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CBN Sets Limits On Dollar Purchase From BDCs, Introduces New Guidelines
CBN Sets Limits On Dollar Purchase From BDCs, Introduces New Guidelines....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) has implemented restrictions on foreign exchange (FX) sales by Bureau De Change (BDC) operators……..CONTINUE READING
This decision was outlined in a document titled ‘Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria’, released on February 23, 2024.
As per the circular, BDCs are now authorized to sell foreign currency in amounts equivalent to $4,000 and $5,000 for personal travel allowance (PTA) or business travel allowance (BTA) to an individual once every six months.
The CBN stipulated that the sale of foreign currencies to intending travelers must be accompanied by their bank verification number (BVN) or tax identification number (TIN), a duly completed e-form, valid international passport, valid visa, and valid international return ticket.
Additionally, for BTA transactions, the apex bank requires a letter of request from the corporate body stating the purpose of the visit addressed to the processing BDC, along with a certificate of business registration or incorporation submitted by customers.
Moreover, the CBN mandated that customers must provide a letter of invitation from their overseas business partner and a tax clearance certificate.
The apex bank specified, “The amount of foreign currency sold and the date of sale shall be endorsed on the passport. A photocopy of the documents, forex endorsement page, and sales receipt shall be filed in a sequential order by the BDC.”
Furthermore, the CBN outlined that BDCs are permitted to sell foreign currency up to the equivalent of $5,000 to a customer for medical bills once a year. Such bills are to be transferred from the BDC’s domiciliary account to a Nigerian bank and paid directly to the hospital.
Additionally, BDCs may sell foreign currency up to the equivalent of $10,000 to a customer for school fees once a year. This fee, transferred from the BDC’s domiciliary account with a Nigerian bank, must be paid directly to the school and supported by various documents, including evidence of admission/course program, valid air ticket, and school bill/invoice.
The CBN noted that it reserves the right to review the amounts and frequencies for the sale of foreign exchange periodically.
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EFCC, NJI Move To Tackle Delays In Corruption Cases With Proposed Legal Reforms.
The Economic and Financial Crimes Commission (EFCC) and the National Judicial Institute (NJI) have called for legal and procedural reforms aimed at accelerating corruption trials, preventing the abuse of court processes and improving the prosecution of financial crimes in Nigeria.....KINDLY READ THE FULL STORY HERE▶
The recommendation was contained in a communiqué released at the conclusion of the 8th Capacity Building Workshop for Justices and Judges, held in Abuja from October 13 to 15, 2026.
The three-day workshop, organised by the EFCC in partnership with the NJI, brought together judges, investigators and prosecutors to examine the challenges associated with investigating and prosecuting economic and financial crimes in an increasingly digital environment.
Participants recommended the appointment of specialised judges and court officials to handle corruption cases. They also called for targeted training to promote the effective and consistent application of existing laws.
The communiqué further proposed reviewing relevant provisions of the Administration of Criminal Justice Act where necessary, emphasising the importance of balancing individual rights with the need for timely justice.
Participants urged investigative and prosecutorial agencies to strengthen their investigative procedures and improve the management of digital evidence to ensure that cases are supported by credible, reliable and legally admissible material.
They also recommended video recording and other safeguards during the taking of confessional statements to protect suspects’ rights and maintain the integrity of investigations.
EFCC, NJI Push For Improved Asset Recovery Measures
On asset recovery, participants described non-conviction-based asset forfeiture as “an effective tool for recovery of stolen assets”.
However, they stressed that the mechanism must be applied in accordance with established legal procedures, respect human rights and remain subject to effective institutional oversight.
The workshop also called for procedural changes that would permit extensions of time for freezing assets suspected to be proceeds of financial crimes.
In addition, participants urged anti-corruption agencies, the National Assembly and the Judiciary to develop clear guidelines governing the use of artificial intelligence in the administration of justice.
They highlighted the need for increased investment in digital forensic laboratories, technological infrastructure and specialised training to strengthen the capacity of institutions handling financial crime cases.
Call For Training On Digital Assets And Emerging Technologies
The communiqué urged judicial officers and law enforcement personnel to familiarise themselves with existing legislation governing virtual assets, including the Investment and Securities Act 2025 and the Proceeds of Crime Act 2022.
Participants also encouraged the NJI and the National Judicial Council to introduce accredited certification programmes for judges and other stakeholders in the justice sector.
The workshop concluded by emphasising the need for stronger collaboration among institutions across the justice system to improve the investigation, prosecution and adjudication of economic and financial crimes in Nigeria.
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‘I Love Muslim Religion’ – Akpabio Makes Shocking Declaration.
