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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
SEE 20 States Without Fuel As 10,000 Petrol Stations May Shutdown Soon
By Kayode Sanni-Arewa
As fuel prices skyrocket in Nigeria, oil marketers face unprecedented challenges, with nearly 10,000 dealers on the brink of closure due to plummeting fuel consumption
Recent Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) data reveals that daily fuel consumption dropped drastically, from 60 million liters in May 2023 to just 4.5 million liters in August 2024—a steep 92% decline. In August, only 16 out of Nigeria’s 36 states received fuel from the Nigerian National Petroleum Company Limited, deepening shortages.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has also raised alarms about the crisis, reporting job losses among truck drivers and fuel station employees. NUPENG Secretary-General, Mr. Afolabi Olawale, described the situation as dire, especially for the downstream sector, which has seen numerous petrol stations unable to afford even a single truckload of fuel, forcing closures and widespread job cuts.
News
Kyari in trouble as N/Delta youths vow to storm Abuja over failed promises on Port Harcourt refinery
…urge NNPCL Boss to resign
By Kayode Sanni-Arewa
Groups, under the aegis of Coalition of Niger Delta Youths Against Poverty, Insecurity & Environmental Degradation (CONDYAPIED), have expressed disappointment over failure of the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to operationalise the Port Harcourt Refinery before the end of September, 2024, as promised.
The NNPCL Boss had severally assured Nigerians that the Port Harcourt refinery would start local refining and that prices of petroleum products would reduce drastically before the deadline of September 2024.
One month later, neither of the Port Harcourt, Warri or Kaduna refineries is functioning, safe for only Dangote refinery, as marketers still import refined petroleum into the country, thereby causing serious hike in the price of the products.
A press statement on Sunday, jointly signed by Engr. Jonas Igariga, Coordinator of the Coalition, and Comrade Jack Opobo, General Secretary, the Coalition called on Kyari to tender his resignation letter and apologize to Nigerians.
“In a sane society where leaders have conscience, the likes of Mele Kyari should burry their heads in shame and tender their resignation and apologies to Nigerians for plunging the entire nation into untold hardship”, the Coalition said.
The Coalition averred that, inspite of huge funds injected into the Port Harcourt refinery, Kyari prefers importation of refined products, to making local refinery operational, despite his many promises.
“The NNPCL GCEO has failed Nigerians, times without number, on the issue of Port Harcourt, Kaduna and Warri refineries, after blowing over 3 billion dollars on the project. It has been discovered that Mele Kyari and his goons have no plans to fix any refinery as they prefer to import adulterated products into the country and milk the citizens dry.
“NNPCL cabal and their importers are deliberately sabotaging the good intentions of President Tinubu by making sure there are queues and Nigerians buy the product at any price fixed and given to them by the oil Lords. We shall not fold our hands and allow this to happen”, the statement added.
According to the statement, several warnings had gone to Kyari in the past, to fulfill his promise by making sure the Port Harcourt refinery became operational in September; but to no avail.
“We read the statement signed by the Coalition of Niger Delta Youth On Energy Reforms and Transparency in the Oil and Gas Sector, urging Kyari to ensure that the Port Harcourt Refinery became operational before the end of September as he promised.
“The group expressed concern about the energy crisis in the country caused by the non-functionality of local refineries, continued dependence on the importation of petroleum products, and the resulting cost implications for the country.
“They noted that the failure of NNPC has further worsened the country’s energy crisis and impoverished the people of the oil-producing Niger Delta.
“The group alleged that the Port Harcourt refinery is being planned to be converted into a blending plant. They claimed that substandard petroleum products from Russia will be mixed with chemicals and sold to the people of the Niger Delta.
“This is basically our fear too. We at the CONDYAPIED are not only concerned about the corruption going on at the NNPCL, but we are grately worried over the plan to convert the Port Harcourt refinery to a mere blending plant. We shall resist this with all our might. We shall shut down Abuja in protest, in the coming weeks, and occupy the NNPC towers until the needful is done.
“We will not allow our refinery to be converted to blending plant, because we are aware of the potential environmental degradation and terrible impacts on our people. This move could expose the people of Niger Delta to harmful chemicals from environmental pollutions and degradation caused by the waste products released into the environment, if it is allowed”, the Coalition submitted.
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Just in: Gunmen Abduct Road Safety Agency, FRSC Official In Enugu, Demand N50Million Ransom
By Kayode Sanni-Arewa
Gunmen in Enugu have kidnapped an official of the Federal Road Safety Corps (FRSC), Emeason Chima.
Chima, who is attached to RS4.211, Ugbokolo unit of the agency, was kidnapped on Saturday around Maduka University in Nsukka, Enugu State.
The gunmen are demanding N50 million ransom to release the victim, a senior FRSC official in the state revealed.
The official who wasn’t authorised to speak to journalists said Chima was driving alone in his car when he was attacked and abducted.
Meanwhile, an internal memo within the agency confirmed that the gunmen – using the officer’s phone -demanded for a ransom of N50 million.
“The Command Is In Receipt Of Information About The Kidnap Of SRMA Emeason Chima,” Emmanuel Al-Hassan, Ugbokolo unit commander said in the memo.
“Place Of Incidence: After Maduka University, Nsukka Enugu Road through OPI junction, in Enugu State. Information extracted so far confirmed that the staff was driving alone in a Toyota saloon car when he was kidnapped.
“The unit commander has already been contacted by the kidnappers using the staff phone, where a demand of 50million ransom has been made.
“Further details will be made available as events unfolds. This is forwarded for your information and further guide sir.”
Security has deteriorated in the South-East part of the country with frequent attacks by non-state actors in recent times.
The gunmen have carried out a series of abductions, collected huge ransoms and in some occasions killed their victims.
Aside from government officials and facilities, military and police personnel and others have been targets of attacks by these gunmen in the region.
The Nigerian government has accused pro-Biafra group, Indigenous People of Biafra (IPOB), of being responsible for the deadly attacks in the region.
But the group has repeatedly denied its involvement in the attacks.
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