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CBN Shifts Forex Sales to BDCs May 30

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By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) has extended the temporary access granted to Bureau de Change operators for purchasing foreign exchange from the Nigerian Foreign Exchange Market till May 30.This extension was disclosed in a circular issued on Monday by the Trade and Exchange Department of the apex bank, allowing BDCs to continue purchasing forex from authorised dealers under existing conditions.

The circular, referenced TED/FEM/PUB/FPC/001/003 and signed by Dr.
W. J. Kanya, the Acting Director of the Trade & Exchange Department, referred to an earlier directive TED/FEM/PUB/FPC/001/030 issued on December 19, 2024.The previous circular had granted temporary access to existing BDCs to source foreign exchange from authorised dealers, with a weekly cap of $25,000.
Initially set to expire on January 31, 2025, the directive has now been extended for another four months, until May 30, 2025.The CBN stated that all other terms and conditions outlined in the previous circular remain unchanged.The extension shows the bank’s commitment to maintaining a fully functional foreign exchange market, ensuring liquidity, and addressing retail demand for eligible invisible transactions.It added that it would continue to provide liquidity when necessary to manage price volatility.The circular read, “We refer to our circular TED/FEM/PUB/FPC/001/030 dated December 19, 2024, which granted temporary access to existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD25,000.00.“The expiry date of January 31, 2025, which was granted in the above-mentioned circular, has been extended to May 30, 2025. “All other terms and conditions in the above-mentioned circular remain unchanged.“The CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility.”The decision comes at a time when the country’s FX reserves are dropping fast.Nigeria’s foreign exchange reserves experienced a significant decline in January 2025, dropping by $1.11bn over the course of the month.According to data from the CBN, the country’s reserves stood at $40.88bn on January 2, but by January 30, they had fallen to $39.77bn. This represents a 2.72 percent decrease within one month.The decline in reserves follows ongoing interventions by the CBN in the foreign exchange market, as well as external debt servicing obligations and capital outflows.

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June 12: Pay Abiola Family N45bn Debt, Lamido Tells Tinubu

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By David Torough, Abuja

Former Governor of Jigawa State, Alhaji Sule Lamido has called on President Bola Tinubu to show courage by closing the chapter of June 12 once and for all.According to him, the payment of the N45 billion debt owed to the family of the late presumed winner of the June 12, 1993, presidential election, Chief Moshood Kashimawo Olawale (MKO) Abiola, would serve as a symbolic and moral closure to the June 12 struggle and Abiola’s unjust treatment following the annulment of the election, widely believed to have been won by the late business mogul.

The former Minister of Foreign Affairs made the call while delivering his closing remarks at the launch of his autobiography, “Being True to Myself,” held yesterday in Abuja.
“When (General) Murtala (Muhammed) died, Abiola came in with a claim that he was owed, I think, about N45bn for contracts executed by International Telephone and Telecommunication for the Ministry of Communications. The military high command at that time said no.“He went around the Emirs in the North to lobby, and the Emirs asked that they (the military) should please pay the money. They (the military) said they annulled the June 12 elections because if they made him President, he would take his money, and the country would become bankrupt. Those who were close to Abacha should know this because Abacha was then one of the big shots; they were all aware.”“Before I end my remarks, I want to appeal to President Tinubu to finally close the chapter of June 12. In his book, General Ibrahim Babangida acknowledged that Abiola won the election. When I visited him, he also confirmed that Abiola is owed N45 billion. He was doubly punished: first, denied the presidency; second, denied what is owed to him.”Lamido urged the Minister of Information and National Orientation, Muhammad Idris Malagi, who represented President Tinubu at the event, to deliver the message to the President.“Please tell the President to pay the Abiola family the N45 billion. Once this is done, the June 12 chapter will be closed. It is very important,” he stated.

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Stable Electricity: Nigeria Needs $10bn Investment Annually for 10 years — FG

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By David Torough, Abuja

The Minister of Power, Adebayo Adelabu has stated that for Nigeria to achieve functional, reliable, and stable electricity, the country requires no less than 10 billion dollars annually for the next ten to twenty years.Adelabu made the disclosure yesterday during the commissioning of the 600kW and 3MW Solar PV Power Plant at the Nigerian Defence Academy, Kaduna.

He maintained that there are foundational bottlenecks that have been experienced in the past, which must be addressed for this level of investment to be meaningful.
“Number one is the legislative and policy foundation, which this administration has achieved by signing the Energy Bill into law.“This bill has ensured the liberalisation and decentralisation of the power sector, enabling all levels of government to legally and morally play roles in the power sector for the benefit of their citizens at sub-national levels.
“This has granted autonomy to more than eleven states, with more expected to follow. These states can now participate in the power sector, from generation to transmission, distribution, and even metering.”“Secondly, we must address the infrastructure deficit, which has accumulated over the last 60 years due to a lack of maintenance and insufficient investment to revitalise our transmission grid.”The Minister also emphasised the need to bridge the over 50 percent metering gap, stating that the Presidential Initiative aims to achieve this through the installation of 18 million meters over the next five years.He said the commissioning of the 600kW and 3MW Solar PV Power Plant at the prestigious Nigerian Defence Academy underscores the Federal Government’s resolve to tackle the electricity deficit.“These projects, implemented by the Federal Ministry of Power and the Rural Electrification Agency, not only underscore our commitment to improving electrification across key institutions in Nigeria, but they are also part of our broader mandate to diversify energy sources, expand access to clean and reliable electricity, and support critical sectors of national development, including education and security.“As an institution that combines academic rigour with military excellence, the Nigerian Defence Academy represents a strategic national asset that must be strengthened through sustainable infrastructure.“Powering the Academy with renewable energy aligns with our vision for a secure, self-reliant, and energy-efficient Nigeria.“It also reflects our commitment to President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises accelerated national development through universal energy access.”The Managing Director of the Rural Electrification Agency (REA), Abba Abubakar Aliyu, described the commissioning of the 2.5MW solar project as “a turning point in Nigeria’s journey towards energy access for learning institutions.”He noted that “the agency is not just commissioning a project, but rather commissioning social impact, research, and sustainable development.”

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Dangote Refinery Effects Another Reduction on Petrol from N835 to N825

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By David Torough, Abuja

The Dangote Petrol-chemicals Refinery has effected another reduction in the ex-gantry price of its Premium Motor Spirit also known as petrol below the publicly announced N835 per litre.Sources confirmed on Monday that the refinery has reduced its price to N825 per litre for its customers, through a rebate of N10 after successful loading of products at the refinery.

The sources said marketers are still paying N835 per litre for products but receive a N10 refund after loading and evacuating them from the refinery.
The covert price adjustment has allowed its customers and marketers to retail the product at a lower band of N830 to N835, outpricing importing marketers and private depot owners.
The official said, “The Dangote refinery has started giving a rebate on its products. It’s not an official reduction yet, but paid back after marketers buy products from them.”Last month, the Dangote refinery effected a price reduction twice within the space of a week, crashing its gantry price by N45 from N880 to N835 per litre.This followed the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension.Efforts to get an official reaction from Dangote Spokesperson, Anthony Chiejina, on the price reduction were futile.

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