The Central Bank of Nigeria (CBN) has adopted a strict approach to the Bureaux De Change (BDC) operations to tackle the foreign exchange problem.  The minimum capital required of all Tier-1 BDCs is N2 billion, whilst Tier-2 BDCs must boost it to N500 million. With a capital of N35 million, 1,588 authorized BDC operators are present.

Haruna Mustafa, Director of CBN's Financial Policy and Regulation Department, announced the recommendations Wednesday. He said that the new policy was a component of efforts to realign the BDC subsector so that it could effectively fulfill its function in the country's foreign currency market. 

The guidelines, he said, were released after stakeholder discussions came to an end and as part of the CBN's exercise of the authority granted to it by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020. 

"Among other things, the guidelines update the AML/CFT/CPF provisions, corporate governance requirements, permissible activities, and financial and licensing requirements for BDCs. They also introduce new categories of BDCs and license requirements." The regulations allow Tier-1 BDCs to operate across the country and Tier-2 BDCs in a single state. 

Subject to the express consent of the CBN, Tier-1 BDC is permitted to operate in all 36 states as well as the Federal Capital Territory (FCT). It is also required to keep a minimum of one kilometer between its branches and franchisees. 

Additionally, it can monitor its franchisees, who may use the franchisor's name, trademark, branding, technological platform, and legal rendition specifications. A Tier-2 BDC may only operate in one state or the Federal Capital Territory (FCT) under the new rule, and it may open five branches within a state with the CBN's prior written consent.  It won't be permitted to designate franchisees, and it must keep a minimum of one kilometer between each of its locations. By the standards, BDCs are also permitted to purchase foreign currency from a variety of sources, sell it, establish Naira and foreign currency accounts with commercial or non-interest banks (CNIBs), and work with their bankers to provide prepaid debit cards. 

The rules, which go into effect on June 3, also prohibit commercial, merchant, non-interest, and payment service banks, financial holding companies, and other Financial Institutions (OFIs) from holding BDC licenses. These include International Money Transfer Operators and payment service providers, as well as serving employees of regulated financial services providers and financial service regulatory and supervisory agencies.  Except Business Travel Allowance (BTA), BDCs are no longer permitted to carry out retail sales of foreign currencies to non-individuals, maintain any kind of account for any member of the public, accept any asset for safekeeping or custody, accept deposits from or lend money to members of the public in any currency, or street trade foreign currencies. 

In addition, the BDCs are prohibited from opening or keeping any kind of account with a bank or other financial organization outside of Nigeria without the CBN's prior written consent. Additionally, the key owners, board of directors members, and senior management of the proposed BDC must have passed the "fit and proper" people test to obtain license approval in theory.  "The projected earnings of the planned BDC are reasonable and the funding is coming from reliable sources. "The shareholders' payment for the shares is adequately documented, appropriately receipted and complies with the manner requirements (cash financing is not permitted). 

The bank stated, "Promoters of the proposed BDC shall submit an application for a final licence, accompanied by the supporting documents, within 60 days of the grant of provisional approval." In addition, it is anticipated that the BDCs would complete the integration of their IT infrastructure with the CBN.  Connectivity with the apex bank's extranet gateway (virtual private network) and pertinent systems, including the Financial Analysis (FinA), Tax Identification Number Verification Portal of the Federal Inland Revenue Service (FIRS), Financial Institutions Foreign Exchange Reporting System (FIFX), TRMS, Centralized AML/CFT/CPF Rendition Platform (CARP), and returns rendition system, are all covered by the system integration.

Additionally, it is anticipated that they will complete the Nigeria Interbank Settlement System (NIBSS) IT infrastructure integration. Among other IT needs, system integration with NIBSS will include communication with the Bank Verification Number (BVN) database.  Within two years, banks were required to recapitalize by the CBN. The recapitalization plans submitted by the banks last month marked the start of the process. 

The late Iranian president Ebrahim Raisi was accused by the US of having "a lot of blood on his hands." Following Raisi's the White House revealed this in a sympathy letter on Monday. In East Azerbaijan, Raisi and a few officials were engaged in a helicopter crash.

According to John Kirby, a spokesperson for the US National Security Council, Raisi was in charge of the "atrocious" violations of human rights in Iran and had backed Hamas and other regional proxies. Kirby stated, speaking to reporters, "This was a man who had a lot of blood on his hands." "As in any other case, we certainly regret the loss of life in general and offer official condolences as appropriate," Kirby countered.

