By Tony Obiechina, Abuja 

The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP).

This was disclosed in Abuja on Wednesday, by the Bank’s Acting Director of Corporate Communications, Mrs.

Hakama Sidi Ali, who stated that the initiative will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation amongst IMTOs to lower the cost of remittance transactions and boost financial inclusion.  

She said, “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.

“It will be recalled that the CBN Governor, Mr. Olayemi Cardoso, had recently declared: “We’ve set ourselves a target to double remittance flows into Nigeria within a year, a goal I firmly believe is within reach. 

“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,” she stated.

Continuing, Sidi Ali, said that the CBN viewed increasing formal remittance flows—one of the major sources of foreign exchange, accounting for over 6% of GDP—as a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.

The increase in the number of IMTOs is one of the primary actions initiated by the CBN’s remittance task force, overseen by Governor Cardoso as a collaborative unit pulling together specialists to work closely with the private sector and market operators to facilitate the ease of doing business in the remittance ecosystem in Nigeria. 

The task force was established as a direct result of an executive learning session with IMTOs during the World Bank/IMF Spring Meetings held in Washington DC, United States of America, in April 2024. The task force will meet regularly to implement strategy and monitor the impact of its measures on remittance inflows.

By Johnson Eyiangho, Abuja

Former Vice-president Atiku Abubakar has asked the Federal Government to halt the move to mop up the sum of N20 trillion from the Pension Fund and other funds to finance infrastructure projects.

Atiku described the move as a “misguided initiative that could lead to disastrous consequences on the lives of pensioners who toiled and saved and who now survive on their pensions having retired from service”.

He said in a post on his X handle yesterday that his attention was drawn to the disclosure of the FG’s move by the Finance Minister and Coordinating Minister of the Economy, Mr.

Wale Edun, as he addressed State House correspondents after the Federal Executive Council (FEC) meeting at the Presidential Villa on Tuesday, 14 May.

Moreover, Atiku said Edun did not  provided useful details, such as the percentage of the funds to be mopped up from the Pension Funds.

According to him, it is another attempt to perpetrate illegality by the Federal Government. The government must be cautioned to act strictly within the provisions of the Pension Reform Act of 2014 (PRA 2014), along with the revised Regulation on Investment of Pension Assets issued by the National Pension Commission (PenCom). 

“In particular, the Federal Government must not act contrary to the provisions of the extant Regulation on  investment limits to wit: Pension Funds can invest no more than 5% of total pension funds’ assets in infrastructure investments. I note that as of December 2023, total pension funds assets were approximately N18 Trillion, of which 75% of these  are investments in FGN Securities.

“There is no free Pension Funds that is more than 5% of the total value of the nation’s pension fund for Mr. Edun to fiddle with.”

He told the finance minister that there are no easy ways for him to address the challenges of funding infrastructure development in the country as he cannot cut corners but must introduce the necessary reforms to restore investors confidence in the nation’s economy and leverage private resources, skills, and technology.

By Laide Akinboade, Abuja

Three persons, including two women and a young boy, have reportedly been killed in a clash between local scavengers, otherwise referred to as Baban Bola, and residents of the Byazhin community, in Kubwa, Bwari Area Council of the FCT.

An eyewitness, who identified herself as Jessica Adam, said a Baban Bola element attempted to steal a woman’s pot of soup, but was overpowered and beaten up after the woman alerted neighbours and passers-by.

The embittered baban bola then went away and mobilised hoodlums who returned at about 8:00 pm wielding weapons including machetes, clubs, and stones and began attacking residents at random, eventually killing the woman whose pot of soup was earlier stolen.

In the continuing attack, two others, a woman and a young boy, reported to be passers-by who unfortunately ran into the middle of the crisis, were also killed, they however, have yet yet to be identified.

“They killed two people yesterday. The Community has been in chaos since yesterday. The crisis continued till this morning when they killed somebody again. So far, three persons have been killed and many injured. The Police intervened and restored normalcy, but no arrest was made. The Police have intensified their patrol in the Byazhin area of Kubwa to prevent them from regrouping”, Ms Adams narrated.

A resident in the community, who spoke with Daily Asset, on the condition of anonymity, also confirmed the death of the three persons but said he had no clue as to what may have started the clash.

“Yes, the riot started yesterday. And by this morning, we learnt that three persons have been killed. It happened in Byazhin around that Millionaire’s Quarters, behind that Living Faith Church. That place is usually dangerous, because it is quite lonely, and you cannot pass through there alone, especially in the evening”, he said.

As of the time of filing this report, PUNCH Metro gathered that schools and shops in the area have been closed down, as parents scampered to pick up kids from their classrooms, and shops refused to open as of Wednesday morning.

Meanwhile, efforts to reach the Police Public Relations Officer of the FCT Police Command, SP Josephine Adeh, proved abortive, as her number was repeatedly unreachable.