Naira Crisis: Banks Fear Heighten As Customers Shun Cash Deposit

 The Nigerian economy has started redeeming from the three-month-long naira insufficiency, but there is another infuse risk of a possible banking sector collapse as customers shun cash deposits.

The development is a spill-over effect of the Central Bank of Nigeria’s (CBN) poorly implemented Cashless Policy, which caused Nigerians untold nightmares and hardship.

However, CBN’s massive evacuation of banknotes to commercial banks on March 24, 2023, had served as the antidote to the currency predicaments, though many Nigerians described the move as late.

But, the respite looks short-lived, following an elevated tension of banks’ insolvency amid customers declining steam to deposit cash and conduct other transactions.

New Telegraph reports that Nigerian banks’ assets rose by 10.72 trillion Naira ($22.61 billion) between August 2021 and August 2022 to hit 66.76 trillion Naira ($151.49 billion), according to CBN’s data.

Speaking with the DAILY POST, Adaeze Okolie, a resident of Abuja, said, “I no longer feel the need to deposit my money with the Bank; I rather keep it. The Naira scarcity period did expose the inefficiency of Nigeria’s banking system. It was appalling, I could not withdraw for months, and online transactions were equally frustrating. Many Nigerians have learned their lessons”.

Also, Usman Abdullahi, a yam seller in Suleiman Market, said, “He would rather keep his money rather than go to the bank to deposit cash or better look for other means”.

Augustine Chukwu, a PoS operator in Utako Market in Abuja, said, “I collect cash from market men and women; I rarely visit the banking hall”.

But Abdul Imoye, the Head of Media Relations at Access Bank PLC, confirmed the decline in cash deposits by customers and said the anxiety held by Nigerians for not depositing cash would soon be a thing of the past.

According to him, what is happening now is typical of the Nigerian mentality, but business would bounce back in time.

“It is due to the ‘Nigerian mentality’; customers had struggled with cash scarcity for months, so people are normally apprehensive. But now there is cash in the banking system; I am sure things will return to normal”, he added.

Also, The CEO of SD & D Capital Management, Mr Idakolo Gbolade, said bank customers’ behavior towards cash deposits is a natural resentment.

According to Idakolo, “The bank customers will naturally shun depositing their funds, and deposit is expected to decline due to the experience of depositors in the past few months.

He also said, “Bank customers went through hell to make withdrawals from their deposits, so it is natural for resentment regarding depositing their funds back to the banks.

“This trend will continue for months before depositors adjust accordingly.

“The economy will gradually bounce back with cash infusion into the system,” he stated.

Last Month, Nigerian Deposits Insurance Corporation, NDIC, with the primary responsibility to protect Depositors, reassured that it is committed to ensuring a solid banking system in collaboration with the CBN.

'Big Brother Naija Past Questions' booklet is now being sold in traffic

Honestly, Nigerians play too much. They are actually selling 'Big Brother Naija Past Questions' in traffic for aspiring BBNaija housemates.

There's nothing we won't see.

Dollar drifts in year-end trade as clouds gather

The dollar was broadly steady in thin year-end trading on Monday with the Australian dollar AUD=D3 leading gainers as tensions over a trade dispute between the United States and China faded on expectations of progress in trade talks.

The Australian dollar gained 0.4 per cent to $0.7063 but on the year is down 10 per cent.

The Aussie has suffered against the greenback this year due to tensions between the world’s two biggest economies because of its status as a currency highly correlated to global trade.

In a tweet, which provided relief to financial markets, U.S. President Donald Trump said on Sunday that he had a “long and very good call’’ with his Chinese counterpart, Xi Jinping and that a possible trade deal between the United States and China was progressing well.

The dollar was broadly steady at 96.43 but is set to close the year up nearly five per cent against its rivals on trade tensions and rising interest rates.

China and the United States have been in a trade war for much of 2018, shaking world financial markets as the flow of hundreds of billions of dollars’ worth of goods between the world’s two largest economies has been disrupted by tariffs.

Going into 2019, the outlook for the dollar is more subdued with growing expectations that a three-year rate hiking cycle in the United States has come to a close.

