Business

MAN Charges CBN On Consolidation of BDCs , Like Banking, Insurance Industry

Published

2 years ago

February 28, 2024

OCHEFA

446 Views

By Ohibaba.com

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria to consider the Bureau De Change (BDCs) firms for Consolidation, like the banking and the insurance industry.

Data obtained from the CBN website, shows that there are 5,690 BDC operators nationwide.

” We should have large numbers rather than the many numbers that we have; the more sizable and robust the BDCs are, the better for the economy.”

Otunba Francis Meshioye, the President of MAN, made the call during the 8th edition of the MAN Reporter of the Year Award and the 2024 Presidential Media Luncheon, held in Lagos.

” CBN had better reduce the numbers of BDCs into large and well-established operators to curb their excesses and untowards operations through effective management and supervision,” said Meshioye.

We should have large numbers rather than the many numbers that we have; the more sizable and robust the BDCs are, the better for the economy; you can really monitor their actions and track undocumented things that are happening and causing havoc to our economy.

The Manufacturers, he said, also urged the apex bank to, ” Maintain all measures to boost the level of liquidity and degree of transparency in the official forex window even as the backlog of $7 billion forex obligations is being cleared.

” Manage the floating exchange rate system within an acceptable lower and upper bound, pending the actualization of a net-exporting economy aspirations.”

Related Topics:Bureau De Change Manufacturers Association of Nigeria

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Naira Exchange Rates Thursday, 22 July

Published

21 minutes ago

July 23, 2026

OCHEFA

7 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,369.63

GREAT BRITISH POUND (GBP) ₦1,833.12

EURO (EUR) ₦1,563.03

SWISS FRANC (CHF) ₦1,685.08

JAPANESE YEN (JPN) ₦8.40

CHINESE YUAN (CNY) ₦202.21

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90

SAUDI RIYAL (SAR) ₦366.36

SOUTH AFRICAN RAND (ZAR) ₦83.40

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

17 hours ago

July 22, 2026

OCHEFA

24 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.