Medical, School Fees: CBN Sets Up Phone Line For Complaints On FOREX Deals

The Central Bank of Nigeria, CBN has released an emergency mobile phone line for customers denied access to foreign exchange by banks for medical bill and school fees. CBN also released email address for immediate complaint against any commercial bank that denies a customer access to foreign exchange. The customers have been advised to either call 07002255226 or send an email to [email protected] The provision is made particularly for customers buying foreign exchange for school fees and medical fees. “Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to [email protected],’’ CBN said. The apex bank said the aggrieved customer should name the bank and branch of the non-cooperating bank. “Furthermore, no customer should accept to buy forex from any bank at more than the currently prescribed rate of N360/$1” CBN statement added. CBN debunked claims by some banks that it was not selling enough foreign exchange to them for BTA, PTA, tuition and medical fees. CBN’s acting director of corporate communication, Isaac Okorafor, advised customers to report any defaulting bank as necessary sanctions would be invoked on erring banks. He said that information reaching the apex bank show that some customers seeking to buy foreign exchange for BTA, PTA, medical and school fees were being frustrated by some banks. These banks, he said, give false claim that the CBN was not allocating enough foreign exchange to them for such purposes. “All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demands for BTA, PTA, tuition and medical fees. “Indeed, on a weekly basis, the CBN has been selling at least $80 million to banks for onward sale to their customers for these invisible items. “Thus, members of the public seeking to buy forex for the above-mentioned purposes are therefore, advised to go to their banks and obtain their forex,” he said. (NAN)

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CBN Injects Fresh $195 Million Into Forex Market

The Central Bank of Nigeria has, on Tuesday, March 14, 2017 released fresh $195 million into the foreign exchange, FOREX, market as part of its wholesale intervention to ensure liquidity in that segment of the market. The release was confirmed in a statement signed by Isaac Okoroafor, the spokesperson of the Central Bank. Okoroafor said that the intervention of $195 million is made up of $150 million for the wholesale auction and $45 million in the invisible segment for such items as medical fees, tuition fees, Personal Travel Allowance and Business Travel Allowance. “The Central Bank of Nigeria on Tuesday, March 14, 2017, sustained the supply of foreign exchange to the market by concluding arrangement to release the sum of $195 million comprising of $150 million for the wholesale auction and $45m in the invisible segment for such items as medical fees, tuition fees, Personal Travel Allowance and Business Travel Allowance,” the statement said. Okorafor, said that the apex bank acted promptly and proactively in line with its promise to keep the market liquid enough to meet the needs of genuine requests. He also alluded to the fact that deposit money banks were becoming saturated with foreign exchange as most of them are now able to meet demands for foreign exchange within the stipulated time frame. “As you can see, all the pent-up demand for invisibles have been met to the extent that banks are urging customers to come and obtain forex,” he said. He reiterated the apex bank’s determination to continue to fund the importation of raw materials and plant and machinery for manufacturing, agriculture, and other eligible items. He also assured that the CBN remained resolute in ensuring stability in the forex market by keeping an eye on the activities of authorised dealers in order to ensure sharp practices are reduced to the barest minimum.

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Fighting Recession: CBN Injects Additional $170 Million Into Economy

In a bid to end recession, the Central Bank of Nigeria, CBN, has once again injected additional $170 million in the interbank market on Thursday night. The apex bank said in a statement on Thursday, March 9, 2017 that while the sum of $100 million was offered as wholesale interventions, the sum of $70 million was released to meet the requests for  Business and Personal Travel Allowances. The latest intervention according to the CBN brings the total amount so far released into  the interbank forex market within the last three weeks since it began its intervention to about $1.35 billion. Isaac Okoroafor, the acting director of the corporate communication department of the CBN, while confirming the release said that the apex bank remained resolute in ensuring that it supplies enough forex to genuine customers of Deposit Money Banks and increase liquidity in the market. “The uniqueness of the Wholesale Forwards was that banks are allowed to use their winnings from auctions to fund matured obligations to meet Letters of Credit remittances, extinguish bills for collection and other forex demands,” the spokesperson said. “With this development, importers who had hitherto been using bills for collection will now experience relief instead of having to patronize other more expensive sources. “Thursday’s injection by the CBN takes the amount so far offered in the interbank forex market within the past few weeks to over $1.2 billion for both wholesale and retail interventions.” During the first intervention in the foreign exchange market last week, the CBN had offered $500 million for sale to banks, but not all of them provided enough naira backing to pay fully for their respective bid amounts.

