₦airaland Forum

The Central Bank of Nigeria has announced the sale of dollars to Bureau De Change operators.

This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, Dr W. J Kanya, on Friday.

The latest intervention of the central bank comes days after the Nigerian naira has been taking a beating at both the official and parallel market where it has depreciated to about 1,670/$ on Friday.

The circular partly read, “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.”


The bank said the BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

Eligible BDCs interested in this transaction were advised to make the Naira payment to the CBN.

President Bola Tinubu has departed Beijing, China, for the United Kingdom (UK), his Special Adviser on Information and Strategy, Bayo Onanuga, said on Friday.

Onanuga in a post on X, said the President departed the Asian country after he met with representatives of Nigerians in Diaspora Organisation in China (NIDO China) and the Nigerian community at the China World Hotel.

THEWILL earlier reported that President Tinubu, who addressed Nigerians in China on Friday, described his trip as successful, pledging to replicate the Infrastructural development in China in Nigeria.

The President departed Abuja on Thursday, August 29, for Beijing on an official visit, making a brief layover in the United Arab Emirates (UAE).

While in China, the Nigerian leader and his host, Chinese President, Xi Jinping, entered several Memorandum of Understanding (MoUs) on behalf of their countries.

Speaking on Thursday at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing, Tinubu called for the sustenance of the momentum of cooperation and the need for peaceful dialogue, transparent business practices, and diplomatic conflict resolution in deepening the bond between Africa and China.

The President also charged world leaders to embrace multilateralism and reject protectionism as essential steps towards achieving lasting peace, security, and stability.

President Bola Tinubu on Friday in Beijing rounded off his official engagements in People’s Republic of China with a meeting with Nigerians living in the country, assuring them that his administration will replicate quality infrastructure available in China in Nigeria.

Addressing members of Nigerians in Diaspora Organization in China (NIDO China) and the Nigerian community at the China World Hotel, the President to the applause of the audience, stressed that one key takeaway from his visit to China is the commitment to replicate China’s infrastructure back home.

He said: “We want our children to be in good schools, not tattered huts and dilapidated buildings. We must make our teaching innovative and allow businesses of all kinds and sizes to flourish”.

On the recent fuel price hike in Nigeria, President Tinubu described the hard decision taken as one of the unprecedented steps aimed at reforming the country.

According to him: “Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices.

“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?

“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?
“One economic action leads to another, and it is in your hand to build our nation. Mine is to provide the leadership, and I am committed to doing just that,” the President stated.

He noted that while it is not always easy for a leader to have a national consensus on issues, he is ready to take the hard decisions to move the nation forward.

“We are focused, and I have a very good team,” President Tinubu added.

The President while describing his working visit to China as “very good and successful” also emphasized his efforts to strengthen cooperation in infrastructure, trade, finance, energy, green economy and mining during his discussions with President Xi Jinping, Premier Li Qiang and his participation at the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC).

“What is uppermost in my mind is for you to continue representing Nigeria as good citizens, and I urge you all to be good ambassadors of our nation in China.

“We will always celebrate our diversity. We cherish it, but this diversity is our commitment to serve. If it is about service, we must be good citizens,” President Tinubu stated.

He also stressed the importance of discipline and commitment to national service, citing China’s disciplined society as an example for Nigerians to follow.

His words: “I cannot tell you more, except from the embassy, that China is a very disciplined society and we have to be disciplined too. Without discipline and commitment, we cannot build a nation that is respected everywhere in the world.

“We must exploit our diversity and be ready to do everything required of us within the laws of the communities that we live in and reflect a good image of our country”.

Highlighting the impact of investments in China’s economy, President Tinubu assured Nigerians in Diaspora that Nigeria’s Bank of Industry (BoI) is prepared to collaborate with them to leverage opportunities back home.

“So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people. The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development,’’ the President said.

Earlier in his remarks, President of NIDO China, Dr Oche Barnabas, commended President Tinubu for his commitment to strengthening Nigeria-China relations, particularly in trade, investment, and people-to-people collaboration.

He expressed NIDO China’s support for Nigeria’s 4Ds initiative, launched by the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, earlier in the year.

The NIDO boss stressed that the organization is eager to drive the initiative forward within the diaspora community.
Barnabas requested President Tinubu’s assistance in advocating for Nigeria to be officially recognized as a native English-speaking nation, which would open up job and educational opportunities for Nigerians in China.

According to him: ”Your Excellency, I wish to indulge your kind attention and use this rare opportunity to share a key challenge on behalf of the Nigeria community in China. Due to the peculiar nature of this country, the Nigerian community is mainly composed of students, expatriates, and businessmen.

”Our desire is that Nigeria is officially recognized as a native English-speaking nation in China. We believe your esteemed engagements with the high-level authorities can assist us in establishing this status.

”Presently, over 70% of available international jobs in China are reserved for native English speakers. In 2016, the local authorities listed South Africa as a native English-speaking nation.

”We believe Nigeria has a chance to receive similar recognition due to the fact that English language is our official language and we are also blessed with Professor Wole Soyinka who was awarded the Nobel Prize in Literature in 1986.

”We believe the enhancement of our status will open more opportunities to allow more Nigerians to study and work in China, thereby increasing diaspora remittance to Nigeria,” he said.

Barnabas assured that the organization would continue to contribute their expertise and resources to support President Tinubu’s administration and efforts to elevate Nigeria’s global standing.

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