Business

ABCON Dismisses Forecast On Naira Devaluation

Published

6 years ago

January 30, 2020

The Association of Bureax de Change Operators of Nigeria (ABCON) has urged the public to disregard the predictions by Afrinvest that there will be devaluation of naira this year.
ABCON, however, urged Nigerians to expect foreign exchange (forex) rates’ convergence as the BDC will checkmate any volatility.
Giving the assurance at a sensitisation programme for ABCON members in Lagos yesterday, its President, Aminu Gwadabe, said any discussion around devaluation should be discouraged, while the unification of the various exchange rates should be promoted.
His words: “We have learnt of prediction by Afrinvest that there is going to be a devaluation by 20 per cent in 2020. For us, we don’t think of any devaluation. Yes, unification of the various exchange rates is germane, but any discussion on devaluation as at this critical level of the economy should be completely discouraged.
“The Bureau De Change operators are there and we would ensure we give our cooperation to the CBN and the government so as to checkmate any volatility and spike in the foreign exchange market.
“Devaluation will not do any good, we can see that. Of course, there is border closure which has improved a lot of activities in the economy. Yet, we are struggling with electricity in terms of its availability and also Nigeria still remains an import dependent country; schools’ infrastructure is not there . So we don’t want anything to devalue the Naira further than N360 to one dollar, because as far as BDCs are concerned, the rate of Naira to a dollar is N360.
“All those who are saying N305, N306 to a dollar, for us is not a transaction rate, these are rates for government obligations. It is not for everybody. What percentage of Nigerians get N306 to a dollar? So if unification is for everybody in the market to be buying at N360, that will be fine, the BDC already has that kind of rate happening in the market.”
On the sensitisation for members, Gwadabe said it is all about enhancing the capacity of Bureau De Change operators and to also evaluate the outcome of the assessment of the Financial Action Task Force, Inter Governmental Action Group Against Money Laundering in West Africa (GIABA), and the Central Bank of Nigeria (CBN) examination.
“So far, we also want to celebrate four years of exchange rate stability and compliance in our operations, that’s why we are here. We also want to evaluate our performance in terms of compliance and map out the way forward for the foreign exchange market”, he said.

Business

Abia Approves Feasibility Study For Proposed Azumini Seaport Project

Published

22 minutes ago

May 13, 2026

The Tide

Governor. Alex Otti of Abia state has approved the immediate commencement of a feasibility study for the state’s proposed Azumini-Obeaku Seaport and Inland Waterways Corridor project.

Otti announced the approval at a meeting with officials of China Harbour Engineering Company Limited, held in Nvosi, Isialangwa South Local Government Area of the state.

The Governor directed the company to expedite the study and shorten its proposed timeline.

“Somehow, deep in my mind, I know that this is the approach. It is good to understand the details and all that is required.

“So, you can take it that approval has been given for the feasibility study to commence.

“But then, six to seven months is a long time and if we can shorten it, that will help,” he said.

The Governor also directed relevant government agencies to expedite action and commence the process of obtaining Federal Government’s approvals for the project.

“We need to start the process immediately, hoping that the feasibility study will return positive because the study may also show that the project is not viable,” he said.

He further advised the company to undertake an inspection visit to the proposed project site ahead of the study.

According to him, the proposed location is about 19 nautical miles from the high sea, a situation that may require dredging activities.

Otti expressed optimism that the project would be realised, if properly pursued.

Earlier, Marketing Manager of the Company, Mr Nicholas Liu, said that the company was interested in partnering the Abia Government to actualise the project.

Liu said that the company had extensive experience in infrastructure development in Nigeria, including its involvement in the execution of the Lekki Deep Sea Port project.

He identified government’s commitment, funding arrangements, public-private partnership structure and phased development as critical factors for the success of such projects.

He also underscored the importance of conducting a feasibility study and made recommendations on the implementation of the project.

CHINEDU WOSU

Business

Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free

Published

7 days ago

May 6, 2026

The Tide

The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.

The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.

According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.

Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.

The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.

However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.

Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.

The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.

The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).

Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.

The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.

The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.

Business

Binani Air Commences Flight Operations May 10 in Nigeria

Published

7 days ago

May 6, 2026

The Tide

Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,

In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.

She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.

Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.

“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.

“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.

“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.

“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.

Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.

She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”