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Edo Labour Party Suspends Ag Chairman Over Insubordination

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ALJAZIRAH
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ABURE

FROM IKHILI EBALU, BENIN CITY 

Few weeks after a caretaker committee was sworn in by the national leadership of Labour Party, LP, to take over the affairs of the party in Edo State, Acting Chairman of the committee, Mrs Elizabeth Ativie, has been suspended over alleged misconduct and insubordination.

The decision was taken at an enlarged meeting of the State Working Committee, SWC, which was attended by local government chairmen and secretaries of the party.

Chairman of the party in Ativie’s Uhunmwonde Local Government Area, Mr Aghedo Okhiongbamwonyi said the leadership of her Ward 4 handed out the suspension.

Okhiongbamwonyi presented a letter dated May 4 which conveyed Ativie’s suspension to the leadership of the party in the local government.

The letter, signed by Charles Usiesefe and Mike Ighile, the ward chairman and secretary, respectively, said the party’s leadership cautioned her to refrain from parading herself as a member of LP. 

Besides, a letter dated May 30 which affirmed her suspension by the local government, was tendered before the enlarged meeting of the SWC.

Her alleged suspension might not be unconnected with the confusion that ensued at a stakeholders meeting organised by the Independent National Electoral Commission, INEC, where Ativie and Kelly Ogbaloi both claimed to be Chairman of Labour Party.

In a swift response, however, Ativie said she remains the authentic state chairman of the party and that she is not aware of any meeting where she was suspended.

“It is dead on arrival; I am the current  chairman in Edo State.

“They should know that by the constitution of Labour Party, no ward or local government chairman has the authority to suspend anybody or the chairman,” she said.

ISWAP Orders Residents To Vacate Borno Town

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ALJAZIRAH
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From HASSAN JIRGI Maiduguri 

Islamic State-West Africa Province, ISWAP, has ordered residents to vacate Kukawa Local Government Area of Borno State or risk being killed.

A residents of the town told AljazirahNigeria that many residents had fled their homes as ISWAP threatened that failure to adhere to their ultimatum in a week would mean facing the terror of death.

Another resident said the terrorists gathered residents of various communities in the early hours of Friday and commanded them to leave their homes before Saturday or risk being killed. They said the deadline is Saturday, starting from today.

“If we don’t leave the area by Saturday, we will face the consequences. Many have left for Monguno and we are leaving tomorrow,” a source disclosed to our correspondent.

Another resident who does not want his name mentioned said they are not going anywhere, adding that it is better to stay with terrorists than to go back to starvation in Internally Displaced Persons, IDP, camps.

Speaking to our correspondent, a youth in the area, Bukar Modu said immediately they received the threat from the terrorists, residents started vacating their communities.

He said while some moved to Kross Kauwa, others left for Monguno.

“They claimed they wanted to preach to us and we were deceived. Instead, they gathered us and their commander ordered our execution. They accused us of betrayal, saying some among us were spying for enemies.

“ISWAP opened fire on us. Over 40 people were killed and at least 35 escaped. One of the terrorists was punished by their commander for allowing some of us to flee.

“Some of the people have returned home, more than 30 persons are still missing. We don’t know if they are alive or dead,” Modu said.

The residents had lived together with ISWAP terrorists for over a year until the conflict that led to Sunday’s killing, a source said.

They appealed to security agencies to take action to protect the community and prevent further attacks.

AlhazirahNigeria learnt that this notice came barely a week after ISWAP terrorists killed 35 fishermen in Tubum Rogo community, leaving 25 others injured with 30 missing.

Geregu Power Signs MoU With Siemens To Increase Generation Capacity

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ALJAZIRAH
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By Yahaya Umar 

Geregu Power Plc has entered a partnership with Siemens Energy to expand the capacity of the Geregu 1 power plant in the country. 

This was contained in the company’s notice to the Nigerian Exchange Limited sighted by AljazirahNigeria. 

The collaboration formalized through a Memorandum of Understanding ,MoU, signed in Berlin on Wednesday, May 29, 2024, aimed to enhance sustainable, resilient, and efficient power generation. 

It was also to ensure the longevity of assets to support the growth and sustainability of the Nigerian Electricity Supply Industry ,NESI. 

The statement reads: “Geregu Power Plc and Siemens Energy have signed a Memorandum of Understanding to jointly develop solutions for capacity expansion at the Geregu power plant towards ensuring sustainable, resilient and efficient power generation. 

