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CBN Directs Banks to Sell Excess Dollars

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The Central Bank of Nigeria (CBN) has issued a directive mandating Deposit Money Banks (DMBs) to divest themselves of excess dollar holdings by the latest deadline of February 1, 2024.

The CBN, in a circular released on Wednesday titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” expressed concern over the growing trend of banks amassing large foreign currency positions for profit. The move follows closely on the heels of a prior circular, issued just 48 hours earlier, cautioning banks and foreign exchange (FX) dealers against disseminating false exchange rates.

The circular, dated January 31, 2024, and signed by Dr. Hassan Mahmud, the Director of Trade and Exchange at the CBN, along with Mrs. Rita Sike, the representative of the Director of Banking Supervision, accused banks of holding excessive foreign exchange positions.

The apex bank set a deadline of February 1, 2024 (today) for banks to liquidate their surplus dollar reserves.

Highlighting the risks associated with banks maintaining large Net Open Positions (NOP), the circular emphasised the incentive for banks to hold excessive long foreign currency positions, exposing them to potential foreign exchange risks.

To address this, the CBN introduced prudential requirements, focusing on managing the NOP.

Under the new regulations, the NOP must not exceed 20% short or 0% long of the bank’s shareholders’ funds. The calculation is to be performed using the Gross Aggregate Method, offering a comprehensive overview of the bank’s foreign currency exposure. Banks exceeding these limits in their current NOPs are instructed to adjust their positions to comply with the regulations by February 1, 2024.

Moreover, the circular mandates that banks use specific templates provided by the CBN to calculate their daily and monthly NOP, along with their Foreign Currency Trading Position (FCT).

The CBN’s latest measures aim to curb the growing trend of banks holding excessive foreign currency reserves and contribute to the overall stability of Nigeria’s exchange rate.

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Kola Oyewo’s family to Adeleke, Ooni, Atiku: Your condolences are our pillar of strength

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The family of the late veteran actor and scholar, Chief (Prof.) Adekola “Kola” Oyewo, has expressed deep appreciation to Governor Ademola Adeleke of Osun State, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, and former Vice President Atiku Abubakar, among other Nigerians, for their messages of condolence and support following the death of their patriarch.

In a statement issued on Saturday by Dr. Adewale Oyewo on behalf of the family, the bereaved household said the overwhelming show of sympathy, prayers, visits and acts of kindness from across Nigeria and beyond had served as a strong pillar of comfort in their period of grief.

The family described the late Oyewo as a respected community leader, accomplished academic, devoted family man, and traditional title holder whose life was defined by service, integrity, and unwavering commitment to societal development.

According to the statement, the tributes received in his honour reflect the far-reaching impact he made on students, colleagues, cultural practitioners and the wider society.

The family particularly appreciated Governor Ademola Adeleke for his condolence message and prayers, noting that his support had been deeply comforting.

It also expressed gratitude to the Ooni of Ife, whose words of encouragement were described as uplifting and consoling during the mourning period.

The statement further acknowledged the Oloba of Oba-Ile, Oba (Prof.) Adekunle Ashamu Oyeyemi (Tewogbade I), the Oloba-in-Council, and other traditional institutions for their fatherly support and solidarity.

Former Vice President Atiku Abubakar was also commended for his message of sympathy, which the family said brought reassurance in their moment of loss.

The family extended appreciation to professional bodies including the National Association of Nigerian Theatre Arts Practitioners (NANTAP) and the Theatre Arts and Motion Pictures Practitioners Association of Nigeria (TAMPAN), as well as academic communities of Obafemi Awolowo University, Redeemer’s University, Ekiti State University, and Elizade University, where the deceased served.

They also thanked friends, associates and well-wishers who stood by them with prayers and support.

“As we continue preparations to honour the life and legacy of our beloved patriarch, we humbly seek continued prayers and support,” the statement added, praying for the peaceful repose of his soul.

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IGP appoints Iniedu Force spokesman, replaces Placid

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photo combo of Anietie Iniedu and outgoing Force spokesman, Anthony Placid

The Inspector-General of Police, Tunji Disu, has appointed Anietie Iniedu as the new Public Relations Officer of the Nigeria Police Force, succeeding Anthony Placid, who was appointed to the position barely three months ago.

