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CBN Recertifies 3,147 BDCs, 71 Finance Houses

CBN Recertifies 3,147 BDCs, 71 Finance Houses

Yesterday, the CBN  said that it has recertified 3,147 bureaux de change (BDCs) operators and 71 finance companies. Governor of the  Central Bank of Nigeria, Mr Godwin Emefiele Vanguard investigation reveals that the recertification of the BDCs follows the payment of N786.8 million (N250, 000 per BDC) annual licence renewal fee.

Meanwhile, the apex bank licenced 308 BDCs and two new finance companies in 2016. The apex bank disclosed this in the updated list of BDCs posted on its website yesterday. The list reveals that the number of BDCs increased from 2,998 at end-June 2016 to 3,147 as at January 10, 2017. This indicated that the CBN granted operating licences to 149 new BDCs in the second half of 2016 which added to 159 new licences it granted in the first half of the year, to bring the total to 308 in 2016.

CBN also revealed that the number of FCs increased from 69 as at June 2016 to 71 as at year end indicating that the apex bank licenced two new FCs in the second half of the year, bringing the total new FC licences in 2016 to five. According to the CBN half year report for the finance companies sub-sector, “The number of licenced finance companies (FCs) stood at 69 at end-June 2016, including the three (3) newly licenced that were yet to commence operations.

Total assets of FCs at end-June 2016 stood at N109.43 billion compared with N128.58 billion at end-December 2015, reflecting a decrease of 14.89 per cent. Nevertheless, funds available to the sub-sector increased significantly to N1.19 billion at end-June 2016 from N0.12 billion at end-December 2015, arising from the injection of new capital. FCs’ balances with banks increased by 24.48 per cent to N3.33 billion from N2.68 billion at end-December 2015, resulting in increased liquidity in the subsector.

 

Read more at: http://www.vanguardngr.com

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CBN Sells $356m to Support Raw Materials Sector

CBN Sells $356m to Support Raw Materials Sector

Yesterday, the CBN yesterday said it sold $356 MN to support importation of raw materials in the month of October. this, according to apex bank represents 40.9% of the total foreign exchange sold during the month estimated at $876. CBN disclosed this in its data on foreign exchange utilization for October 2016, the data revealed that the apex bank received granted access to about 7,792 requests for foreign exchange, valued at over $867MN through the inter-bank window to enable them source vital raw materials and spare parts for their respective industries.

A summary of the forex utilization for the month showed that the raw materials sector received the highest allotment, getting access to foreign exchange valued at $355,744,861.05 or 40.00% of the total value of forex utilization for the month put at $867,834,186.26. it also showed that manufacturing and petroleum industries got access to $91,276,699.30 and $150,815,804.73, respectively. Companies and other interests in the agricultural sector got access to $13,714,552.83 for the period, while entities in the aviation sector received $10,313,648.29 for the same period. Finished goods and other got allotments of $43,838,044.04 and $10,795,488.92 respectively. Invisibles comprising of school feds, students upkeep and medicals among others received $191,335,087.10 or 22.05% of the figure.

Commenting on the data, the acting director, corporate communications department of CBN Isaac Okorafor said the release of the figures underscored the transparency of the bank in foreign exchange management, the CBN remained committed to its pledge to ease the foreign exchange pressure on manufacturing and agricultural sectors through forward sales under the new flexible foreign exchange regime. It will be recalled that in the month of September 2016, manufacturing industries in Nigeria were given access to foreign exchange valued at over $660 million in the inter-bank market to source raw materials and spare parts for their industries courtesy of the interbank forex market.

Read more at: http://www.vanguardngr.com 

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World bank refuses to loan nigeria until 2017

World bank refuses to loan nigeria until 2017

WORLD BANK REFUSES TO LOAN NIGERIA UNTIL 2017

BY OMOKHUALE PUAH

World Bank and other international lenders have refused to lend out money to Nigeria.

Embedded in a report from the Financial Times, it was discovered that the International Monetary Fund (IMF) and World Bank is demanding some financial reforms from Nigeria, before it could be granted a loan.

On Wednesday last week, the Central bank of Nigeria (CBN) made an attempt to lend a sum of N129.67bn in a short-dated Treasury bill from the World Bank.

In view of the attempted loan, the Apex bank said that it would raise N28bn in three-month paper, N33.49bn in six-month bills and N 68.18bn in one-year bills.

According to Apex bank, the nation’s interbank lending rates were flat at 15.25 percent for overnight lending that Friday, as the market liquidity dropped because of persistent sales of Treasury bills by the central bank.

Still on the trend, Reuters reported on Friday, that cash balance was not available with the central bank, but traders said that insisted that market liquidity should be below N100bn, due to consistent cash withdrawal by the CBN via Treasury bill sales.

Traders complained that the CBN had sold about N1.2trn in the Operations treasury bills at 14 auctions in one month at a bid to reduce liquidity in the banking system and curb pressure on the foreign exchange market.

On this note and others, the World Bank said it would no longer disburse loans until 2017 at the earliest.

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