The initiative is to safeguard the longevity of assets aimed at supporting the growth and sustainability of the Nigeria Electricity Supply Industry ,NESI”.  

According to the statement, during the ceremony, representatives from both companies discussed and proposed several solutions, including upgrading the Geregu 1 Power Plant from its current capacity of 435MW to 500MW.  

They also plan to establish combined cycle operations to generate an additional 200MW and construct new builds with lower emission turbines to add 500MW, thereby creating Geregu 3. 

The company noted that these initiatives will bring Geregu Power Plc’s overall nameplate capacity to 1200MW. 

According to the statement, the discussions involve the proposed implementation of various solutions ranging from the upgrade of the Geregu 1 Power plant from its current capacity of 435MW to 500MW. The company also plans to establish combined cycle operations that will generate an additional 200MW.

In addition, they also plan new builds using lower emission turbines with an added capacity of 500MW to birth Geregu 3, bringing Geregu Power Plc’s overall nameplate capacity to 1200MW. 

The company noted that the initiatives are targeted at higher power output, improved efficiency, lower emissions, higher flexibility, longer equipment life span and maximizing shareholder value through increased earnings. 

According to the statement signed by the Company Secretary, Mr. Akinleye Olagbende, Chairman Board of Directors of Geregu Power Plc, Mr. Femi Otedola led the Geregu Power Plc team while Mr. Dietmar Siersdorfer, Managing Director of Middle East and Africa led the Siemens Energy Team. 

The company closed the trading day on Friday, May 31, 2024, at N1,000.00 per share on the Nigerian Stock Exchange ,NGX. Geregu Power Plc began the year with a share price of N399.00 and has since gained 151% on the price valuation. 

Dangote Refinery Begins Export Of First Jet Fuel To Europe – Report 

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ALJAZIRAH
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0

From Rotimi Asher, Lagos 

Africa’s largest oil refinery, Dangote Refinery, has started exporting its first jet fuel cargo to Europe. 

This feat represents another pioneering step for the $20 billion facility, which has been quickly increasing production since it began operations in April 2023. 

The first shipment, loaded onto the vessel “Doric Breeze”, left the Lekki Free Trade  Zone in Lagos on May 27 and is now on its way to Rotterdam, Netherlands, as per data from S&P Global Commodities at Sea. 

The shipment includes 45,000 metric tonnes of jet fuel, which was allocated to BP as part of a tender for 120,000 metric tonnes issued by the refinery.  

Spanish refiner, Cepsa, also won part of this tender and is anticipated to deliver jet fuel to the continent shortly. 

The recent shipment of jet fuel to Europe is one of several accomplishments in recent months. To date, Dangote has exported six cargoes of jet fuel/kerosene, all of which were delivered to Senegal, Togo, or Ghana. 

S&P reports that the company is projecting the commencement of its first petrol supplies this month, with ultra-low sulphur diesel anticipated to qualify for export to Europe by the third quarter. 

So far, Dangote has shipped naphtha, fuel oil, and gasoil to markets across Europe, Africa, and Asia.  

In a recent statement in May, the CEO of Dangote Refinery, Aliko Dangote said the refinery will supply its refined products such as petrol, diesel and aviation fuel not only to the Nigerian market but also export to other African countries once the refinery reaches full operation. 

Africa’s richest man said that the refinery will have sufficient supplies of gasoline, diesel, and aviation fuel to meet the needs of the African continent and also to export to Brazil. 

“We started producing jet fuel, we are producing diesel, by next month, we’ll be producing gasoline. What that will do, is it will be able to take most African crudes. 

“Our capacity is too big for Nigeria. It will be able to supply West Africa, Central Africa and also Southern Africa”, Dangote said.  

According to him, the next phase of the refinery will start early next year. 

The Dangote refinery was completed by Africa’s wealthiest individual, Aliko Dangote, with an investment of $20 billion. 

The refinery, with a processing potential of 650,000 barrels per day, is the biggest in both Africa and Europe upon achieving full operational status, which is expected either this year or next. 

The Dangote refinery is expected to significantly reduce Nigeria’s dependence on imported petroleum products. 

Nigeria, despite being the most populous country in Africa and its top oil producer, ironically imports almost all of its fuel. 

