The Central Bank of Nigeria (CBN) has permitted banks to trade with foreign currencies deposited under the amnesty initiative for the foreign exchange (FX) deposit window.

CBN gave the directive in a document dated November 5, signed by John Sonojah, its acting director, financial policy and regulation department and Adetona Adedeji, its acting director, banking supervision department.

On October 31, the federal government launched the ‘Disclosure Scheme,’ an amnesty initiative for the foreign exchange deposit window.

According to the ministry of finance, the scheme would span nine months and is designed to enhance transparency in the financial sector and boost Nigeria’s economic resilience, growth, and development.

In the document, CBN provided guidelines for the participation of commercial, merchant, and non-interest banks (CMNIBs) in the implementation of the disclosure scheme that allows individuals or businesses to deposit foreign currencies.

The guidelines took effect on November 6.

According to the document titled ‘Guidelines on Implementation of the Foreign Currency Disclosure, Deposit, Repatriation and Investment Scheme, 2024,’ banks are at liberty to trade with the foreign exchange made available by the scheme participants.

“Commercial, merchant, and non-interest banks may trade with any deposited ITFC (Internationally Tradable Foreign Currencies) not immediately invested by a participant, provided that the funds would be made available to the participant when needed,” the document reads.

“Interest payment by CMNIBs on the balance in the designated domiciliary account shall be in line with relevant provisions of the Guide to Charges by Banks and Other Financial Institutions in Nigeria.”

RESPONSIBILITIES OF CMNIBS

CBN highlighted that banks are to open domiciliary accounts designated for the scheme for intending participants and receive and process applications from intending participants in the scheme in accordance with the scheme guidelines.

The banks are also to accept deposits of disclosed internationally tradable foreign currencies (ITFCs) from participants, either directly or from a legal person nominated by the participant.

CBN said other responsibilities include ensuring that ITFCs deposited by a participant are held in the designated domiciliary account and not later than 24 hours from the time the ITFC is deposited, issuing a receipt to the participant, indicating the originating country of the funds, and acknowledge that such funds were received for the scheme.

“Track and report to the Bank, participants’ ITFC investments in permissible investment instruments or permissible investment sectors; ensure that participants comply with the provisions of this guidelines, the principal executive order, scheme guidelines, and other applicable laws relating to the Scheme,” the CBN said.

“Treat with confidentiality, all information received from participants in the Scheme in line with the Nigerian data protection laws and regulations; render returns to the Bank in accordance with section 5.0 of this Guidelines; obtain from the intending participants the information listed in Section 3.1 of this Guidelines. 

“Maintain appropriate and comprehensive records of data/information relating to transactions under the Scheme; and perform such other functions as the Bank may direct.”

WITHDRAWAL AT WILL AND CONVERSION AT PREVAILING RATE

According to the CBN, the CMNIBs are not to impose any restriction on the withdrawal from the designated domiciliary account of the participant (individual or business) — except as otherwise provided in the scheme guidelines.

The CMNIBS are also not to restrict the termination of any investment made by the participant in a permissible investment instrument or permissible investment sector with any such ITFC.

Also, the banks are to permit a participant to, at any time, exchange part or the whole ITFC in their designated domiciliary account for naira at the prevailing exchange rate, provided that such conversions are properly disclosed and reported in the CMNIB’s foreign exchange returns.

In implementing the scheme, CBN added that CMNIBs are required to comply with extant rules and regulations, including anti-money laundering/combating the financing of terrorism/countering proliferation financing (AML/CFT/CPF) laws and regulations.

Nigerian activist, Martins Vincent Otse, widely known as Verydarkman, recently called out Apostle Johnson Suleman, the founder of Omega Fire Ministry.

Apostle Suleman predicted in a previous video that a woman would become the next President of the United States. After announcing the election results, Verydarkman, or VDM, responded to the prophecy in a video.

VDM criticized the prediction, suggesting that such a “false prophecy” should result in 30 years of jail time.

In his critique, he sarcastically referred to Apostle Suleman as a carpenter. He also humorously asked if the Apostle was Italian footballer Mario Balotelli.

VDM went on to assert that the internet is increasingly exposing false prophets, and he believes that future generations will gain a clearer understanding of these figures.

