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IMF To CBN: Watch e-Naira Risks

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Decline In TB Rate To Persist As CBN Sells N150.8bn

The International Monetary Fund (IMF) has that the recently launched e-Naira has the potentials for Financial Inclusion and boost Diaspora remittances but could pose risks to Nigeria’s financial stability.

It therefore urged the Central Bank of Nigeria to watch the product with a view to properly managing risks that may arise from the initiative.

On boosting remittances, the fund said, “Nigeria is among the key remittance destinations in sub-Saharan Africa, with remittance receipts amounting to $24 billion in 2019.

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“Remittances typically are made through international money transfer operators (e.g., Western Union) with fees ranging from 1 percent to 5 percent of the value of the transaction.

“The eNaira is expected to lower remittance transfer costs, making it easier for the Nigerian diaspora to remit funds to Nigeria by obtaining eNaira from international money transfer operators and transferring them to recipients in Nigeria by wallet-to-wallet transfers free of charge.

“Exchange rate reforms, including a unified market-clearing rate, that reduce the gap between official and parallel market exchange rates would enhance the incentives for using eNaira wallets to send remittances.”

On the risks, the IMF said, “Like digital currencies elsewhere, the eNaira carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability.

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“For example, eNaira wallets may be perceived, or even effectively function, as a deposit at the central bank, which may reduce demand for deposits in commercial banks.

“Relying as it does on digital technology, there is a need to manage cybersecurity and operational risks associated with the eNaira.”

The Fund said it was available to help with technical assistance and policy advice.

READ ALSO: CBN E-Naira Speed Wallet Deleted From Google Play Store

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The organisation disclosed that its Monetary and Capital Markets Department has been involved in the eNaira rollout process, including by providing reviews of the product design.

It said, “The IMF is ready to collaborate with the authorities on data analysis, cross-country studies, sharing the eNaira experience with other countries, and discussing further evolution of the eNaira including its design, regulatory framework, and other aspects.”

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CBN Deploys e-Form ‘A’ For Invisible Transactions

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The Central Bank of Nigeria, CBN, said it has deployed electronic Form ‘A’ for invisible transactions.

The e-Form ‘A’ is meant to replace it’s hardcopy starting tomorrow.

The Bank also noted that customers would pay a charge of N5,000 as fee per declaration of e-Form ‘A’.

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The apex bank disclosed this today in a circular titled, “Automation of Form ‘A’ on the Trade Monitoring System.

The circular signed by Director Trade and Exchange Department, CBN, Dr. Ozoemena Nnnaji stated as quoted by VANGUARD: ” This is fo inform all authorized dealers and the general public of the deployment of e-Form ‘A’.

“Accordingly, the e-Form ‘A’ shall replace the hard copy of Form ‘A’ for invincible transactions (PTA/BTA, medicals, education, other remittances etc.}, with effect from November 30, 2021.

“Consequently, all authorized dealers are required fo ensure that the processing of Form ’A’ shall only be done electronically on the Trade Monitoring System accessible at www.tradesystem.gov.ng;

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” The general public is required to obtain a valid Bank Verification Number (BVN) from their authorized dealer Banks. The BVN is a prerequisite for customers to access the Trade System for e-Form ‘A’ application;

“The e-Form ‘A’ is web based and allows the general public fo initiate the Form from their offices/homes and submit same to the authorized dealer bank;

READ ALSO: IMF To CBN: Watch e-Naira Risks

“A charge of N5,000 (Five Thousand Naira) as fee per declaration of e-Form ‘A’ is applicable wilh effect from November 30, 2021 and henceforth. There will be a direct debit of the processing bank’s current account for each declaration which should be recovered the charge on the customer by the bank. However, customer for the e-Form ‘A’ should be separated from other bank charges;

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“All hard copies of Forms ‘A’ established on or before November 2 2021 (prior to the commencement of the e-Form ‘A’) shall be utilize within 15 working days of the establishment of the Form;

“For avoidance of doubt, all established hard copies of Forms ‘A’ for which disbursement had not been made within the transition period of 15 working days shall be deemed cancelled.”

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CFX Hits Abuja, Port Harcourt With Mega Business Seminars

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Cash Forex Group (CFX) will hold two mega business seminars in Abuja and Port Harcourt, Rivers State, on the 5th and 12th of December, 2021, respectively.

CFX is made up of an international team of experts in project management and financial markets associated with a highly trained staff in the educational arena with the purpose of helping people from all over the world to be successful with the most advanced technology and professionals oriented towards the achievement of their goals.

Speaking to journalists in Lagos, a Manager in the CFX Power Team, Tuedor Akpevwe Jackson Esq, who will be speaking at the two events, said the programme in Abuja tagged ‘Earning from the Forex Market with Zero Knowledge’ will hold at Top Rank Hotel, Jabi-Abuja by 2p.m.

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Continuing, he said the venue for the programme in the oil-rich Rivers State tagged: ‘How to Create Passive Income from Forex’ is Royce Engineering Hall, adding that kickoff time is 2p.m.

According to him, hosts for the Abuja and Rivers event are Chukwuma Nwachinemere and Ibrahim Usman respectively.

READ ALSO: Edo: LIFE-ND Trains 250 Persons In Agric Business, Empowers 82 With Working Capital

Lawyer TAJ urged the general public to attend these events, saying that “it promises to be life changing.”

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Adding: “With CFX you do not need to refer anyone before you earn. You get paid every Saturday and six times in a month. There is no autoship/monthly payment. You get paid in cryptocurrency Bitcoin and the company trades from the Forex market which is recession proof.”

 

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Oyo Govt Provides Structured Security for Businesses to Thrive

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The Oyo State Government says it is leaving no stone unturned in providing a conducive business environment for businesses to thrive in the State, with the provision of credit facilities for Micro, Small and Medium Enterprises, Graduate loan scheme and other technical supports.

This disclosure was made by the Commissioner for Trade, Industry, Investment and Cooperatives, Barr. Olasunkanmi Olaleye while speaking at the Ibadan Business Festival, held at the Trans Amusement Park, Ibadan.

According to the commissioner who was represented by the Deputy Director Trade, Mr Olayinka Raimi, the Ministry being responsible for Trade and Investment in the State would be willing to offer necessary assistance to investors, young entrepreneurs and others in realizing their potential.

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Olaleye stated that the State Government has provided structured security architecture for business men and investors to operate unhindered in the State, stressing further that the pillar of any meaningful development in any nation is security hence the ranking of Oyo State as one of the safest States in the Nation for transaction of business opportunities and growth.

The commissioner therefore commended the organizers of the program, Ibadan Business Hub, for coming up with such a program which is in line with the agenda of the present administration in the state in accelerating economic growth of the State.

Earlier in her address, the convener of the programme Mrs. Temitope Adelakun stated that Ibadan Business Hub is a one-stop platform that provides support for small and medium scale businesses in Ibadan and its environs to standardize and scale up their businesses.

Mrs. Adelakun stated that Ibadan Business Festival is an annual event that uses a mix of entertainment, talent hunt, networking, learning and collaborations to achieve an end goal of driving sales for registered vendors.

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