Markets currently expect no rate hikes next year.

“Along with growing expectations of no more rate hikes, the familiar issues of the twin deficits is expected to weigh on the dollar next year,’’said Alvin Tan, a currency strategist at Societe Generale in London.

The dollar has been relatively stable going into the end of 2018 despite falling U.S. Treasury yields.

The U.S. 10-year Treasury bond yield US1OYT=RR was at 2.71 per cent on Monday, having fallen nearly 30 basis points in December.

The euro EUR=EBS was last quoted at $1.1440, flat versus the dollar.

Although the single currency has gained versus the dollar in recent weeks, economic growth and inflation in Europe remain much weaker than the European Central Bank’s expectations.

The euro is set to lose nearly five per cent versus the dollar in 2018.

Elsewhere, sterling GBP=D£, which has been battered this year by Brexit woes, rose to a three-week high in quiet trade.

It rose 0.3 per cent at $1.2732 but has lost more than six per cent of its value versus the dollar this year.

Shoprite charged with anti-competitive behaviour

South Africa’s Competition Commission said on Thursday it had charged retailer Shoprite and its subsidiary Computicket with anti-competitive behaviour, and recommended a fine.

The commission said Shoprite and the event ticket seller had signed exclusive agreements that gave Computicket the ability to discriminate between large and small customers on prices.

The commission said the discrimination had forced third parties to engage with Computicket, excluding its competitors.

“The Commission has asked the Tribunal to impose an administrative penalty of 10 per cent of Computicket and Shoprite Checkers annual turnover,” the commission said in a statement in Johannesburg.

Shoprite was not immediately available to comment.

As a result, shares in the country’s biggest supermarket chain fell more than 4 per cent after the announcement, but had recovered to 183 rand, a decline of 1.84 per cent in early trading.

The case marks the second time the commission has referred Computicket to the Competition Tribunal, with a decision on similar charges.

This is the first time that Shoprite has been added as a respondent to the charges.

Access Bank/Diamond Bank not merged yet – SEC

Following  reports of merger by the boards of Diamond and Access banks, the Securities and Exchange Commission (SEC) has said that both banks are yet to formally merge.

The nation’s apex Capital Market regulator explained that the process is not yet completed, even as it awaits their application on the matter.

The SEC in a statement said: “Access bank and Diamond Bank have both notified the Commission and the general public. It is a notice to merge, they have not merged yet. SEC is awaiting their application on the matter.

“The SEC received on Monday, Dec 17 2018, notice of intention by Diamond Bank & Access Bank to merge. The Commission is currently waiting for their formal Application”.

The completion of the merger is subject to certain shareholder and regulatory approvals expected to be completed in first half of 2019.

MTN sues FG for N3b over $1.3b withholding tax

MTN Nigeria Communication Ltd has filed a fresh suit at the Federal High Court in Lagos to challenge the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it by the Federal Government.

It is demanding N3billion general and exemplary damages and legal costs from the defendant.

Justice Chukwujekwu Aneke on Thursday adjourned the suit until December 3 for hearing after counsel confirmed that motions have been filed and served on parties.

MTN, in the suit filed on September 10, is challenging the legality of the Attorney-General of the Federation’s assessment of its import duties, withholding tax and value added tax amounting to N242 billion and $1.3 billion.

It is contending that the purported “revenue assets investigation” allegedly carried out by the Federal Government  for the period of 2007 to last year, and its decision conveyed through the Office of the AGF by an August 20 letter, violates the provisions of Section 36 of the 1999 Constitution.

The plaintiff sought a declaration that the AGF acted in excess of its powers by purporting to direct through its letter of May 10 a “self-assessment exercise” which usurps the powers of the Nigerian Customs Service to demand payment of import duties on importation of physical goods.

MTN sought a declaration that the AGF acted illegally by usurping the powers of the Federal Inland Revenue Service (FIRS) to audit and demand remittance of withholding and value added taxes.

