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FG improves infrastructure at Idu train station to boost service delivery — MD



FG improves infrastructure at Idu train station to boost service delivery — MD

The Federal Government has commenced improvement of facilities and infrastructure at Idu Train Station, Abuja, to improve the quality of service delivery.

Mr Fidet Okhira, Managing Director, Nigerian Railway Corporation (NRC), stated this after an inspection visit to the station on Wednesday.

Okhira added that the move was to improve customer service experience and ensure comfort, safety, and the safety of users.

He explained that the inspection became necessary following the unscheduled visit by the Minister of Transportation, Sen. Saidu Alkali to the station.

He added Alkali had highlighted some issues that needed to be corrected.

“My visit today is a follow up to ensure that all directives are duly followed and implemented.

“We appreciate the minister`s visit because it has put us on our toes and everybody, including myself, is busy getting the job done,“ he said.

He said that the three faulty lifts at the station have been fixed, while one of the three escalators was also working.

He explained that the remaining two escalators could only work in one way for now, adding that the remaining two were being fixed.

According to him, the NRC has keyed into the renewed hope of President Bola Tinubu and is determined to transform the railway service to serve the public better.

On welfare, the managing director said that the corporation had paid two months out of the five months allowances owed to cleaners and security personnel.

He explained that the delay was due to a shortfall in revenue generation since the train attack, adding that expenses had equally gone up.

“We will do all we can to ensure that the remaining balance is paid. This key to boost their morale to keep the train clean and safe for all users.

“Nonetheless, we are appealing for continued cooperation of the cleaners and security personnel to enable us to deliver quality services to the members of the public,” he said.

Okhira commended the Nigerian Police, the Army, and other stakeholders for securing the station and keeping it clean and serene.



Hardship: Protesters Defy Police Warning, Hit Lagos Streets



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



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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