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CBN’s Windows Closure Positive To Capital Market – Report

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11 years ago

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An investment company
has commended the closure of Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS) foreign exchange windows, saying it would bring positive changes in the capital market.
BGL, an Investment Banking Company gave the commendation in its report published last Saturday to analyse the benefit of the Central Bank of Nigeria (CBN)’s decision to close the foreign exchange window expected to ensure the stability of the currency.
The Tide source recalls that the CBN had last Wednesday closed the RDAS and WDAS foreign exchange windows to help stabilise the nation’s currency.
It directed all authorised dealers and general public to channel all demand for foreign exchange to inter-bank foreign exchange market.
The apex bank further assured that it would continue to intervene in the interbank foreign exchange market to meet genuine and legitimate demands.
“The implication of this action on the capital market is expected to be largely positive in the medium to long term.
“The short term implications are hazy considering the heightened political environment and its effect on economic prices.
“ In the medium term, market determined exchange rate will support the evolution of the local foreign currency futures, derivatives and hedging contracts, which will support a more stable exchange rate market.’’
The BGL report said that a stable exchange rate along its long run equilibrium level would support robust capital market development and growth.
It said that this would boost foreign investor’s confidence in the market with predictable naira exchange rate variables.
It said that the monetary policy effectiveness would also improve with the action.
The report said that more stable exchange rate outlook post-election would attract portfolio investors back to the country, adding that strategic investors, both domestic and foreign would be quick to take opportunities immediately.
It advised that the apex bank to immediately make available to the public clear a number of issues like what it meant by intervening to meet genuine and legitimate demands.
The report said that CBN must clarify what would qualify as genuine and legitimate demands and how its intervention in the market would be operated.
“The second issue is the expected operational structures of the Bureau de Change (BDC) considering that they were currently barred from sourcing foreign currency from autonomous sources.’’

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Kenyan Runners Dominate Berlin Marathons

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1 day 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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1 day 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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1 day 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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