FACTfile

  • CBN’s FX Reform: What you need to know about EFEM

    Frequently Asked Questions (FAQS) on the Electronic Foreign Exchange Matching System (EFEMS) What is the Electronic ForeignExchange Matching System(EFEMS)? EFEMS is an electronic platformintroduced by the Central Bank ofNigeria (CBN) for conducting foreignexchange (FX) transactions in theNigerian Foreign Exchange Market(NFEM). It is designed to match buy andsell orders automatically, enhancingtransparency and governance in FXtrading. When will EFEMS beimplemented? EFEMS will…

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  • EXPLAINER: All you need to know about CNG cylinders in converted or full CNG vehicle

    Did you know?The lifespan of a Compressed Natural Gas (CNG) cylinder is at least 15 years. After this period, cylinders must be inspected,replaced or removed to ensure safety and optimal performance. This standard is consistent with best practices, reflectinga commitment to safe and sustainable energy solutions. Global CNG Policies and Success Stories India: The Indian governmenthas actively promoted theadoption of…

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  • EXPLAINER: Implication of the repealed Kano Emirate Council Law

    The Kano State House of Assembly on Thursday, in a unanimous vote, repealed the Emirate Council Law of 2019 and the 2023 amended version. The assembly proclaimed that the Kano traditional council’s division into five emirates would now be reversed to one emirate going forward. With the repeal of the Emirate Council Law, the Emir of Kano and the four…

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  • 7 facts about the proposed multi-purpose National Identity Card

    1. The new National ID Card is a single, convenient, and General multipurpose card (GMPC), eliminating the need for multiple cards—not three. 2. The single GMPC has multiple use cases:  Payments/Financial, Government intervention/services, travel, etc  3. The National Identity Management Commission is working with the Central Bank of Nigeria and the Nigerian Interbank Settlement System to deliver the payment and…

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  • Gowon: Strange, but true……

    Gowon was the only person to become Nigeria’s Head of State as a bachelor. Gowon was the only Nigerian military officer to have jumped the ranks of Colonel and Brigadier when the Supreme Military Council promoted him from the rank of Lieutenant Colonel to a Major-General on 1st June 1967. Gowon was the youngest ever Nigerian to become Head of…

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  • Frank Mba: 10 facts you need to know about the new DIG

    The appointment of a former 3-time Force Public Relations Officer, Frank Mba as Deputy Inspector- General of Police, DIG, by the Police Service Commission, has been hailed as a welcome development. A consummate, refined and vastly experienced cop with 31 years in service of the Nigeria Police Force, Mba has transversed different departments of the force in strategic areas of…

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