Business
CBN, ICPC, CSO, Others Monitor POS Transaction In Edo Markets
Published
1 year agoon
By
EditorAs part of its efforts to ameliorate the suffering of the people occasioned by the recent naira notes scarcity, the Central Bank of Nigeria (CBN), Benin Branch, on Thursday, commenced the monitoring of banks agents also known as Point Of Sales (POS) payment with lower charges to resident in Benin City.
The banks agents under the strict supervision of the officials of CBN, Economic and Financial Crime Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC) and members of the Edo State Civil Society Organisations (EDOSO), were paying their customers a maximum of N5000 per N100 charges.
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At the popular Oba Market, Ring Road in Benin, traders and sellers who benefitted from the effortless withdrawal of cash from the POS agents commended CBN for the initiative, saying the exercise would ease their stress of queuing for long hours at the Banks.
They appealed for optimization of the money from N5,000 to N20,000 at least so as to enable them meet other challenges.
The leader of the market women at Ekiosa, Mrs.Janet Ogiamien Iyase thanked the CBN for coming to their rescue through this initiative.
She said they have earlier cried to the state government who invited them to a stakeholders meeting with the leadership of the various banks in the state.
Mrs. Iyase said they were almost losing it, noting that they can neither buy nor sell because there was no money.
“I pray that God should bless the CBN for coming up with this method of cushioning our pains.
“We have really suffered in the past few days but today, I am happy because the money I should have gone to withdraw from the bank, I can now withdraw from you right away”, Iyase said.
Another woman, Mrs. Eghosa Ogiamien Obayagbona who made a withdrawal of N5000 after paying the sum N100 as charges, said the process was seamless.
She added that she had earlier gone to the bank to withdraw money but after wasting much time, she was told that there was no money.
Speaking to journalists during the exercise, the Director, Risk Management Department of CBN, Dr. Blaise Ijebor, said the exercise was to avail the people who have paid into their banks account the old naira notes to withdraw their money for their transaction.
Dr. Ijebor added that it was also aimed at reducing the long queues in the banks.
“We are at Oba Market and we want to help in reducing queues in banks.
READ ALSO: Naira Scarcity: Fashola Advises CBN What To Do
“So, we are coming to the markets to allow people who had paid in their old naira notes into the banks to be able to withdraw N5000 at the normal charge of N100 so that we can serve the people and reduce the queues and tension at the banks.
“A lot of people are complaining that they cannot withdraw the money they paid into the banks, now we are giving them the opportunity right here in the market to collect money so that they can continue to transact.
“This is an opportunity for people to get their money and for business to continue to thrive in Edo state”, he said
The CBN director, however, disclosed that “we will be doing this in the next several days to reduce the queue in the bank”.
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The Central Bank of Nigeria (CBN) started fresh and direct sales of US dollars at N1,021 per dollar to Bureau De Change operators.
Nigeria’s apex bank disclosed this in a circular signed by its Director of Trade and Exchange Department Hassan Mahmud.
“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price,” the circular posted on its website read.
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“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
CBN’s move is coming as the naira is recording a slight depreciation against the dollar after weeks of gains.
In late March, the bank also sold $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.
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Like in the most recent sales, it warned BDCs against breaching terms of the dollar sales, vowing to sanction defaulters “including outright suspension from further participation in the sale”.
The fortunes of the naira have fallen sharply since President Bola Tinubu took over in May. Inflation figures have reached new highs and the cost of living hitting the rooftops.
Nigeria’s currency slid to about N1,900/$ some months ago at the parallel market. But in recent weeks, it has gained against the dollar.
The Nigerian authorities have also doubled down on their crackdown against cryptocurrency platform Binance and illegal BDCs.
On March 1, the CBN revoked the licences of 4,173 BDCs over compliance failures.
Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024.
Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022.
Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and gas, transportation, and project financing.
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Having embarked on his professional journey in 1991 with Oceanic Bank Plc. (now EcoBank Plc.), Alebiosu has held several notable positions in esteemed financial institutions.
Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at the African Development Bank Group, and Group Head of Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.
Alebiosu’s academic credentials further enrich his professional profile. He is an alumnus of the Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. Additionally, he obtained a Master’s degree in International Law and Diplomacy from the University of Lagos, as well as a Master’s degree in Development Studies from the London School of Economics and Political Science.
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A distinguished member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN), Alebiosu is renowned for his commitment to excellence and ethical practices in the banking sector.
Beyond his professional endeavors, Alebiosu is known for his passion for golf and adventure. He is happily married and a proud parent.
With Alebiosu’s appointment, FirstBank of Nigeria Limited anticipates continued growth and innovation under his leadership, reinforcing its position as a leading financial institution in Nigeria and beyond.
Business
CBN Gives New Directive On Lending In Real Estate
Published
1 week agoon
April 17, 2024By
EditorThe Central Bank of Nigeria, CBN, has released a new regulatory directive to enhance lending to the real sector of the Nigerian economy.
The directive, issued on April 17, 2024, with reference number BSD/DIR/PUB/LAB/017/005 and signed by the Acting Director of Banking Supervision, Adetona Adedeji, signifies a notable shift in the bank’s policy towards a more contractionary approach.
In line with the new measures, the CBN has reduced the loan-to-deposit ratio by 15 percentage points, down to 50 per cent.
This move aligns with the CBN’s current monetary tightening policies and reflects the increase in the Cash Reserve ratio rate for banks.
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The LDR is a metric used to evaluate a bank’s liquidity by comparing its total loans to its total deposits over the same period, expressed as a percentage.
An excessively high ratio may indicate insufficient liquidity to meet unexpected fund requirements.
All Deposit Money Banks are now mandated to adhere to this revised LDR.
The CBN has stated that average daily figures will be utilised to gauge compliance with this directive.
Furthermore, while DMBs are encouraged to maintain robust risk management practices in their lending activities, the CBN has committed to continuous monitoring of adherence and will adjust the LDR as necessary based on market developments.
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Adedeji has called on all banks to acknowledge these modifications and adjust their operations accordingly. He emphasised that this regulatory adjustment is anticipated to significantly influence the banking sector and the wider Nigerian economy.
The circular read in part, “Following a shift in the Bank’s policy stance towards a more contractionary approach, it is crucial to revise the loan-to-deposit ratio policy to conform with the CBN’s ongoing monetary tightening.
“Consequently, the CBN has decided to decrease the LDR by 15 percentage points to 50 per cent, proportionate to the rise in the CRR rate for banks.
“All DMBs must maintain this level, and it is advised that average daily figures will still be applied for compliance assessment.
“While DMBs are urged to sustain strong risk management practices concerning their lending operations, the CBN will persist in monitoring compliance, reviewing market developments, and making necessary adjustments to the LDR. Please be guided accordingly.”
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