Business
CBN bets on new FX rules to deepen market stability, transparency
By Abigail David
The Central Bank of Nigeria has unveiled the fourth edition of its Foreign Exchange Manual, introducing new rules aimed at improving transparency, strengthening compliance and enhancing efficiency in Nigeria’s foreign exchange market.
The revised manual, which took effect on June 1, marks the first comprehensive update since 2018 and forms part of the apex bank’s broader reform agenda to restore confidence and deepen liquidity in the foreign exchange market.
Speaking at the launch, CBN Governor, Olayemi Cardoso, said the review became necessary due to significant changes in global and domestic economic conditions over the past decade.
According to him, foreign exchange remains a critical driver of price stability, trade, capital flows and investor confidence, making a modern regulatory framework essential for market efficiency.
Cardoso noted that ongoing reforms in the foreign exchange market required a more coherent and forward-looking framework capable of addressing emerging realities.
The Deputy Governor in charge of Economic Policy, Muhammad Abdullahi, described the manual as part of a wider strategy initiated by the current leadership of the apex bank to improve transparency, strengthen market discipline and encourage participation through official channels.
Among the key changes introduced are the harmonisation of Personal Travel Allowance and Business Travel Allowance transactions with revised Bureau de Change guidelines, with 75 per cent of such transactions now to be processed electronically and only 25 per cent allowed in cash.
The manual also increases allowable advance payments for imports from 15 per cent to 30 per cent, a move expected to provide businesses with greater flexibility in settling transactions with foreign suppliers.
To encourage exports, the CBN has removed charges associated with processing Form NXP and introduced new provisions covering service exports, technology-sector remittances and transactions under the Pan-African Payment and Settlement System.
Other reforms include the introduction of Non-Resident Investment Accounts and Non-Resident Ordinary Accounts, as well as approval for foreign companies in the extractive sector to repatriate 100 per cent of export proceeds.
The apex bank also removed the mandatory Form A requirement for remittances through ordinary domiciliary accounts, although authorised dealer banks will continue to verify the legitimacy of transactions.
In addition, the revised guidelines permit tuition fee payments of up to $25,000 per semester for Nigerian students studying abroad and allow transfers between export proceeds domiciliary accounts and ordinary domiciliary accounts under specified conditions.
Commercial banks welcomed the reforms, describing them as a continuation of efforts to build a transparent and rules-based foreign exchange market.
Group Managing Director of United Bank for Africa, Oliver Alawuba, said the revised manual would reinforce transparency, ethical conduct, stronger documentation and improved oversight within the market.
Similarly, Group Managing Director of Access Holdings Plc, Roosevelt Ogbonna, said the framework would reduce ambiguity and promote market discipline among participants.
Representing the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, Permanent Secretary for Special Duties, Mohammed Danjuma, described the manual as an important component of Nigeria’s economic reform agenda aimed at promoting macroeconomic stability and sustainable growth.
Analysts say the success of the revised framework will depend largely on consistent implementation, effective enforcement and sustained policy stability across the financial system.
By Abigail David
Apple will change how third-party apps seek users’ consent for personalised advertising on iPhones and iPads after Germany’s competition regulator raised concerns about the company’s treatment of competing apps.
The Bundeskartellamt said Apple had offered binding commitments to address the concerns, bringing its competition investigation to an end.
The regulator said Apple’s App Tracking Transparency framework required third-party app providers to obtain additional consent through Apple-designed prompts for certain types of cross-company data use. However, the requirements did not apply in the same way to Apple’s own services.
Bundeskartellamt President Andreas Mundt said Apple could provide strong privacy protections, but its rules should not give its own products an advantage over competitors.
Under the new commitments, Apple will make consent prompts for its own services and third-party apps more similar. It will also remove wording and symbols that could discourage users from granting consent to third-party apps.
App developers will have greater flexibility to combine Apple’s consent requests with those required under data protection laws, provided the process remains clear to users.
The regulator stressed that the changes are not intended to increase consent rates for personalised advertising but to ensure users can make free and informed choices.
Apple has four months to implement the changes. The commitments will remain in force for seven years and will be monitored by an independent trustee.
The investigation began in June 2022 after the regulator found Apple held a position of paramount significance across markets. Germany’s Federal Court of Justice confirmed the finding in March 2025.
By Abigail David
The Nigerian National Petroleum Company Limited (NNPC Ltd) has deployed more than 1,000 young professionals into its workforce following the successful completion of a one-year internship, training and evaluation programme.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, announced the development in a post shared on the company’s official social media platforms, describing it as a significant milestone for the national energy company.
According to Ojulari, the new employees were selected after completing a rigorous programme that combined practical internships, intensive training and performance assessments.
He said the recruitment process reflected the company’s commitment to merit-based employment, stressing that competence and performance, rather than personal connections or background, determined successful candidates.
Ojulari noted that while the participants initially joined the organisation through offer letters, their permanent deployment was earned through consistent performance during the internship period.
He encouraged the newly deployed employees to contribute innovative ideas, take ownership of their professional development and actively support the company’s growth.
The NNPC chief also urged them to remember the opportunities they had received and, in the future, help create similar opportunities for others.
The deployment is part of NNPC Ltd’s ongoing efforts to strengthen its workforce and build capacity following its transition into a commercially driven national energy company under the Petroleum Industry Act.
The recruitment exercise began in July 2024 during the tenure of former Group Chief Executive Officer Mele Kyari.
Billionaire businessman Femi Otedola has increased his ownership in First HoldCo Plc after acquiring an additional 1.77 billion shares through his investment company, Calvados Global Services Limited.
According to a regulatory filing on the Nigerian Exchange (NGX), the transaction, valued at N222.20 billion, was completed on Thursday.
The latest purchase raises Otedola’s shareholding from 9.99 billion shares to 11.77 billion shares, increasing his stake in the financial institution from 21.96 percent to 25.88 percent.
The acquisition follows another major investment made on July 22, when Otedola purchased 706.13 million shares worth N77.58 billion, further strengthening his position as the bank’s largest shareholder.
With the latest transaction, his total investment in First HoldCo is now estimated at approximately N1.47 trillion, making him the institution’s single largest investor.
Under the Investments and Securities Act and the Securities and Exchange Commission’s merger and acquisition regulations, any shareholder who acquires 30 percent or more of the voting shares in a publicly listed company is required to make a mandatory takeover offer to other shareholders.
The increased investment comes weeks after First HoldCo became Nigeria’s most valuable listed banking stock by market capitalisation, surpassing Zenith Bank following sustained gains in its share price on the Nigerian Exchange.
Police Academy Wudil Gets New Commandant
Nigerian Farmers Commend Gettado’s Leadership of AFAN
Kogi Government Commends Foundation for Rebuilding Community Secondary School
-
Business23 hours agoApple to change app consent rules after German regulator’s concerns
-
News23 hours agoNigerian Farmers Commend Gettado’s Leadership of AFAN
-
News17 hours agoSecurity Collaboration Boosts Delta’s Peace, Economic Growth, Oborevwori Says
-
News12 hours agoUse Ugwuele Artefacts to Promote Igbo Unity, Prof Madubuike Urges Ohanaeze
-
News23 hours agoGov Kefas Sends Taraba Lawmakers, LG Chairmen to Jaji for Leadership Course
-
Lifestyle22 hours agoWhat Can You Become After Studying Political Science in Nigeria? 15 Career Paths to Consider
-
News18 hours agoForeign Affairs Minister Appoints Elesho, Oni as New Media Aides
-
News20 hours agoGroup Threatens Legal Action Against Akutah Over Alleged Breach of Presidential Directive
You must be logged in to post a comment Login