He argued that true miracles come solely from God, dismissing any claims of supernatural acts spearheaded by clergymen.

In his closing remarks, VDM laughed about the failed election predictions, expressing satisfaction that the outcome surprised those who had a lot of confidence.

Watch the video below:

Power distribution companies in Nigeria have announced an increase in the price for various electricity meter models, marking the second price hike in four months.

Power consumers kicked against the development, describing it as “wicked”, considering the economic hardship nationwide currently.

According to the Discos, the cost of a single-phase meter has risen from approximately N117,000 to as much as N149,800.

This amount indicates an increase of 28.03 per cent or N32,800, depending on the distribution company and meter vendor.

The new prices posted on the official X handle of the Discos on Wednesday were scheduled to take effect on Tuesday, November 5, 2024.

It also reflects the deregulation of meter asset providers as directed by the Nigerian Electricity Regulatory Commission.

This upward revision follows an earlier increase in August 2024, further amplifying concerns among electricity consumers about affordability and accessibility.

An analysis of the documents revealed that meter prices vary across Discos, influenced by vendors and meter models (single-phase and three-phase).

Eko Disco pegged the price of its single-phase meter between N135,987.5 and N161,035, while a three-phase meter was pegged between N226,600 and N266,600.

Ibadan Disco said customers will pay between N130,998 and N142,548 for a single-phase meter and N226,556.25–NN232,008 for a three-phase-meter.

Customers under Abuja Disco will pay N123,130.53 – NN147,812.5 for single-phase meters and N206,345.65 – NN236,500 for three-phase meters.

Kano Electricity Distribution said its customers will pay N127,925–N129,999 for a single-phase meter and N223,793–NN235,425 for a three-phase meter.

Lastly, Kaduna Disco said N131,150 — N142,548.94 would be paid for single-phase meters and N220,375 — N232,008.04 for three-phase meters.

In April, the Nigerian Electricity Regulatory Commission introduced a significant policy shift by announcing the deregulation of meter prices under the Meter Asset Provider scheme for end-user customers.

The move was to address lingering issues surrounding meter supply and pricing transparency within the electricity sector.

According to NERC’s order, meter prices under the MAP scheme will now be determined through competitive bidding rather than being centralised.

This shift is expected to foster greater competition among meter providers, ultimately improving cost efficiency and service delivery for end users.

Additionally, the deregulation removes earlier operational restrictions, allowing MAP permit holders to provide metering services across all electricity distribution companies in Nigeria.

However, MAPs must meet specific regulatory requirements to ensure compliance and maintain quality standards in service delivery.

Previously, NERC regulated meter prices, which were often subsidised across all DisCos to reduce costs for customers. While this model aimed to make metering affordable, it inadvertently stifled competition and limited transparency in the supply chain.

As a result, Discos and customers were unable to negotiate or explore better deals from meter vendors, contributing to inefficiencies in the system.


FCCPC warns DisCos against metering abuses
With deregulation now in place, NERC anticipates a more dynamic metering ecosystem where customers and Discos can benefit from competitive pricing, improved service quality, and greater accountability among meter providers.

Meters are sold directly by the meter asset providers but the application will be done through Discos’ portals.

Some of the meter vendors are Mojec Asset Management Company, Wellsun Intelligent Technology, Gosslink Engineering, Turbo Energy Ltd, MBH Power, CIG Metering Assets, among others.

The meter asset providers had protested that the price approved by NERC was below the landing or production cost of the meters.

For days, meter application portals of the Discos were shut as the vendors refused to supply the product at a rate below its cost.

The Chief Executive Officer of Fermadec Group, Fola Akinola, had told one of our correspondents in April that the Discos shut down their meter application portals because the manufacturers and the Discos were regularising the prices of meters to reflect the current economic realities.

Akinola noted that the meter prices then were no longer sustainable, considering the exchange rate.

He said the NERC needed to stop fixing the prices of prepaid meters because the exchange rate was not stable.

“Before, the price used to be fixed, but now, each seller is going to give his or her price, depending on the type of meter,” he said.

After weeks of negotiation, the regulator approved an increase in meter prices to reflect the current reality in the foreign exchange market.