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Saving The Naira: CBN Injects A Further $350 Million In Nigerian Interbank Market

Determined to ease the foreign exchange pressure on Nigerians seeking to carry out international transactions, the Central Bank of Nigeria, CBN, will this weekend pump another $350 million into the interbank forex market, through its special wholesale intervention forward sales. Sources in the interbank window confirmed that the move by the CBN was to ensure foreign exchange liquidity and guarantee access to the United States dollar. Leadership Newspaper quoted a source who did not want his name in print, as saying that there was currently a liquidity glut in the market, as banks were now sending their marketing officers to scout for customers that genuinely require foreign exchange for the purposes identified for intervention. The source further said that the banks were eager to dispose the forex sold to them by the CBN in order not to suffer losses that may arise from further appreciation of the naira. “There is also palpable fear in the market that the continued offloading of dollar cash by those who have been hoarding the currency would further lead to naira appreciation,” he added. Confirming the intervention by the CBN, its spokesman and acting director, Corporate Communications Department, Isaac Okorafor said the CBN was committed to easing the pressure on Nigerians who genuinely require forex to meet personal commitments. Mr. Okorafor disclosed that reports monitored on a daily basis at the bank indicated that the bold move by the apex bank was having the desired impact in the interbank foreign exchange market, even as he expressed optimism that the trend would be sustained for the benefit of all Nigerians. Meanwhile the Naira on Friday depreciated against the dollar at the parallel market after posting days of appreciation. The nation’s currency lost N7 to exchange at N465 to a dollar after closing at N458 on Thursday, while the Pound Sterling and the Euro traded at N542 and N480. At the Bureau De Change (BDC) window, the Naira traded at N399 to a dollar, CBN controlled rate, while Pound Sterling and the Euro closed at N610 and N520. Trading at the interbank market saw the Naira being sold at N305.25 to a dollar Recall that the CBN, in the past two weeks, has injected over $500million into the foreign exchange market through a special wholesale intervention forward sales intervention in order to create liquidity in the sector. Culled from Sky Trends.

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Nigeria: Why We Must #OccupyCBN | STATEMENT

It is no news that Nigeria currently faces the worst currency crises in its history. Since the inception of the administration of President Muhammadu Buhari, a number of conflicting and unclear monetary policies have been implemented that have greatly eroded the value of the Naira and exacerbated the current economic crises. These policies have been implemented against the backdrop of the lofty and commendable ideal to spur local production and consumption of goods and services, as well as efforts to boost the foreign reserves balance of the Nation. However, the implementation of these command and control policies has achieved the complete opposite. These policies have eroded the value of the Naira to its lowest point in our history, while defeating the very objectives for which they were designed in the first place. As a result of the implementation of these policies, Nigeria is suffering all the negative consequences of devaluation while enjoying none of its benefits. The data available to measure the relevant indices indicate that the policies are destroying the Nigerian economy. For instance, these indices formed the basis for the recent comment by Frank Udemba Jacobs, President of the Manufacturing Association of Nigeria (MAN), to the effect that 2016 was the worst year for the manufacturing sector in Nigerian history. Available data shows that more than 12000 manufacturing sector jobs were lost in 2016 alone with more than 50 factories closing down. Unsold goods inventory for the sector exceeds N100 billion. 5.The effect is not just on the manufacturing sector. The pharmaceutical sector is shedding thousands of jobs and the prices of life saving medication have doubled and in many cases tripled. An attached list of medication shows a minimum of 100% increase in most cases. The aviation sector is currently plagued by high prices occasioned by scarcity of aviation fuel, Nigerians are currently suffering under the effects of kerosene scarcity and virtually any line of business that requires access to Forex is experiencing difficulty in accessing Forex for its operations. For the sake of brevity, we will not continue to repeat our woes economic woes here. 6.The policies of the Central Bank of Nigeria (CBN) and the Buhari administration have created an opportunity for arbitrage. As a result, a certain group of people access Forex at dubious prices from CBN and sell at black market rates for a profit. HRH Sanusi Lamido Sanusi, the Emir of Kano and former Governor of CBN, alluded to these sharp practices in August 2016 while speaking at the 15th Joint Planning Board & National Council on Development Planning conference where he strongly condemned these policies and how their effect of creating emergency billionaires. 7.It is against this backdrop that we have planned a peaceful procession to the CBN headquarters in Abuja to speak against these harmful policies which have been designed to favour a few people while destroying the businesses of the majority of Nigerians. 8.The procession is solely to register the displeasure of the vast majority of Nigerians regarding these policies that cause severe pain and hardship across all sectors of the Nigerian economy. 9.It is not sponsored by any politicians. While its promoters may have their political affiliations, the processions itself is not being done for any political objective other than the improvement of the life and welfare of the average Nigerian. 10.Should CBN be interested, several credible Nigerians with proven track records of expertise and results are willing to partner with it to chart a new course to immediately ameliorate the negative consequences of these challenges and put the Nigerian economy firmly of the path economic growth. 11.In this light, we call on well meaning Nigerians to join us in front of the Women Development Centre on Friday 13th January, 2017 by 09:00am. This location is directly opposite the headquarters of the Central Bank. 12.We hope that this intervention would mark the beginning of the implementation of new plans and policies to uplift the lives of the Nigerian people. God Bless Nigeria! Sign ​​​                                                                                              Sign Adeyanju Deji​​                                                                                Adeoye Adelaja Conveyer ​​​                                                                                      Co-Conveyer

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Why small naira denominations are scarce

The Central Bank of Nigeria (CBN) has not printed the small naira denominations for about a year, causing the scarcity of the notes in the economy, the News Agency of Nigeria (NAN) reports. Sources at the CBN hinted that for a year now, the apex bank d…

Emefiele leads Islamic Corporation

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been elected as the Chairman of the International Islamic Liquidity Management Corporation (IILM). CBN’s acting Director, Corporate Communications, Mr Isaac Okorafor, announced this in a statement on Friday in Abuja. The statement stated that by the development, Emefiele had also become the Head of the General Assembly of the financial body, comprising nine countries and Islamic Development Bank.