Ayatollah Ali Khamenei, the supreme leader of Iran, had already declared five days of mourning for President Ebrahim Raisi, who lost his life in a helicopter accident, on Monday. A day following Raisi's passing, Khamenei issued an official statement saying, "I announce five days of public mourning and offer my condolences to the dear people of Iran."

The allegation that the federal government intended to access the pension fund to finance infrastructure projects unlawfully had been refuted. Wale Edun, the minister of finance and coordinating minister of the economy, announced after a recent meeting of the federal executive council that the federal government intends to borrow money for infrastructure development in the nation from the pension fund and other locally accessible sources. To leverage local money for national growth, he continued, they are concentrating on utilizing domestic financial resources, especially pension and life insurance assets. Wale Edun has since clarified following the uproar that surrounded the announcement, stating that the federal government has no plans to break the rules governing pension funds. He uttered.

,

"I have observed that rumors are circulating that the federal government intends to obtain the laborers' accumulated savings and pension contributions unlawfully."There is nothing more false than this. Like the majority of the financial sector, the pension business is heavily regulated. The types of investments that pension funds can and cannot make are governed by laws and restrictions. The federal government has no plans whatsoever to cross those boundaries or go beyond those restrictions, which are in place to protect employee pensions. 

"What was announced to the Federal Executive Council (FEC) was that there was an ongoing initiative, involving all the major players in the long-term savings industry, those that handle funds and are available over an extended period, to see how these funds could be used most efficiently, within the legal and regulatory framework, to drive investment in infrastructure, housing, and, of course, to find a way to give Nigerians access to affordable mortgages."In this setting, there is no attempt or thought given to offering less secure assets for accessible investment money, insurance funds, or pension funds.

 "No effort at all to raise the risk or decrease the returns that would otherwise be obtained."It's important to keep in mind that the federal government has the power to guarantee stocks when they are required to provide funds that will spur economic expansion, job creation, and poverty reduction. "The project is a dialogue, a test, and a challenge for the top minds in the financial sector to develop solutions that, while protecting long-term savings, do offer a path that can support the economy." As of March, Nigeria's total assets in pension funds were N19.6 trillion.

A heated argument about reforms to the chamber erupted on Friday, May 17, in parliament, as Taiwanese politicians pushed, attacked, and slapped each other. This happened only days before President-elect Lai Ching-te took office without a parliamentary majority. There have been claims that several members shoved and yelled at one another outside the parliamentary chamber before the activity went onto the parliament floor, even before votes were cast.

After being broken up, the battle resumed in the afternoon. Despite winning the January election, Lai's Democratic Progressive Party (DPP) lost its majority in parliament. Lai is set to take office on Monday.

Reports state that lawmakers from all three parties participated in the altercation and exchanged allegations over who was at fault. Taiwanese politicians have engaged in combat before. A debate over easing U.S. pork imports led to KMT members tossing pig intestines onto the house floor in 2020.

According to Monday Ubani, a former vice president of the Nigeria Bar Association, Governor Siminalayi Fubara would apologize to SAN Zacchaeus Adangor, the former attorney general of Rivers State, for saying he paid money to become a Senior Advocate. He said Governor Fubara was not involved in choosing candidates for the job because he is not a lawyer. He underlined that merit, acquired via a demanding procedure, not financial influence, is the basis for awarding SANs. He emphasized that, although he had the means, he had not obtained the SAN level as a thirty-plus-year veteran lawyer.

''He's not a lawyer and I don't think he (Fubara) has been involved in conferring this rank of silk to any of the attorneys,'' he stated in an interview with Channels TV. He was never a part of the process and is not an attorney. The sentence is out of sync. He'll apologize for saying that; it's not what I expected from a governor.

Furthermore, I don't believe that is the true story. That is a remark derived from ignorance. In Nigeria today, the SAN status is awarded to any lawyer who has earned it. It is awarded based on merit as being a Senior Advocate in Nigeria requires you to go through several difficult steps that you must complete to be granted that title. I've been a bar lawyer for more than 30 years, and I still haven't succeeded. The SAN level is free to get; if payment is required, I have the means to do so. You must merit it.

