Economy
Cardoso Introduces New FX Sales To BDCs: 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
“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.
Economy
U.S. Lawmaker Urges President Tinubu To Remove Matawalle Over Rising Attacks On Christians in Nigeria, Cites Relationship With Bandits
U.S. Lawmaker Urges President Tinubu To Remove Matawalle Over Rising Attacks On Christians in Nigeria, Cites Relationship With Bandits
Relationship with bandits. She urged the U.S. to apply more diplomatic pressure to hold those accused of aiding terrorism accountable.
Kimberly Daniels, a Florida state representative and chairwoman of the United World Congress of Diplomats (UN-WCD), has charged President Bola Tinubu to sack or redeploy the Minister of State for Defence, Bello Matawalle, over rising attacks in the country.
Ms Daniels posted a statement containing her recommendations on tackling insecurity in Nigeria on her Facebook page on Wednesday.
“To The Government of Nigeria: The Results of the Assessment urge President Tinubu to ‘look inward’ and remove elements that compromise national security,” Ms Daniels said.
Ms Daniels’ recommendations specifically included: “Immediate Leadership Review: The removal or redeployment of Minister Bello Matawalle to restore the integrity of the defense ministry.”
She added: “Conducting a transparent investigation into allegations of high-level complicity with banditry to regain the trust of the Nigerian people and implementing more robust security measures for vulnerable communities in the North-Central and Northwestern belts of the country.”

Matawalle
To the U.S. government, Ms Daniels recommended increased “diplomatic pressure to ensure that those accused of aiding terrorism are held accountable.”
“Based on the referenced report, the attacks against believers in Northern Nigeria are allegedly protected by leadership from the inside,” she said.
She added, “The greatest form of terrorism a person can experience is terror that comes from ‘homegrown familiar enemies.’ When the people you trust to protect you work undercover with others who want to harm you, it must be devastating! My brothers and sisters in Nigeria are martyred because they gather to worship Jesus, while most Americans do not understand how precious our religious liberty is and the protections that come with it.”
Bayo Onanuga and Daniel Bwala, spokespersons for Mr Tinubu, have not responded to requests for comment.
Economy
Nigeria, UAE Set To Advance Energy Cooperation: NNPC Ltd
Nigeria, UAE Set To Advance Energy Cooperation: NNPC Ltd
Nigeria and UAE set to advance energy cooperation. Earlier today in Abuja, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, paid a visit to the United Arab Emirates (UAE) Ambassador to Nigeria, H.E. Salem Saeed Al Shamsi, at the UAE Embassy.
The meeting highlighted the existing strong bilateral energy ties between Nigeria and the UAE, with discussions spanning upstream oil and gas investment opportunities, gas development and monetisation, crude oil trading, and infrastructure financing.
Both parties reaffirmed the sustained relations between the two nations, rooted in mutual respect and a shared commitment to long-term energy cooperation.
In his remarks, Engr. Ojulari said as a commercially driven entity, NNPC Ltd. offers a strong portfolio of bankable projects across the entire energy value chain, adding that the company remains open to value-based partnerships with UAE institutions, such as Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Investment Authority (ADIA), and National Petroleum Construction Company (NPCC).

UAE Set To Advance Energy Cooperation
The visit builds on earlier cooperation commitments made by President Bola Ahmed Tinubu and President Mohammed Bin Zayed, as both countries work to translate that intent into concrete, mutually beneficial project outcomes.
Akwa Ibom
Akwa Ibom Governor Eno Commends Quality Job Delivery By Contractors At Project Sites
Akwa Ibom Governor Eno Commends Quality Job Delivery By Contractors At Project Sites
Governor Umo Eno has expressed satisfaction with the quality and timely delivery of jobs by contractors at different project sites in the State.
Fielding questions from Government House Correspondents shortly after his inspection of the projects, Governor Eno reaffirmed his administration’s commitment towards ensuring that projects are properly monitored and appropriately funded in line with the contract agreement.
He explained that the routine on-the spot inspection avails him the opportunity to carry out critical assessment of key projects, monitor project timeliness, staff welfare, pace and quality of job execution and funding approvals.
“Mine is to make sure that the work is going on, we get our money’s worth, ensure contractors are on site and that they are doing what they are supposed to do.
“This inspection, for me, is to give me an on-the spot assessment, monitor our time lines. Everywhere I went to, I can tell you that I am satisfied at the pace of work, and the quality of work done,” he stated.
The Governor thanked the contractors for their commitment to their jobs, and urged them to keep to timelines and specifications while prioritizing the safety and welfare of staff.
“I belief that the contractors know that we will demand that they do the work according to our specification.
“I am not just checking the work, I also check the staff, to ensure that everything is going on well. So when I get an IPC on my desk, I know exactly what that payment voucher is addressing. All of these works you see me inspect today, I have payment vouchers waiting for me to sign off.
“So, I have to come to see and be sure that they have reached certain levels before we can make the next set of payments.”

Akwa Ibom Governor Eno
Among projects inspected by the Governor were the Aviation Village, Legislators and Executive quarters at Dakkada Luxury Estate, Equipment Leasing Company, and the CNG Bus Terminal.
In the Governors team were the Secretary to the State Government, Prince Enobong Uwah, Executive Assistant/Chief Delivery Advisor, Mr. Aniefiok Johnson, members of the State Executive Council, and other government functionaries.
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