Business

Restriction ’ll Check Arbitrary Activities In Forex -Experts

Published

10 years ago

January 13, 2016

Some financial experts have said that the new directive to stop sales of dollars by Central Bank of Nigeria (CBN) to bureau de change operators would check illegal activities in the market.
They told newsmen in Lagos that the decision might be due to some suggestions by IMF Managing Director, Ms Christine Largarde, during her visit to Nigeria.
The country’s external reserves dropped to 28.19 billion dollars on Jan. 8 from 29.07 billion dollars on Dec. 31, 2015, a reduction of 88 million dollars in the first week of 2016.
Largarde, during a four-day visit to the country, had directed the CBN to be flexible in its foreign exchange operations.
Mr Sewa Wusu, Head, Research and Investment Advisory at Sterling Capital, said the CBN decision was part of the measures to reduce the pressure on the nation’s foreign reserves.
Wusu said although the new decision was a big task, the overall health of the economy was important.
He said that the country could not afford to remain in the current situation.
On the directive on deposit of dollar into domiciliary accounts, the economist said the development would increase the level of dollar deposits in banks.
He said that the directive would also put an end to round-tripping and rent seeking as dollar demand from the system would reduce.
Wusu said the liberalisation of the interbank market was necessary to stabilise the foreign exchange market.
“The CBN has to rationalise the foreign exchange to ensure that the reserves do not continue to deplete further due to decline in revenue earnings from crude oil.
“Although, there might be slight pressure on the parallel market, but this will reduce later as the market stabilises.
“We are moving towards a regime of flexibility where the demand and supply would determine the value of the naira,” he said.
Mr Samuel Nzekwe, a former President of Association of National Accountants of Nigeria (ANAN), said the decision was long over-due.
Nzekwe said that Bureau de Change operators (BDCs) all over the world were not sourcing their foreign exchange from their central banks.
He said that BDCs in many countries were only allowed to attend to foreign exchange demands of light travelers which they got from visitors into the country.
Nzekwe said some Nigerians were jailed in the past for patronising BDCs before their activities were legalised.
Mr Kunle Ezun , a currency analyst at EcoBank Nigeria, said the actions of the CBN were aimed at reducing the pressure on the naira at the foreign exchange market.
“The naira has depreciated steadily at the parallel market in the last two months.
“It weakened to a new low level of N282 to the dollar on Jan. 11 due to the new directive of the CBN on foreign exchange sales to the BDC.
“By removing the restriction on foreign currency and cash deposits, the CBN has provided a platform for Deposit Money Banks (DMBs) to re-engage forex customers.
“The aim of mopping up foreign currency cash outside the banking system is for effective monetary policy operations”.
Ezun, however, said the foreign exchange inflow remained a big issue that the CBN needed to address in order to consolidate its efforts on foreign exchange management.
“The BDC market represents a small component of the forex market, but has high distribution network that cannot be wished away by the regulator.
“Instead of an outright stoppage of forex sale, perhaps the CBN could have identified the erring BDCs for appropriate sanctions, while others are monitored real-time for compliance with the extant law’’.
The analyst, however, added that the lack of any comment on telegraphic transfers, foreign cash notes and the two way quote market could further limit the positive impact of the new policies.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

9 hours ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

10 hours ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

3 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi