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Cardoso Introduces New FX Sales To BDCs: CBN

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CBN

Cardoso Introduces New FX Sales To BDCs: CBN

Cardoso introduces new FX sales to BDCs. CBN has issued new guidelines restricting bureau de change operators to purchasing foreign exchange from a single authorised dealer per week.

The Central Bank of Nigeria has issued new guidelines restricting bureau de change operators to purchasing foreign exchange from a single authorised dealer per week.

The bank also directed the BDCs to comply with Know Your Customer (KYC) measures.

In a circular signed by W.J. Kanya, acting director of the Trade and Exchange Department, the apex bank mandated a weekly purchase cap of $25,000 per BDC from authorised dealers.

“A BDC shall approach its preferred Authorised Dealer Bank (ADB) and can only procure the said amount from only that bank of its choice in a week. Any breach of this condition will attract appropriate sanction.
“The selling rate by the Authorised Dealers to BDCs shall be the prevailing day rate at NFEM window,” it said.

CBN permitted FX cash purchased by BDCs from authorised dealer banks to be sold to end-users at a rate not exceeding one per cent margin above the buying rate.

The apex bank said the one per cent margin would be applicable to all funds to be retailed by BDCs regardless of sources of funds.

It also mandated authorised dealer banks to render weekly returns on sales to BDCs in a specified format attached to the guidelines to be addressed to the apex bank.

It urged all BDCs to render daily returns on FX purchases from authorised dealer banks and other sources and sales on the Financial Institutions Forex Reporting System (FIFX).
It further directed that funds purchased by BDCs be disbursed for specific transactions, including business travel allowance/personal travel allowance, overseas school fees and overseas medical fees.

It insisted that in all cases, the maximum disbursement per transaction should not exceed $5,000 quarterly.

CBN

CBN

“Records shall be maintained for all transactions by the BDCs showing the BVN of the end-user, including endorsement of the amount disbursed in the International Passport of the beneficiary;
“It is to be noted that Authorised Dealer Banks and BDC operators shall ensure strict compliance to the provisions of Anti-Money Laundering Laws and observance of appropriate KYC principles in the handling of these transactions,” it stated.

CBN added that authorised dealers and BDCs that divert funds or violate the provision of the guidelines would face sanctions, including suspension of their dealership licence.

Abuja

Strike: Normalcy Returns At FCT Secretariat As Workers Resume

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Bala Mohammed Met Me In PDP

Strike: Normalcy Returns At FCT Secretariat As Workers Resume

Strike: Normalcy returns at FCT secretariat as workers resume. The FCTA secretariat is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.

The secretariat of the Federal Capital Territory Administration is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.

The protest was suspended after a truce was reached between FCT minister Nyesom Wike and the labour unions in the early hours of Tuesday.

The workers, who resumed work on Monday, were seen carrying out their activities and providing various services.

A visit to some offices in the Minister’s Block, the Treasury Department, the Federal Capital Development Authority, the Abuja Geographical System, and others on Wednesday showed that workers were at work, carrying out their duties.

The FCTA workers under the Joint Union Action Committee had on January 19 embarked on industrial action over unresolved welfare concerns.
The strike, however, was halted by a ruling of the National Industrial Court on January 27, which ordered the workers to resume work, a decision that didn’t sit well with the union leaders, who insisted that the strike must continue.

A truce was reached after several hours of meeting, from late night Monday to the early hours of Tuesday, between the union leaders, officials of the FCTA, Mr Wike, and the chairman of the Senate Committee on FCT, Mohammed Bomoi.
Reacting to the truce, the minister told journalists after inspecting some ongoing projects in Abuja on Tuesday that there were no winners or losers.

He expressed delight that the union leaders have seen the realities on the ground, which have helped to clear misconceptions.
“I’m happy that the trade union and labour congress came to see things for themselves. Sometimes it’s good. What they were told is not really what’s on the ground.

Bala Mohammed Met Me In PDP

Wike

“But by and large, we have had a good meeting, and they’ve directed the workers to go back to work, which you can see has been done. So, we’re happy that at the end of the day, there is no winner, no loser.  It’s in the interest of Abuja to progress,” he said.

The organised labour had on Tuesday resolved the dispute between JUAC and Mr Wike, leading to the immediate resumption of work by affected employees.

A circular, jointly signed by the secretary-general of the TUC, Nuhu Toro, and the acting general secretary of the NLC, Benson Upah, stated that the minister assured labour of mutual respect and sustained engagement on labour-related matters in the FCT.

It said the parties also agreed that no worker would be victimised for participating in the strike action and that all outstanding cases at the National Industrial Court would be withdrawn immediately.

Following the agreement, the NLC and TUC directed all affected workers to resume duty without delay.

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Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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