The Central Bank of Nigeria has issued fresh guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System, mandating a minimum trade value of $100,000.

The directive, dated 25 November 2024 and signed by Dr Omolara Duke, CBN’s Director of the Financial Markets Department, is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market.

According to a new set of guidelines released by the CBN on Tuesday, the EFEMS is designed to streamline interbank FX trading, reduce counterparty risks, and ensure adherence to CBN regulations.

The apex bank has designated Bloomberg’s BMatch as the official order-matching platform for interbank transactions, with trading hours set between 9:00 am and 4:00 pm West Africa Time on business days.

One notable provision in the guidelines is the enforcement of a $100,000 minimum tradable amount, with incremental clip sizes of $50,000.

The EFEMS is also limited to spot FX transactions involving the Nigerian naira and the United States dollar.

The CBN, however, retains the discretion to introduce other currency pairs when deemed necessary.

The guidelines document read, “All trades consummated on EFEMS are binding unless canceled by mutual agreement of both parties with written approval from the CBN.

“The minimum tradable amount is US$100,000.00, with incremental clip sizes of US$50,000.00.

“Participants must set credit and settlement limits for other counterparties in the system. Transactions exceeding these limits will not be executed.

“Participants must have adequate credit and settlement limits set for the CBN as its counterparty bank.

“Participants are required to comply with the Nigerian Foreign Exchange Code and other CBN regulations.”

Participation in the EFEMS is limited to authorised dealer banks licensed by the CBN, while other institutions wishing to join the platform must first obtain prior approval.

Participants are also required to execute agreements with the CBN-approved platform provider, maintain accurate profiles, and operate within prescribed credit and settlement limits.

Withdrawal from the platform must be preceded by a 30-day notice, along with the resolution of any outstanding obligations.

Also, trades conducted via the platform will remain anonymous until matched. Counterparty details will only be revealed once transactions are concluded, in line with settlement protocols.

Transactions exceeding set limits or conducted outside EFEMS parameters must be reported promptly and logged onto the FX blotter within 10 minutes.

The CBN emphasised that it will closely monitor all transactions on EFEMS to ensure market integrity and transparency.

Participants are required to submit daily reports detailing trade volumes, settlement statuses, and counterparties.

The central bank also reserves the right to publish aggregated or disaggregated trade data for market analysis, subject to confidentiality agreements.

Any violations of the EFEMS guidelines or related regulations will attract strict penalties, including the suspension or revocation of access rights.

The CBN further stated that it will periodically review the platform’s operations to ensure efficiency and compliance with its directives.

In a separate document on Tuesday, the CBN announced that the Bloomberg BMatch system will officially go live as the EFEMS for foreign exchange trading on December 2, 2024.

The CBN outlined that all authorised dealers and banks in the interbank FX market are required to deploy the Bloomberg BMatch system for their trading activities.

The system aims to ensure uniformity and seamless trading among market participants while enabling the CBN to effectively monitor market performance and data management.

The central bank urged banks to liaise with Bloomberg representatives to expedite the onboarding process and address any technical or operational issues promptly.

The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) have expressed their heartfelt appreciation to Nigerians for their unwavering support following the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery.

In a statement released on Tuesday, NNPC described the refinery’s restart as a significant milestone in Nigeria’s journey toward achieving self-sufficiency in petroleum refining.

The statement released by the Chief Corporate Communications Officer, Olufemi Soneye, reads, “We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products.

“For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%. The refinery is producing the following daily outputs:

“Straight-Run Gasoline (Naphtha): Blended into 1.4 million litres of Premium Motor Spirit (PMS or petrol)

“Kerosene: 900,000 litres

“Automotive Gas Oil (AGO or Diesel): 1.5 million litres

“Low Pour Fuel Oil (LPFO): 2.1 million litres

“Liquefied Petroleum Gas (LPG): Additional volumes

“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications. Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.

“Additionally, we have made substantial progress on the new Port Harcourt Refinery, which will begin operations soon without prior announcements.

“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation. Malicious attacks on clear progress only undermine the significant strides made by NNPC Ltd and the country.

“Let us move forward together in building a stronger and more self-sufficient energy sector.”

President Bola Tinubu has congratulated Atiku Abubakar on his 78th birthday anniversary.

In a statement issued by Sunday Dare, his special adviser on media and communications, the president said the former vice-president has been an “active player in Nigeria’s democratic process” since 1999.