The Labour Party's (LP) presidential candidate for 2023, Peter Obi, has revealed why he visited former Senate President Bukola Saraki, former Jigawa State governor Sule Lamido, and former Vice President Atiku Abubakar in Abuja. According to Naija News, the three PDP chieftains and the former governor of Anambra met behind closed doors on Monday.

After switching from the PDP to the LP in May 2022, this is the former governor of Anambra's first encounter with his former political friends. The chief spokesperson for Obi's presidential campaign organization, Yunusa Tanko, gave Punch an explanation of the visit's purpose. He said that the politicians got together behind closed doors to talk about how to free Nigeria's "soul" from the grip of the All Progressives Congress (APC), which is now in power.

"I am not privy to their meetings," he stated. However, some of the lengthy conversations we had a long time ago are what you are currently viewing. It is a component of the conversations and initiatives to fight for Nigeria's soul. Obi's meeting with some of his political supporters to discuss the state of the nation is hardly shocking. I'm limited to what I can say at this time.

"Labour Party presidential candidate for 2023, Peter Obi, has continued to uphold his declared commitment to the peace and advancement of the country," the statement said. His unwavering commitment is to see Nigeria become a place where its people are empowered and empowered.

"Afraid of the state of the country and the growing uncertainty surrounding the living conditions of the poor and disadvantaged, Obi traveled to Abuja on Monday to meet with several notable Nigerians, including Atiku Abubakar, the former vice president and PDP presidential candidate for 2023, Senator Bukola Saraki, the former president of the Senate, and Alhaji Sule Lamido, the former governor of Jigawa state.

Every one of these trips included a conversation on the state of the country and how to lessen the suffering of every Nigerian, regardless of geography or class. Specifically, it brought attention to the dire state in which the oppressed among us are living. The concerning state of affairs in the nation's northern regions was a topic of special focus and emphasis throughout these conversations.

After winning the International Table Tennis Federation Africa Cup for the first time since 2017 by defeating Egypt's Mohamed EL Beiali 4-0 at the BK Arena in Kigali, Rwanda, on Tuesday, Nigeria's Quadri Aruna waxed poetic about realizing his dream of becoming a table tennis player once more, according to PUNCH Sports Extra. Aruna defeated the Egyptian easily in the one-sided final, winning 11-5, 11-6, 12-10, and 11-3 to become the new Africa Cup winner. After losing the previous five finals to the Egyptian teams of Omar Assar (2023, 2022, 2019, and 2018) and Ahmed Saleh (2020), it took Aruna six finals to win back the men's singles title. Aruna and Bieali met for the thirteenth time in the final, with the Egyptian vying for his first singles crown.

It doesn't matter where you come from—I never gave up on my ambition," Aruna said to ITTF Africa following the match.

I simply want to let them know that anything amazing is achievable for every person. I hail from a little town in Oyo State, Nigeria, and growing up was incredibly challenging. Any competition is never simple to win, but I'm glad I gave it my all and was able to achieve the desired outcome. I've always had the perseverance to keep going even when I'm feeling low. The African No. 1 expressed happiness over the triumph, saying it was the result of all his hard work.

For her seventh title, Dina Meshref defeated Mariam Alhodaby in the all-Egyptian women's singles final. She hadn't won since 2020. To go to the final, Meshref overcame Nigeria's Offiong Edem 4-0, while Alhodaby easily defeated the reigning champion Hana Goda 4-0 in the semi-finals. More than fifty players from fifteen different countries competed in the competition as they prepared for the African Olympic Qualification competition, which takes place on May 16–18.

Aruna Quadri, the fastest player in table tennis for Nigeria, was congratulated by President Bola Tinubu on winning the Africa Cup championship of the International Table Tennis Federation (ITTF). Reacting, Tinubu praised Quadri for his unwavering pursuit of success "even in the face of gnawing obstacles" and declared that his hunger for distinction, his perseverance to achieve, and his resourcefulness to handle difficult issues are what truly set Nigerians apart.

"The President also notes the recent progress in the nation's sports sector, with remarkable performances in the African Games, the Africa Cup of Nations, and the World Relay Championships, and emphasizes that his administration will continue to foster the growth and development of sports in the country," Chief Ajuri Ngelale, Tinubu's Special Advisor, said in a statement.

The foreign assistants of Super Eagles head coach Finidi George have finally been identified. The Nigeria Football Federation formally revealed Finidi on Monday. She will have five helpers.