Primarily, this is attributed to the nation’s lack of sufficient refining infrastructure, a gap that the new refinery seeks to fill. 

The refinery began operation last month as it sold its first batch of aviation jet fuel and diesel to local marketers in the country. 

Nigerian Breweries Secures South Africa’s Approval To Acquire Distell Wines

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ALJAZIRAH
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0

Nigerian Breweries ,NB, has completed the acquisition of a majority stake in Distell Wines and Spirits Nigeria Limited (Distell Nigeria), the company said in a regulatory filing on Saturday.

The acquisition was concluded after the approval of the South Africa Reserve Bank ,SARB, for NB to acquire the shares of the South African entity, Distell International Limited (now known as Heineken Beverages Holdings Limited) in Distell Nigeria.

With the transaction, Nigerian Breweries now controls 80% stake in Distell Wines and Spirits Nigeria Limited.

“With the acquisition, Nigerian Breweries will have access to both the local production and the importation of wines, spirits, and flavoured alcoholic beverages brands from South Africa, including Amarula Crèam Liquor, Nederburg, Drostdy-Hof, 4th Street, Bain’s Whiskey, Knight Whiskey, Scottish Leader Whiskey, Chamdor wine ranges, Hunters, and Savanna”, NB said.

Last year, Nigerian Breweries shareholders approved the acquisition of Distell Nigeria.

The Managing Director, Nigerian Breweries Plc, Hans Essaadi said, “This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry. We are excited to have the process completed and can’t wait to see how this transforms our business”.

The Managing Director, Distell Nigeria, Mr. Steve Ighorimoto, said the deal would increase the capacity necessary to achieve improved business performance.

“We are excited to be a part of Nigerian Breweries, as we share in the solid track record of growth, including a highly engaged, dynamic, experienced, and diverse team. These changes will strengthen the organization’s manufacturing, marketing, and distribution capabilities while ensuring sustainable growth and maximum value creation for all stakeholders”, Ighorimoto said.

Pressure Forces National Assembly To Halt CBN Act Amendments 

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ALJAZIRAH
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BY ALIYU GALADIMA

Intense public outcry and mounting pressure from various stakeholders have compelled the National Assembly to suspend the proposed amendments to the Central Bank of Nigeria ,CBN, Act 2007.  

This decision comes amid widespread concerns about the potential implications of the amendments on the country’s economic stability and the independence of the CBN. 

The proposed amendments, spearheaded by Senator Mukhail Adetokunbo Abiru and supported by all 41 members of the Senate Committee on Banking, Insurance, and Other Financial Institutions, aim to amend the 2007 CBN Act, sought to alter the governance structure and operational autonomy of the CBN. 

Proponents of the amendments argued that the changes would enhance oversight and accountability within the CBN, aligning its operations with broader national economic goals. 

However, the amendments faced immediate backlash from a broad spectrum of stakeholders, including economists, business leaders, civil society organizations, and multilateral lenders, who noted that the amendments would undermine the CBN’s independence, which is crucial for maintaining monetary policy stability and investor confidence in Nigeria’s economy. 

Sources, who chose to be anonymous, said key members of the organised private sector appealed to the presidency and the leadership of the National Assembly to halt the amendment of the CBN Act 2007. 

However, the sources declined to mention the names of the bigwigs that intervened but noted they are some of Nigeria’s richest billionaires. 

In its latest report on Article IV consultation with Nigeria, the International Monetary Fund ,IMF, urged caution regarding the ongoing amendment to the CBN Act. 

The IMF noted that such a move could hamper the CBN’s autonomy and harm monetary policy management. 

The Chartered Institute of Stockbrokers ,CIS, and Association of Securities Dealing Houses of Nigeria ,ASHON, recently expressed concern over the proposed amendment seeking to subject the annual budget of the CBN to approval from the National Assembly. 

In a statement by Prof Uche Uwaleke, Special Adviser to the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, it was disclosed that the National Assembly has decided to suspend the amendments due to the controversies around it. 

The statement read: “Be that as it may, let me seize this opportunity to inform you that given the controversy this has generated, the National Assembly Committee on Banking, Insurance and Other Financial Institutions has decided to put on hold the entire amendment process to allow for more consultations”.

One of the most critical aspects of the proposed amendments is the involvement of the Coordinating Committee for Monetary and Fiscal Policies in setting interest rates for the CBN’s temporary advances to the Federal Government. 

