KEBBI GOVT DONATES 10 HILUX VEHICLES TO BOOST SECURITY ON SOKOTO–BADAGRY SUPER HIGHWAY. (PHOTOS).

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 Kebbi Govt Donates 10 Hilux Vehicles to Boost Security on Sokoto–Badagry Super Highway  The Kebbi State Government has handed over 10 brand-new Hilux vehicles to the Federal Ministry of Works to strengthen security for personnel working on the Sokoto–Badagry Super Highway project. The vehicles were formally received by the Minister of State for Works, Bello Muhammad Goronyo, who praised Kebbi State Governor, Dr. Nasiru Idris (Kauran Gwandu), for the donation. Goronyo described the gesture as a clear demonstration of the state government’s commitment to protecting workers and contractors on the strategic highway corridor. He explained that the vehicles will be deployed exclusively to security operatives providing cover for construction teams along the section of the super highway passing through Kebbi State. The Sokoto–Badagry Super Highway is a multi-state infrastructure project aimed at improving connectivity and economic activities across northern and southern Nigeria. More...
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CBN RELEASE LIST OF LICENSED BDC OPERATORS. (PHOTO).

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CBN releases list of licenced BDC operators

18th Jul 2023 

The Central Bank of Nigeria (CBN) on Tuesday released the list of the Bureau De Change (BDC) operators approved by the apex bank.

According to the fresh list published by the CBN, the total number of approved BDC dealers has been reduced to 2,991.

The document titled ‘Approved BDCs’, revealed that the licenses of 2,698 BDCs have been withdrawn.

In 2022, the Central Bank published a similar list in a document with reference: REF: FPR/DIR/PUB/CIR/001/037, titled, ‘List of CBN Licensed Bureaux De Change As at December 31, 2021’ where the CBN had approved 5,689 black market dealers.

It Is no longer news that in Nigeria, BDCs are the major influencers of exchange rates.

Prior to the emergence of President Bola Tinubu, the operators had grown from 74 in 2005 to 5,689 in 2021.

The BDCs grew by more than 100 per cent under Emefiele who later banned the sale of foreign exchange to BDCs over round tripping and involvement in illegal financial flows.

Under Tinubu, a document titled, ‘Policy Advisory Council Report: National Economy Sub-committee’, advised the implementation of key reforms like raising the capitalisation for BDC operators.

Another suggestion by the committee was for the CBN to allow the Nigerian banks to operate as the primary dealers to supply the forex market.

Since the naira was floated by the CBN in June, the currency has fallen to N795.28 at the Investors’ and Exporters’ FX window.

The situation Is even more severe at the parallel market where it closed at N820 per dollar, the British pounds closed at N1095 and the Euro at N905.

In a recent statement by the President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, he said the FX market would remain volatile because BDCs are excluded from the I&E window.

’The volatility of the naira has been a stumbling block for the slow economic growth of Nigeria.

The I&E window is laudable, it’s patriotic and nationalistic, but no policy can actualize its mission without carrying the interest of the subsector (which is the BDCs).

“The I&E window is supposed to run on three legs, the banks, the CBN and the BDCs, overtly or covertly, the BDCs are missing,’’ said Gwadabe. 

 

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