Senate President Godswill Akpabio has declared his affection and respect for Islam, revealing that he has sponsored Muslim pilgrims to Mecca for 25 years and would not make derogatory remarks about a religion he holds in high regard.....KINDLY READ THE FULL STORY HERE▶
Akpabio made the statement during Thursday’s plenary while responding to criticism over his recent comments about suicide and beliefs surrounding rewards in the afterlife.
He explained that he had consistently sponsored Muslims to visit the holy city of Mecca to pray for him and Nigeria, insisting that his remarks during Senate deliberations had been taken out of context and given political interpretations.
The controversy arose from comments he made on Tuesday during discussions on the Suicide Prevention Bill 2026, sponsored by Senator Asuquo Ekpenyong, who represents Cross River South Senatorial District.
During the debate, Akpabio said some young people consider suicide because “they believe seven virgins await them in the afterlife.”
The remark attracted criticism from some commentators, who accused the Senate president of making disparaging statements about Muslims and their religious beliefs.
Responding to the backlash, Akpabio maintained that disagreements were a normal part of legislative debates as lawmakers worked towards developing effective laws for the country.
“I love the Muslim religion. I send people to Mecca to pray for me and to pray for this country, and I do that even up to yesterday, and I have been doing that since the last 25 years,” he said.
The Senate president also criticised television commentators, accusing some of misrepresenting discussions held during Senate proceedings for political reasons.
“So I don’t know why people go and sit down on television and they try to misinterpret what we say here because politics is coming,” he added.
To reinforce his position, Akpabio referred to his record as a former governor, claiming that he had sponsored thousands of Muslims to the holy land and Christians to Rome and Jerusalem.
According to him, he facilitated pilgrimages for 5,800 Muslims and more than 10,000 Christians during his time in public service.
He further stated that several Muslims had worked closely with him over the years and that his relationships with them were built on brotherhood and mutual respect.
“My ADC for 19 years is a Muslim. I don’t recognize him as a Muslim. I recognize him as a brother; he’s from Azare in Bauchi State, the same thing with my CSO,” he said.
Akpabio added that many members of his staff were Muslims, insisting that he had no reason to disrespect Islam.
“There’s no way I will talk down on Muslim religion, so people who go out there to talk should study the personalities involved,” he stated.
‘Terrorists Are Neither Muslims Nor Christians’
Akpabio also cautioned against associating terrorism with any particular religion, arguing that those who commit violent acts should not use religious beliefs to justify taking their own lives or killing others.
“Terrorists are not Muslims. Terrorists are not Christians. Terrorists are human beings who believe in taking their lives and the lives of others,” he said.
He maintained that, as he understood it, Islam prohibits suicide and the killing of others.
“The Muslim religion that I know forbids suicide; it forbids killing,” he added.
The Senate president also referenced provisions of the Criminal Code and Penal Code concerning suicide, urging lawmakers to carefully examine the matter. He stressed the need to distinguish between individuals experiencing mental health challenges and those who deliberately take their own lives.
According to him, deliberations on the Suicide Prevention Bill should focus on developing legislation that addresses suicide and related concerns rather than becoming dominated by controversy over his comments.
Akpabio reiterated that disagreements among lawmakers were an essential part of the legislative process, noting that opposing and supporting different positions were necessary to produce effective laws.
“I don’t like the idea of people sitting down on television and trying to misinterpret what we discuss here in the Senate,” he said.
“We want to make the best laws, so we are bound to oppose each other, and we are also bound to support each other.”
He urged Nigerians to consider the Senate’s final decisions when evaluating debates and discussions held in the chamber.
“No matter the discussion, please take the final decision of the Senate into consideration,” Akpabio said.
The former Akwa Ibom State governor also called on Nigerians to pay greater attention to the issues under consideration rather than what he described as attempts to damage public officials’ reputations by misrepresenting their statements.
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Yahaya Bello’s Trial: Witness Reveals Details Of ₦1.425bn Transfers Linked To Ex-Governor’s Associate.
An Economic and Financial Crimes Commission (EFCC) witness has told the High Court of the Federal Capital Territory (FCT), Abuja, that ₦1.425 billion transferred through two companies linked to Abba Adaudu, an associate of former Kogi State Governor Yahaya Bello, was intended for foreign exchange transactions.....KINDLY READ THE FULL STORY HERE▶
amilu Abdullahi, a forex dealer, disclosed this on Thursday while testifying as the 19th prosecution witness in Bello’s ongoing trial before Justice M. E. Anenih.
Abdullahi told the court that Adaudu paid the money to purchase foreign currency and that he supplied the corresponding amount in US dollars based on the prevailing exchange rate.