The appointment was announced in a statement issued on Friday by Placid, who described his successor as a seasoned police officer with extensive experience in public communication, operational policing, intelligence management, institutional accountability and administration.

An indigene of Etinan Local Government Area of Akwa Ibom State, Iniedu holds a Bachelor of Science degree in Pure Chemistry from the University of Uyo and has attended several professional courses in investigative interviewing, crime scene management, intelligence analysis, strategic communication and human rights-based policing.

Before his latest appointment, Iniedu headed the Complaint Response Unit at the Force Headquarters, Abuja, where he coordinated the management of public complaints and drove initiatives aimed at deepening transparency, accountability and public trust in the Nigeria Police Force.

He also served as Public Relations Officer of the Police College of Information Technology, Kobape, Ogun State, in addition to holding several operational and administrative positions across the country.

His previous postings include Operations Officer at the Maisandari Division in Yobe State, Area Crime Officer at the Umuahia Area Command in Abia State, Staff Officer at the IGP Secretariat, Force Headquarters, Second-in-Command of the 50 Police Mobile Force Squadron, Kubwa, and Officer-in-Charge of the Force Headquarters Situation Room, where he coordinated the dissemination of crime and security information nationwide.

The statement quoted the Inspector-General as expressing confidence in Iniedu’s capacity to lead the Force Public Relations Department, noting that his wealth of experience and professional background would further strengthen the police’s strategic communication architecture and enhance engagement with members of the public.

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Govs Back State Police, Power Reform, Nutrition Drive, World Bank Partnership

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Insist state policing must align with federalism, citizens’ rights as governors deepen talks on constitutional review, energy transition, agriculture, social protection

The 36 state governors under the umbrella of the Nigerian Governors’ Forum have renewed their support for the establishment of state police and sweeping reforms in Nigeria’s power sector, signalling fresh momentum for key constitutional and economic restructuring efforts.

The position was contained in a communiqué issued at the end of the Forum’s second meeting held on Wednesday, where the governors deliberated on security, energy, nutrition, agriculture and development partnerships affecting the country.

According to the communiqué, the governors engaged in extensive consultations with Attorneys-General across the states to review proposed constitutional amendments relating to state policing and other governance reforms.

They stressed that any framework for state police must be “constitutionally sound, consistent with federalism, and protective of citizens’ rights,” adding that ongoing legal consultations would help shape a unified and stronger position for the states ahead of national engagement.

The Forum noted that the collaborative review process with legal advisers was already producing inputs expected to strengthen the collective stance of states on security restructuring in the country.

On social development, the governors received a presentation from the Federal Ministry of Budget and Economic Planning on progress under the National Nutrition 774 (N-774) Initiative, aimed at tackling malnutrition at the grassroots.

They reaffirmed their commitment to improving nutrition outcomes across Nigeria, particularly in reducing child malnutrition, and expressed support for the ongoing consideration of the National Nutrition Bill.

The governors also called for sustained engagement with stakeholders to strengthen the legal and institutional framework guiding nutrition governance nationwide.

In another briefing, the Forum was updated by the World Bank Country Office on the proposed Country Partnership Framework (CPF) for Nigeria (FY2026–2032), alongside the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) Programme.

The AGROW initiative is designed to boost agricultural productivity, strengthen value chains, attract private sector investment, improve food security, and support early childhood development interventions across participating states.

The governors expressed support for continued collaboration with the Federal Government, the World Bank and development partners, while endorsing state-specific interventions aimed at ensuring effective implementation and measurable impact.

They further urged stronger inter-sectoral coordination in health, nutrition, education, water and sanitation, and social protection systems to improve outcomes for citizens.

On energy reform, the Forum considered the National Solar Super-Grid (NSSG) Initiative, a plan to expand electricity access through decentralised solar generation integrated into a national transmission backbone.

The governors noted the initiative’s potential to improve energy security, deepen industrialisation, strengthen state electricity markets and accelerate economic growth across the federation.

Reaffirming their commitment to power sector reforms, the governors pledged sustained collaboration with stakeholders to expand access to reliable and affordable electricity, describing energy reform as central to job creation, productivity and national development.

The meeting ended with a renewed resolve by the governors to deepen cooperation on reforms seen as critical to economic stability, security restructuring and improved welfare for Nigerians.

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