Connect with us

COVER

CBN to Refund Licensing Renewal Fees to BDC Operators

Published

on

Share

By Tony Obiechina Abuja

Central Bank of Nigeria has directed Bureau de Change (BDC) operators who paid for the 2025 licence renewal to apply for a refund.

This is in line with the bank’s decision to trim the country’s BDC dealers and stabilize the foreign exchange market.

The Apex Bank said in a circular that the decision is backed by its Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.

The circular was addressed to BDC operators and stakeholders in the financial service industry.

The CBN said, “This is to inform all existing bureaux de change that further to the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, and the ongoing transition to the new BDC regulatory structure, the Central Bank of Nigeria has approved the waiver of 2025 licence renewal fee, effective immediately.

“Any bureau de change that has paid for 2025 licence renewal is hereby advised to apply to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria for refund to its account from which the payment emanated.

“The CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework.”

The bank also released a Foreign Exchange (FX) Code, which applies to all authorised dealers licensed by the CBN under the CBN Act 2007, and the Bank and Other Financial Institutions Act (BOFIA) 2020.

The FX Code requires market participants to ensure that illegal financial transfers are avoided and appropriate money laundering policies are put in place to protect the integrity of the domestic markets and the global financial framework as a whole.

Similarly, the bank has directed all market participants to conduct a self-assessment and submit to the CBN a report on the institution’s level of compliance with the FX Code by January 31, 2025.

“All market participants will thereafter be required to submit to CBN a detailed compliance implementation plan that is approved and signed by its Board along with the extracts of the Board meeting,” the Bank said.

According to the Bank, market participants should have appropriate processes in place to identify and manage operational risks that may arise from human error, inadequate or failed systems or processes, or external events.The CBN also directed participants to maintain an appropriate risk management framework with systems and internal controls to identify and manage the FX risks they face.

Business News

DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report

Published

on

Share

By Tony Obiechina, Abuja

The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.

DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.

He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted  for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.

He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.

He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.

He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.

Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.

On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.

He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.

Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.

He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.

On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.

Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.

The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.

Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.

Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.

The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.

Continue Reading

COVER

NLC Threatens Nationwide Action as Talks With FG Collapse

Published

on

Share

By Tambaya Julius, Abuja 

The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.

The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.

The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.

The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.

In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.

According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.

The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).

The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.

The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.

“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.

It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.

The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.

The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.

“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.

The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.

“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.

The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.

However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.

Continue Reading

COVER

Election Campaigns: FRSC Bars Officers from Politicians’ Escort

Published

on

Share

The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.

Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.

Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.

She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.

The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.

Continue Reading

Advertisement

Top Stories

NEWS3 hours ago

Firm Promises No Storage Charges On Subscribers’ Wallets

ShareBy David Torough, Abuja A telecommunications firm, ESDIAC Global, has said it does not impose storage charges on subscribers’ wallets,...

NEWS3 hours ago

GIGM Brings hireX, PASS to Abuja Nov 4

ShareBy Tony Obiechina, Abuja Premium vehicle hire and all-in-one travel booking are coming to Nigeria’s capitalGIG Mobility (GIGM) has announced...

NEWS3 hours ago

UNIBEN Recruits again after 10-year Employment Freeze

ShareThe Vice-Chancellor of the University of Benin, Prof. Edoba Omoregie, SAN, has said that another set of graduates will be...

NEWS3 hours ago

Fire Service Responds to Building Collapse, Rescues Five Victims in Osun

ShareFrom Ayinde Akintade, Osogbo The Federal Fire Service, Osun State Command, responded to a distress call on a building collapse...

NEWS3 hours ago

CAN Raises Concern Over Reported Conviction of Christian Woman in Borno

ShareBy Laide Akinboade, Abuja The Christian Association of Nigeria (CAN), at the weekend has expressed their concern over the reported...

NEWS4 hours ago

Wike Hails Dunamis Church for Pedestrian Bridge

ShareBy Laide Akinboade, Abuja The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has commended the Dunamis International Gospel...

NEWS4 hours ago

El Niño: Lagos Urges Residents to Stay Hydrated, Avoid Sunlight

ShareThe Lagos State Government has urged residents to take precautions against possible extreme heat as the dry season approaches and...

NEWS4 hours ago

INEC Targets Dec 15 for Publication of Final Voters’ Register

ShareThe Independent National Electoral Commission (INEC) has fixed December 15 2026, for final publication of the voters’ register. Professor Joash...

NEWS4 hours ago

Nigeria, China Sign $30m Deal on Grassroots Development

ShareBy Tony Obiechina, Abuja Nigeria and China have signed a grant agreement worth RMB 200 million (approximately $30 million) to...

NEWS4 hours ago

Fire Guts 110 Kano Timber Market Structures,  75 other  Buildings

ShareFrom Rabiu Sanusi, Kano A fire outbreak has destroyed at least 110 structures at the Kofar Ruwa Timber Market in...