“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
Business
Updated: CBN to introduce new forex guidelines
![](https://newstrends.ng/wp-content/uploads/2023/11/Cardoso.png)
Updated: CBN to introduce new forex guidelines
The Central Bank of Nigeria (CBN) Mr says it will soon introduce a new set of foreign exchange laws and guidelines to address naira depreciation.
Governor of the CBN, Mr Yemi Cardoso, said on Friday the measure would help Nigeria achieve exchange rate stability.
The CBN, according to him, will also conduct a new recapitalisation exercise for the banking industry.
He said thus would be done by directing banks to increase their minimum capital base to a level sufficient to support the vision of a $1trillion economy.
Cardoso disclosed this in Lagos in a keynote speech at the 2023 Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria.
He also said that the CBN would introduce a new licensing framework for fintechs and payment banks, warning that operators found engaging in activities outside their licenses will be sanctioned.
He cited the need to curtail the challenge of rising inflation, adding that the apex bank would further tighten money supply for the next two quarters.
To further reduce excess cash in the banking system, he said the management of the CBN would soon conduct another round of liquidity mop up via issuance of Open Market Operations, treasury bills.
He said, “Our monetary policies will aim to achieve price stability, foster sustainable economic growth, stabilize the exchange rate of the naira, and reduce interest rates to facilitate borrowing and investments in the real sector.
“In order to ensure the proper functioning of domestic and foreign currency markets, clear, transparent, and harmonized rules governing market operations are essential.
“New foreign exchange guidelines and legislation will be developed, and extensive consultations will be conducted with banks and FX market operators before implementing any new requirements.
“Considering the policy imperatives and the projected economic growth, it is crucial for us to evaluate the adequacy of our banking industry to serve the envisioned larger economy.
“It is not just about the stability of the financial system in the present moment, as we have already established that the current assessment shows stability.
“However, we need to ask ourselves: Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1.0 trillion economy in the near future? In my opinion, the answer is No, unless we take action.
“Therefore, we must make difficult decisions regarding capital adequacy. As a first step, we will be directing banks to increase their capital.”
On new licensing framework for fintechs, Cardoso said, “Technology will continue to play a critical role in delivering financial services and enhancing financial inclusion. “However, recent developments in the payment services landscape have raised concerns regarding the use of technology and the existing licensing and regulatory framework.
“We have observed that some licensees are operating outside the approved activities, breaching the boundaries set for them.
“Any intentional or unintended noncompliance will be subject to sanctions, as operators have the responsibility to ensure that they are licensed for the activities they undertake. “Concurrently, as we conduct a comprehensive review of the licensing framework for payment services, we will engage in extensive consultations to develop a new regulatory and compliance framework that is suitable for the technology-driven payment services sector.”
Business
Dangote Refinery can sell petrol to any marketer – NNPC
![](https://newstrends.ng/wp-content/uploads/2023/12/Dangote-Refinery-Welcomes-First-Crude-Oil-Shipment-scaled.jpg)
Dangote Refinery can sell petrol to any marketer – NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL.
NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the NNPC Ltd.
MURIC had in a statement issued on Friday claimed that recent changes to the pump price of petrol will prevent the Dangote Refinery from selling the product at lower prices to Nigerians.
The group also claimed NNPC Ltd. has become the sole offtaker of all products from the refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Saturday dismissed the claims of MURIC.
While puncturing the claims of MURIC, NNPC LTD in the statement noted that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.
READ ALSO:
- Fuel crisis: Edo govt suspends school resumption
- Tinubu’s aide Ajuri Ngelale proceeds on indefinite leave over family health
- Kaduna LP rejects Nenadi Usman as Party’s national chair
The company thefore noted that recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
Business
Forex: CBN sells $20,000 to each BDC at N1,580/$
![](https://newstrends.ng/wp-content/uploads/2021/07/dollars.jpg)
Forex: CBN sells $20,000 to each BDC at N1,580/$
The Central Bank of Nigeria (CBN) has announced plans to inject more liquidity into the foreign exchange market by approving the sale of US$20,000 to each eligible Bureau De Change (BDC) operator.
This move is aimed at meeting the growing demand for foreign exchange in the retail market, particularly for invisible transactions.
In a circular issued on September 6, 2024, and signed by Dr. W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, the bank stated that eligible BDC operators would purchase the foreign currency at the rate of N1,580 per US dollar.
READ ALSO:
- My husband drugged me for others to rape me – Woman
- WHO dismisses report of link between smartphone use and brain cancer
- Trucks stranded at depots as petrol scarcity worsens
The BDCs are permitted to sell the forex to end-users at a margin not exceeding 1% above the purchase rate.
To facilitate the process, the bank said eligible BDCs must make Naira payments into designated CBN deposit accounts and submit the required documentation at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the approved $20,000.
This measure is part of CBN’s ongoing efforts to stabilize the forex market and meet demand for invisible transactions such as payment for personal travel, medical bills, and school fees.
Forex: CBN sells $20,000 to each BDC at N1,580/$
Business
Naira falls by N34 to dollar in 24hrs
![](https://newstrends.ng/wp-content/uploads/2023/06/Naira-back-market-dollar-to-naira-scaled.jpg)
Naira falls by N34 to dollar in 24hrs
The Nigerian currency, Naira, has plummeted to an unprecedented low, trading at a staggering N1,639.41 per dollar at the official market on Thursday.
This marks a sharp decline from the previous day’s rate of N1,606, reflecting a dramatic loss of N34.
In a parallel trend, the black market also saw the naira fall, with the exchange rate reaching N1,645 per dollar, down from N1,640.
READ ALSO:
- WAEC, NECO not restricted to 18 years — FG
- Court issues contempt ruling against EFCC chairman
- APC rally turns chaotic in Edo, residents stone Oshiomhole, other party leaders
The worsening exchange rates signal deepening economic challenges and growing concerns over the stability of the national currency.
As the naira continues its downward spiral, analysts and market watchers are closely monitoring the situation, with implications for both the economy and daily lives of Nigerians.
Naira falls by N34 to dollar in 24hrs
-
metro2 days ago
FUNAAB student Christiana Idowu murdered after abduction by colleague in Lagos
-
Business2 days ago
NNPC supplies 30m barrels of crude to Dangote
-
metro2 days ago
Killer of Ogun agric varsity student arrested in Lagos
-
metro3 days ago
Three domestic workers murder Ondo popular CEO
-
Politics2 days ago
Those trying to lure Peter Obi away from LP wasting their time – Senator Umeh
-
Education1 day ago
WAEC, NECO not restricted to 18 years — FG
-
Education1 day ago
40 additional institutions get student loans (+FULL LIST)
-
metro3 days ago
I shot my friend for sleeping with my girlfriend — Suspect