Business
CBN Reviews Foreign Currency Trading Position
The Central Bank of
Nigeria (CBN) as said that it has reviewed the daily foreign currency trading positions of banks.
This is contained in a circular which was issued by the Central Bank’s Trade and Exchange Department, and posted on the bank’s website.
CBN said that the foreign exchange bought either from autonomous or interbank market if not utilized should be returned to the apex bank.
The circular entitled: Daily Foreign Currency Trading position of Banks and period of utilization of funds” was issued to all authorized dealers.
According to the apex bank, the circular takes immediate effect, and also directed all authorized dealers to maintain 0.1 per cent maximum open limit of their shareholders fund at cose of each business day.
Besides, it asked banks to utilize funds purchased from the autonomous/interbank foreign exchange market witin 72 hours from the value date.
It said that unutilized funds must be returned to the CBN for re-purchase at the ban’s buying rate.
The circular also urged ealders to ensrue that there is strict compliance with the directives.
Corlins Walter
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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