Akpo Ojo

The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM) as part of efforts to improve foreign exchange liquidity in the retail segment of the market and meet the legitimate needs of end users.

The CBN has also approved that weekly forex purchases by each BDC be capped at $150,000, and that utilisation comply with existing BDC operational guidelines.

The new directive by the apex bank is contained in a circular signed by the Director, Trade and Exchange Department, Musa Nakorji.

The circular stated that all BDCs duly licensed by the CBN are permitted to access foreign exchange through any authorised dealer bank of their choice, at the prevailing market rates.

The move, according to the circular, aims to deepen market efficiency and ensure broader access to foreign exchange across the economy.

However, the CBN has imposed strict compliance and risk-management conditions on the transactions.

It said authorised forex dealers are required to conduct full Know-Your-Customer (KYC) and due diligence checks on BDC clients before any forex sale.

To strengthen transparency and accountability, the CBN further directed that all licensed BDCs must submit timely and accurate electronic returns in line with extant regulations.

“Any unutilised foreign exchange must be sold back to the market within 24 hours, as BDCs are prohibited from holding forex positions purchased from the NFEM,” the CBN said.

Also, the circular restricted settlement practices, mandating that all foreign exchange transactions be conducted through settlement accounts with licensed financial institutions.

The apex bank therefore, prohibited third-party transactions, while cash settlement is limited to a maximum of 25 percent of each transaction amount.

Overall, the directive reflects the CBN’s broader strategy to balance market access with strong regulatory oversight, ensuring liquidity in the foreign exchange market while safeguarding financial system integrity.

The Federal Ministry of Marine and Blue Economy has proposed a ₦10.49 billion budget for the 2026 fiscal year, but the Minister, Dr. Adegboyega Oyetola, CON, has warned that the allocation is insufficient to meet the ministry’s critical mandate.

Oyetola presented the budget on Tuesday before a joint session of the Senate Committee on Marine Transport and the House of Representatives committees on Ports and Harbours, Maritime Safety, Education and Administration, Shipping Services, Inland Waterways, and Ocean and Fisheries.

The proposed ₦10,499,984,667.10 budget comprises ₦8.24 billion for capital expenditure, ₦453.86 million for overhead costs, and ₦1.81 billion for personnel. The minister noted that while the funding could sustain basic operations, it falls short of supporting sectoral reforms or driving significant growth.

He explained that the ministry oversees multiple interconnected subsectors — including ports, shipping, inland waterways, fisheries, and aquaculture — which collectively account for over 90 per cent of Nigeria’s international trade by volume, contribute to food and nutrition security, and underpin national economic competitiveness.

Oyetola highlighted operational challenges faced by agencies under the ministry, such as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigerian Shippers’ Council. While largely self-funding and contributing substantial remittances to the Consolidated Revenue Fund, these agencies are constrained by “excessive deductions at source” by the Office of the Accountant-General of the Federation, he said. The minister warned that these deductions have led to port congestion, rising logistics costs, delayed cargo movement, revenue losses, and inflationary pressures, describing the issue as a national economic concern.

He also flagged an apparent misplacement in the 2026 budget, where the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) was listed under the Federal Ministry of Transportation instead of the Ministry of Marine and Blue Economy, complicating oversight and policy coordination.

On inland waterways, Oyetola called for increased funding to improve safety and efficiency, noting that water transport is globally cheaper than road haulage. He said Nigeria’s reliance on road transport for over 80 per cent of freight has accelerated road deterioration and raised logistics costs.

Turning to fisheries and aquaculture, the minister said Nigeria’s annual fish demand exceeds 3.6 million metric tonnes, while domestic production is around 1.4 million metric tonnes, resulting in over $1 billion in annual imports. He added that post-harvest losses of up to 30 per cent worsen supply shortages, stressing that boosting local production could reduce import dependency and provide affordable protein to households.

Oyetola further disclosed that in 2025, the ministry’s revised capital budget of ₦3.53 billion received only ₦202.47 million, about 1.7 per cent, while overhead releases stood at 35 per cent. He said ongoing engagements with the Ministry of Budget and Economic Planning aim to address these funding gaps in line with the Federal Government’s agenda to diversify the economy through the marine and blue economy.

