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New Forex Policy ’ll Strengthen Naira – CBN

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9 years ago

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The newly introduced foreign exchange policy by the Central Bank of Nigeria (CBN) will help shore up the naira, an official of the bank has said.
The Special Adviser to the CBN Governor on Financial Markets, Mr Emmanuel Ukeje,  said this in an interview with newsmen in Abuja on Thursday.
Ukeje described as baseless the argument by sceptics that the newly introduced foreign exchange policy would further weaken the naira.
“The whole essence of the new policy is to infuse dollar liquidity into the system and to ensure easy accessibility of end users.
“In the past we have had clamours that people were not able to pay their school fees, people were not able to buy BTA and that is why they had to go to the black market or parallel market.
“Now that the CBN have come up with a policy that has returned this into the confines of the inter-bank market and that of the bank, we believe strongly that this will take the demand off  the parallel market and we expect that the Naira will strengthen as this goes on.
“In essence, it means that people who have children overseas and those who have to pay school fees or want to travel don’t have to bother rush to BDCs to be buying money or to go parallel market.
“They can now source this easily from the banks and that for me, is a very big positive.’’
It will be recalled that the CBN, rolled out a new policy on Foreign Exchange aimed at easing access to foreign currencies for personal, business, travel, educational and medical purposes, among others.
The CBN later provided 370.9 million dollars to 23 banks to meet the visible and invisible requests of customers.
The CBN further directed all banks in the country to open foreign exchange retail outlets at major airports as soon as logistics allowed them.
Ukeje said to make foreign exchange readily accessible to customers, the CBN also eliminated stiff conditions in applying for Basic Travel Allowances (BTA) in banks.
“We have tried as much as possible to simplify the access of this particular fund.
“The issue of tax clearance, we all know that it has been an issue because not many people can produce their tax clearance and for those who can, some can also easily produce fake tax clearance and the process of verifying this is very difficult.
“So the central bank has waved the issue of tax clearance provision in accessing these funds and all you need to do is basically your journey must originate from Nigeria, travelling out.
“You cannot leave overseas and buy BTA to travel. You must have a valid ticket to travel with and as a matter of fact you must have a bank account and BVN to recognise you as a bank account holder.
“Basically you are entitled to basic travelling allowance every quarter and up to the sum of 4,000 dollars. And mind you, there is a caveat as it’s only those that are 18 years and above that can access that.
“There is also a condition that you must be embarking on a journey that is not less than five hours. So it does not mean that when you are going to Cotonou or Ghana you come and apply for a BTA.

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Association Woos Govt, Coys On  Boat Operators  Employments

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4 days ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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4 days ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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4 days ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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