NEWS

CBN Moves to Criminalise Possession of Foreign Currency for more than 30 Days without Depositing it in the Bank | Offenders to Face 2 years Imprisonment or pay 20% of Amount Involved

In a document titled “Working Paper” shared to members of the Chartered Institute of Bankers of Nigeria (CIBN), the Central Bank of Nigeria (CBN) is seeking powers to amend the Foreign Exchange, Monitoring and Miscellaneous Exchange Act (FEMM) which was signed into law in 2014 and allows for foreign investors to import and repatriate money to and fro Nigeria freely. (more…)

NEWS

Plateau State to harvest 1 million tonnes of rice this season – Official

Rice farmers in Plateau are optimistic of a bumper harvest this year with their chairman, Joshua Bitrus, boasting that members would garner “ at least one million tonnes”. “This year’s harvest is plentiful; from what we have seen on ground, we expect nothing less than one million tonnes of rice in Plateau,” Mr. Bitrus, Chairman, Rice Farmers Association of Nigeria (RiFAN), Plateau chapter, said in Jos on Sunday. (more…)