The Central Bank of Nigeria has resolved to clear all the backlog of forex demand of about 5 billion dollars in the country through spot and forward settlements.
According to a statement released by the Acting Director, Corporate Communications of the Central Bank, Mr Issac Okoroafor, the move is to engender confidence, ensure credible price formation and sustain the integrity of the Nigerian inter-bank FX market.
This comes as the new flexible forex trading begins on Monday.
The Central Bank of Nigeria (CBN) had released the highlights of the much awaited flexible foreign exchange market policy on Wednesday, June 15, weeks after the Monetary Policy Committee announced the introduction of the policy.
After its meeting of May 24, the CBN said the policy would allow the bank retain a small portion of foreign exchange for critical transactions.
Key notes released stated that the market would operate as a single market structure via the interbank market and authorised dealers and that it would be purely an exchange rate market managed via Thompson Reuters platform.
Part of the key notes is that the CBN would participate via periodic intervention and would introduce primary dealers that deal with the CBN on a two way quote basis.
The primary dealers are also expected to deal with other players in the interbank market.
Lagos State Governor, Mr Babatunde Fashola (SAN) on Monday promised to act on the recommendations of the report of the Tribunal of Enquiry on the Road Traffic Accident, Arson and Vandalism on BRT buses at Palmgrove, along Ikorodu Road.
Mr Fashola, who spoke at Lagos House, Ikeja explained that the report would still have to go through council deliberations and debates.
He stated that there is no Tribunal of Enquiry or Commission that the State Government has set up in the past whose report has not been developed into a White Paper report.
Fashola also stated that a White Paper on the report of the Tribunal of Enquiry would be issued which would communicate what government decisions on the recommendations are and the actions that would follow.
The Governor also stressed that the protection of life and property remains the principal duty for which governments exist and that whenever such unfortunate incidents occur, government must do everything to ensure that they do not reoccur.
Speaking earlier while presenting the report, which is in eight volumes, the Chairman of the Commission, Justice Ebenezer Adebajo, said the Tribunal has recommended an upgrading of the Lagos Area Metropolitan Transport Authority (LAMATA) and further empower it to effectively carry out its regulatory functions in relation to transportation in Lagos State.
He added that the Governor of Lagos State should demand an apology from the Nigerian Army and that the Nigerian Army should on behalf of the 9th Brigade, Ikeja Cantonment, apologize in writing to the people of Lagos State and that such apology should be published in at least two national newspapers in order to reduce the constant friction between the military and the bus operators.
Airport workers were on Thursday stranded along the Murtala Muhammed International Airport road as limousine and cab operators protested their displacement from the space they were allocated at the Lagos airport six months ago.
The cab and limousine operators said that they would not operate at the Lagos airport until officials of the Federal Airports Authority of Nigeria (FAAN), address issues bordering on their operations at the international terminal.
Meanwhile the Federal Airport Authority of Nigeria has appealed to the taxi operators to exercise patience, insisting that this inconvenience is being experienced because of the remodelling project ongoing at the Lagos airport.
The General Manager, Corporate Communications, Mr Yakubu Dati, said that once the remodelling exercise is complete, the taxi operators will have enough room.
The Federal Airport Authority of Nigeria (FAAN), has rebuffed the earlier speculation that the Nnamdi Azikiwe International Airport Abuja, would be closed for three days, saying the closure would only last for 30 hours to fix the run way for international safety standards.
The General Manager, Corporate Communications of the Federal Airport Authority of Nigeria (FAAN), Mr Yakubu Dati, made this assertion.
In an interview with Channels Television in Abuja, Mr Yakubu explained that a notice to all airmen about the temporary closure had earlier been issued to all stakeholders since the July 1, 2014.
Mr Yakubu further said that the closure became necessary to allow the airport authorities fix the runway of the airport in line with international safety standards.
He had earlier in a statement said that “the facility upgrade, which is in line with ICAO (International Civil Aviation Organisation) requirements and NCAA (Nigerian Civil Aviation Authority), approved Safety Standard and Recommended Practices, will further elevate safety and security to greater heights.”
The Nnamdi Azikiwe International Airport is the main airport serving the Nigerian capital city. It consists of an international and a domestic terminal. Both terminals share the same runway.