It is praying the court to hold that the purported self-assessment exercise instituted by the AGF via its May 10 letter is unknown to law, and therefore null and void and of no effect whatsoever.

It prayed for a declaration that the AGF’s demand of the sums is premised on a process that is malicious, unreasonable and made on incorrect legal basis.

MTN prayed for an order vacating the AGF’s demand letter for N242 billion and $1.3 billion, and claimed N3 billion general and exemplary damages, as well as legal costs.

But, the AGF, in his preliminary objection, argued that the plaintiff was statute-barred, having not filed the suit within three months from the date the cause of action arose.

The AGF argued that the plaintiff commenced the suit in violation of Section 2 of the Public Officers Protection Act, which provides that any action commenced against a public officer must be made within three months from commencement of cause of action.

AGF contends that the plaintiff’s failure to commence the suit within three months as stipulated by law robs the court of jurisdiction to entertain it.MTN Nigeria Communication Ltd has filed a fresh suit at the Federal High Court in Lagos to challenge the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it by the Federal Government.

It is demanding N3billion general and exemplary damages and legal costs from the defendant.

Justice Chukwujekwu Aneke on Thursday adjourned the suit until December 3 for hearing after counsel confirmed that motions have been filed and served on parties.

MTN, in the suit filed on September 10, is challenging the legality of the Attorney-General of the Federation’s assessment of its import duties, withholding tax and value added tax amounting to N242 billion and $1.3 billion.

It is contending that the purported “revenue assets investigation” allegedly carried out by the Federal Government  for the period of 2007 to last year, and its decision conveyed through the Office of the AGF by an August 20 letter, violates the provisions of Section 36 of the 1999 Constitution.

The plaintiff sought a declaration that the AGF acted in excess of its powers by purporting to direct through its letter of May 10 a “self-assessment exercise” which usurps the powers of the Nigerian Customs Service to demand payment of import duties on importation of physical goods.

MTN sought a declaration that the AGF acted illegally by usurping the powers of the Federal Inland Revenue Service (FIRS) to audit and demand remittance of withholding and value added taxes.

It is praying the court to hold that the purported self-assessment exercise instituted by the AGF via its May 10 letter is unknown to law, and therefore null and void and of no effect whatsoever.

It prayed for a declaration that the AGF’s demand of the sums is premised on a process that is malicious, unreasonable and made on incorrect legal basis.

MTN prayed for an order vacating the AGF’s demand letter for N242 billion and $1.3 billion, and claimed N3 billion general and exemplary damages, as well as legal costs.

But, the AGF, in his preliminary objection, argued that the plaintiff was statute-barred, having not filed the suit within three months from the date the cause of action arose.

The AGF argued that the plaintiff commenced the suit in violation of Section 2 of the Public Officers Protection Act, which provides that any action commenced against a public officer must be made within three months from commencement of cause of action.

AGF contends that the plaintiff’s failure to commence the suit within three months as stipulated by law robs the court of jurisdiction to entertain it.

MTN earlier filed a separate suit against the AGF and the Central Bank of Nigeria (CBN), which is pending before Justice Saliu Saidu of the same court and will be heard December 4.

In the suit, MTN is challenging the $8,134,312,397.63 demanded from it by the CBN over alleged forex remittance infractions.

It is praying the court to restrain the CBN and the AGF from imposing punitive sanctions against it.

The CBN accused MTN Nigeria of improper dividend repatriations and demanded that $8.1 billion be returned “to the coffers of the CBN”.

The Federal Government also accused MTN of unpaid taxes on foreign payments and imports, asking it to pay approximately $2billion in relation to the taxes.

According to the CBN, MTN and four banks – Standard Chartered Bank, Citi Bank, Stanbic IBTC Bank and Diamond Bank – deliberately flouted the “laws and regulations…including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and the Foreign Exchange Manual, 2006.”

The banks allegedly colluded with MTN, using irregular Certificates of Capital Importation (CCI), to illegally remit foreign exchange abroad. The four banks were slammed a combined N5.87 billion fine.

MTN denied the allegations and subsequently filed the suit.

