Connect with us

Headline

National Security: FRSC, NCS partner on vehicle information database

Published

on

Corps Marshal, Federal Road Safety Corps (FRSC), Mr Dauda Biu introducing FRSC management team to the Acting Comptroller General, NCS, Mr Bashir Adeniyi at the FRSC headquarters Abuja on Thursday

(Photo: Corps Marshal, Federal Road Safety Corps (FRSC), Mr Dauda Biu introducing FRSC management team to the Acting Comptroller General, NCS, Mr Bashir Adeniyi at the FRSC headquarters Abuja on Thursday)

The Federal Road Safety Corps (FRSC) and Nigeria Customs Service (NCS) have agreed to integrate vehicles information on their databases to enhance national security and curb revenue losses.

This was made known when the Acting Comptroller General, NCS, Bashir Adeniyi visited the Corps Marshal FRSC, Dauda Biu, on Thursday in Abuja.

Adeniyi said that the NCS was committed to working with FRSC, especially in data integration and management, human resources, sports, as well as information and communication technology.

He said that the NCS would ensure the integration of information on vehicles in the National Vehicle Identification Scheme database domiciled with the FRSC.

This, the CG said would ease tracking of smuggled vehicles, improve revenue generation and enhance national security.

Responding, the Corps Marshal applauded the initiative, saying that data sharing would not only strengthen the bond between the two agencies but also positively impact the fight against smuggling.

“It will also entrench ease of doing business as it will make tracking of vehicles without customs duty certificate very easy for the Corps at the point of registration,” Biu said.

He urged the customs service to ensure that old and expired vehicles were not allowed to be imported into the country.

The FRSC boss also tasked the NCS to tackle the issue of importation of used tyres, saying that this was necessary to save lives.

Headline

Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

Published

on

AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

Continue Reading

Headline

CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

Published

on

In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

Continue Reading

Facebook

Trending