CBN Moves to Double Foreign Currency Remittances, Grants AIP to 14 New IMTOs Naira appreciates on official FX to N1,459/$, falls to N1,540/$ on parallel market
James Emejo in Abuja and Nume Ekeghe in Lagos
The Central Bank of Nigeria
(CBN) yesterday announced that it has granted 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP) in a bid
to double foreign currency remittances through formal channels. The initiative also seeks to increase the sustained supply of foreign
exchange (FX) in the official market by promoting greater competition and innovation among IMTOs to lower the cost of remittance transactions
as well as boost financial inclusion. This comes just as the naira yesterday, gained on the official FX window while it continued to
decline on the parallel FX market. At the Nigerian Autonomous Continued on page 9
Inflation Soars to 33.69% Amid Higher Food, Energy, Commodity Prices... Page 5 Thursday 16 May, 2024 Vol 29. No 10627. Price: N400
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Sweden Announces Return of Benin Artefacts to Oba of Benin... Page 5
Atiku: FG’s Plan to Use N20 Trillion Pension Fund for Infrastructure Projects Misguided Chuks Okocha in Abuja
Former Vice-President, Atiku Abubakar, has kicked against
federal government’s plan to use Nigeria’s pension fund to finance infrastructure development in the country.
In a post yesterday on X, Atiku, who described the move as misguided, added that the initiative must be stopped immediately.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday, May 14, said the government had unveiled
a strategic plan to harness the N20 trillion pension fund and other locally available resources for infrastructure development in Nigeria.
Edun said it was a significant step towards driving economic Continued on page 9
Tinubu Inaugurates 3 Gas Projects, Pledges to Wean Nigeria from Overdependence on Petrol, Diesel Says ending gas flaring top priority for his administration Gas minister discloses domestic production has increased by 800MMscf/day
Emmanuel Addeh, Deji Elumoye in Abuja and Peter Uzoho in Lagos President Bola Tinubu yesterday inaugurated three critical gas projects in Delta and Imo states, pledging to reverse Nigeria’s overdependence on petrol and diesel to the more efficient natural gas resources. The president spoke virtually at the commissioning of the expansion of the Ashtavinayak Hydrocarbon Limited (AHL) Gas Processing Plant in Kwale, Delta, the Assa North-Ohaji (ANOH) Gas Processing Plant in Ohaji-Egbema and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering
Station Gas Pipeline Projects. Tinubu stated that the three projects were of utmost importance to him, as it significantly increased Nigeria’s aspiration to embrace cleaner and more efficient fuels. He noted that his recent directive to government agencies to fully embrace vehicles powered by Compressed Natural Gas (CNG) was a step in that direction. “When we resumed 11 months ago, I asked for this project. I made it my priority and the administration's priority clear on gas for prosperity. They said, this might take a few Continued on page 9
Minimum Wage Talks Deadlocked as NLC, TUC Reject N48,000 Proposed By FG... Page 8
Elumelu Meets Sheik Mohammed in Abu Dhabi...
L-R: President of United Arab Emirates (UAE) and Ruler of Abu Dhabi, Sheik Mohammed Ibn Zayed Al Nahyan; Member of Abu Dhabi Executive Council and Chairman of the Department of Health in Abu Dhabi, Sheikh Mansoor Al Mansoori; and Group Chairman, United Bank for Africa(UBA) and Founder, Tony Elumelu Foundation, Mr. Tony Elumelu, during a meeting between Mr. Elumelu and Sheik Mohammed at the Palace in Abu Dhabi, ... yesterday