FG begins Kaduna-Kano rail construction in July
The Federal Government has on Friday said it will begin the construction of the Kaduna-Kano rail line in July
The Minister of Transportation, Rotimi Amaechi, said the government was currently rounding up the Lagos-Ibadan rail project billed for inauguration in June while construction work on the Kaduna-Kano line would commence in July.
He said this when he led a delegation of Nigerian Shippers Council and Nigeria Railway Corporation on a courtesy visit to Kano State Governor, Abdullahi Ganduje, in Kano.
Amaechi stated that even though there was no river in the state, maritime activities would be brought to Kano once the rail line becomes operational.
In a statement issued in Abuja by his media aide, Taiye Edeni, the minister: “We are here because we want to see how far you have gone with the Dala Inland Dry Port. This is because between now and July, we would start work on the Kaduna-Kano part of the rail. Wherever we link the Kano rail to Kaduna and link Ibadan to Abuja, then we have the problem of cargoes.”
The minister added, “We have to learn how to manage cargoes that come to Kano, like you know, we are also linking Kano-Maradi. So Kano will be the hub for the railway sector and with a major station in Kano it will be able to control the volume of human traffic in Kano.”
CBN warns banks over foreign exchange malpractices
The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.
The circular signed today by the Director Trade and Exchange Department, CBN, Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).
“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.
“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”
Naira hits historic low of 543 against dollar
The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.
The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.
The British Pound was also sold for £1/N740.
This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.
On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.
The CBN said it would also no longer process applications for BDC licences in the country.