TOP STORIES: CBN Permits Banks To Sell Dollars At Own Price.

The Central Bank of Nigeria has permitted banks to sell foreign exchange at their own price. The development is coming after the sack of former CBN Governor Godwin Emefiele who dictated rates at which the dollar is sold at the three different FX windows held by the country.

President Bola Tinubu had promised a holistic FX reform that includes harmonizing exchange rates in other to woo investors into the country.
Tinubu appointed the Deputy Governor, Operations Directorate, Folashodun Adebisi Shonubi to oversee the apex bank.

“We believe the changes signal a new era of focused, predictable monetary policy and a shift towards non-interventionism in the foreign-exchange regime,” Barclays economist, Michael Kafe, said in a note to customers.

At the Investors’ & Exporters’ window, the dollar is quoting between N750 to N755/$.
At the sidelines of the 2022 Spring Meetings of the IMF and World Bank in Washington DC Emefiele, insisted Nigeria cannot withstand the impact of floating the naira.

He said, “They want us to free the exchange rate. And you do know that this has some impacts on the exchange rate itself. When you allow that to happen, you will have an uncontrollable spiral on the naira. But what managed float means is that we have some measures in place to help control the spiral.”

President Bola Tinubu has signed the Nigeria Data Protection Bill, 2023 into law.

The Nigeria Data Protection Act, 2023 provides a legal framework for the protection of personal information and the practice of data protection in Nigeria.
Dr Vincent Olatunji, the National Commissioner, Nigeria Data Protection Bureau (NDPB), said this at the NDPD Strategic Roadmap and Action Plan(SRAP) validation workshop in Abuja.

The bill was sent to the Senate and House of Representatives for consideration and passage on Tuesday, April 4 2023 via a letter from former President Muhammadu Buhari.

“Now an Act, the new law establishes the Nigeria Data Protection Commission and replaces the NDPB established by former President Buhari in February 2022.”

The Commission will be led by a National Commissioner with the responsibility of regulating the processing of personal information.

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