Economy
CBN rescues ailing airlines with $265 million to settle outstanding ticket sales
The Central Bank of Nigeria (CBN) has intervened in the brewing crisis in the aviation sector when on Friday, it released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.
A breakdown of the figure indicates that the sum of $230 million was released as a special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.
Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said the Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations.
Mr. Nwanisobi reiterated that the Bank was not against any company repatriating its funds from the country, adding that what the Bank stood for was an orderly exit for those that might be interested in doing so.
With Friday’s release, it is expected that operators and travelers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face suffocating business environment.
Economy
CBN sells $15.830m at N1.021 per dollar to 1,583 BDCs
Economy
News Alert! CBN revokes operational licenses of 4,173 Bureau De Change operators for breach of regulatory guidelines
The Eyewitness Reporter
In its continuous efforts to sanitize the foreign exchange market and halt the frightening slide of the naira in exchange for the dollars, the Central Bank of Nigeria has revoked the operational licenses of 1,173 Bureau De Change operators.
In a press release issued Friday, March 1st, 2024 and signed by Mrs. Sidi Ali Hakama, the Acting Director, Corporate Communications, the apex bank said the axed BDCs failed to observe at least one of the following regulatory provisions which include payment of all necessary fees, including license renewal within the stipulated period in line with the Guidelines, rendition of returns in line with the Guidelines, compliance with guideline, directives and circulars of the CBN, particularly Anti-Money Laundering(AML), countering the Financing of Terrorism(CFT)and Counter-Proliferation Financing(CPF) regulations.
The apex bank said it relied on the powers conferred on it under the Bank and Other Financial Institutions Act(BOFIA)2020, Act n0.5 and Revised Operational Guidelines for Bureaux De Change 2015(the Guidelines).
“The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.
‘Members of the Public are hereby advised to take note and be guided accordingly”, the statement concluded.
Economy
Anxiety in public service over massive job loss as Tinubu set to implement Steve Oronsaye panel on civil service reform
In 2014, the Jonathan government released a white paper on the report. The Buhari administration after re-examining the white paper also released a second white paper in August 2022, but did not implement the report.
According to Bayo Onanuga,Special Adviser Information and Strategy to President Bola Ahmed Tinubu, the Tinubu administration has decided to confront the monster of high governance cost by implementing elements of the report.
Some of the key recommendations of the report for implementation include the National Salaries, Income and Wages Commission to be subsumed under the Revenue Mobilisation and Fiscal Commission.
The Pension Transitional Arrangement Directorate(PTAD) is to be scrapped and functions to be taken over by the Federal Ministry of Finance
NEMA and National Commission for Refugees to be fused to become the National Emergency and Refugee Management Commission
Border Communities Development Agency to become a department under National Boundary Commission
NACA and NCDC to be merged
SERVICOM to become a department under the Bureau for Public Service Reform(BPSR)
NALDA to return to the Ministry of Agriculture and Food Security.
Federal Ministry of Science to supervise a new agency that combines NCAM, NASENI and PRODA
National Commission for Museums and Monuments and National Gallery of Arts to become one entity that will be known as the National Commission for Museums, Monuments and Gallery of Arts.
National Theatre to be merged with National Troupe.
Nigerians in Diaspora Commission to become an agency under the Ministry of Foreign Affairs.
Federal Radio Corporation and Voice of Nigeria to be one entity to be known as Federal Broadcasting Corporation of Nigeria
National Biotechnology Development Agency(NABDA) and National Centre for Genetic Resources and Biotechnology to be emerged into an agency to be known as National Biotechnology Research and Development Agency(NBRDA).
National Institute for Leather Science Technology and National Institute for Chemical Technology to become one agency.
Nigeria Natural Medicine Development Agency and National Institute of Pharmaceutical Research and Development to become one agency.
The National Metallurgical Development Centre and National Metallurgical Training Institute will be merged.
National Institute for Trypanosomiasis to be subsumed under the Institute of Veterinary Research in Vom, Jos.
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