However, Uwaleke stated that the amendment is not intended to transfer interest rate decisions from the CBN to a proposed committee reported to be chaired by the Minister of Finance. 

Uwaleke noted: “The fact is that the amendment Bill proposes a Coordinating Committee as an institutional framework for the alignment of fiscal and monetary policies. Its aim is neither to usurp the roles of the Monetary Policy Committee of the Bank nor weaken the instrument independence of the CBN”.

Some of the critical changes made in the proposed amendments include proposing a bill to amend the CBN Act of 2007, introducing 21-year imprisonment as  penalty for  breaching  Section 38 of CBN Act limiting Ways and Means advances.  

The amendment also prohibited the Chairman of the CBN board, Governor, and Deputy Governors of the CBN from engaging in political activities or becoming members of any political party for three years after their tenure. 

As the debate continues, the focus will now shift to finding a balanced approach that enhances the CBN’s accountability without compromising its crucial role in steering Nigeria’s monetary policy.

Businesses Lose Over One Trillion Naira Between 2022-2023 – NECA 

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ALJAZIRAH
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By Charles Ebi 

Director-General of Nigeria’s Employers’ Consultative Association ,NECA, Mr Adewale-Smatt Oyerinde has said that between 2022-2023, organised businesses lost over one trillion naira cumulatively.  

Oyerinde further stated that many businesses were shut down with many others relocating to other climes which has necessitated the need for job security.

He harped on the need to have sustainable enterprises to create job security. Therefore, he advised that organized businesses have to do all that is legally permissible to protect enterprise sustainability, security of jobs and national development. 

According to Oyerinde,  “While we understand and note the current high cost of living, it is pertinent to state that there can only be jobs when enterprises are alive and sustainable. 

“Between 2022-2023, organised businesses lost over one trillion naira cumulatively. 

“Many businesses were shut down and others relocating to other climes; this makes the need for job security important”, he said. 

This is also reflective of a UNDP report, which states that disruption in business operations was evident with at least two-thirds of businesses operating in the country having to close down during and after the pandemic.  

Businesses also resorted to laying off employees to survive and shutdowns of enterprises severed crucial livelihood lines for households that depended on them for income.

The lack of new business opportunities and reduction in capital investment further limited new job prospects. 

Oyerinde also discussed the choice made by organised labour and the negotiations on a new minimum wage.  

He pointed out that one side could not unilaterally determine the timetable or the viability of the conclusion in a discussion that was either tripartite or bipartite.

He stated that all parties will decide together on the timeframe and favorability. 

“We hope that reason will prevail and the 100% increase in the national minimum wage will be acceptable to organised labour”, Oyerinde said. 

He voiced worries that important factors like the need to preserve jobs, productivity, and ability to pay were not given enough consideration during the negotiations of the new national minimum wage.  

He added that while it was vital to pay wages that were in line with economic reality, the tripartite committee’s job was to establish a “minimum” salary that no employer, private or public, should ever pay less than. 

“It is not a wage increase, neither is it a salary adjustment process, as being peddled, “ he said. 

Meanwhile, the Nigeria Labour Congress ,NLC, and Trade Union Congress of Nigeria ,TUC, declared an indefinite strike to begin on June 3.

This was made In a joint statement signed by NLC President, Mr Joe Ajaero and TUC President, Mr Festus Osifo  after the tripartite committee’s inability to agree on a new minimum wage and the hike in electricity tariff.

FG Clampdown On Crypto Market Immune By Nigerians Interest In Bitcoin 

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ALJAZIRAH
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0
CRYPTO

Many young Nigerians are still outraged by President Tinubu’s administration’s clampdown on P2P trading in the cryptocurrency industry, but such a narrative hasn’t stopped them from loving Bitcoin.

According to Google Trends statistics, El Salvador is the only country with higher interest in Bitcoin than Nigeria, Africa’s largest cryptocurrency market.

Based on regional geographic measures, Delta state shows the greatest interest in Bitcoin, followed by the states of Anambra, Ekiti, Enugu, Ondo, Ebonyi, Bayelsa, Osun, Edo, and Imo.

Remarkably, Lagos, the business hub of Nigeria, does not rank among the top 15 cities in Google searches for Bitcoin interest. This supports the theory that areas with higher levels of insecurity, lower bank exposure, and a high concentration of Nigerian millennials are more likely to use the flagship cryptocurrency for savings and payments.