While announcing the new prices in May, the Discos disclosed that a customer would have his meter installed within 10 working days. However, reports from customers indicated that some of the vendors are not abiding by the rules.

It was also said the prices would be reviewed monthly after a competitive bid process by the vendors.

Consumers kick

The Executive Director of the Electricity Consumers Protection and Advocacy Centre, Princewill Okorie, rejected the new meter prices, saying there are no justifications for it.

He emphasised that the Discos were given N59bn from the N200bn earmarked for the National Mass Metering Programme in 2020, saying they only paid back N7bn.

“What do you want me to say? They keep increasing the meter price, why are they wicked? N200bn was earmarked for the NMMP that was to be implemented in three phases. Only the pilot phase of N59bn was implemented. And what the 11 Discos could pay back was only N7bn. What did they use the rest of the money for?

“Since after that N59bn, what has happened to the rest of the money when you removed N59bn from N200bn? Are they not the same people who are paying for this meter that are paying for the shortfall as part of their electricity bills? The regulator increased the tariff, saying they wanted the Discos to get money to pay back the loan. Who are the people that got the meters?

“Let them stop taking Nigerians as fools. The meter acquisition fund, what did they use it for? So, it’s not justified at all. I don’t know why they want to keep inflicting punishment on Nigerian consumers. Let them account for the N200bn for the national mass metering programme,” he said.

Okorie argued that “in other countries, how much is a meter? What is the price of a one-phase meter or three-phase compared to what they are asking Nigerians to pay?”

When told that the exchange rate was blamed for the meter price hike, he replied, “The N200bn, where is it? Is it the exchange rate that made the Discos not pay back the N59bn loan? Between 2020 and 2024, they were only able to pay N7bn. Why are consumers paying for meters when there is a meter acquisition fund?

On Thursday, Doyin Okupe, a former presidential spokesman, suggested how to unseat President Bola Tinubu in 2027.

Okupe said a combination of former presidential candidates from the Peoples Democratic Party, PDP, Atiku Abubakar and that of Labour Party, LP, Peter Obi, would unseat Tinubu in 2027.

He said it’s game over should former President Goodluck Jonathan joins the race in 2027.

Posting on X, Okupe charged business mogul, Aliko Dangote should emulate Elon Musk and back Atiku.

He wrote: “Many Nigerian pseudo politicians lack deep thinking. Atiku/Obi will unseat Tinubu. Assumes Yorubas are stupid.

“Bring GEJ in 2027. Game over assumes the North is self-destructive.

“Dangote should be like Elon Musk & back Atiku. Assumes Dangote is suicidal. Where is God in all this.”

Former US President Barack Obama has congratulated Donald Trump on his victory.

Trump won the race for the White House on Wednesday after exceeding the requisite electoral college votes.

The ex-president picked up a raft of battleground states to leave his opponent trailing and won the popular votes.

Obama and Michelle, his wife, had endorsed Vice-President Kamala Harris’ presidential bid. The couple also went all out for Harris on the campaign trail.

In a statement on Thursday, Obama said although the election result was not the outcome he hoped for, democracy is about being willing to accept the peaceful transfer of power.

He also praised Harris for a remarkable campaign, adding that he is proud of her.

“Over the last few weeks and through Election Day, millions of Americans cast their votes — not just for president, but for leaders at every level. Now the results are in, and we want to congratulate President Trump and Senator Vance on their victory,” the statement reads.

“Michelle and I could not be prouder of Vice President Harris and Governor Walz — two extraordinary public servants who ran a remarkable campaign.

“And we will always be grateful to the staff and volunteers who poured their heart and soul into electing public servants they truly believed in.

“As I said on the campaign trail, America has been through a lot over the last few years — from a historic pandemic and price hikes resulting from the pandemic, to rapid change and the feeling a lot of folks have that, no matter how hard they work, treading water is the best they can do.

“Those conditions have created headwinds for democratic incumbents around the world, and last night showed that America is not immune.

“The good news is that these problems are solvable — but only if we listen to each other, and only if we abide by the core constitutional principles and democratic norms that made this country great.

“In a country as big and diverse as ours, we won’t always see eye-to-eye on everything. But progress requires us to extend good faith and grace — even to people with whom we deeply disagree.

