The Nigeria Financial Intelligent Unit (NFIU) and the Central Bank of Nigeria (CBN) will soon formalise a legal framework to effectively monitor operations of Bureau de Change (BDCs).

The naira closed at a two-week high against the dollar on Friday, firming 0.38 percent on the day thanks to dollar sales by two oil companies and central bank intervention to support the currency, traders said.

The Federal Airport Authority of Nigeria, FAAN, has given further explanations why illegal Bureax De Change operators at all airports across the country were asked to stop their operations . FAAN said the ban on the operations of the Bureax operators was informed by security concerns.

The newly introduced sugar policy, comparable to the backward integration policy in the cement industry, has been attracting applause from stakeholders in the sugar industry. The backward integration for the cement industry introduced in 2002 boosted local production of cement from 2.0 million metric tons per annum in 2003 to 18.5 million metric tons per annum in 2012. Additional 12 million metric tons are yet being expected from the expansion, while new plants are currently under construction across the country by the manufacturers.

Minister of Trade and Investment, Mr. Olusegun Aganga, spoke with Business Editors during a Stakeholders’ Forum to kick off the first of its kind National Enterprise Development Programme (NEDEP). The minister said NEDEP will reposition the MSMEs sub-sector as the major driver of job creation and wealth generation.