Business
CBN Pumps $61m To Foreign Airlines To Settle Mature FX Backlog
Published
4 months agoon
By
EditorThe Central Bank of Nigeria (CBN), says it has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs).
According to a statement issued by its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the disbursement is in fulfilment of CBN’s commitment to eliminate the backlog of pending matured foreign exchange in DMBs.
Sidi-Ali said that the initiative was part of the CBN’s efforts to reduce its remaining liability to the airlines.
READ ALSO: CBN To Launch Stablecoin February
She said that in the past three months, the CBN had also redeemed outstanding forward liabilities of close to two billion dollars.
“This underscores the CBN ’s commitment to the resolution of pending obligations and a functional foreign exchange market.
“These payments signify CBN’s ongoing efforts to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country’s exchange rate.
“It is anticipated that this initiative would provide a considerable boost to the Naira against other major world currencies and further increase investor confidence in the Nigerian economy,” she said.
READ ALSO: JUST IN: CBN Lifts Ban On Cryptocurrency Transactions
The News Agency of Nigeria (NAN) reports that the total trapped fund of foreign airlines in the country is pegged at about 800 million dollars.
This led to the International Air Transport Association (IATA) threatening that some foreign airlines may be forced to quit the Nigerian markets if nothing is done about the monies, which are majorly from ticket revenue
The Association said that the Nigerian government is currently holding the highest amount of airline-trapped funds globally.
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Business
Naira Slumps, Exchanges At Over N1,500 Against Dollar
Published
3 days agoon
May 13, 2024By
EditorThe naira continued its depreciation against the US dollar in the foreign exchange market.
Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.
At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.
“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.
READ ALSO: Why Naira Is Falling – Economist, Rewane
The figure increased from the N1, 450 per dollar it traded at the weekend.
Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.
This represents an N11.8 drop from the N1466.31 recorded last Friday.
Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.
Business
CAC Opens Centre For Registration Of PoS Operators
Published
1 week agoon
May 9, 2024By
EditorThe Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.
The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.
According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.
He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.
READ ALSO: ICYMI: FG To Delist Naira From P2P Platforms
“What we did was accommodate the request from the Fintechs.
“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.
“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.
“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.
READ ALSO: ICYMI: FG Gives Deadline To PoS Operators To Register With CAC
Recall that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.
Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.
Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.
He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.
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On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.
“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.
“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.
“And it is an opportunity for more people to be captured into the formal sector,” he said.
The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.
The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.
(NAN)
Business
FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks
Published
1 week agoon
May 8, 2024By
EditorThe Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.
The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.
Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.
READ ALSO: BDC Operators Arrested As Naira Sells 1,416/$
Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.
Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.
Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.
READ ALSO: [ICYMI]FULL LIST: 16 Banking Transactions Exempted From CBN’s New
In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.
The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.
The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.
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