“That’s how we’ve come this far, and it’s how we’ll keep building a country that is more fair and more just, more equal and more free.”

Harris put a phone call across to Trump to concede defeat on Wednesday. Addressing supporters afterwards, the vice-president promised that the fight will go on.

“I know many people feel like we are entering a dark time. But for the benefit of us all, I hope that is not the case,” Harris said.

“While I concede this election, I do not concede the fight that fuelled this campaign.”

A Nigerian national, Dr. Oye Owolewa, has now been elected to the House of Representatives to represent the United States Capital, Washington DC.

Oye Owolewa, a Democrat politician, was first elected into the US House of Representatives in 2020.

According to Wikipedia, while the position is unpaid, it was authorized by District of Columbia voters in 1982 but never approved by Congress.

His first election was in November 2020. Owolewa is tasked with lobbying for D.C. statehood. His position is also described as shadow congressperson.

He was born in Boston to a father from Omu Aran, in Kwara State, and a mother from Ilesa, in Osun State.

Owolewa family is in Igangu, Omu Aran, headquarters of Irepodun local government area of Kwara State

He was raised in Newton, Massachusetts and nearby Boston, where he attended Boston Latin School and graduated in 2008.

In 2014, he earned a doctorate in pharmacy from Northeastern University and moved to Washington to practice pharmacy.

In an acceptance message on his X handle after his victory, Owolewa wrote, “Almost 6 years to the date, I ran in my first election.

“On Nov 6, 2018, I ran for ANC Commissioner where I won by a single vote. Since then, I’ve learned to take nothing for granted and earn it every single day.

“6 years, we’re still here. Working. Onwards to DC Statehood.”

The Australian government has pledged to introduce what it described as “world-leading” legislation to ban children under the age of 16 from social media.

Anthony Albanese, the Australian prime minister, confirmed the age limit at a press conference on Thursday.

Albanese said the legislation will be introduced in the country’s parliament during its final two weeks in session this year, beginning on November 18.

The prime minister lamented that social media “was doing harm to our kids, and I’m calling time on it”.

He said the ban would take effect 12 months after the law passes.

Albanese said there would be no penalties for users, and that it would be up to Australia’s online regulator to enforce the laws.

The prime minister added that there will be no exemptions for children who have parental consent, or who already have accounts.

“Today, the minister and I have an important announcement. And this one is for the mums and dads. Social media is doing harm to our kids and I am calling time on it,” he said.

“I have spoken to thousands of parents, grandparents, aunties and uncles. They are worried sick about the safety of our kids online.

“And I want Australian parents and families to know that the government has your back. I want the parents to be able to say ‘sorry it is against the law for me to get you to do this’.

“… The government’s proposed age is 16. And that decision was made in cabinet on Monday. And that proposal will go to the national cabinet that I am conveying.

“The onus will be on parents and young people. There will be no penalty for users. A safety commissioner will provide oversight function and enforcement. The legislation will come into force 12 months after passage. There will also be a review.”

Michelle Rowland, the communications minister, said platforms impacted would include Meta Platforms’ Instagram and Facebook, as well as ByteDance’s TikTok and Elon Musk’s X.

“Alphabet’s YouTube would likely also fall within the scope of the legislation,” she added.

Earlier proposals to introduce a social media age limit have enjoyed broad bipartisan support in Australia.

Three minors detained in Borno State for allegedly participating in the #EndBadGovernance protest are still in custody, despite a recent directive from President Bola Ahmed Tinubu ordering their immediate release.

President Tinubu’s directive, issued three days ago, led to the release of minors held in Abuja.

But the Borno minors’ defence counsel Barrister Yakubu Alhaji Adamu, said they are still held in a juvenile facility in Maiduguri, following a court order.

The minors were initially arraigned before Justice Aisha Mohammed Ali at State High Court 10 in Maiduguri, where they pleaded not guilty.

The judge subsequently ordered their remand in a juvenile facility and adjourned the case till November 18, 2024.

Salamtu Idrisa from the Borno State Ministry of Justice’s Public Prosecutions Office said they have not yet received any formal communication regarding the minors’ release.

“If there is any update on their release, we will be informed,” she said.