The head coach's first assistant coach will be Benjamin James. Before enjoying time in Germany and Italy, James played in the Nigeria Premier Football League and spent over ten years with the Bundesliga team TSG Hoffenheim.

Chima Onyeike, a fitness trainer, was born in Zeist, Netherlands, to Nigerian parents. The 48-year-old has experience as a fitness coach with German team VFB Stuttgart, Greek club PAOK, and Russian team Anzhi Makhachkala.

The match analyst will be Turkish, Mehmet Ozturk. Daniel Amokachi, a former international, and Olatunji Baruwa, a goalkeeper's trainer, will be the second assistant coach and goalkeeper, respectively.

According to Standard Bank, the second half of the year is expected to see $5.05 billion in financing inflows into the economy. It projected that the federal government of Nigeria may issue local bonds worth between $3 billion and $5 billion in dollars, based on estimates from previous Eurobond issuances.

This was concurrent with the estimation in a different analysis by Renaissance Capital Africa (RenCap) that banks would need to receive an extra N4.1 trillion in capital to comply with the banking recapitalization. The Standard Bank report also stated that Afreximbank had confirmed the availability of crude oil in connection with the facility, and it based its assumptions on the $1.05 billion the nation was anticipated to receive as balance from the Nigerian National Petroleum Company (NNPC) crude pre-payment facility ($3.30 billion) in May.

The Naira rose for most of April almost as swiftly as it depreciated earlier in the year, according to the research, which emphasized the volatility of the present exchange rate. It clarified that the increase in geopolitical tensions in mid-April following Iran's drone attacks against Israel, which probably drove foreign investors to sell Naira assets in a flight to safety, may have contributed to the recent FX volatility. It said that the recent World Bank/IMF meetings in Washington, D.C., when the governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, signaled that the central bank was not interfering in the foreign exchange market, may have had a detrimental effect on the investment environment.

However, the Standard Bank research noted that "this may have been interpreted negatively  when it is evident that intervention is needed to support the naira and increase investor confidence while also aiding in price discovery."However, because of the liberalization of the CBN FX market and the FMDQ modification to the FX computing process, which guarantees that the official exchange rate accurately reflects market realities, the exchange rate premium between the official and parallel market rates has returned to pre-COVID levels. 

"FX inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) are on the rise, reaching levels not witnessed since February 20, helping to restore the market to pre-COVID levels."After hitting a 50-month high of $3.75 billion in March, these inflows ended two months of consecutive increases, falling 48.1% month/month to $1.95 billion in April. "This decline reflects the loss of momentum in foreign inflows (-68.9% m/m, to $478.10 million) and inflows from local sources (-33.6 percent month/month, to USD1.47 billion)."

The research did, however, project increasing inflationary pressures and a closing price for the Naira of N1,219.32/$ on December 24. It also cautioned that heightened geopolitical uncertainty may cause a reduction in the foreign exchange reserves (FIP) inflows that have been supporting the Naira in recent weeks. Importantly, we also take into account our predictions for inflation and interest rates through December, it continued. Furthermore, we assume that commercial banks and Bureau De Change (BDC) operators continue to receive sporadic foreign exchange supplies from the CBN.

"FX demand pressures will likely resurface intermittently, especially in the summer, making currency movements likely to be volatile."We modify our currency projection to take into account both this new situation and the likelihood that the naira would depreciate much further this year. Since the first MPC meeting in February, there has been a noticeable improvement in the CBN's transparency and communication. The CBN has been guiding monetary policy and updating stakeholders and investors on its operations.

According to Standard Bank's current forecasts, inflation is projected to climb further in April and peak in May, therefore the committee is expected to raise the MPR by 100 basis points when it meets on May 20. The statement read, "The World Bank Board of Directors is expected to convene on June 13 to deliberate on approving Nigeria's request for a $2.25 billion financing package, of which $1.50 billion is for final approval."$750 million in Program-for-Results finance and $750 million in financing for development policies, divided equally into two equal tranches.

As per the Development Policy Financing, the government asks for a drawdown and the World Bank board approves it before the first tranche is released. The World Bank believes that the macroeconomic policy framework is sufficient for budget support, but the second tranche's distribution will depend on how the changes are implemented. According to the report, total foreign exchange reserves have decreased by $2.3 billion since their year-to-date peak of $34.45 billion on March 18 to $32.15 billion as of April 26.