Nigeria is currently one of the youngest countries in the world and one of the fastest-growing in Africa, according to a United Nations study. The age group under 15 makes up 43% of the population.

Notwithstanding the recent decline in Bitcoin’s popularity, Nigeria continues to have the highest percentage of cryptocurrency users in Africa and is among the most developed nations globally, with an annual growth rate of 9%.

A Chainalysis report revealed that Nigeria is ranked third out of just six nations that have seen steady growth since 2021.

Nigeria boasts the biggest cryptocurrency market in Africa in terms of interest and the number of users, as a significant portion of its youthful and energetic populace utilizes the digital space.

Stablecoins, mostly pegged to the US dollar as a common reference asset to protect against inflation and naira depreciation, have become the cryptocurrency of choice in Nigeria. USDT is the most traded stablecoin in the country. Paying with stablecoins like USDT is becoming more convenient for Nigerian businesses and the diaspora.

The most recent action taken by the government came after earlier ones intended to prevent the collapse of Nigeria’s currency and deal with economic issues. Authorities claim that Binance engaged in rate-fixing and speculation to influence currency rates, which caused the naira to devalue.

The regulatory body’s assertive stance was brought to light earlier this year when Binance was prohibited from operating in the country and its top executives, Tigran Gambaryan and Nadeem Anjarwalla, were subsequently taken into custody. Anjarwalla was able to escape, but Gambaryan was detained in Abuja. In addition, he faces accusations of money laundering and tax violations, which will put him on trial.

The authorities also claimed that $26 billion worth of transactions on the site were untraceable, accusing the business of funding terrorism and money laundering. Top state officials pledged to make life difficult for anybody trading crypto assets with the naira, as they often claim it’s the primary reason for the naira’s rapid depreciation.

According to a recent EFCC report, some young people who trade in digital assets like Bitcoin are ignorant that the proceeds go toward funding terrorism in the country. The enforcement agency further stated that a portion of the 1,146 bank accounts that the anti-graft agency had recently frozen were used as funding sources for terrorism.

The CBN issued the first guidelines for banks to open cryptocurrency accounts, but it still forbids them from managing or transacting virtual assets on their own.

The new rules, which are available on Nigeria’s central bank’s website, contain more details on the regulator’s decision to remove its restriction on banks opening accounts with cryptocurrency service providers last month. It is still illegal for banks to possess or trade cryptocurrency for themselves.

Since most P2P transactions take place through relatively opaque channels, market leaders view this approach as unproductive. According to Ray Youssef, CEO of NoOnes, most P2P transactions happen on WhatsApp, Telegram, coffee shops, and public locations rather than on Binance or any other known crypto service provider.

The technology behind Bitcoin gives Nigeria’s economy a chance to solidify its position as a knowledge-based economy, which would draw the capital required to spur growth—as demonstrated in the fintech sector. The Federal Government’s vigorous crackdown on the cryptocurrency market jeopardizes Nigeria’s economic edge in the rapidly expanding digital market.

FG Yet To Disburse N50,000 Trade Grant After May Deadline

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ALJAZIRAH
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BY YAHAYA UMAR 

Federal Government through the its Ministry of Industry, Trade and Investment is yet to disburse the N50,000 trade grant to more than half of the eligible applicants which is about 500,000 Nigerians who applied for the scheme.

According to check on the Federal Government’s official website, the initiative has benefited a total of 414,751 individuals from all 774 Local Government Areas ,LGAs, in Nigeria since its inception in March.

As of June 1, 2024, there are still 585,249 Nigerians who are yet to benefit from the N50,000 grant scheme.

Earlier, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, indicated that the scheme aimed to cover 1 million eligible applicants, with the disbursement deadline set for May 31.

“Many have already received their grants—thank you for your patience!  For those waiting, please hold tight.

“The disbursement process is ongoing in batches and not yet completed. All remaining successful applicants will receive their alerts between now and the end of May. No further action is needed on your part for now. “The application portal was closed at midnight on April 17, 2024.

“The disbursement is currently in progress and processed in batches. It is expected to be completed by the end of May 2024″, the Minister said in a circular in April.

Furthermore, the Minister said over 3.6 million Nigerians showed interest in the scheme. However, she said only one million will be eligible to receive the grants.

