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1. CBN Grants Unfettered Access to Forex from Diaspora Remittances

Yesterday, the Center Bank of Nigeria disclosed new strategy that grant unfettered admission to Forex from Diaspora and other money transfer remittances like Western Union and MoneyGram.

This strategy allow all the heirs of Diaspora remittances through IMTOs, the International Money Transfer Operations, to start receiving inflows in the original foreign currency through the designated bank of their choice.

According to the report, the new strategy is part of effort to liberalize, facilitate and enhance receipt and government of Diaspora remittances into Nigeria.

According to the report, the new strategy declared by CBN is titled "Amendment to Procedures for Receipt of Diaspora Remittances,” proposed November 30, 2020, that was signed by its Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, a copy of which was obtained by THISDAY yesterday."

Its has been reported that the news policy allow the CBN to jab assess to foreign exchange market, provide more liquidity and create more translucency in the council of Diaspora remittances into Nigeria,” the apex bank stated.

According to the report, the current change will help finance future stream of investment in Nigeria, Diaspora, while also safeguarding that the recipients of remittances would receive a market- reflective exchange rate for their inflows.

Its has been reported that all the dealers and the public should take note that, all successors shall have unfettered access and utilization to such foreign currency, either through cash or their accounts.

According to the report, there was a preliminary confusion with the phase " eligible transaction " which the senior officials CBN informed THISDAY last night, "source of fund" and "beneficiaries" in line with the current global practice

According to the respond from the CBN officials “anyone who receives foreign exchange through these remittances is free to use them as he deems fit without let or hindrance from their banks in any currency of their choice in line with its circular " TED/FEM/FPC/GEN/01/010

2. NCC pledges to sustain support for research in tertiary institutions, secondary schools

Nigerian Communications Commission (NCC), has said that, is determined to sustain its support for research in tertiary institutions and secondary schools in the country to help people ascertain there goal.

Professor Umar Garba Danbatta, the Executive Vice Chairman of NCC said this when launching a book written by Mr ikechukwu izuora, titled "Nuggets of Dazzlespiration" .

Urmar Garba, who was the representative of, Dr. Ikechukwu Adinde, the director of Public Affairs, said doing his speech that, commission over years supported intellectual work through interventions in tertiary institutions and secondary schools in the country. It is written to support the academic.

He added that, "NCC has a tendency of supporting research. I have the passion for research and development. Over the years the commission has supported intellectual work by providing support through various intervention projects in tertiary institutions across the country."

"We have a particular book donation program to benefit learning and teaching across schools and the is what has been going on and emphasize the fact that, for a country to be developed, it has a combination of knowledgeable people.

According to the book, every human being was divine in nature and was created to do exploit.

Mr. Okoh Aihe, who is the reviewer of the book, said, “In every book there is a message. All we need to do is to find the message, usually this is very didactic, short and witty. It can prepare your path.'

3. Zulum: let’s battle Boko Haram with mercenaries

"Buhari gives marching order to wipe out insurgents"

On Monday, Babagana Zulum the Governor of born state stated that, severe regulations needed in the fight against insurgency.

According to the report, Zulum renowned for his ideas listed to stop killing and raceging of the Northeast by Boko Haram.

It has been reported that, He make this statement when the Federal Government led by Ahmad lawan the senate President, Nigeria

On Saturday more than 43 rice farmers harvesting Paddy were killed by the book Haram in Borno and they are all buried in governor presence

Its has also been gathered that, On Monday, 7 farmers were killed and 30 are kidnapped

It is also reported that, the Governor recall that, doing Goodluck Jonathan government, a private army were assigned to Yoba, Borno, and Adamawa state to recover some territories taken over by Boko Haram.

Zulum added that, "One of our suggestions possible solutions to end the insurgency is the immediate recruitment of our youths into military and paramilitary services to complement the efforts of the Nigerian forces."

2."Our second recommendation is to engage the services of our immediate neighbours, especially the government of Chad, Cameroon and Niger Republic, in clearing the remnants of Boko Haram hiding in the shores of the Lake Chad."

3.“Our third suggestion for the President to engage the services of mercenaries to clear the entire Sambisa forest.

4. “Our fourth recommendation is for him to provide the police and the military, with armed resistant armoured personnel carriers and other related equipment."

4. NUTGTWN, Oshiomole warn FG on implementation of AfCFTA

John Adaji, the president of National Union of Textile Garment and Tailoring, and Adams Oshiomole the Former National Chairman of All Progressive Congress, urged the Federal Government on the implementation of the Africa Continental Free Trade Area (AfCFTA).

According to the report they charged, Prisodent Muhari to implement cotton, Textile and Garment strategy in order to revive the Nigerian textile industry.

According to their statements, they said, "the implementation of AfCFTA, may eventually lead to a situation whereby the country would be flooded with illicit foreign products to the detriment of the locally produced goods."

Its has been gathered that, Adaji and Oshiomole, at 32nd Annual National Education Conference of the NUTGTWN and the commemoration of 2020 Africa Industrialisation Day, chastised Nigeria to realize from past mistakes of various trade agreements while implementing AfCFTA.

According to Adaji, he stated that Nigeria must understand that the implementation of this new industry does not weaken the previous one.

Illustrating related cases, NUTGTWN President, stated that " World Health Organization in 1997 with attendant huge reduction of tariffs through wholesale trade liberalization led to huge fall of labour intensive industries like textiles due to unfair competition."

He added that on of the major problems of textile industry in Nigeria is Smuggling.

Adaji also said: “Fair trade within the AfCFTA and the current and future jobs in our textile and garment industries will be further devastated if African customs authorities across the board do not properly manage their borders to prevent a flood of illicit imports from abroad into Africa and the breaking and undermining of rules.”

According to him, African nations and Nigeria in particular must work together to attract investment, grow local manufacturing and combat smuggling.

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CBN Forex Nigeria Ozoemena Nnaji Trade and Exchange Department


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