Business
CBN plans to bar BDCs from street trading, limits cash forex purchase to $500
CBN plans to bar BDCs from street trading, limits cash forex purchase to $500
The Central Bank of Nigeria (CBN) is considering banning Bureau De Change (BDC) operators from street trading and limiting the cash payment for selling FX to a maximum of $500.
The apex bank disclosed this in its proposed revised regulatory guidelines for BDC operators in Nigeria published by the bank.
However, the proposed ban on street trading by BDCs is not new as the bank in its revised operational guidelines for BDCs in 2015 prevented street trading by BDCs.
According to the bank, permissible activities by BDCs include; the acquisition of forex from approved sources, sales of FX in line with its guidelines, serving as cashout points for IMTOs etc.
On the other hand, the apex bank prevented BDC from engaging in street trading, account maintenance, accepting deposits and granting of loans, facilitating international outward transfers, dealing in precious stones and metals, establishing subsidiaries and others.
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Forex sellers above $10,000 to declare their source
Furthermore, the bank noted that sellers of forex above $10,000 are mandated to disclose the source of the forex and proposed to ban cash payment to customers for forex above $500. It also proposed to ensure digital transfer purchases of foreign currencies by customers are made to the BDCs naira account.
- It stated, “Sellers of the equivalent of USD10,000 and above to a BDC are required to declare the source of the foreign exchange and comply with all AML/CFT/CPF regulations and foreign exchange laws and regulations.
- “Payments to customers for cash purchases of foreign currency, the equivalent of above USD500, shall be by transfer to the customer’s Naira bank account. If the customer is a non-resident (whether Nigerian or not), a BDC shall issue the customer a prepaid NGN card. Where such a card is issued, relevant maximum credit and cumulative limits, in line with relevant Know Your Customer requirements, shall apply.”
What you should know
The CBN in recent times have blamed the whopping depreciation of the naira to speculation with the Governor stating the naira is “undervalued” and with time returns to its true value.
The apex bank in the past few months has introduced a slew of initiatives aimed at boosting liquidity in the forex market and shoring up the value of the naira.
- The proposed regulation aims to sanitise the operations of BDCs across the country, limit the proliferation of BDC operators and enable the CBN to weigh in on their activities. The regulations although a proposal and subject to review over time.
- In the past weeks, security agencies such as the EFCC and DSS have begun a crackdown on street traders of foreign currencies in a bid to formalise the industry. Also, there have been reports of restrictions of Nigerian traders from accessing the Binance forex trading platform in what many adjudge to be a crackdown on the platform for Nigerians.
- One of the spokespersons to President Tinubu, Bayo Onanuga confirmed the report of the blockade of access of Nigerians to forex and crypto trading platforms Binance and Coinbase.
CBN plans to bar BDCs from street trading, limits cash forex purchase to $500
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Aviation
Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum
Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum
The Minister of Aviation and Aerospace Development, Festus Keyamo, has issued a seven-day ultimatum to Nigeria Democratic Congress (NDC) presidential candidate Peter Obi, demanding a public apology and payment of a ₦25,000 fine over a parking violation at Abuja’s Nnamdi Azikiwe International Airport. Keyamo’s demand follows an internal investigation he ordered after Obi publicly claimed his vehicle was unjustly clamped as part of a political persecution campaign by the Federal Government. The minister released CCTV footage which he says contradicts Obi’s account, insisting the former Anambra governor violated airport regulations and then used his influence to evade the prescribed fine. In a statement posted on his X page, Keyamo declared that what had emerged was a clear case of an opposition candidate trying to whip up unnecessary sentiments for a wrong he and his driver committed.
According to the minister’s detailed narrative, the incident occurred on July 4, 2026, and the CCTV footage tells a very specific story. Obi arrived at the domestic terminal at approximately 8:28 p.m., driven by a police officer, and entered the building with two other occupants. The police driver then parked the vehicle in a designated drop-off zone—almost blocking the entrance—and also left the vehicle unattended. The driver briefly returned at about 8:32 p.m. to retrieve an item but abandoned the vehicle again. Airport security personnel then clamped the tyres, with Keyamo insisting nobody knew the vehicle belonged to Obi at the time. When the driver discovered the clamp, he contacted Obi, who spoke with an airport manager and requested the vehicle’s release—which was granted without payment of the ₦25,000 fine. Keyamo emphasised that the vehicle remained unattended for about 30 minutes in a restricted zone, describing this as a security risk under global airport standards.