She emphasized that the scheme is designed to cover this specific number of individuals.

She further explained that disbursements are not determined by specific criteria but are processed in the order of application verification.

According to the Minister, the objective is to distribute funds to an estimated 1,290 beneficiaries per Local Government Area ,LGA, across the country, with the overall goal of reaching one million recipients.

“Disbursements aren’t based on any specific criteria but in the order, in which applications are verified. The goal is to reach an estimated 1290 beneficiaries per LGA across the country totaling 1 million.

“Of over 3.6 million applicants, only 1 million will receive the grant. This is the threshold based on the amount budgeted for nano businesses”, Uzoka-Anite added.

With more than half of the applicants still awaiting the grants, there is a possibility that the federal government will extend the deadline for those who are yet to receive the funds for their small businesses.

In April, Uzoka-Anite stated that the names of those who received the grants would be published and made known to the public following the conclusion of the program.

However, with so many people still waiting to receive the grants, the possibility is that the federal government may announce a new date as a deadline for the initiative.

In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme ,PCGS, as part of the Presidential Palliatives Programme, with the aim of supporting nano businesses.

Scheduled to commence on March 9, 2024, the Trade Grant Scheme offers non-repayable financial grants to eligible small business owners in various sectors, including trading, food services, ICT, transportation, creative industries, and artisans.

The PCGS plans to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, leaving 15% for other demographics.

The Minister announced that each qualifying recipient would receive a N50,000 grant, which will be directly deposited into their bank accounts. The goal is to reach one million small businesses across the 774 LGAs and six council areas in the Federal Capital Territory ,FCT.

Emphasizing the extensive impact of the scheme, Uzoka-Anite highlighted its potential to benefit communities nationwide, targeting 1,000,000 beneficiaries.

CBN Permits IOCs To Sell 50% Of Repatriated Export Proceeds 

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ALJAZIRAH
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0
CENTRAL BANK OF NIGERIA

By Aliyu Galadima 

Central Bank of Nigeria ,CBN, has announced that International Oil Companies ,IOCs, can sell 50% balance of their repatriated export proceeds to authorized forex dealers. 

This is according to a new circular issued on May 31, 2024, to clarify a recent directive and is aimed at bolstering liquidity and stabilizing the foreign exchange ,FX, market,  

The circular provides critical insights following the initial release on May 6, 2024, which generated numerous inquiries regarding the specifics of forex sales by IOCs in the Nigeria Foreign Exchange Market. 

Repatriated Export Proceeds Sale: The CBN has authorized IOCs to sell 50% of their repatriated export proceeds directly to authorized forex dealers or eligible users of foreign exchange for eligible transactions. This move is expected to significantly increase forex availability in the market, thereby aiding in exchange rate stabilization. 

Flexibility in Fund Management: Additionally, if an IOC does not have any outstanding financial obligations to settle with the repatriated funds during or after the 90-day retention period, they are permitted to sell the remaining 50% balance entirely to authorized dealers. This provision ensures that IOCs can efficiently manage their forex without unnecessary restrictions, promoting better liquidity management. 

The circular read: “Following the release of the circular dated May 06, 2024, referenced: TED/FEM/PUB/FPC/001/008, in respect of Cash Pooling by banks on behalf of IOCS, we received several requests for clarification on item No 3(8) on forex sales at the Nigeria Foreign Exchange Market. 

“Consequently, we hereby provide the following clarifications. 

“(1) The 50% balance of the repatriated export proceeds may be sold to Authorized Dealers or eligible users of foreign exchange with eligible transactions. 

“(2) If the IOC does not have any financial obligation to settle with the funds during or after the 90-day retention period, the 50% balance may also be sold wholly as stated in (1) above”.

The apex bank earlier stopped IOCs operating in Nigeria from immediately remitting 100% of their forex proceeds to their parent company abroad.   

According to the initial circular, IOCs are allowed to repatriate only 50% of their proceeds immediately while the other 50% will be repatriated 90 days from the day of inflow.  

It further issued clarifications on the utilization of foreign exchange proceeds by IOCs. 

The CBN’s new directive is poised to have a significant impact on the Nigerian forex market. By allowing IOCs to sell a substantial portion of their repatriated proceeds, the directive aims to boost forex liquidity, helping to mitigate volatility and foster a more stable economic environment. 

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