NCAA urges public to disregard recruitment advertisement

The Nigerian Civil Aviation Authority (NCAA) says there is no ongoing recruitment exercise in the agency as being advertised by some online media platforms.
The General Manager, Public Relations of NCAA, Mr Sam Adurogboye, made this known on Thursday in Lagos.
Adurogboye noted that the recruitment post making rounds on social media about various positions advertised on the NCAA’s website was misguided and a misinterpretation of a Federal Government initiative.
“For the purpose of clarity, the career programme on the NCAA website is an initiative of the Federal Government of Nigeria.
“It was created to collate data of eligible Nigerians, who wish to pursue career in the aviation industry and to tackle unemployment in Nigeria.
“The database of Pilots, Cabin crew, Engineers etc, would be made available for emerging aviation career opportunities in Nigeria and other countries,’’ he said in a statement.
According to Adurogboye, the NCAA is driving this programme as a Federal Government agency for the benefit of unemployed aviation professionals.
He urged the public to disregard the fictitious advertisement, adding that the NCAA would duly notify them if and when job opportunities become available.

6 Tips For Starting A Successful Small Business

Starting your own business isn’t for the faint of heart. It’s stressful and pretty much demands your complete focus. On the plus side, it can also be a fulfilling experience professionally and personally.

Here are Six (6) Tips For Starting A Successful Small Business:


1. Have Plan to Execute Your Idea 
It’s not enough to just have a great idea for your business, you need to develop that idea and you need a plan to do that. You should first develop a business concept, then from there you write a solid business plan to guide your development of the business concept. The business plan is a very essential tool for bringing your business idea to life and presenting to potential investors for help in setting up your business.


2. Establish a Budget
A budget is essential for efficiently managing your financial resources. It is necessary to first do some research to find out about the standard cost factors within your industry, then develop a budget to run your business based on this information. Once you are able to efficiently manage your financial resources, there is a higher chance of success in your business venture. 

3. Get The Right Investors 
This is one mistake common to first-time entrepreneurs – failing to get the right investors for their business. Not just any investor is right for your business, because there are some that might take advantage of your inexperience. It is therefore extremely important to find an investor that shares your passion, understands your idea and is someone that you can work with (that last part is extremely important). 


4. Get a Great Support System 
At the initial stage of your business, you typically need to spend a lot of time and resources getting things running. As a result, you’ll need support from family and friends. You should first ensure that your family is on board with the necessary sacrifices you are going to make in terms of time and resources, and your loved ones should be prepared for how challenging financially and even emotionally things might get. It helps to assure them that it’s only for a while and that it won’t last forever; but then you also have a personal responsibility to ensure the cost of your business venture to your loved ones isn’t far more than they can bear, because in the end ‘family should always come first’.


5. Ensure the Legal Aspect is Well Taken Care Of The key word here is ‘well’. You cannot afford to be nonchalant with the legal aspects of your business venture; that can prove to be a very costly mistake. Secure the necessary permits and licenses, determine your tax obligations and get a good lawyer to guide you legally every step of the way (especially when negotiating with investors). 


6. Take Advantage of Free Resources 
The sub-heading says it all; if you can get it for free, then please do. You are not going to be given a medal for paying for every single thing relating to your business, so if you are able to negotiate and get a couple of things for free, then it really can help the success of your business venture in a monumental way and take a lot of financial pressure off you.

