The Corporate Affairs Commission (CAC) has extended the registration deadline for point of sales (POS) operators to September 5.

The CAC announced the extension on Saturday in a statement signed by its management.

The commission said the initial deadline of July 7 has been extended to September 5 — a 60-day extension for the registration of sole agents, super agents, and agents.

The agency said the decision aims to provide sufficient time for operators to complete their registration.

“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024,” the statement reads.

“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.”

The CAC said operators who fail to register by the end of the new deadline risk losing their businesses and facing prosecution for aiding and abetting criminal activities.

On May 6, CAC and financial technology (fintechs) companies agreed to a two-month timeline to register their agents and merchants.

The commission had issues a deadline of July 7 for the exercise.

However, the POS operators, on May 14, announced plans to sue the CAC over the mandatory registration requirements.

Elegbede Oluwasegun, the national general secretary of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), said the operators decided to take legal action to challenge the legality of the directive.

Oluwasegun said CAC has no jurisdiction over individuals not operating as a company.

The African Development Bank (AFDB) has appointed Babatunde Omotosho as director of the statistics department.

According to a statement on Friday, the bank said the appointment took effect from June 16.

Commenting on his appointment, Omotosho expressed gratitude for the opportunity, reaffirming his commitment to fulfilling the responsibilities of the position.

“I am grateful to President Adesina for this appointment, and I am excited about the opportunity to contribute to the continued success and growth of the African Development Bank Group, an institution that plays such a pivotal role in the economic and social development of our beloved continent, Africa,” Omotosho said.

“I am fully committed to fulfilling the responsibilities of the position while collaborating effectively with the Bank’s senior leadership team, colleagues, and other strategic partners.”

Akinwumi Adesina, AfDB’s president, said Omotosho will support the bank in building a robust data ecosystem to achieve its strategic objectives and sustain its long-term development goals.

“I am pleased to appoint Dr Babatunde Samson Omotosho, a respected statistician, as Director of the Statistics Department,” Adesina said.

“Dr Omotosho brings to this role an impressive track record in statistics, economics, and data analytics.”

In the statement, the AfDB said Omotosho has more than 21 years of experience in developing data strategies to align with the strategic objectives of organisations.

The bank said he also brings expertise in data compilation, data analytics, macroeconomic research, and policy analysis.

The firm said Omotosho holds a bachelor’s degree in economics from the University of Ilorin (2000), and a master’s degree in economics from the University of Benin (2008).

The AfDB said he also holds a master’s degree in applied statistics and data-mining from the University of St Andrews, United Kingdom (2011) and PhD in economics from the University of Glasgow, United Kingdom (2021).

Omotosho, according to the firm, previously served as director of research and statistics at the West African Monetary Agency (WAMA) in Sierra Leone, where he was seconded from the Central Bank of Nigeria (CBN).

During his tenure at WAMA, he provided advice on monetary and economic integration within the Economic Community of West African States (ECOWAS), the statement said.

“Prior to that, he held various positions within the statistics and research departments of the CBN,” the AfDB said.

The AfDB said his leadership fostered a culture of data analytics within the CBN, driving innovation and efficiency in operational and policy processes.

The naira ended a three-day depreciation trend at the parallel section of the foreign exchange (FX) market on Friday.

The local currency appreciated by 0.98 percent to N1,525 on July 5 — from the N1,535 per dollar traded on July 4.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate of the naira as N1,500 and the selling rate at N1,525 — leaving a N25 profit margin.

At the official window, the naira also reversed a three-day depreciation streak.

According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the local currency exchanged for N1,509 per dollar on July 5 — a 0.7 percent rise from N1,520 traded the previous day.

The local currency traded at a high of N1,535 and a low of N1,450.

Consequently, the exchange rate at both sections of the market consecutively depreciated from July 1 to July 4 — before an appreciation occurred on July 5.

THREE-DAY DECLINE

On July 2, the local currency declined at the street market to N1,515/$ — from the N1,510 traded the previous day.

Between July 3 and 4, the naira further dropped to N1,520 and N1,535, respectively.

Data from the FMDQ Exchange showed that the naira depreciated to N1,509, N1,512, and N1,520 from July 2 to 4, respectively.

On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the FX market.

The move significantly devalued the naira, provoking fluctuations in the FX market that continue to affect key sectors of the economy.

The FX situation, according to Timi Bomodi, comptroller of Seme command, Nigeria Customs Service (NCS), on June 9, has made Nigerian goods affordable for other African countries.

However, on May 29, Mojisola Adeyeye, director-general of the National Agency for Food and Drug Administration and Control (NAFDAC), said the devaluation of the naira accounted largely for the high cost of local medicine production.