Economy
Banks Ignoring CBN Directive to Sell Forex to BDCs—ABCON
By Adedapo Adesanya
Deposit money banks (DMBs) in Nigeria have been implored to see Bureaux De Change (BDC) operators as their partners in currency market for the benefit of the local currency, the Naira.
The forex traders, under the aegis of the Association of Bureaux de Change Operators of Nigeria (ABCON), said some banks did not comply with the directive of the Central Bank of Nigeria (CBN) for the sale of FX to BDCs at the official rate.
Last year, the central bank allowed BDC operators to access about $25,000 weekly through the Electronic Foreign Exchange Matching System (EFEMS) for 42 days, which expired a few days ago.
But last week, the CBN, a circular signed by its acting director of the Trade and Exchange Department, Mr W. J. Kanya, extended this window to May 30, 2025, in a bid to ensure the stability of the Naira.
The circular, titled Sales of Foreign Exchange To BDCs To Meet Retail Market Demand For Eligible Invisible Transactions, shifts the previous deadline of January 31 to May 30.
It extends the temporary access granted to BDCs to the NFEM for purchasing FX from authorised dealers, subject to a weekly cap of $25,000.
Commenting on this development, the president of ABCON, Mr Aminu Gwadabe, said the extension demonstrates the commitment of the CBN to stabilising the FX market, noting that it promotes inclusiveness through EFEMS.
However, expressed concern that banks failed to comply with the initial notice of the apex bank in December 2024, which instructed them to sell forex to BDCs, urging them to support the CBN and comply with the latest directive.
“ABCON and its members indeed received the news as a good development. We considered it as part of the CBN efforts at ensuring continuity and its determination for the inclusiveness of our sub-sector in the EFEM Market.
“We, however, call on all money deposit banks to partner with CBN and our members in the implementation of this circular to ensure liquidity in the retail end sector and the naira’s ongoing stability.
“On behalf of my members, I extend my sincere gratitude to the CBN management for their flexibility and transformative leadership. I assure them that we will continue to serve as a vital third-leg mechanism, committed to eliminating volatility and narrowing the gap between the parallel market and the EFEM market,” he said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