Naira Depreciates To N367/$1 As Mpc Meeting Continues Today

AIRA DEPRECIATES TO N367/$1 AS MPC MEETING CONTINUES TODAY
Source : http://www.eyesoflagos.com/2017/07/naira-depreciates-to-n3671-as-mpc.html
The naira falls yesterday to N367 against the Dollar on the parallel market from N376 it opened for trading as the Central Bank of Nigeria (CBN) Monetary Policy Meeting commences today (Tuesday).
The sell side of the naira exchange rate against the pound also dropped by N3.00, to close at N475 to the pound on the parallel market yesterday, as against the N472 it opened for trading. However, the naira remained flat at N420 against the euro.
For the Investors/Exporters Foreign Exchange (IEFX) window, the naira against the Dollar opened at N365.96 and closed at N366.37 while at the Inter-bank rate, it remained at N305.8. Uncertainty continued to surround the outcome of the CBN’s Monetary Policy Meeting that commenced on Monday as speculators trade the foreign exchange market with caution.
The naira appreciated last week attributable to CBN’s injection of $195 million — comprising $100 million (via the wholesale window), $50 million, and $45 million (via the SMEs and Invisibles windows respectively) – into the foreign exchange market.
The naira – in the interbank market last week – appreciated by 0.03 per cent and 0.49per cent against the dollar and pound to N305.80 and N409.36, respectively, but depreciated by 1.83 per cent against the Euro to N367.15. In the parallel market, it appreciated against dollar and the pound by 0.54per cent and 0.42per cent to N366 and N470, respectively, while the naira against euro was flat at N420.
In a deviation from the interbank and parallel market, the naira in the IEFX window lost by 0.98per cent against the dollar to N366.37. Although experts had predicted that the Monetary Committee might hold interest rate at 14 per cent and Cash Reserve Ratio at 22.5 per cent. They expressed that the weekly invention of CBN will aid the nation’s economy in exiting the current recession as the manufacturing and non-manufacturing activities continued to increase.
Managing director/chief executive officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane explained to EYES OF LAGOS that the CBN’s rates might remain unchanged. The CBN in a notice to commercial banks announced plans to sell foreign exchange to manufacturers, airlines, fuel importers, and agriculture businesses at a special auction to clear backlog of foreign exchange obligations this week.
Researchers at Cordros capital said, the impact on the Naira will be largely reflected across segments of the foreign exchange market. Thus, we expect the Naira to appreciate further against the dollar in the week, while remaining stable against the pound and euro.”

Why we bought N3.6bn exotic cars during recession – Reps

The House of Representatives on Thursday defended its decision to buy exotic cars for its 360 members at a period the country’s economy is in recession.

It said lawmakers must have a means of mobility while carrying out oversight duties over Ministries, Departments and Agencies of the Federal Government.

The House will spend at least N3.6bn across 24 months to complete payment for  the luxury vehicles supplied by the Kaduna-based Peugeot Automobile Nigeria Limited.

The PUNCH had reported exclusively on Monday that the firm had already delivered 28 units of Peugeot 508 series to members in the first batch of 50 cars.

A total of 360 units of the exotic automobile would have been delivered by January 2017.

The Deputy Chairman, Committee on Media and Public Affairs, Mr. Jonathan Gaza, while defending the procurement of the cars on Thursday, said that recession would not stop lawmakers from performing their legislative duties.

Anambra Records $5m Vegetable Exports To Europe- The Vanguard

AWKA—
In a bid to underscore the importance of diversifying the economy and attracting more industries to Anambra state, Chief Willy Obiano has confirmed that the concise Economic Blueprint, made up of The Four Pillars of Development; including Agriculture, Industrialization, Trade and Commerce and Oil and Gas he developed on assumption of office has started yielding dividends. 

The governor who spoke in Abuja in an interactive session he had with the People of Anambra living in the North central part of the country at the Transcorp Hilton stated that the state is now a socially stable, business-friendly environment attracting both indigenes and foreigners to seek wealth-creating opportunities.
To this end, he told the audience which included the Obi of Onitsha, Igwe Alfred Achebe, Dr Oby Ezekwesili both PDP and APC members of the National Assembly, former Governor Chinweoke Mbadinuju and several others that Anambra State Investment Agency, ANSIPPA, charged with the mandate of attracting and fast-tracking investments in the state has so far attracted over $4.2 billion deals to the state. 
The latest investment he confirmed was sealed on Tuesday last week with Zolt Energy Limited to build a 40 megawatts Embedded Power Generating Plant in Ogbaru. When completed in the next 18 months as scheduled, all the power generated from it will be distributed mainly in Anambra State. 

