The Central Bank of Nigeria (CBN) has announced that eligible Bureau de Change (BDC) operators can temporarily access the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly. This measure, effective from December 19, 2024, to January 30, 2025, aims to address seasonal foreign exchange demand.

In a statement by T.G. Allu, the CBN emphasized that BDC operators must fully fund their accounts before transactions, with a 1% cap on retail price spreads. All transactions are to be reported to the CBN’s Trade and Exchange Department.

The apex bank reiterated its commitment to a functional FX market, stating, “All FX transactions must be conducted at market-determined rates.

” This initiative follows earlier steps to stabilize the market, including FX sales to BDCs at N1,590 per dollar in September.

President Bola Ahmed Tinubu and Vice President Kashim Shettima have allocated N9.36 billion for their local and foreign travels, as well as refreshments, in the proposed 2025 budget.

The 2025 Appropriation Bill, titled “Restoration Budget: Securing Peace and Building Prosperity,” reveals that Tinubu’s travel and refreshment expenses will amount to N7.44 billion, while Shettima’s will total N1.9 billion.

The breakdown shows Tinubu’s international trips will cost N6.14 billion, with local trips budgeted at N873.9 million. Refreshments and catering supplies for the president are pegged at N431.6 million. For the vice president, N1.31 billion is allocated for foreign trips, N417.5 million for local travels, and N186.02 million for refreshments.

The 2025 budget also includes N4.76 billion for vehicles in the Office of the President, with allocations for SUVs and operational fleets.

Both the Senate and House of Representatives have referred the budget to their respective appropriation committees for review, with sittings set to resume on January 14, 2025.

The Transmission Company of Nigeria (TCN) has confirmed an attack on the 330-kilovolt Shiroro-Katampe Transmission Line, causing power outages in parts of the Federal Capital Territory, Abuja.

According to a statement by TCN spokesperson Ndidi Mbah, the incident occurred on December 18, 2024, at 11:43 PM, when the line lost supply on the grid. Efforts to restore power were unsuccessful as the line tripped again immediately.

A patrol team dispatched to investigate found that vandals had stolen parts of the power conductor between towers T216 and T218.

Mbah assured the public that TCN’s maintenance crew is working diligently to replace the damaged conductor, with power restoration expected soon. She also urged citizens to report any suspicious activities around power infrastructure to curb such incidents.

This attack underscores the urgent need for heightened security measures to protect critical power infrastructure.