“The President recalls many special moments shared with Wazirin Adamawa as founding members of the All Progressives Congress (APC), united in the mission to build a better future for Nigerians, as well as their engagement as political opponents in the last presidential election,” the statement reads.

“President Tinubu recognises Atiku’s commitment to public service and philanthropy, and prays Almighty Allah to continue to grant him health and happiness in the years ahead.”

Abubakar was vice-president between 1999 and 2007.

He was the standard-bearer of the Peoples Democratic Party (PDP) in the 2019 and 2023 presidential elections — losing out in both polls.

Dayo Amusa, the Nollywood actress, has addressed the public’s inquiry about the identity of her child’s father

The film star welcomed her first child in the United States on November 18, but the baby’s father’s identity remains unknown, setting many social media users’ tongues wagging.

Addressing these concerns via a TikTok live session, Amusa maintained that she will not disclose her child’s father’s identity.

The actress explained that she is concealing the father’s identity to “maintain my peace” and prevent anyone from ruining her happiness.

The movie star also expressed her excitement about being a mother and having “a new name”.

“I realised that some people are so interested in knowing who the father of my child is. Is your husband missing?” she said.

“Moreover, the child is not a fruit that just fell from heaven. He definitely has a father. It is not compulsory you congratulate me, do not bother.

“If it not convenient for you, don’t worry. I do not care. I am the one in the public eyes, not my husband.

“I would only let out what I want to let out. I want to maintain my peace that is why my personal life is undisclosed.”

Amusa started her acting career in 2002 and made her debut as a producer in 2006. Known for her versatility, she has starred in numerous Yoruba and English-language Nollywood films.

She has also received several accolades for her talent

Popular media personality, Toke Makinwa has stated that she spent her 20s focusing on a single relationship.

Makinwa said this while reflecting on her youthful devotion and lessons learned along the way.

Speaking on Cocktails and Takeaways, the media personality noted that she didn’t like her 20s.

“I don’t think I liked my twenties. I don’t think I knew what I was doing because I was in love with one man in my 20s. I spent my entire 20s following one man.

“If I could turn back the hand of time, I’m grateful that I’m where I am today because my experience has shaped me.

“But I tell young people that you have no business getting married in your early or mid-twenties. Figure yourself out. Know yourself first.”

Afrobeats singer, David Adeleke, aka Davido, has claimed that the best doctors in the United States are of Nigerian descent.

He made the claim while highlighting the contributions of Africans to both the professional and creative sectors during the Afric TV programme.

Davido pointed out that Africans are some of the brightest brains in the global music industry, stressing that Western filmmakers are now turning to the continent for movie ideas.

He said, “The best doctors in America are Nigerians. You can search it. Even in my record label [Sony Music], Africans bring the best ideas. That shows that our imagination is off the grid.

“Netflix and Amazon Prime come to Africa to get movie ideas. Now, when you come on Netflix, you will see about two Nigerian movies in the top 10. Africa is next, trust me. I feel like we have everything but just missing a couple of things.”

Although Nigerians are renowned doctors in America, statistics do not show that they are the best.

The Nigerian National Petroleum Company Limited, NNPCL, has announced that the Port Harcourt Refinery on Tuesday began the truckout of petroleum products hours after the plant officially resumed crude oil production.

NNPCL made this known during a commissioning and product rollout event on Tuesday in Port Harcourt, Rivers State.

A statement by the company said trucks has began loading petroleum products, including petrol, diesel and kerosene, while other products will be dispatched as well.

Speaking during a brief ceremony to mark the commencement of product loading at the refinery on Tuesday in Port Harcourt, the group CEO, Mele Kyari, described the commencement of the loadout activities as a monumental achievement for Nigeria.

He said the development signifies a new era of energy independence and economic growth for the country.

Kyari lauded President Bola Tinubu for his unwavering support and understanding towards the rehabilitation project and for his persistence to ensure energy security for the country.

He also expressed deep appreciation to the NNPCL Board of Directors and the entire staff for their support and commitment, which crystallised into the revitalisation of the refinery.

This comes hours after NNPCL spokesperson Olufemi Soneye announced that the refinery has kicked off crude oil production.

The state-owned firm said the plant will begin at 60 percent capacity, with 60,000 barrels per day of crude oil production.

The company said Warri Refinery will soon commence production.

It, however, did not start when Kaduna Refinery will commence production.

The British High Commissioner to Nigeria, Richard Montgomery, has revealed that the UK and Nigeria have agreed a transnational education partnership approach.

