NEWS
CBN issues Revised Draft Regulatory and Supervisory Guidelines for BDCs, Stakeholders
The Central Bank of Nigeria (CBN) has issued a draft of revised Regulatory and Supervisory Guidelines for all Bureau de Change (BDC) Operators and stakeholders in the financial services industry.
The guidelines which seeks to enhance the regulatory framework for BDC operations as part of ongoing reforms of the Nigerian foreign exchange market, was contained in a circular on Friday.
The circular signed by Haruna Mustafa, Director, Financial Policy and Regulation Department of the CBN had the 50 paged guidelines attached.
The guidelines spelt out activities allowed, licensing requirements, corporate governance and Anti-Money Laundering/Combating the Financing of Terrorism provisions for BDCs.
The draft document on the CBN’s website also listed new record-keeping and reporting requirements, corporate governance requirements, financial requirements, among others.
“Pursuant to the powers conferred under Section 56 of the Banks and Other Financial Institutions Act, 2020 (BOFIA), the Central Bank of Nigeria (CBN) hereby issues this draft revised Regulatory and Supervisory Guidelines for Bureau de Change (BDC) Operations in Nigeria for stakeholder comments and/or inputs.
“The Guidelines significantly enhances the regulatory framework for the operations of Bureau De Change as part of ongoing reforms of the Nigerian foreign exchange market.
“The Guidelines revises the permissible activities, licensing requirements, corporate governance and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) provisions for BDCs.
“It also sets out new record-keeping and reporting requirements, among others,” the circular said.
Mustafa said the draft guidelines were available on the CBN’s website, www.cbn.gov.ng.
He urged stakeholders to forward thier comments to the Director, Financial Policy and Regulation Department, CBN, Abuja with soft copies mailed to PolicyandRegulationDivision@cbn.gov.ng by March 4, 2024.
Reports says that some portions of the 50 paged draft document targeted transparency, elimination of corruption and hoarding of Forex.
It gave reasons for preservation of records and conditions for revocation of BDC operations licence.
“Every BDC shall maintain documents obtained from its customers for at least five years after the consummation of the transaction,” draft item 18.0 in the schedule noted.
It said the CBN may revoke the license of a BDC: where the operator or its entities forges, mutilates, alters or defaces any foreign currency, or other fx instruments with intent to defraud.
The document also prohibited multiple ownership of BDCs; obtaining foreign currency from ineligible sources or from eligible ones in a fraudulent manner.
It also spelt out sanctions for other regulatory infractions. (NAN)
The Wife of the Cross River Governor, Mrs Eyoanwan Otu, has sponsored the enrollment of 500 senior citizens, aged 70 and above, into the Cross River Health Insurance Scheme.
The gesture, which covers the premiums of the elderly citizens for two years, targeted the vulnerable senior citizens in the 18 Local Government Areas of the state.
The Director General of the agency, Mr Godwin Iyala, described the initiative as “a significant milestone in the first lady’s humanitarian outreach”.
According to Iyala, the first lady had already made full financial commitment to cover the 500 beneficiaries for the next two years.
“This initiative prioritises our elderly population, many of whom had spent decades serving their families and communities.
“Her Excellency has once again demonstrated her deep sense of empathy and leadership.
“The ripple effect of this act is far-reaching because when the aged are cared for, families are relieved, and the moral fabric of our society is strengthened,” he said.
He commended Otu for the initiative, describing it as a lifeline for elderly citizens, particularly those in the rural areas, who face significant barriers in accessing healthcare.
Iyala stated that the Agency would begin immediate enrollment of the beneficiaries into the health insurance database, to ensure they begin to enjoy prompt and uninterrupted access to medical services.
He further said that the initiative was expected to significantly ease the burden of healthcare cost to elderly citizens, offering them a renewed sense of dignity and security in their twilight years. (NAN)
The Democratic Front (TDF) has dismissed the statement credited to the Coalition of United Political Parties (CUPP) criticising the endorsement of President Bola Tinubu for a second term by members of the ruling All Progressives Congress (APC).Malam Danjuma Muhammad, the Chairman of TDF, in a statement on Monday, stated that CUPP was in no position to dabble into the internal affairs of the ruling party.
“We condemn, in the strongest terms, the unwarranted criticism of President Bola Tinubu’s endorsement by Governors elected on the platform of the ruling APC by the defunct Coalition of United Political Party (CUPP). “Like an attention-seeking meddlesome interloper, the group described the endorsement of President Tinubu by his party members as their flag bearer in the 2027 presidential election as a desperate bid for power.“While we are not opposed to CUPP’s right to self-expression as provided by the Nigerian constitution, we expect the leadership of the political interest group, to show respect for APC’s right to conduct its internal affairs within the limit of its constitution,” said TDF.The group said it recalled that in the run-up to the presidential elections in 2019, the then CUPP and its leadership threw its support behind the candidature of the former Vice President Atiku Abubakar of the People’s Democratic Party (PDP).“And of course, it backed Labour Party’s Peter Obi in 2023, especially as its National Secretary, Peter Amen, even contested for a seat in the House of Representatives in Kogi State on LP’s platform.“So, it is clear that the current CUPP leadership has always been opposing the ruling party.“Furthermore, the CUPP should be reminded that APC has a precedence of picking an incumbent president as its presidential flag bearer through the consensus of members of the Party,” the group stated.It said CUPP’s stance on APC’s internal affairs of the APC amounted to overstepping its boundaries as well as a flagrant disregard for the constitutional rights of others.“We, therefore, urge Nigerians to see the CUPP for what it is: a partisan opposition to the ruling APC. It is simply a Special Purpose Vehicle (SPV) concocted with a narrow mindset to achieve personal political aggrandisement,” said TDF.It added that there was nothing wrong with President Tinubu’s endorsement at the recent APC summit because it was the party’s internal affairs. (NAN)
Hajiya Jamila Muhammad, a pilgrim from Plateau has died in Makkah. Mr Daiyabu Dauda, the Executive Secretary of the State’s Muslim Pilgrims Welfare Board, disclosed this in a statement issued to newsmen on Tuesday in Jos. Dauda said that the pilgrim died on Monday at the King Abdul’aziz hospital, Makkah due to complication from diabetes.
“When the complications began, we immediately took her to the hospital for proper medication inline with our mandate. “Unfortunately, we lost her and the doctor at hospital confirmed it was complications due to diabetes,”he said Dauda further said that the deceased has since been buried in Makkah according to Islamic rites. He condoled with her immediate family over the irreparable loss and urged them to take solace in God.(NAN)
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