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Fed Govt Slightly Reverse The Price of PMS

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...
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CBN Revokes 4,173 Licences of BDC Operators

CBN's headquarters in Abuja


By Favour Ifeoluwa & Akinola Ajibade


The Central Bank of Nigeria (CBN) says it has revoked 4,173 licences of Bureaux De Change Operators in the country.

The apex bank blamed the development on the refusal of the affected operators to observe the necessary regulatory provisions.

The bank, in a statement issued yesterday, (Friday) by its Acting Director, Corporate Communications,Sidi Ali Hakama, said the move is part of efforts to restore confidence in the nation’s foreign exchange market.

It noted that the list of affected BDC operators is available on the its website,adding that it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. 

The bank added that compliance with the new requirements will be mandatory for all stakeholders in the sector. 

It stated that the action is in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).

According to the bank,these include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

 

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