop while efforts were made to reach his family. Sources said the Police was quickly called upon to evacuate the corpse.
Cases of train crushing people to death have become a recurring incident due to high prevalence of human activities on the railway corridors within the Lagos axis.
In areas like Agbado, Agege, Ikeja, Oshodi, traders often display their wares on the rail tracks while quickly packing the wares as soon as a train approaches, thereby endangering their lives.
A source in the Nigerian Railway Corporation (NRC) who confirmed the train accident to our correspondent, said the identity of the victim had not yet been figured out.
The Public Relations Officer (PPRO) of the Lagos Police Command, Ben Hundeyin, was yet to respond to our correspondent’s enquiry on the incident as at press time.
Nigerian Tribune
News
Police declare Ex-President Jonathan’s aide , Reno Omokri wanted
By Kayode Sanni-Arewa
Reno Omokri, a former Special Assistant to former President Goodluck Jonathan on New Media, has been declared wanted by the Nigeria Police Force (NPF).
His offence: he allegedly defamed Pastor Paul Enenche.
The NPF secured an order from the Chief Magistrate Court of the Federal Capital Territory (FCT), Wuse Zone 6, Abuja to remand him in prison custody along with a former Dunamis Church Pastor, Abraham Daniel, and two others, Enenche Peter and Alexander Enenche.
The court, presided over by Chief Emmanuel A. Iyanna, issued the remand warrant through an ex-parte motion filed by the Inspector General of Police (IGP), Kayode Egbetokun, on January 13, 2025.
Granting the ex-parte application filed by Francis Gabriel, Esq on behalf of the Police Chief, in Motion No: ME/07/2025 between the Inspector General of Police as Applicant and Daniel Abraham, Enenche Idoga Alexander, Oboyinlo Enenche Peter and Reno Omokri as 1st to 4th Respondents, the Chief Magistrate directed the Police to produce the respondents on return Court date on January 30.
Iyanna held: “Upon hearing the application and submissions of learned Francis Gabriel and upon careful consideration of the averments, the annextures and issues as raised in the submissions of the applicant, the application is hereby granted as prayed.
“It is hereby ordered as follows: An Order of this Honourable Court for remand warrant of the Respondents (i) MR. DANIEL ABRAHAM (ii) MR. ENENCHE IDOGA ALEXANDER (iii) OBOYINLO ENENCHE PETER and (iv) MR. RENO OMOKRI in the custody of the Nigeria Correctional Service, pending investigation, arraignment/prosecution.
“It is, hereby, ordered that the Respondents be arraigned before a Court of competent jurisdiction after the conclusion of the said investigation.
“On the return date, the Respondents should be produced.
“The matter is adjourned to 30th Day of January, 2025.”
The remand warrant was predicated on a petition to the IGP by Patrick O. Okolo, SAN against Mr Reno Omokri, Gistlover Blog, Aunty Adul, Peter Obonyiro, Kelechi TV and their agents and co-conspirators for alleged defamation of Pastor Paul Enenche.
News
Reps Urges Clear Labeling of GMO Products, Demand More Research
By Gloria Ikibah
The House of Representatives has called on the National Biotechnology Development Agency (NABDA) to ensure the clear labeling of all Genetically Modified Organism (GMO) products in accordance with global standards.
This House Committee on Science and Technology gave the resolution during a budget defense session, with the Director General, Prof. Abdullahi Mustapha on Thursday in Abuja.
The committee cited the widespread of GMO use in the United States, particularly in maize.
However, committee member Rep. Awaji-Inombek Abiante emphasised the need for transparent labeling, highlighting that Nigerians should have the choice to make informed decisions about the food they consume. He questioned the adequacy of research on GMO products, particularly Tela Maize, before their adaptation in the country.
In addition, Prof. Mustapha presented NABDA’s proposed budget of N5.3 billion for the 2025 fiscal year, which includes N834.4 million for overhead costs and N14.5 million for personnel costs.
Naijablitznews.com reports that the agency employs around 4,000 staff across its 39 centers nationwide. Other agencies, including the Trypanosomiasis Research Institute, PRODA, NBTI, and NOTAP, also submitted their budgets to the committee.
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