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Association Tasks CBN On Forex Rates Harmonisation

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President, Association of Bureaux Des Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has called on the Central Bank of Nigeria (CBN) to harmonise the rate at which it sells foreign exchange to commercial banks and its members.
Gwadabe told newsmen yesterday in Lagos, that the disparity between the rates had forced about 50 per cent of its members to boycott the Central Bank of Nigeria (CBN) window.
According to him, the CBN sells Forex to banks at N357 per dollar, while banks are expected to sell at N360, on the other hand, BDCs buy at N360 from the CBN and are expected to sell at N362.
The financial expert noted that its members incurred losses the moment they accessed the CBN window, which had forced many of them out of market.
“The direct implication of this will be the loss of about 20,000 jobs nationwide as the tactical edging of BDCs out of the market will result in the sacking of its workers across the nation,’’ Gwadabe said.
The ABCON chief appealed to the CBN to make BDCs direct agents of International Money Transfer Service Operators (IMTSO) since they were fully automated, and transparency had remained their watchword.
Gwadabe explained that the rate of disparity in accessing the CBN window had elevated parallel market operators to the delight of the enemies of the Naira.
He said that the edging of BDCs out of the market would inhibit financial inclusion as BDCs make N30 billion weekly turnover which translates to commission for the commercial banks.
Gwadabe said that BDCs remain the potent agent for transparency and price stability in the market as exemplified during the peak of the recession when exchange rate volatility was blown out of proportion.
He noted that if the parallel market, which selling rate was presently lower than that recommended for the BDCs, was allowed to dictate the market price, there may be the resurgence of fake currency in the market.
“Allowing the parallel market operators to dictate the price in the market will erode investors’confidence and that of the International Monetary Fund (IMF) in the nation’s economy.
“This also will be counterproductive to the mandate of the CBN and that of the IMF.
“It will run counterproductive to the IMF mandate of price discovery and stability.
“Allowing the parallel market to dictate the price will also fuel the existing multiple exchange rate regime,’’ Gwadabe said.
The ABCON chief recalled that at the peak of recession, with an external reserve of 27 billion dollars, and dwindling oil revenue, BDCs made a cogent suggestion to the CBN that gave birth to accessing the IMTSO window.
He said that accessing the window became an alternative to the depletion of the external reserve.
According to him, BDCs have remained strategic partners with the CBN in ensuring price stability and transparency in the foreign exchange market.
Our correspondent reports that prior to the commencement of aggressive interventions of the CBN in the nation’s foreign exchange market in Feb. 2017, the naira had exchanged at a scandalous N520 to a dollar.
At the peak of dwindling oil revenue, the BDCs had partnered strategically with the CBN to ensure that proceeds of IMTSOs were used to intervene in the FOREX market.
For a sustained partnership between the BDCs and the CBN, rate harmonisation should be looked into to save the FOREX market from the jaws of currency speculators who manipulate the market with the aid of parallel market operators.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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