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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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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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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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Naira Trade’s Tight On CBN’s Measures

Naira  Trade’s  Tight On CBN’s Measures

Next week as the Central Bank of Nigeria struggles to curb speculation on the local currency and reduce pressure on the dwindling external reserves, the naira is expected to trade in a tight range at the official and parallel markets, the naira was quoted at 465 against the dollar at the parallel market on Friday, lower than 460/dollar recorded last week, at the official interbank market, the naira was quoted at 314.80/dollar. The central bank has intensified its effort to manage the exchange rate at the present level by influencing how the scarce dollar is sold at the parallel market, while selling dollar daily at the interbank market to keep it from going down further, a trader at one of the commercial banks told Reuters, meanwhile Ghana’s cedi could drop  marginally on growing seasonal dollar demand by businesses settling their end-of-year import bills.

 

The Kenyan and Ugandan shillings are seen going down  in the week to next Thursday, while Zambia’s kwacha is seen coming up, according to traders meanwhile, the CBN sold N119.92bn ($394.21m) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Friday, the bank sold a total of N32.43bn of the three-month paper at 13.99 per cent, broadly unchanged from 14% at the last auction on November 2, it sold N22.82bn of the six-month debt at 17.40%, down from 17.5% at the previous auction, while a total of N64.67bn of one-year bills was sold at 18.70%, compared with 18.30% previously. Total subscriptions increased to N158.07bn, compared with N122.96bn at the last auction, the data showed. The FG gave treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation

 

Read more: http://www.businessnews.com

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NDIC URGES BANKS TO RESTORE BANKING SERVICES

NDIC URGES BANKS TO RESTORE BANKING SERVICES

 

 

 

Nigeria deposit insurance corporation has cancelled all banks in the country to restore banking services to the north eastern part of the country. The managing director/chief executive of NDIC, Alhaji umaru Ibrahim made this statement while speaking at the corporation’s maiden stakeholders town hall meeting in kano state.

Alhaji Umaru Ibrahim said that he wants to remind  us of the need to move into the north eastern part of the country that is just coming out of the ravages of book haram. We all have a responsibility, all the banks, CBN and ourselves, to move into the north east. The economy needs to be rebuilt, the federal govt, state govt, yobe, borno, adamawa states are doing their best. But without adequate banking services without access to finance, the progress in that area will be retarded.

There is a blue print for that which the Central Bank of Nigeria developed about 4 years ago but it could not be put into action because of the unfortunate phenomenon of boko haram. Happily, boko haram has been dealt with, so I am pleading with the banks that are here to continue to sensitise your headquarters of the need to provide banking service to the people in that part of the country.

Alhaji Ibrahim also explained that the stakeholders town hall meeting was organized as part of efforts to promote consumer protection through financial education. He also said that the theme of this town hall “bank customer protection: The role of NDIC”, has come to a very auspicious time when the country is in serious need for positive attitude to bring back the economy. This would further demonstrate the corporation’s determination towards promoting consumer protection in furtherance of the quest for financial education to achieve financial inclusion.

 

Read more: http//www.vanguardng.com

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Naira Gains Value

Naira Gains Value

On Tuesday, the Naira appreciated against the dollar in all the segments of the forex market. The currency gained 44.95 naira exchange at 305.27 naira to the interbank market after its Monday’s record of 350.22 naira.

The naira gained 5 naira to exchange at 465 naira rom 470 naira it traded on Monday, while it went for 565 naira and 510 naira against the pound sterling and the euro respectively at the parallel market. Trading at the Bureau De change segment saw the currency exchange at 385 naira, the control rated of the Central Bank of Nigeria and at 564 naira against the pound sterling and 510 naira for Euro.

Checking the market, the President Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe said that the naira had prospects of further appreciation in the days ahead. He said that the CBN was working with Nigerians in Diaspora to get more remittances back home.

 

Alhaji Gwadabe said that the CBN had a robust meeting with the stakeholders and Nigerians in Diaspora at the weekend in London on a way to boost liquidity in the foreign exchange market. He also said that more international money transfer operators had indicated interest in facilitating the reparition of eittances from abroad. 

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CBN SANCTIONS COMMERCIAL BANK

CBN SANCTIONS COMMERCIAL BANK

CBN SANCTIONS DEFAULT PARTICIPATING COMMERCIAL BANK

BY OMOKHUALE PUAH

The Central Bank of Nigeria (CBN) Monday, assigned penalties for commercial banks who fail to comply with the terms and conditions involved in the implementation of the Nigeria Electricity Market Stabilization Facility (NEMSF).

This statement was included in a circular by the CBN Director, Financial Policy and Regulations Department, Mr. Kelvin Amogu, where he listed 10 infractions and the various sanctions accompanying them, so they could be received by any participating commercial bank who defaults.

The Bill of implementation was signed by the CBN and the Ministry of Petroleum Resources, Ministry of Power and the Nigerian Electricity Regulatory Commission (NERC).

Listing the sanctions the CBN stated in its very words, “If a collection bank and its principal collection bank fails to provide the administrator with the statement of account for its transactions within five days at the end of the month, the bank would be issued a warning letter as its first sanction, which would instruct the infraction to be remedied before the end of two working days”.

Another infraction on the penalty of participating default commercial banks, involves a financial levy of N500, 000 or above daily, until the infaction becomes remedied on each of the accounts the bank is committed to.

“If there is any further infraction by the deposit monetary bank (DMB) after the payment of N500, 000 penalties, the DMBs participation under the NEMSF of the CBN would be terminated”, he said.

Also, in the circular, it was stated that if a DMB does not comply with the refinancer in providing copies of the statements for any other discos accounts maintained by it and other affiliated information either those effected or about to be affected within five working days, the bank would be issued a warning letter as its first sanction. if they fail to comply within two working, the penalty would involve a financial levy of N500, 000 or above daily, until the infraction becomes remedied “If there is any further infraction by the deposit monetary bank (DMB) after the payment of N500, 000 penalties, the DMBs participation under the NEMSF of the CBN would be terminated”, he said.

Furthermore, any DMB that does not comply with the circular issued, would be issued a warning letter alongside its sanctions. It also included the fact that if there is a closure of transaction account by a DMB without a written consent by the refinancer, they would face the penalty of N2M and the other infraction which involves termination of the bank from participating a mandate bank, in the host of other sanctions listed.  

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