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CBN INCREASES FOREX MARKET BY $195M

CBN INCREASES FOREX MARKET BY $195M

CBN INCREASES FOREX MARKET BY $195M

PUAH OMOKHUALE

The Central Bank of Nigeria (CBN) Monday has boosted the FOREX market by issuing the sum of $195m to three segments of the market.

This was stated during an interview with the Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, while responding to some media enquiries.

Mr. Okorafor stated that during this season, there are pressures on the market from those seeking forex for school fees and vacations, but the Bank has held on to its goal to ensure that there is a sustained liquidity in the market and that genuine requests for FOREX are met. This will help to improve liquidity and flexibility in the market.

According to Mr. Okorafor, the wholesale segment of the inter-bank Foreign Exchange market is auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45million respectively.

This report came through the last week’s intervention in which the retail secondary market intervention sales (SMIS) received the largest allocation of $264,192,252.95 and the authorized dealers in the wholesale window had the sum of $100,000,000.

It was also stated that last week, the CBN, in an attempt to enhance foreign exchange availability in the Nigerian Forex Market and tolerable challenges encountered by critical stakeholders. It was yet stated that payment for port charges to the Nigerian Ports Authority (NPA) and other agencies by oil marketing companies would henceforth be accommodated by the Bank using Form ‘A’.

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FG REQUESTS 3% IGST FOR GOLD IMPORTATION

FG REQUESTS 3% IGST FOR GOLD IMPORTATION

FG REQUESTS 3% IGST FOR GOLD IMPORTATION

PUAH OMOKHUALE
The Federal government of Nigeria has said that the banks that imports gold and precious metals will start paying a 3 percentage fee to Goods and Services Tax (GST) which can be claimed as input tax credit.
In a bid to clarify issues on GST on gems and jewelry through Frequently Asked Questions (FAQs), the Central Board of Excise and Customs (CBEC) said banks did not pay any VAT on import of precious metals previously. They only settled customs duty.

It has also been said that the Import of gold attracts a 10 per cent basic customs duty, following the fact that a 12.5 per cent countervailing duty (CVD) was levied prior to GST.
However, in the GST, "3 per cent Integrated-GST is payable on all imports of precious metals in addition to the basic customs duty, as the IGST paid can be taken as input tax credit by the banks."
The CBEC also said that banks would be liable to pay IGST on such import duties and not any overseas supplier in which ownership is vested during movement of gold or silver.

 Following the statement of the FAQ, "Ownership is not the material for determining if an import has taken place or not. Banks, as registered entities, would be liable to pay IGST on such imports but not the overseas entities, because they are not affecting the import," she said.
The CBEC also added her statement on the levy of GST where the total value of a gold ornament is Rs 30,000, including Rs 2,000 as making charge. In her words, "GST is payable at the rate of 3 per cent of the total transaction value of jewellery, whether the making charge is shown separately or not".
It was also said that since GST subsumed CVD, hence the GST rate on gold at 3 per cent ought to be paid at the time of imports in the form of IGST with effect from July 1.

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DIAMOND BANK REWARDS ENTREPRENEURS WITH 3 MILLION

DIAMOND BANK REWARDS ENTREPRENEURS WITH 3 MILLION

DIAMOND BANK REWARDS ENTREPRENEURS WITH 3 MILLION

PUAH OMOKHUALE
The DIAMOND bank PLC has provided an opportunity to train and empower 50 more entrepreneurs in her seventh edition of the Building Entrepreneurs Today (BET) initiative, issuing N3million to the best five businesses.

This was stated in an opening speech at a press conference during the 7th edition of the BET initiative. The Head, Corporate Communications of Diamond bank, Chioma Afe said that the programme is organized in line with the bank’s drive to ensure that entrepreneurs in all Enterprises (MSMEs) are properly trained and equipped with core business knowledge, as well as given enough capital to effectively maximize the economy.

This year’s (2017) edition of the initiative programme is centered on the theme: “Innovation and Social Impact”, which is targeted at entrepreneurs of all sectors in the economy of whose entries, are expected from all geographical zones in Nigeria.

Mrs Chioma Afe stated that the 50 entrepreneurs on the six months training will be those whose businesses have possible threats to stimulate economic growths and development in Nigeria.
According to Afe, “at the end of the training a seed capital of N3 million would be given to the best five businesses” She said

The initiative programme, which is in collaboration with the Enterprise Development Center of the Pan Atlantic University, is at the core of the bank’s corporate social responsibility strategy and is aimed at making entrepreneurs who will not be afraid of the challenges presented by the harsh operating business environment, but will provide the needed values to the economy with the training and seed capital from the bank.

Selection Criteria:

  • Applicant must have a fully functional business (at least 3months in operations)
  • Applicant MUST not have attended any entrepreneurial Management program at EDC.
  • The business must have high growth potential.

How to Apply:

Create and upload your 60 secs video
Fill your BET online application and include your YouTube link
Once you have successfully submitted your entry, get all your friends to vote.
The top 300 entries will be contacted.

How to Apply: Interested and qualified candidates should Click Here to Apply

Visit Program Webpage for details

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