According to him, this means the UK universities can work with Nigerian institutions more effectively and work on common standards, raising standards and sharing expertise and lessons in particular sectors.

Montgomery, who stated this on Tuesday on the day 1 of the Going Global Conference being held in Abuja, said he was absolutely confident the two countries will go from strength to strength to bring to bear the best of education.

“I think what’s in it for the UK is that it’s in all our interest to build higher education institutions that are more resilient and provide a better quality education and meet the needs of economies in Africa. And that’s in all our interests,” he said.

“We want to grow our relationship. We need to improve the way the UK higher education sector provides its expertise and its partnerships.

“The UK and Nigeria have agreed a transnational education partnership approach, which means the UK universities can work with Nigerian institutions more effectively and work on common standards, raising standards and sharing expertise and lessons in particular sectors,” he announced.

“And I’m really delighted that sir Steve Smith, the Prime Minister’s International Education champion, is here and is with a delegation of 11 Vice Chancellors from the UK to have discussions with their colleagues in Nigerian higher education institutions here over the next couple of days, both in Abuja and in Lagos. So I think it’s a shared set of interests.

Also, fielding questions from the press, the Minister of Education, Tunji Alaussa, said that President Bola Tinubu wants the education system in the country reformed.

He said it was important that Nigeria’s education is aligned to the needs of the society and to the needs of the 21st century.

“We’re training a lot of graduates, churning out a lot of graduates from our universities that are not employable,” he added.

“We have a unique demography in this country. Nobody has it in the world. We have a population of two 200 million people. 70% of those people are below the age of 30 years old.

“We have to give them an opportunity. And this is what this President is all about. This is what the Renew Hope Agenda is all about. We’re going to be doing a lot of things, and I heard some others are going to be taking some things out from this conference, from initial discussion. “

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has confirmed that the price of petrol in Nigeria will crash in the coming days.

The NMDPRA Chief Executive Officer, Farouk Ahmed confirmed this on Tuesday while speaking to newsmen on the resumed operation of the Port Harcourt Refinery.

According to him, the operations of the Port Harcourt Refinery and the Dangote Refinery would ensure the availability of petroleum products and lead to a reduction in prices.

Ahmed added that with the refineries now functioning and the hope that Warri and Kaduna would soon come on board too, Nigeria is set to become a net exporter of petroleum rather than a net importer.

He praised the role played by President Bola Tinubu and other stakeholders in ensuring the resuscitation of the Port Harcourt Refinery.

He said: “Its a major milestone, major achievement to see Port Harcourt Refinery coming back on stream and holding stably. It is indeed a very proud moment for us and a relief because now with the Dangote Refinery on stream, Port Harcourt Refinery on stream, and we are hoping that Warri comes up and Kaduna, we’ll be the net exporter of petroleum products rather than being a net importer.

“It is an achievement that will be accredited to Mr. President of course because he insisted, he persisted, put all the pressure, he said it must be done and it has been done.

“And I congratulate the NNPC and he management of Port Harcourt Refinery for their focus. And also to the contractor, my colleagues, the regulators who are attached to the project, have been working day and night in collaboration with the contractor and management of Port Harcourt Refinery, I also wish to thank my colleagues for achieving this milestone.

“Products will be available nationwide. What is important is that there is now competition and there is a choice, and we will see the prices of the products come down because their is ample supply.”

The Economic and Financial Crimes Commission (EFCC) has detained a former Governor of Kogi State, Yahaya Bello, following his arrest.

Naija News understands Bello was detained at the EFCC headquarters in Abuja after he presented himself at the office of the anti-graft agency on Tuesday.

The former governor’s detention was disclosed by EFCC’s Head of Media and Publicity, Dele Oyewale.

Oyewale told journalists that Bello was arrested by the Commission’s Chief Security Officer (CSO).

“It is true that we have him in our custody. The operatives of the Commission arrested him,” Oyewale said, according to Daily Post.

He is currently being grilled by operatives of the EFCC.

Recall this platform reported earlier on Tuesday that Bello presented himself at the office of the Economic and Financial Crimes Commission (EFCC) in relation to the charges against him by the anti-graft commission.

The former Governor drove himself in a black Hilux and arrived at the EFCC office in the company of his lawyers.

Recall the federal government has filed a new 16-count charge against the former governor of Kogi State, Yahaya Bello, in a case that has intensified scrutiny of his financial dealings.

The charges, submitted to a federal high court in Abuja, center around an alleged criminal breach of trust amounting to ₦110,446,470,089.