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Business Community Commends Banks Rejection Of Dollar Deposit

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10 years ago

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Stakeholders in the business sector in Kwara State have commended the rejection of dollar deposits by commercial banks in order to control its circulation in the country.
The stakeholders, who spoke separately with reporters yesterday in Ilorin, expressed their satisfaction about the development as it would further improve the nation’s economy.
The President, Kwara State Chambers of Commerce Industry, Mines and Agriculture (KWACCIMA),Chief Ezekiel Adedeji blamed the Central Bank for what he termed excess circulation of dollars in the market.
“The monetary regulatory market should ensure that the China currency (Yuan) equates the dollar.
“The priority accorded the dollar cannot be over emphasized as there are little transactions between Nigeria and the United States of America, while the volume of trade with China is very high.
“Chinese government should ensure that Yuan is upgraded in the monetary market to compete favorably with the dollar.
“This will improve Nigeria’s economy because businessmen will be more interested in buying Yuan than dollars,” he said.
Adedeji urged the government to introduce policies that would enhance naira value and reduce the influence of dollar.
The Chairperson, Kwara/Kogi Manufacturers Association of Nigeria (MAN), Princess Omolola Olobayo described commercial banks’ rejection of dollar as a welcome development as it would reduce the value of the currency.
She stressed that the CBN had issued a directive that pegged daily spending of dollar at $600, explaining that for Nigeria’s economy to improve, the naira must be appreciated in the money market.
“A lot of people have been speculating against the naira and amassed so much cash, while many have stockpiled dollars obtained illicitly and want to launder the money,” she added.
The Coordinator, Nigeria Association of Small and Medium Enterprises (NASME), Prince Ayodeji Ajisefinni called on the Central Bank of Nigeria to abolish domicile accounts.
“There is no need for a domicile account once you are in Nigeria— as it will not strengthen the economy.
“The banks made it very clear that they want to get rid of the dollars in the system, so, if you want to withdraw you can, but you cannot pay in dollars into your domicile account,” he explained.

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Kenyan Runners Dominate Berlin Marathons

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18 hours ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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18 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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18 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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