Credit to Corporate sector to increase in 2017, says CBN

The Central Bank of Nigeria (CBN) on Thursday said the overall availability of credit to the corporate sector was expected to increase further in first quarter of 2017. The CBN said in the Credit Condition Survey Report, posted on its Website,that the …

CBN denies reports of allocation of dollars

The Central Bank of Nigeria (CBN) has denied reports from some quarters that it allocates dollars unilaterally. A statement by Mr Isaac Okoroafor, Acting Director, Corporate Communications on Saturday in Abuja, decried the way some Nigerians chose to disparage those in leadership at this time in total insensitivity to the larger interests of the nation’s economy. He added that the CBN had set up an inter-bank foreign exchange market where anyone who wishes to buy foreign exchange could bid for and buy through their banks.

CBN To Render Financial Services To Rural Villages By 2020 – Emefiele

Godwin Emefiele, the governor of the Central Bank of Nigeria, CBN, on Friday, December 2, 2016 announced plans to render financial services to villages across the country by the end of 2020. Emefiele who made the disclosure at a two-day CBN fair tagged, “Promoting Financial Stability and Economic Development,” said the CBN now has a Central Complaints Center where customers can present their challenges which would be resolved immediately. Represented by the Benin Branch Controller, Mr. Richard Jumbo, the CBN governor said it has become pertinent to sensitise the people on their rights and duties as a customer, urging participants to be dedicated to preaching the CBN gospel of actualising a full cashless society by the year 2020. “The banking sector has improved to the extent that you can buy and transfer money with your phone. You can use your ATM to pay for goods in shops through POS,” Mr. Emefiele said. He said the programme was also aimed at teaching those looking for loan for agriculture and business to be taught how to get the loan. “We want to bring financial services to the villages that there are things that can be done with the phone not when you want money you have to travel for miles to another town. Now you can seat in your house and send any amount of money you want to send. Now the Central Bank has a channel where you have your complaints and they will be resolved.” On his part, the deputy director and leader of the team, Sam Okojie who spoke on handling the currency said the naira need to be treated with respect as the cost of producing the currency is higher than the denomination itself. He reiterated that the sales of currency on the streets is punishable by the law setting up the apex bank, noting that a total of 17 states have been covered so far on the preaching of the need to keep the naira clean and neat. “We are here as part of efforts to bring our initiative closer to the people and sensitise the masses. We are moving from state to state, lack of information or misinformation is a problem,” Mr. Okojie said. “Many people are not aware so we have thought it wise to move out, meet the people, explain to them what we are doing, let them ask their questions and they will get feedback. “We have covered about 17 states, we have gone round and we are going second round with Cross Rivers remaining,” he concluded.

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CBN Has Been Illegally Funding Buhari’s Government – Sanusi

The Emir of Kano, Muhammad Sanusi II has said that the Central Bank of Nigeria, CBN, is illegally lending to Muhammadu Buhari-led government. Sanusi, a former governor of the Central Bank, made this allegation while speaking at a policy monitoring dialogue hosted by the Savannah Centre for Diplomacy, Democracy, and Development in Abuja on December 2, 2016. “The problem of the current government is not having the right policies to fix the current economic woes,” the monarch said at the event at the Transcorp Hilton Hotel in Abuja. He also said that the apex bank has been lending to the government above the limits stipulated by the CBN Act of 2007. Sanusi’s presentation showed that CBN’s lending to the government since Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion. “The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy,” he said. “CBN claims on the FGN now tops N4.7 trillion — equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s lender of last or first resort?” He said no one was willing to  lend to the Nigerian government, further stating that “if senate approved, I want to see who will lend you $30billion when you have five exchange rates”. Sanusi said the country is enmeshed in heavy debts, stating that out of every N1 Nigeria makes, 40 kobo goes to debt and 60 kobo is left for salaries, health, education, power, infrastructure. He said oil is merely a working capital that cannot make the country rich. Nigeria produces one barrel for 80 Nigerians; Saudi Arabia produces one for 3 Saudis, Sanusi said. He noted that in every economy, growth is driven by “consumption, investment and net export”, adding that “our exports cannot grow, without regulatory certainty or an increase in the price of oil”. He lamented that the country was spending money on repaying debts and  also on recurrent expenditure, as against education, healthcare, power, and other infrastructure. The emir also stated that Nigeria is the lowest per-capita spender on development in Africa. On speaking truth to power, Sanusi said: “I can’t apologise for being who I am. The government I served, I did not keep quiet. When I am not serving the government, I cannot keep quiet.”

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