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However, the Peter Obi Media Office and the Obidient Movement have strongly rejected Keyamo’s narrative, accusing the minister of releasing poorly edited propaganda and manipulating CCTV footage to criminalise the opposition leader. They have raised several counter-claims that directly challenge the minister’s version of events. On the timing dispute, the Obidient Movement argues that timestamps on Keyamo’s own footage show Obi’s vehicle arriving at 20:28 and being clamped at approximately 20:34—six minutes, not thirty. The group accused Keyamo of zooming into the seconds display to confuse viewers into believing they were looking at the minute counter. On the identity of the driver, Obi’s spokesman, Idris Zekeri Jnr, stated that Peter Obi does not have any police or civil defence personnel attached to him in Abuja, challenging Keyamo’s reference to a “police driver”. Obi’s camp also claims the incident Keyamo publicised is entirely different from the one Obi narrated during his interview, suggesting a pattern of targeting the opposition figure. Furthermore, both the Obidient Movement and Obi’s media office insist other vehicles were parked in the same area without being clamped, pointing to selective enforcement targeting Obi. They also questioned why Keyamo showed no similar enthusiasm in investigating high-profile incidents involving Adams Oshiomhole and KWAM 1—known associates of the President.
The Presidency has weighed in on the matter, with presidential spokesman Bayo Onanuga backing Keyamo’s position. Onanuga stated that the evidence completely debunked Obi’s falsehood that he was unduly targeted and persecuted, insisting that he and his police driver broke a simple parking rule at the Airport.
Keyamo has made two formal demands, warning that failure to comply within seven days would prompt him to direct the Federal Airports Authority of Nigeria (FAAN) to take further action. First, Obi must tender an unreserved, public apology to the airport workers he accused of persecution. Second, Obi must voluntarily return to the airport and pay the ₦25,000 fine for wrongful parking, which he allegedly evaded through influence peddling. The minister declared that Obi cannot be bigger than the law.
Meanwhile, legal analyst Ekemini Udim, a Senior Partner at Justice Chambers, has questioned the minister’s authority to impose a fine, arguing that Keyamo is not a court of law. Udim cited a Court of Appeal decision which held that the Federal Road Safety Commission cannot impose fines without taking offenders before a magistrate’s court, arguing the same principle should apply to FAAN. Furthermore, he noted that under the principle of criminal liability, it is the person who commits the offence that should be made to pay for the offence—suggesting that if Obi was not the driver, he cannot be held personally liable.
Obi Must Apologise, Pay ₦25,000 or Face FAAN Action — Keyamo Issues Ultimatum
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Railway
NRC graduates 31 locomotive pilots to power rail expansion, freight reforms
NRC graduates 31 locomotive pilots to power rail expansion, freight reforms
The Nigerian Railway Corporation (NRC) has strengthened its drive to reposition rail transportation with the graduation of 31 newly trained locomotive pilots, declaring that a new generation of skilled operators will be at the heart of the Federal Government’s railway expansion and freight revolution.
Speaking at the graduation ceremony, the Managing Director of the NRC, Dr. Kayode Opeifa, described locomotive pilots as the “driving force” behind the corporation’s ongoing reforms, stressing that the graduates would play a pivotal role in improving safety, efficiency and reliability across Nigeria’s rail network.
Represented by the Director of Administration and Human Resources, Dr. Monsurat Omotayo, Opeifa said the graduates had completed more than one year of rigorous classroom and practical training, reflecting the corporation’s commitment to professionalism and operational excellence.
He said the pilots would be central to the expansion of railway operations nationwide, particularly as the Federal Government pursues partnerships with state governments to develop rail infrastructure and provide affordable, reliable transportation.
According to him, the corporation’s Track Access Policy and freight transportation reforms remain top priorities.
“As locomotive pilots, you will be at the centre of these initiatives and the future of railway transportation in Nigeria,” Opeifa said.
He assured the graduates—including two women—that the corporation would continue to invest in their professional development through exposure to global best practices aimed at enhancing operational safety and efficiency.
Earlier, the Assistant Director, Motive Power, Mr. Abiodun Olokun, disclosed that 45 employees drawn from different operational departments were selected for the training programme conducted at the NRC Training Schools in Lagos and Zaria, Kaduna State.
He explained that while 31 trainees successfully completed the programme, 11 were retained for further practical training to strengthen their competence. Two others did not meet the required performance standard, while one trainee was unable to complete the programme after being involved in a road accident. The three were returned to their respective departments.
Olokun said the trainees underwent three months of intensive classroom instruction, followed by six months of practical exposure across operational departments and simulator training in Zaria.
“The programme was designed to expose the trainees not only to locomotive operations but also to the entire railway operating environment,” he said.
Chief Locomotive Instructor Mr. Godwin Edet described the graduates as exceptional in both theory and practical performance, expressing confidence that they could compete favourably with locomotive operators anywhere in the world.
