Connect with us

Business

Stockbrokers Appland New Flexible Exchange Policy

Published

10 years ago

on

The Chartered Institute of
Stockbrokers (CIS) has said that the new foreign exchange policy announced by the Central Bank of Nigeria (CBN) would bolster investor confidence in the Nigerian Stock Exchange (NSE).
This is contained in a statement issued by Mr Oluwaseyi Abe, CIS President and Chairman of the Council, and made available to our correspondent in Lagos.
Abe stated that the new foreign exchange policy would also trigger in-flow of foreign portfolio investments and boost the velocity of the stock market.
He explained that foreign in-flows into the capital market dropped by 32 per cent in 2015, while the benchmark equity index fall by 17 per cent this year.
Abe commended the apex bank for the re-introduction and re-modelling of the floating single foreign exchange policy.
“It is a bold and positive initiative which attests to the dynamism of the apex bank in policy evolution for the greater benefit of the economy.
“The operating dynamics of the new framework as stipulated by CBN is in accordance with the tenets of democratic capitalism of which the highlights are, market-driven systems, free participation within individual limitations and the invisible hand’’,” he said.
Abe added that the policy would hedge volatility in the foreign exchange market noting that the licensing of foreign exchange primary dealers were well commended innovations that would deepen the market.
“Barring systemic malfunction, CIS believes that the implementation of the new framework will boost dollar supply; and with clarity, define the exact exchange rate,” Abe said.
He stated further that the policy would ease the challenges of businesses across the board and return the economy to the path of growth.
According to him, the currency peg of the past 16 months resulted in a dearth of dollar currency and prompted large scale capital flight with the attendant growth challenges in the economy.
He said that the institute supported the continual restriction of the 41 excluded items from the interbank foreign exchange market.
He added that the exclusion of the items would enhance the growth of small businesses.
The Tide reports that Mr Godwin Emefiele, the Central Bank of Nigeria (CBN) Governor, on June 15 released modalities for the long-awaited implementation of the flexible foreign exchange policy.
Emefiele announced the introduction of a two way quote, which meant that buyers and sellers would state prices and quantities they were willing to buy and sell.
He also maintained that the 41 items banned in 2015 for access to forex for imports remained banned.
Emefiele said that the exchange rate would be market determined, adding that the CBN would also participate in the market occasionally.

Related Topics:
Continue Reading

Transport

Automated Points Concession : FAAN Workers Gave 72hrs To Revise Decisions In PH

Published

6 days ago

on

March 2, 2026

By

The trapatriate Unions conprising the National Union of Air Transport Employees (NUATE), and the Air Transport Service Senior Staff Association of Nigeria, (ATSSSAN),  has given 72 hours Ultimatum to Federal Airport Authority of Nigeria FAAN, Omagwa Airport, Portharcourt to revise its recent decision on the concession of Tollgates and Parks to private hands.
The chairman of the Trapatriate Union, Comrade Felix Ohwoefe gave the Ultimatum yesterday immediately after the joint Unions meeting held at the Airport office of the union, Omagwa, Portharcourt.
Comrade Ohwoefe who double as the chairman of the National Union of NUATE said the two Unions have agreed to take drastic actions if the Authority of the Airport declined to step down it’s decision of concessioning the major revenue points to private hands.
According to the Union chairman, the  two union was not aware of the  concession plans, and that there were no due process to the procedures.
Comrade Ohwoefe said any attempt for the Airport Management to decline it’s demands towards the concession will result to barricading all entrance and access points of the Airport.
Expressing the  the challenges associated to the concession, the Union Chairman said the gesture might resulted to massive sack of workers in the Airport.
The chairman also expressed foul play on the part of either individuals or government in the terms and conditions so given to the concessionaires, demanding the reasons of contracting the automated points to private hands for only 14 millions, when the FAAN is presently generating over 28 million naira monthly, even when the tariff was not  reviewed upwards.
He describes the process to the procedures as fraud with intention to increase unemployment in the state.
“We are not against the concession of the Automated points, but due process must be followed. If government is concessioning the place, we are asking what will happen to our workers in the existing units.
“Secondly, if the concessionaires is taken over, they must pay higher than what the FAAN is generating presently, we are generating to the Management over 28 Millions monthly, but we had that the private company is required to pay only 14 Millions monthly, which is far below 5 percents of what we are generating presently, even when the tariff is increased, which means there is a foul play.
“The process is fraud either on the part of individual in the Government, or Government itself.
” The unions is saying no to the Concession until we come to a terms of understanding ourselves., we are afraid of loosing workers, we don’t want to loose any workers if due process is not followed in this hard of economy,  we even demanding for employment of more workers in FAAN.” Comrade Ohwoefe said.
The Union used the opportunity to called on the minister of aviation, and the President of the Country, Bola Tinubu to intervene.
When contacting the Management of the Airport Authority through the head of Corporate Affairs, Dr Ngozi V. Onyeanwuna-Nwosu,  she said the management has not given her the approval to say something.
Continue Reading

Transport

FAAN Announces Pick-Up Points for Go-Cashless Cards

Published

6 days ago

on

March 2, 2026

By

The Federal Airports Authority of Nigeria (FAAN) has announced designated pick-up points for individuals wishing to obtain their Go-Cashless cards ahead of the March 1, 2026 deadline.
This was announced in a statement signed by the Director Public Affairs and Consumer protection, Henry Agbebire  and made available to the Tide last Friday in Portharcourt.
According to the statement,  Go-Cashless cards is at all  FAAN commercial offices and access gates of Airports in the country .
The release further stated that cards will also be available at designated branches of Fidelity Bank Plc from March 16, 2026.
FAAN in the statement said the cashless policy followed the Federal Government directive mandating all Ministries, Departments and Agencies (MDAs) to transition to a cashless system to enhance transparency and reduce revenue leakages as well improve transaction traceability in the Aviation sector.
FAAN  reiterated its commitment to full compliance with the directive, appealing to the public for their understanding and cooperation during the transition period.
FAAN also inform that the Go-Cashless cards can still be obtained at the designated points after the March 1, deadline.
The Authority assures airport users that the initiative will promote faster, safer, and more convenient transactions across its airports nationwide.
By: Enoch Epelle
Continue Reading

Business

Fidelity Bank To Empower Women With Sustainable Entrepreneurship Skills, HAP2.0

Published

1 week ago

on

February 27, 2026

By

Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).
According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.
 Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.
During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.
He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.
Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.
Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.
These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.
Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.
 This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.
It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/Apprenticeshipbyherfidelity.
It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
By: Nkpemenyie mcdominic, Lagos
Continue Reading

Trending