Bello is standing trial alongside Umar Shuaibu Oricha and Abdulsalami Hudu on a 16-count charge bordering on alleged criminal breach of trust and money laundering involving ₦110.4 billion. The defendants have not been convicted, and the allegations remain before the court.
Led in evidence by prosecution counsel Kemi Pinheiro, SAN, alongside Olukayode Enitan, SAN, and Bolu Agbaje, SAN, the witness identified Keyless Nature Limited and Ejadams Essence Limited as companies belonging to Adaudu.
According to Abdullahi, ₦100 million was transferred through Keyless Nature Limited on December 15, 2021, followed by additional transactions totalling ₦400 million on December 17 of the same year.
He further testified that ₦600 million was transferred through Ejadams Essence Limited on February 18, 2022, while another ₦325 million passed through the company on February 21, 2022.
The witness said the transactions carried out between December 2021 and February 2022 amounted to ₦1.425 billion.
He explained that whenever the money was paid into his accounts through cash deposits or electronic transfers, he supplied Adaudu with the equivalent value in US dollars.
Abdullahi added that the currency exchanges were usually conducted either at his office or at Adaudu’s office. He said Adaudu typically contacted him before or after making cash deposits to inform him that the funds were meant for foreign exchange dealings.
The forex dealer also testified about the bank accounts of E-Traders Limited, one of his companies. He identified Exhibit AR as the company’s statement of account with the Mararaba branch of First City Monument Bank (FCMB).
He told the court that cash deposits made into the account at Access Bank’s Lokoja branch between July 2021 and April 2022 were connected to Adaudu.
Although some transaction descriptions bore his name, Abdullahi said he did not personally make the deposits, explaining that he had never visited the Access Bank branch in Lokoja.
He gave a similar explanation regarding deposits dated February 22 and transactions recorded on March 10 and 11, 2022.
The witness also identified Exhibit AK, another account statement, and attributed several cash deposits made on December 29 and 30, 2021, as well as January 31 and February 1, 2022, to Adaudu or individuals acting on his behalf.
He maintained that the transactions were related to foreign exchange dealings.
Witness Makes Admission During Cross-Examination
During cross-examination, however, Abdullahi admitted that he could not establish whether any of the defendants personally made the cash deposits because he was not present at the bank when the transactions occurred.
He also confirmed that the names of the first and second defendants did not appear in E-Traders Limited’s account statement as depositors.
The witness further disclosed that he was the sole signatory to the account.
Despite these admissions, Abdullahi maintained that the transactions involving Keyless Nature Limited and Ejadams Essence Limited were forex dealings associated with Adaudu.
He said he could not remember the total amount of foreign currency he supplied to Adaudu but explained that he usually provided the equivalent value of the transactions, either in cash or, occasionally, through bank transfers.
According to him, payments made in cash were delivered in foreign currency.
Witness Testifies On School Fees Payments
Abdullahi also gave evidence concerning payments made towards the school fees of children attending the American International School.
He told the court that Adaudu supplied the account details and names of the beneficiaries for the transactions.
The children were identified as Fatima Bello, Zarrah Bello, Zayan Bello, Farid Bello and Na’ima Bello.
The witness said he arranged the payments through colleagues rather than carrying them out personally. He added that neither Adaudu nor the children’s parents complained about the transactions.
He identified Exhibit AX10(1–4) as telex documents issued by the American International School in connection with the payments.
According to Abdullahi, he forwarded the documents to Adaudu for confirmation after the transactions had been completed.
During cross-examination, the forex dealer admitted that he did not know the parents of the children whose school fees he helped to pay. He also confirmed that he did not personally execute the payments but relied on colleagues to handle the transactions.
The witness further disclosed that he operated another company known as De Remita.
He told the court that the statements he made to the EFCC in 2022 contained details and illustrations of the transactions with Adaudu that he could recall at the time. He also confirmed that he had not made any further statement to the commission since then.
Court Adjourns Trial
Earlier in the proceedings, a lawyer informed the court that an application had been filed seeking the withdrawal of the surety of the third defendant.
The lawyer said all parties had been served with the application, but it was not yet ready for hearing.
Counsel representing the third defendant confirmed receipt of the application and requested time to prepare a response.
Pinheiro suggested that the application be heard on the next adjourned date to prevent disruptions to the ongoing trial.
The court subsequently proceeded with the hearing.
However, after defence counsel indicated that the witness was tired, Justice Anenih adjourned the case until October 27 and November 24, 2026, for the continuation of proceedings.
Bello and his co-defendants are facing a 16-count charge involving alleged criminal breach of trust and money laundering amounting to ₦110.4 billion.
The court has yet to determine the allegations against them.
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