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"Synergy, Commitment Are Key to Global Energy Sustainability, Says Bounour

By Favour Ifeoluwa & Akinola Ajibade  The Chief Executive Officer, Egbin Power Plc, Mr Mohktar Bounour says global transition to cleaner energ and sustainable environment are achievable, as long as there is strong synergy and commitment among stakeholders in the value chain.  He spoke during the maiden edition of  Asharami Square in Lagos. This is an initiative introduced and implemented by the Sahara Group, in order to amplify discourse on energy sustainability through  media advocacy globally. He said: " Having analyzed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and transportation, we are realised that there is need for synergy  and renewed commitment among stakeholders". According to him, Egbin Power has unwavering commitment to reduce carbon emissions and promotes sustainable energy sources, stressing that the need to depeening engagement and advocacy among stakeholders in
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CBN Returns BDC's Operators To Forex Market

CBN's Headquarters, Abuja


By Favour & Akinola Ajibade 


The Central Bank of Nigeria (CBN) says Bureau De Change( BDC) operators henceforth are back in the Nigerian Foreign Exchange Market to promote its growth. 

The apex banking regulatory body said this recently, while introducing changes in the operations of the Bureau De Change (BDC) segment of the industry. 

In its circular dated  August 17, 2023 and made available to the media, CBN outlines key measures aimed at streamlining and improving  BDC operations.

The measures include ensuring the spread on buying and selling of BDC operators, a development, which would allow them to operate between the range of range of -2.5% to +2.5% in the forex market window, that is weighted on  average rate from the previous day.

Explaining the rationale behind these measures,  the apex bank said it would provide more stability and transparency to exchange rate fluctuations, thereby  benefiting both BDC operators and the general public.

Acting CBN's Governor, Folashodun Shonubi 

Also, the changes would pave way for the mandatory submission of periodic financial reports by BDC operators. 

These reports include  daily, weekly, monthly, quarterly, and yearly ones, which are going to be  submitted through the upgraded Financial Institution Forex Rendition System (FIFX), a system, that is talored to meet the specific requirements of each operator in order to enhance oversight their oversight functions.

Also, the circular lays emphasis on sanctions  for operators, who fail to submit accurate returns within the specified timeframe. These include withdrawal of the  operating licenses of affected BDCs operators.

In cases where BDC operators have had no transactions during a given period, they are required to submit nil returns, thereby fostering a culture of compliance and thorough record-keeping.

All BDC operators and the public are therefore urged to familiarize themselves with these new guidelines and adhere to them meticulously, the circular added. 



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