The Central Bank of Nigeria (CBN) has issued new directives aimed at regulating the foreign exchange (forex) market and curbing potential abuses. The new guidelines, which came into effect recently, impose stricter limits on Bureau de Change (BDC) operators and introduce penalties for non-compliance, including potential license suspension. Key Highlights of the New Forex Regulations: Limited Forex Purchases for BDCs: BDCs can now only purchase a maximum of $25,000 per week from a single authorized dealer bank. This measure aims to prevent BDCs from approaching multiple banks to accumulate large forex allocations, thereby reducing the risk of misuse. Maximum Disbursement Limit: BDCs now have access t o a maximum disbursement of $5,000 per transaction per quarter for eligible transactions such as business and personal travel allowances, overseas school fees, and medical expenses. Price Ceiling for BDCs: BDCs are mandated to sell forex to end-users at a rate not exc...
Japan Airlines and Delta Collision at Seattle-Tacoma: FAA to Investigate A Japan Airlines Boeing 787-9 Dreamliner collided with the tail of a Delta Air Lines Boeing 737-800 while taxiing at Seattle-Tacoma International Airport (SEA) on February 5, 2025. The Federal Aviation Administration (FAA) confirmed the incident, which led to temporary flight pauses at SEA as investigations began ( FAA, 2025 ). The accident occurred at 10:40 a.m. local time (1840 GMT). Delta’s aircraft, bound for Puerto Vallarta, Mexico, had 142 passengers onboard and was waiting for deicing when the Japan Airlines jet struck its tail ( Delta Air Lines, 2025 ). The Japan Airlines plane had just landed from Tokyo. Immediate Response and Investigation No injuries were reported. Delta transferred passengers to another aircraft ( Delta Airlines, 2025 ). The FAA has launched a formal investigation, with Delta confirming full cooperation ( FAA, 2025 ). Operational Disruptions at SEA The FAA temporarily pause...