On the state of agriculture, Obiano who was giving a score card of his two and half years stay in office disclosed that “in January this year, Anambra made headlines when it became the first state in Nigeria to export vegetables (Ugu and Onugbu) valued at $5million to Europe. 
At the same time, our locally produced brand of rice known as Anambra Rice recently emerged the Best Rice in Africa at an African Products Forum in Lagos. Anambra Rice was adjudged better and more wholesome than other competing brands from South Africa, Egypt, Ghana, Morocco, Namibia and Cameroon.
Our agricultural sector has also attracted investments from 7 companies valued at $1.011bn while the large industrial farms have pushed our local rice production from 90,000 metric tons to 210,000 metric tons. At this rate, we shall soon surpass the 320,000 metric tons we consume in Anambra State per annum” Obiano told the capacity crowd at the Congress Hall that the Oil and Gas Advisory Committee headed by Dr.Emmanuel Egboga, the former Special Adviser to the President on Petroleum Matters has been charged with drafting a comprehensive Blueprint for the Oil & Gas sector and advising the State on the necessary steps that would ensure the recognition of Anambra as the 10th Oil Producing State in Nigeria.

http://www.vanguardngr.com/2016/07/anambra-records-5m-vegetable-exports-europe/

Anambra Records $5m Vegetable Exports To Europe- The Vanguard

AWKA—
In a bid to underscore the importance of diversifying the economy and attracting more industries to Anambra state, Chief Willy Obiano has confirmed that the concise Economic Blueprint, made up of The Four Pillars of Development; including Agriculture, Industrialization, Trade and Commerce and Oil and Gas he developed on assumption of office has started yielding dividends. 

The governor who spoke in Abuja in an interactive session he had with the People of Anambra living in the North central part of the country at the Transcorp Hilton stated that the state is now a socially stable, business-friendly environment attracting both indigenes and foreigners to seek wealth-creating opportunities.
To this end, he told the audience which included the Obi of Onitsha, Igwe Alfred Achebe, Dr Oby Ezekwesili both PDP and APC members of the National Assembly, former Governor Chinweoke Mbadinuju and several others that Anambra State Investment Agency, ANSIPPA, charged with the mandate of attracting and fast-tracking investments in the state has so far attracted over $4.2 billion deals to the state. 
The latest investment he confirmed was sealed on Tuesday last week with Zolt Energy Limited to build a 40 megawatts Embedded Power Generating Plant in Ogbaru. When completed in the next 18 months as scheduled, all the power generated from it will be distributed mainly in Anambra State. 

On the state of agriculture, Obiano who was giving a score card of his two and half years stay in office disclosed that “in January this year, Anambra made headlines when it became the first state in Nigeria to export vegetables (Ugu and Onugbu) valued at $5million to Europe. 
At the same time, our locally produced brand of rice known as Anambra Rice recently emerged the Best Rice in Africa at an African Products Forum in Lagos. Anambra Rice was adjudged better and more wholesome than other competing brands from South Africa, Egypt, Ghana, Morocco, Namibia and Cameroon.
Our agricultural sector has also attracted investments from 7 companies valued at $1.011bn while the large industrial farms have pushed our local rice production from 90,000 metric tons to 210,000 metric tons. At this rate, we shall soon surpass the 320,000 metric tons we consume in Anambra State per annum” Obiano told the capacity crowd at the Congress Hall that the Oil and Gas Advisory Committee headed by Dr.Emmanuel Egboga, the former Special Adviser to the President on Petroleum Matters has been charged with drafting a comprehensive Blueprint for the Oil & Gas sector and advising the State on the necessary steps that would ensure the recognition of Anambra as the 10th Oil Producing State in Nigeria.

http://www.vanguardngr.com/2016/07/anambra-records-5m-vegetable-exports-europe/

Anambra Records $5m Vegetable Exports To Europe- The Vanguard

AWKA—
In a bid to underscore the importance of diversifying the economy and attracting more industries to Anambra state, Chief Willy Obiano has confirmed that the concise Economic Blueprint, made up of The Four Pillars of Development; including Agriculture, Industrialization, Trade and Commerce and Oil and Gas he developed on assumption of office has started yielding dividends. 

