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Kano Govt to activate, support 250 cooperative groups

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The Kano State Government says it will activate and support 250 cooperative groups across the state as an empowerment strategy.

Alhaji Jamilu Abbas-Kiru, the newly appointed Special Adviser on Cooperative Groups to Gov. Kabiru Yusuf, made this known in Kano on Sunday.

He said: “Gov. Abba Yusuf has a comprehensive socio-economic development plan for our dear Kano state.

“He is determined to stimulate and enhance commerce and industrialisation, energy, security as well as climate change initiatives in the state.

“The administration has equally resolved to deliver quality and accessible healthcare services, functional education, rural development and water supply.”

The aide explained that various cooperative societies covering different trades, including agriculture, commerce, handicrafts, artisans and transportation, would be selected, trained and empowered across the state.

According to him, the empowerment strategy is in line with current digitalisation of global economic activities.

“Majority of our people are in rural areas and lacked adequate knowledge and benefits of cooperativism. They rarely belong or form cooperative societies.

“They are also deficient in modern Information Communication Technology (ICT) and how it is driving socio-economic activities,” Abbas-Kiru, also National President of the Market and Traders Association of Nigeria (MATAN), said.

He therefore disclosed that the government would help establish and empower such cooperative groups as well link the members up with finance and banking institutions to enable them access intervention funds and ease their businesses.

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Hardship: Protesters Defy Police Warning, Hit Lagos Streets

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Residents have hit the streets of Lagos State to protest against the increasing spike in the price of food and the high cost of living in the country.

The protest was facilitated by a human rights group identified as the “Take It Back Movement.”

This comes against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.

The protesters were seen carrying placards of various inscriptions at Ojuelegba Under Bridge area of the state to express their grievances.

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

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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.

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