"We view the recent decline in FX reserves as partly due to the CBN resuming FX sales to support the naira and the repayment of existing debt obligations," the statement read. The main threats to our currency prediction are as follows: (1) fiscal authorities using the CBN's overdraft facilities again amid an expansionary budget; (2) a plausible U-turn in the CBN's tightening stance, which would widen the real interest rate gap; (3) a significant decline in crude oil production, which would lower USD earnings and possibly force the CBN to cut back on FX sales to BDCs and NAFEM; and (5) inflation significantly exceeding our forecast. 

Meanwhile, the RenCap analysis calculated that banks could need to receive an extra N4.1 trillion in capital to meet regulatory requirements. This sum made up 6.8% of the Nigerian Exchange Group's (NGX) total market capitalization and 61.3% of the market capitalization of banks listed on the NGX.

The research also predicted the rise of additional regional banks as national license-holding banks modify their coverage to correspond with their capital sufficiency. As per the revised rules released by the Central Bank of Nigeria (CBN), all banks needed to increase their equity capital. According to the current review, non-interest national banks would need to meet a new minimum threshold of N10 billion, while commercial banks with international banking licenses would have to raise their minimum capital to N500 billion, national banks to N200 billion, regional and merchant banks to N50 billion, and non-interest national banks to N20 billion. 

The anticipated capital required was broken down as follows: N1.5 trillion for commercial banks, N2.3 trillion for international commercial banks, and N310 billion for regional and merchant banks. "We expect a majority of the funding to come from a combination of equity funding options such as rights/issues and/or private placement and public offerings, from both local and international investors," the RenCap study said when discussing the strategies to achieve the additional capital infusion.

Additionally, as banks with national licenses reduce their coverage to fit their capital position, we expect the creation of additional regional banks. According to the study, Zenith Bank is now standing at N270.7 billion, with a N229.3 billion deficit vis-à-vis foreign commercial banks. First Bank has N230.6 billion with a shortfall of N269.4 billion, while Access Bank comes in second with N251.8 billion and a need for an extra N248.2 billion. It further said that Fidelity Bank is at N129.7 billion and needs an additional N370.3 billion, while Guaranty Trust Bank is at N138.5 billion and needs N361.5 billion. 

Additionally, it said that FCMB has N102.8 billion with a deficit of N397.2 billion and the United Bank for Africa has N115.8 billion with a deficit of N384.2 billion. Ecobank has N193 billion for national commercial banks; the remaining N7 billion is all that is needed. Union Bank needs an additional N51.9 billion but currently has N148.1 billion. The current value of Stanbic IBTC is N62.5 billion, and N137.5 billion is needed. While it needs N142.8 billion, Sterling Bank only has N57.2 billion.

To promote the Invictus Games, Prince Harry and his wife, Meghan Markle, have landed in Nigeria for their 72-hour visit.

The Duke and Duchess of Sussex took an overnight journey on British Airways to Abuja, arriving on Friday in the most populated country in Africa.

The planned pilot became ill, causing a short delay in the flight, and it was necessary to immediately arrange for a replacement.

General Christopher Musa, the Chief of Defence Staff (CDS), invited Harry and Meghan to Nigeria so they could see injured troops. Air Vice Marshal Abidemi Marquis, Director of Sports at Defence Headquarters (DHQ), announced this on Thursday. According to Marquis, Harry, the creator of Invictus Games, would meet with injured troops and their families in Nigeria for three days. The visit, which is scheduled for May 10–13, 2024, will aid the injured troops' recuperation, according to the head of DHQ sports.

We discovered that eighty percent of our soldiers are improving as a result of their participation in our rehabilitation program. They have a cheerful view of life, according to AVM Marquis. They landed in Nigeria this morning at the Nnamdi Azikiwe International Airport in Abuja, where they were greeted by a few Nigerian authorities shortly before five in the morning.

They were then led via a side entrance onto the jetty and onto a waiting van that had been completely blacked out.  After their voyage, they will rest since they will be exhausted, and the first engagement will take place at noon at Defence Headquarters, according to Brigadier General Tukur Gusau, a spokesman for the defense department. "They will then go to a military hospital in Kaduna to visit injured soldiers before going back to Abuja for additional engagements." The pair is traveling to Nigeria for the first time together.