The governor who spoke in Abuja in an interactive session he had with the People of Anambra living in the North central part of the country at the Transcorp Hilton stated that the state is now a socially stable, business-friendly environment attracting both indigenes and foreigners to seek wealth-creating opportunities.
To this end, he told the audience which included the Obi of Onitsha, Igwe Alfred Achebe, Dr Oby Ezekwesili both PDP and APC members of the National Assembly, former Governor Chinweoke Mbadinuju and several others that Anambra State Investment Agency, ANSIPPA, charged with the mandate of attracting and fast-tracking investments in the state has so far attracted over $4.2 billion deals to the state. 
The latest investment he confirmed was sealed on Tuesday last week with Zolt Energy Limited to build a 40 megawatts Embedded Power Generating Plant in Ogbaru. When completed in the next 18 months as scheduled, all the power generated from it will be distributed mainly in Anambra State. 

On the state of agriculture, Obiano who was giving a score card of his two and half years stay in office disclosed that “in January this year, Anambra made headlines when it became the first state in Nigeria to export vegetables (Ugu and Onugbu) valued at $5million to Europe. 
At the same time, our locally produced brand of rice known as Anambra Rice recently emerged the Best Rice in Africa at an African Products Forum in Lagos. Anambra Rice was adjudged better and more wholesome than other competing brands from South Africa, Egypt, Ghana, Morocco, Namibia and Cameroon.
Our agricultural sector has also attracted investments from 7 companies valued at $1.011bn while the large industrial farms have pushed our local rice production from 90,000 metric tons to 210,000 metric tons. At this rate, we shall soon surpass the 320,000 metric tons we consume in Anambra State per annum” Obiano told the capacity crowd at the Congress Hall that the Oil and Gas Advisory Committee headed by Dr.Emmanuel Egboga, the former Special Adviser to the President on Petroleum Matters has been charged with drafting a comprehensive Blueprint for the Oil & Gas sector and advising the State on the necessary steps that would ensure the recognition of Anambra as the 10th Oil Producing State in Nigeria.

http://www.vanguardngr.com/2016/07/anambra-records-5m-vegetable-exports-europe/

CBN To Banks: Sell Forex To BDCs - Nairametrics

The Central Bank of Nigeria has issued a new circular on Friday announcing that it has given Bureau De Change operators (BDC) permission to buy forex sold from International Money Transfers.

The circular titled “Sale of Foreign Currency Proceeds of International Money Transfers to Bureaux De Change Operators” read in part that “Authorized dealers who are agents of International Money Transfer Operators are hereby authorized to sell foreign currency accruing from inward money remittances to licensed Bureaux De Change Operators (BDC’s) with effect from the date of the circular.”

The Central Bank also instructed that proceeds of the remittances shall be sold only to the retail end of the market.

Implication

What this means is that proceeds from forex inflows such as Western Union or Money Gram can now be sold to the BDC’s. Before now banks were under instruction to sell most of the forex back to the CBN whilst paying beneficiaries in Naira. With this new instruction, beneficiaries will still collect their money in Naira but banks can now sell the dollars directly to the BDCs helping creating liquidity at the retail end. Foreign remittances to Nigeria was thought to be around $21 billion in 2015 alone.

Analysts inform Nairametrics that the CBN has taken this decision to trigger a flow of forex supply to the retail end of the market which has been starved of dollars since a rash of CBN policies earlier in the year that has done more harm than good. Retail buyers of forex who need it to pay for school fees, travel on summer vacations have been shut out of the forex market making them to rely heavily on the parallel market to meet their demand. This has expectedly driven up cost of the dollar in the black market exchanging for as high as N379. The premium between the official rate and the black market rate is now over N70 to the dollar.

So rather than have banks stash their vaults with dollars they can’t sell, they pump the money into the retail end of the market hoping that it will drive down the price of the dollar in the black market

Banks back in play?