The Technical Adviser to the Managing Director on Railway Operations and Services, Mr. Adeife Olukolade, urged the graduates to strictly adhere to the operational rule book, noting that discipline and compliance with safety procedures remain the best safeguards against accidents.
Also speaking, the Director of Operations, Mr. Akin Osinowo, reminded the new pilots that they would be responsible for the safety of hundreds of passengers and the movement of freight, an area receiving renewed government attention.
The Director of Civil Engineering and New Lines, Engr. Adekunle Ayeni, described the graduation as a sign of renewed hope for the corporation and called for the recruitment and training of younger engineers to replace ageing personnel.
Similarly, the Deputy Director, Mechanical, Electrical, Signals and Telecommunications, Engr. Habeeb Olakunle Alaka, urged the graduates to collaborate closely with engineers by providing operational feedback that would improve equipment performance and overall efficiency.
Speaking on behalf of the graduating class, Amina Oden thanked the management for investing in their development and pledged that the graduates would uphold the highest standards of professionalism, discipline and dedication in the discharge of their duties.
The ceremony ended with the presentation of souvenirs to the NRC Managing Director, Dr. Kayode Opeifa, and the Director of Operations, Mr. Akin Osinowo, by the graduating locomotive pilots.
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Auto
FG Courts China Logistics Deal to Power $1tn Economy Drive
FG Courts China Logistics Deal to Power $1tn Economy Drive

The Federal Government has intensified efforts to deepen its transport and logistics partnership with China, declaring that an efficient logistics system will be central to Nigeria’s ambition of building a US$1 trillion economy by 2030.
Speaking virtually at the 2026 Ningbo–Africa Trade and Logistics Cooperation Forum in Ningbo, Zhejiang Province, China, the Technical Adviser to the Vice President on Transportation, Logistics and Innovation, Dr. Segun Obayendo, said the Tinubu administration was implementing strategic reforms and partnerships to modernise transport infrastructure, improve supply chain efficiency and position Nigeria as West Africa’s logistics and distribution hub.
Obayendo said the Renewed Hope Agenda places infrastructure development, trade facilitation, investment promotion and economic competitiveness at the heart of the administration’s economic agenda, stressing that these goals cannot be achieved without a modern and integrated transport system.
“Nigeria’s aspiration to build a one-trillion-dollar economy will depend not only on what we produce but also on how efficiently we move people, goods and services,” he said.
“Modern transport infrastructure, resilient supply chains and efficient logistics systems are fundamental to attracting investment, expanding trade and driving sustainable economic growth.”
He noted that Nigeria’s strategic location, vast natural resources, expanding consumer market and access to the African Continental Free Trade Area (AfCFTA) provide a strong platform for regional economic leadership.
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0However, he said unlocking these opportunities would require sustained investment in multimodal transport infrastructure, seaports, rail networks, highways, inland dry ports, digital logistics platforms and integrated supply chains.
Obayendo described China’s zero-tariff policy for exports from African countries as a major opportunity for Nigeria to boost exports, strengthen local manufacturing, attract fresh investments and integrate more effectively into global value chains.
According to him, stronger Nigeria–China relations should extend beyond trade to include technology transfer, industrial development, infrastructure investment, innovation and skills development capable of generating sustainable jobs for millions of Nigerians.
He stressed that integrated logistics corridors connecting seaports, inland dry ports, rail lines, highways and warehousing facilities remain critical to reducing the cost of doing business, improving export competitiveness and maximising opportunities under AfCFTA.
The presidential aide commended the organisers of the forum—the Pan-African Institute for Supply Chain Innovation (PAISCI), the Ningbo China Institute for Supply Chain Innovation (NISCI) and China-base Group—for creating a platform that translates policy discussions into practical economic partnerships.
He also welcomed the proposed cooperation agreement on port development and logistics infrastructure between GK&A Logistics Services Limited and China-base Ningbo Foreign Trade Co. Ltd., describing it as a significant milestone in strengthening Nigeria’s logistics capacity and bilateral economic ties.
“Transport and logistics are no longer merely support services; they are strategic economic assets. Countries that invest in efficient logistics systems become more competitive, attract greater investment, create quality jobs and unlock new opportunities for sustainable development,” Obayendo said.
He reaffirmed the Federal Government’s commitment to policies and partnerships that promote efficient transportation, logistics innovation, trade facilitation and sustainable industrial development.
Obayendo expressed confidence that agreements reached at the Ningbo forum would deepen Nigeria–China economic cooperation, stimulate private sector investment and enhance Nigeria’s competitiveness in global trade, while urging governments, development partners, financial institutions and the private sector to sustain collaboration in implementing the resolutions.
FG Courts China Logistics Deal to Power $1tn Economy Drive
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