Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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.
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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