This decision has its own risk considering that we have been here before. Operators inform Nairametrics that at the policy was in place for banks to sell forex directly to BDC operators, staffs of Treasury department of most commercial banks use this as an opportunity to make “fast bucks”. An operator explained to Nairametrics that rather than sell dollars at the prescribed official rate (before floating), Treasury staffs will sell to BDC operators at an extra premium and then pocket the difference.

For example, if the approved rate was N200 they will sell to BDCs at N220. BDC who were not willing to play ball will be informed that there are no dollars to sell. The willing BDC who agree to play will now have to issue two cheques, one at the rate of N200 and the other N20. The former will be in the Bank’s name whilst the latter will be in the name of a personal account produced by the Treasury Staff.
Whilst this practice worked perfectly well when the exchange rate was pegged we inquired if it could work now that the currency is floating. The operator informed Nairametrics that it was still possible because of the currency disparity between the interbank market and parallel market creating an incentive for arbitrage. The “Treasury guys are just too powerful and can still decide who they want to sell to” we were informed.

Whilst this latest move by the CBN may help reduce the scarcity of dollars in the retail end of the market, the fact that the rate disparity still exist remains a big problem. Another issue pointed out is the 41 banned items. With this ban still in place, it is believed that pressure will still be placed in the black market as hardline importers will still rely on that market to fund their transactions. Whilst this holds true, Nairametrics believe the impact is not as huge as suggested. The current depreciation at the black market we believe is mostly due to parents scrambling to get forex for their summer holiday.

Dogara Rings Closing Bell At The NSE, Nigerian Stock Exchange

House Speaker Dogara makes history as 1st Nigeria's sitting Speaker to ring closing bell on the Floor Of The Nigerian Stock Exchange.

http://www.newshelm.com/2016/07/photo-speaker-dogara-rings-closing-bell.html

Open Message To CBN: Solution To The Arising One Chance Bus & ATM Theft

it's no longer news of the current one chance bus and the unlawful & illegal ATM withdrawal thefts by some criminals elements in the country. this is coming at a critical economic downtime and the same time the CBN is pushing towards cashless economy.

the sad part is banks no longer allowed teller withdrawals anymore but rather forcing people to collect ATM Cards, the country is still getting used to ATM payment system and now we already have a bigger problem at hand. my worried is that other part of the country criminals will soon start kidnapping people with their ATM Card.

no doubt the current ATM payment system in the country is antiquated and of the lowest grade security. at a time when other countries is moving to fingerprint and facial detention ATM. India has already introduce fingerprints detection and I'd number validation. more like you enter your last 4 digit BVN number and it will ask for fingerprints or facial validation before it dispense cash.


What the CBN need to do it to forcefully introduce a new modern ATM in the banks
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'World's first' facial recognition ATM unveiled in China

Mainland researchers have developed the first automated teller machine with facial recognition technology.

The developers include Tsinghua University and Tzekwan Technology, a Hangzhou firm that provides security protection for financial transactions, Xinhua reported.

Tzekwan chairman Gu Zikun, an anti-counterfeit technology expert, believes the technology will curb ATM-related crimes. ATM parts on the mainland currently relied mostly on imported technology, the report said, but the new machine, which combines high-speed banknote handling, improved counterfeit-bill recognition and facial recognition, was wholly Chinese.

Gu said the product had passed the authorities' certification and would soon be available on the market. It is unclear who will manufacture the ATMs and how it will collect facial data.

The news come a week after the state launched its "Made in China" campaign, which aims to transition the mainland from a manufacturing hub for low-end goods to high-quality products within the next 10 years.

Cash machines using fingerprint authentication have sprung up in countries like Chile and Colombia.

These biometrics ATMs are not being used by some countries, such as the United States, because of privacy concerns and its high cost.

Trials of facial recognition ATMs have been carried out elsewhere. In December, a credit union in Baltimore tested such an ATM in the hopes it would stop ATM theft.

But opponents to the technology have taken their concerns about privacy and accuracy online.

"What happens if someone had plastic surgery to look like someone else," one user asked. "How much will it take to turn my face into Jack Ma's?"

http://scmp.com/news/china/money-wealth/article/1813322/china-develops-cash-machines-facial-recognition-feature-curb