The Central Bank of Nigeria (CBN) has issued regulatory guidelines for bureau de change operations after consultation with stakeholders.

In February, CBN released a ‘Draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria’.

However, on Wednesday, following the consultation, CBN made changes to the guidelines, one of which is the removal of the mandatory caution deposit of N200 million for tier-1 licence holders.

Also, N50 million for tier-2 licence holders was removed by the apex bank.

Similarly, the CBN withdrew the non-refundable annual licence renewal fee of N5 million and N1 million for tier-1 and tier-2 BDCs, respectively.

A federal high court in Abuja has granted bail to Abba Kyari, suspended deputy commissioner of police (DCP), for two weeks.

Kyari has been in detention since his arrest in February 2022.

In the ruling delivered on Tuesday, Emeka Nwite, the presiding judge, said the bail is to enable Kyari to conclude the burial rites of his mother, Yachilla Kyari, who died on May 5.

The judge ruled that Kyari should deposit his international passport with the court and report to any National Drug Law Enforcement Agency (NDLEA) formation nearest to him, within the period of the bail.

The judge fixed May 31 for the determination of Kyari’s main application for bail in the drug trafficking charge.

Kyari was arrested on February 14, 2022, after the NDLEA declared him wanted over alleged links with an international drug cartel.

On March 7, 2022, Kyari was arraigned alongside Sunday Ubia, Bawa James, Simon Agirigba, and John Nuhu, who are members of the police intelligence response team (IRT).

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Others are Chibunna Patrick Umeibe and Emeka Alphonsus Ezenwanne, two suspected drug traffickers who were arrested at Akanu Ibiam International Airport, Enugu.

Upon arraignment, Kyari and four other defendants pleaded not guilty.

However, Umeibe and Ezenwanne, the sixth and seventh defendants, pleaded guilty and were convicted accordingly.

Since then, applications by the defendants to be released on bail have been rejected.

The presiding judge refused to grant the defendants bail twice after they argued that their lives were being threatened by criminals whom Kyari’s team arrested.

The court of appeal in Abuja also dismissed Kyari’s appeal for bail.

In a sister case, the suspended DCP is also standing trial on a 24-count charge alongside his two siblings – Mohammed Kyari and Ali Kyari – over non-disclosure of assets.

The defendants were granted bail in that case. However, the judge noted that Kyari’s release from prison custody is dependent on what happens in the drug trafficking case.

In a bid to shift ground so as to ensure speedy conclusion of negotiation on new national Minimum Wage, the Organised Labour at the ongoing Tripartite Committee on the National Minimum Wage meeting has reduced its demand from N615,000 to N500,000.

A source at the meeting disclosed that the government team is adamant about N54,000, complaining of non-availability of fund and the inability of the private sector to pay.

But the private sector has made additional N3,00 taking up its offer to N57,000 from the initial N54,000.

According to the source, “Government has agreed that NLC is using evidence-based presentation. But they argue that eight states are not paying or not fully implementing the 2019 minimum wage.”

The source further said, “Government is talking of non-availability of fund. They are also talking about the inability of the private sector to pay.”

On Labour shifting of ground by the organised labour, the source said, “Labour has been requested to shift in response to the Government. They complied and came down to N500,000.”

He said that the Imo State Governor, Hope Uzodimma was present at the meeting.

“”The Imo State Governor has stepped in. He is not a member of the committee but it is good that there is at least a governor, as the six governors in the committee have been regularly absent.”