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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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Best banks in Nigeria

Best banks in Nigeria

Today Nigeria is holding not less than 160 million people. As a result of this, there is a great need for a very strong and trustworthy banks to serve the huge population.

Lets look at the biggest banks in Nigeria and the richest banks as well.

1.      Zenith Bank PLC

2.      Guaranty Trust Bank

3.      First Bank Nigeria

4.      Access Bank Nigeria

5.      United Bank For Africa

6.      Fidelity Bank Nigeria

7.      Ecobank Nigeria

8.      Skye Bank Nigeria

9.      Union Bank of Nigeria

10. Diamond Bank Nigeria PLC.

 

 

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Banks close down as recession increases

Banks close down as recession increases

BANKS CLOSE DOWN AS RECESSION INCREASES

By OMOKHUALE PUAH

Report has shown that due to Economic recession, a number of deposit banks in Nigeria will close its branches, so as to save the cost of salary payment.

Investigation made, yet revealed that banks are still on, to the laying-off of hundreds of staff between now and December, due to the recession.

This point became clearer 24 hours ago, after Unity Bank Plc sacked 300 more workers, other than the 220 mentioned last week.

According to report, it has been discovered that most banks could no longer vouch their existence as the analysis on cost showed that banks spent more on the salaries and overheads of workers, than their income.

According to some top bank executives who claimed anonymity, “we laid-off some staff members and we are yet to dismiss others, because so many banks are just existing with no essence; no income. Such branches might be closed before the end of this year” they said.

Mr. Johnson Chukwu, an exbanker and Chief Executive Officer, Cowry Asset Management Limited described the closure as an action ongoing in the bank sector especially in this period of Economic Recession, but it is very necessary for banks to notify the Central Bank before any closure.

It was also identified that the recessioin in the economy, which started based on non performing loans in the financial system, made deposit banks loose at least N17bn profit in the first quarter of this year.

In records of financial institution posted on the website of the Nigerian Stock Exchange, it was discovered that Ecobank, Transnational Incorporated, Guaranty trust Bank Plc, Unity Bank Plc and Diamond bank Plc recorded a combined decline of N17bn in their profits before their three months tax ended in March 31, 2016.

It was compared with the PBT of N30,52bn, N32,65bn, N4.26bn and N7.94bn which was recorded by the banks in the first quarter of last year. The combined PBT of the four banks dropped by N17bn of N75.4bn in the first quarter of last year to N58.4bn in the same period of 2016.

Mr. Ayodeji Ebo, An economic analyst and head, investment advisory, Afrinvest West Africa Limitedsaid that the declining profit in the Financial sector was a reflection to the challenges facing the Nigerian economy.

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