By Yinka Kolawole

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed plans by the Federal Government to publish indicators tracking poverty, incomes and inequality to assess the impact of the government’s economic reforms on the living standards of Nigerians.

He said the move is aimed at addressing criticism of the reform programme suggesting that gains in revenue, foreign exchange liquidity and investor confidence have yet to translate into meaningful relief for households facing high food, transport and living costs.

Speaking at a ‘ conference organised by BusinessDay newspaper, in Lagos, yesterday, Oyedele said the government would assess “shared prosperity” using three measures – reductions in multidimensional poverty, increases in real income per capita, and lower inequality.

The government is seeking to demonstrate that reforms introduced in 2023, including scrapping a fuel subsidy and liberalising the naira, applauded by lenders and investors, are translating into broader gains for Nigerians after driving up inflation and living costs.

Recall that the International Monetary Fund (IMF) said in June that ‘ the reforms were improving investor confidence and economic stability, 63% of the Nigerian populace remained in poverty and millions faced food insecurity.

The measures have also been accompanied by criticism over persistent corruption and allegations of unbudgeted government spending, raising questions about ‘ whether the sacrifices demanded of citizens are being matched by fiscal discipline.

Oyedele said inflation was easing, the foreign exchange market was functioning more efficiently and investor interest was returning, ‘ but acknowledged that macroeconomic stability alone would not be enough.

“A stable economy can still be a stagnant one if we become complacent,” he said.

Oyedele said ‘ the ministry of finance would be responsible for producing the scorecard but did not provide a timeline for publishing the indicators or say how frequently they would be updated.

•May confiscate unutilised balance

By Elizabeth Adegbesan

The Central Bank of Nigeria, CBN, has directed Bureau De Changes, BDCs, to sell unutilised foreign exchange (FX) balances to the Nigerian Foreign Exchange, NFEM, market within twenty-four (24) hours of the expiry of the utilisation period.

The apex bank disclosed this in its regulatory guidance on purchase of FX by BDCs through authorized dealer banks in NFEM.

According to the apex bank, “BDCs are not permitted to retain in their possession any foreign exchange purchased from the NFEM that remains unutilised. All unutilised balances shall be sold back to the NFEM market within twenty-four (24) hours of the expiry of the utilisation period.

“Failure to comply shall attract regulatory sanctions including but not limited to forfeiture of the unutilised balance and suspension of the BDC’s NFEM access.

‘‘BDCs shall disclose any unutilised balance from the prior week in each new purchase request submission.

“Authorised Dealer Banks shall factor disclosed unutilised balances into their weekly cap calculations.”

CBN said further that this guidance aims at facilitating seamless implementation of the framework and support sustained liquidity in the retail segment of the foreign exchange market.

The apex bank also prohibited third party transactions saying, “Foreign exchange purchased by a BDC shall be credited only to the BDC’s registered settlement account.

“Disbursement to any account other than the BDC’s own registered account shall constitute a regulatory violation and shall be reported immediately to the CBN.”

CBN noted that only BDCs in possession of a valid and subsisting CBN licence shall be entitled to access foreign exchange under this framework.

The apex bank, however, excluded BDCs under regulatory sanction, whose licences are suspended, or whose operating conditions have been restricted by the CBN, from participation until such restrictions are lifted.

The apex bank also mentioned that it shall maintain a centralised portal, the FX BDC Purchase Tracker (FXBT), to which all BDCs shall be registered and submit real-time or same-day data on BDC purchases, enabling systemic compliance and oversight.

It also warned that no Authorised Dealer Bank should impose exclusivity arrangements, referral fees, or any condition that restricts a BDC’s freedom to select its preferred counterparty bank.

The apex bank warned that violations of the provisions of the Circular and the attached Guidance shall attract appropriate regulatory sanctions.

By Rosemary Iwunze

The outgoing President of the Chartered Insurance Institute of Nigeria, CIIN, Mrs. Yetunde Ilori, has said that her flagship initiative, tagged ‘EPIC’, succeeded in bridging the critical knowledge gap between insurance practitioners and consumers.

Ilori stated that EPIC, which stands for Education, Professionalism, Institutional Recognition and Capacity Building, contributed in driving financial literacy and deeper market penetration.

Ilori disclosed this yesterday, during her valedictory victual press conference held in Lagos, where she reviewed her two-year tenure and highlighted the major milestones recorded under her administration.

She pledged her unwavering commitment to the continuous growth and development of the Nigerian insurance industry even as she prepares to step down from the institute’s leadership.

Reflecting on the progress made during her presidency, Ilori stated that the strategic direction of her administration was fully guided by her E.P.I.C framework, which laid the foundation for the highly successful maiden Insurance Industry Week Celebration, an event designed to celebrate outstanding professional excellence, foster innovation, and enhance public confidence in the sector.

A major highlight of her tenure was the strategic repositioning of the College of Insurance and Financial Management (CIFM), as under her watch, the college has evolved into a dependable hub for human resource development and technical capacity building within the financial services sector.

She also emphasized that the achievements recorded during her presidency were made possible through deliberate and collaborative partnerships with other arms of the insurance industry, notably the National Insurance Commission (NAICOM), the Nigerian Insurers Association (NIA), and various broker associations.

She said: “I feel deeply fulfilled as I hand over the mantle. My commitment to the insurance sector does not end with my presidency, I will continue to serve the industry in every capacity possible to ensure its long-term stability and success.”