Senator Wasiu Eshilokun, Chairman of the Senate Committee on Marine Transport, assured that the National Assembly would carefully review the proposals, emphasizing the strategic importance of the marine and blue economy to Nigeria’s development and economic resilience.

The Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, has said that normal annual rainfall amounts are expected in most parts of Nigeria in 2026 when compared to the long-term average.

Keyamo stated this in a keynote address at the Nigerian Meteorological Agency (NiMet) 2026 Seasonal Climate Prediction (SCP) presentation held in Abuja on Tuesday, February 10, 2026.

The Seasonal Climate Prediction provides comprehensive climate forecasts designed to guide agricultural planning, water resource management, and disaster preparedness across critical sectors of the Nigerian economy. It also offers projections on key climate variables, including rainfall distribution and temperature patterns for the year.

The 2026 SCP, themed “Climate Science for Sustainable Development,” outlines variations in rainfall onset, cessation, duration, and intensity across different parts of the country.

According to the forecast, early rainfall onset is expected in Bayelsa, Rivers, Akwa Ibom, Cross River, Benue, Kogi, Nasarawa, Oyo, and parts of Kebbi, Niger, Jigawa, Katsina, Kano, Adamawa, and Taraba States. Conversely, a late onset of rainfall is predicted for Borno State.

Rainfall cessation is expected to occur earlier than normal in parts of Ogun, Osun, Ondo, Imo, Rivers, Akwa Ibom, Kogi, and Niger States. However, a delayed end to the rainy season is anticipated in Lagos, Ogun, Anambra, Enugu, Cross River, Benue, Nasarawa, and Kaduna States.

Dr. Anosike

A longer-than-normal rainy season is projected for Lagos, Benue, Enugu, Ebonyi, Ogun, Oyo, Nasarawa, Anambra, Kwara, Kebbi, Kaduna, Gombe, and Taraba States. In contrast, parts of Borno, Yobe, and Niger States are expected to experience a shorter-than-normal rainy season.

NiMet further forecasts above-normal rainfall in Borno, Sokoto, Kebbi, Kaduna, Enugu, Cross River, Abia, Ebonyi, Akwa Ibom States, and the Federal Capital Territory. Below-normal rainfall is, however, expected in parts of Katsina, Zamfara, Kwara, Oyo, and Ogun States.

During the March to May period, severe dry spells lasting more than 15 days are likely in parts of Oyo and Ogun States. Moderate dry spells are predicted across Ekiti, Kogi, Osun, Ondo, Ogun, Edo, Ebonyi, Abia, Cross River, Delta States, as well as parts of Kogi and Kwara States.

For the June–July–August season, severe dry spells of up to 21 days are expected in parts of Bauchi, Borno, Gombe, Jigawa, Katsina, Kano, Kebbi, Kwara, Nasarawa, Niger, Oyo, Plateau, Sokoto, Yobe, and Zamfara States.

The Little Dry Season (LDS), popularly known as the “August Break,” is forecast to begin by late July and is expected to be severe and prolonged over Lagos, Ogun, Ekiti, and parts of Oyo States.

The number of days with little or no rainfall during this period is projected to range between 28 and 40 days. A moderate LDS effect is expected over Ondo and parts of Kwara and Edo States.

NiMet also predicts that both daytime and nighttime temperatures will be warmer than the long-term average across most parts of the country in January, February, March, and May 2026.

The Minister advised farmers and stakeholders engaged in rain-fed agriculture and other rainfall-dependent activities to rely on the predicted onset dates outlined in the SCP or consult NiMet for appropriate guidance to avoid losses associated with premature cultivation.

Goodwill messages were delivered by the Permanent Secretary of the Federal Ministry of Aviation and Aerospace Development and NiMet’s international partners, including the Secretary-General of the World Meteorological Organization (WMO), Prof. Celeste Saulo.

Members of the All Farmers Association of Nigeria also shared testimonials in various Nigerian languages, recounting the effectiveness of NiMet’s SCP in improving agricultural decision-making.

As NiMet marked 140 years of service to Nigeria, past Directors-General of the agency were recognised for their contributions.

The event’s highlights included the official launch of the 2026 SCP report by the Minister of Aviation and Aerospace Development, with support from the Director-General of NiMet, Prof. Charles Anosike, and other key stakeholders.