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Forex crisis: BDCs ask CBN for autonomy to go digital

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The Association of Bureau De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to give autonomy to BDCs autonomy to go digital.

This is in line with the CBN’s tech reforms for BDCs for rate convergence and ABCON’s various digitization reforms for Bureau de Change operators from 2016 to date.

This disclosure is contained in a statement issued by ABCON and seen by Nairametrics, where it noted that the exchange rate volatility has continued to give rise to the slow economic growth of Nigeria recently.

ABCON called on the CBN to diversify the scope of operation and business model of the BDC operators from a base to less cash and digital platforms.

ABCON in the statement said,

  • ‘’There is no doubt that exchange rate volatility has continued to underpin the slow economic growth of Nigeria in the past years.
  • As a proactive Organisation and an umbrella body of central bank licensed BDCs and In Line with the recent CBN plan reforms on BDCs to be tech savvy and Abcon’s BDCs’ various digitization reforms since 2016 to date, we urge the CBN to democratise and centralise the BDCs operational mechanism by allowing BDCs the autonomy to go digital.
  • ‘’Given the above we called on the CBN to diversify our scope of operation and business model from cash base to less cash and digital platforms.
  • ‘’ABCON in the launch of its vision for BDCs digitization through their exchange rate platform (nsijabdcs.com)unveiling in 2018 have long prepared their members to embrace technology.
  • ‘’It is also important to note that Abcon has spent several million in IT research and developments, designs, and implementations of various layers of automation of the business transformation process from manual to digital.
  • ‘’Our members have through automation now have transactions monitoring systems with installed IT office equipment and internet in their location.
  • ‘’Our members now record their transactions on AWS I cloud in real-time online and extract their daily reports for return rendition all line real-time interface with the CBN.
  • Our members have also sometimes in 2019 integrated with NIBSS client’s BVN verification and validation platform in carrying out their transactions with their members.’’ 

Collaboration with NFIU 

It added,

  • ‘’The BDCs through the collaborations of Abcon and NFIU registered on the GoAML platforms and Nil-returns platform for the rendition of their suspicious and cash transactions threshold to the NFIU in compliance with their AML/CFT obligations.
  • ‘’We also have to ensure that each of us executes compliance undertaking and appointment of a Compliance officer. ABCON also constantly trains. retrains, sensitizes its members with regulators and security agencies as resource persons.
  • ABCON as a custodian of regulation and self-regulatory organization believed that the BDCs posed the most effective, transparent pass-through effect and transmission mechanism of the apex bank foreign exchange policies. We achieved convergence in 2006, 2009 and 2018 to 2020 before the outbreak of COVID-19 in 2020.
  • ‘’It is in light of the above that we are calling on the apex bank to grant a no objection approval on our various correspondences to the apex bank to grant the sub-sector the autonomy to embrace digital payment to the sub-sector to achieve rate convergence.’’ 

Benefits of the autonomy 

ABCON listed the benefits of granting the autonomy to include, ‘’First it will lead to a true market rate discovery.  

  • ‘’Secondly, it will enhance the achievement of the federal Government’s harmonized foreign exchange rate policies. 
  • ‘’Thirdly, will make the BDC transactions monitoring system effective and conforming with their compliance obligation to statutory and regulatory requirements. 
  • ‘’Fourthly, it will harmonize and centralize the market and thus make the BDCs the moderating and correcting mechanism for the market. In the same vein, it will create additional employment for the over 40,000 employees direct and indirect in the BDC sub-sector. 
  • ‘’Finally, it will usher in Transparency, accountability and ease of supervision.’’ 

Business

31 electricity towers affected as vandals destroy transmission lines in Edo communities

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The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.

In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.

Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.

“A total of 31 towers were affected in this incident,” she said.

“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”

‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’

Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.

The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.

On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.

The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.

The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.

“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.

“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.

“Additionally, the line will be energized from the Ahoada end as a preventive measure.”

Mbah added that efforts are underway to replace the stolen 250mm conductor.

Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.

The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.

She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.

Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.

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Business

NCAA issues aerodrome certification for Lagos, Abuja international airports

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The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.

This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.

The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.

The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.

“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.

The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.

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Lagos state government plans traffic diversion in Ikeja for 10km Capital City Race today

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The Lagos State Government has announced plans for a traffic diversion to accommodate the 10km Capital City Race scheduled for Saturday, November 23, 2024.

The race, which runs between 5:00 AM and 11:00 AM, will affect several major roads in the Ikeja axis, requiring motorists to explore alternative routes during the event.

A statement published on the official X (formerly Twitter) account of the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, on Friday, highlighted the affected routes.

These include Shoprite Alausa, Billings Way, Kudirat Abiola Way, Opebi Link Bridge, Allen Avenue, Adeniyi Jones, and Oba Akran Avenue.

The race will conclude at the Police College Sports Secretariat/Gym. Junctions and intersections along these roads will be temporarily blocked and manned by officials from the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force (NPF), the Federal Road Safety Corps (FRSC), and the Lagos State Neighborhood Corps (LSNC) to ensure a smooth event.

“The Lagos State Government has announced that traffic will be diverted to accommodate the maiden edition of the 10-kilometer Capital City Race between 5:00 am and 11.00 am tomorrow Saturday,  23rd November,  2024. 

“To this end, the following route starting from; Shoprite Alausa Ikeja inwards Billings Way to Kudirat Abiola Way, Opebi Link Bridge, Opebi Glo Tower inward Allen Avenue, Allen Junction, GTBank on Adeniyi Jones,  AP Filling Station on Oba Akran Avenue, Samsung Authorized Service Centre to Police College Sports Secretariat/Gym will be partially closed off to vehicular movement. 

“Consequently, all junctions and intersections from Shoprite Alausa Ikeja to the destination (Police College Sports Secretariat/Gym) will be blocked with barriers, manned by LASTMA, NPF, FRSC, and LSNC to prevent other road users access to the main race corridor,” the statement read in part.

The Lagos State Commissioner for Transportation urged motorists to remain patient as the road closures are part of the traffic management plan for the event. He added that intersections will be intermittently reopened as the race progresses to minimize inconvenience for road users.

Motorists are advised to plan their movements accordingly and cooperate with traffic officials to ensure the success of the inaugural Capital City Race.

In addition to the planned traffic diversion in Ikeja for the 10km Capital City Race, other traffic diversions are currently in effect across Lagos to accommodate critical infrastructure projects.

The Lagos State Government recently announced a 15-month traffic diversion at Mile 2, which began on November 11, 2024, to facilitate the construction of the new Transport Interchange Terminal. This project aims to integrate rail, bus, water, and non-motorized transport, addressing the city’s growing transportation needs.

The diversion affects Loop 1 on the Apapa-bound lane and Loop 4 on the Badagry-bound lane and will last until February 16, 2026. Motorists are advised to use alternative routes, such as Akinwande Road for Badagry-bound traffic and Durban Road for Apapa-bound traffic, to ease congestion.

Additionally, a three-month traffic diversion on the Marine Bridge, outbound Apapa, commenced on Monday, November 18, 2024. This diversion, set to run until February 25, 2025, is to allow for urgent asphalt repairs overseen by the Federal Ministry of Works.

Motorists heading toward Lagos Island are advised to use the Eko Bridge via Costain Roundabout, while those heading to Ijora Causeway or Iddo can navigate through Ijora 7up or other designated routes.

These diversions are part of ongoing efforts by the Lagos State Government to improve transportation infrastructure while minimizing disruption for road users.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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