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CBN Assures Nigerians, Investors of Exchange Rate Stability

Published

8 years ago

on

china's economy
  • CBN Assures Nigerians, Investors of Exchange Rate Stability

Basking in the euphoria of the appreciation recorded by the naira last week, the Central Bank of Nigeria (CBN) has restated its commitment to exchange rate stability.

Speaking at the Guaranty Trust Bank Plc’s 2017 non-oil export workshop held in Lagos at the weekend, the Deputy Director Trade and Exchange Department of the CBN, Olu Vincent urged Nigerians to continue to support public policies.

He further stated that measures had been put in place to support businesses in the country, stimulate growth and grow the economy. Olu called on importers to ensure that the country benefits from what they are importing.

He said: “We (CBN) are going to do more to stabilise the value of the naira so that everybody is happy. The present government is trying to ensure that we consume what we produce locally.”

Reacting to an earlier appeal by an exporter for the federal government not to restore the export expansion grant (EEg), Vincent, said there was pressure on federal government to restore the EEG. According to him, although the CBN was against because it was being abused, but the central bank does not have the powers to prosecute.

Vincent said the federal government had disclosed plan to reintroduce the EEG. He assured the exporters that the CBN was committed to supporting their businesses.

The event which was organised by the GTBank brought together some of its key exporters to dialogue on issues affecting trade, forex and export activities, thereby providing sustainable headway for the exporters.

“Last year at the beginning of this crisis, the Governor of the CBN, Mr. Godwin Emefiele had a meeting with the exporters in Lagos. At the meeting, we discussed issues bothering on remittances, volatility in exchange rate and other issues. “Sadly, there was no sincerity of purpose amongst the people that came for that meeting. But today we can see some level of sincerity and discourse,” Vincent said.

“About 15 years ago, if you were an exporter and you didn’t repatriate your export proceeds based foreign exchange embargo, people started having the feeling that we were killing businesses.

“We decided that for the exporter, there must be Know-Your Customer (KYC) by the bank. The bank must know the account owner. We decided to shift the responsibility to commercial banks who know much of their own to make sure that the business keeps going.

Funds don’t come back to us. There are people that export with the intentions of not bringing back the funds to the country.”

He explained that under the new export regulation, if an exporter exports and doesn’t repatriate export proceed to the bank where the individual transacting business with, the bank would be sanctioned by the CBN, adding that the customer has a responsibility of bringing back the export proceed, therefore in order for the banks to accommodate the penalty from the banks they need to create a pool whereby until you repatriate the export proceeds you will not have access to the money.

Vincent stressed that the bank was supposed to know the customer very, because if the customer doesn’t bring back the export proceed, the bank would be sanctioned, while urging the bank to devise strategies to prevent them from incurring unnecessary loss.

Earlier, the Chief Executive Officer, Fullmark Commodity Limited, one of the leading commodities trading companies in the country, Sriram Venrateswaran advised the federal government not to restore the EEG.

Venrateswaran alleged that the EEG was abused by a lot of exporters in the country when it was operational, saying that a lot of companies that were not in the export business were actually collecting the grant.

This, according to him affected general exporters who could not get full value.

Furthermore, he alleged that most exporters joined the trade because they were getting 30 per cent grant from the federal government.

He however stressed the need for the federal government to fix the country’s infrastructure to stimulate economic activities.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Economic Alliance: Governors Eno and Sanwo-Olu Flag Off Ibom Towers in Victoria Island

Published

1 week ago

on

October 31, 2024

By

General Economy In Nigeria's Capital

The Governor of Akwa Ibom State, Umo Eno, and his Lagos State counterpart, Babajide Sanwo-Olu, have flagged off an 18-storey Ibom Towers project in the Victoria Island area of Lagos State.

Governor Eno announced this via a post on his official X handle on Wednesday, October 30.

Speaking after the Ibom Towers project ceremony in Lagos, Governor Eno stated that the project will drive revenue growth and strengthen economic ties between Akwa Ibom and Lagos States.

Eno commended Lagos State Governor Sanwo-Olu for leading the ceremony, adding that the project is set for completion in 24 months.

He detailed that the Ibom Towers, located at Plot 868A, Bishop Aboyade Cole, Victoria Island, Lagos, will feature luxury apartments, gyms, pools, and smart building technology.

Governor Eno said, “Today, as part of our efforts to diversify Akwa Ibom’s economy, we marked the groundbreaking of the 18-story Ibom Towers in Lagos. This project, expected to be completed in 24 months, will drive substantial revenue growth and economic ties between Akwa Ibom and Lagos States.

“We are grateful to Governor Babajide Sanwo-Olu for leading the groundbreaking ceremony and to former Governors Udom Emmanuel, CON, and Obong Victor Attah for their support.

“Ibom Towers represents a bold step toward economic innovation, featuring luxury apartments, gyms, pools, and smart building technology.

“It’s designed to attract urban professionals and generate revenue through property leases and tourism, boosting GDP for both states. Thanks to everyone who joined us today, including the Oba of Oniru, HRM Oba Abdulwasiu Omogbolahan Lawal, His Eminence Ntenyin Solomon Etuk, Speaker Udeme Otong, AKICORP MD Imo-Abasi Jacob, and numerous traditional rulers for their support in bringing this vision to life. Together, we’re paving the way for a prosperous future!”

Governor Sanwo-Olu, who described the project as a symbol of inter-state collaboration, commended Umo Eno for recognizing Lagos as a prime investment opportunity.

The Lagos State Governor expressed his full support for Governor Eno and the Ibom Towers project.

He said, “Today, I joined Governor Umo Eno of Akwa Ibom State for the groundbreaking ceremony of Ibom Towers in Victoria Island, Lagos.

“I commend Governor Eno for recognizing Lagos as a prime investment opportunity, as this project is a symbol of inter-state collaboration. It represents not only physical growth but also our commitment to strengthening economic ties and fostering new opportunities.

“As Ibom Tower rises, it will serve as a beacon for business and community engagement, reflecting our shared vision for Nigeria’s growth through creativity and collaboration.

“On behalf of Lagos State, I extend our support to Governor Eno and all involved in this endeavor.”

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FG Warns Property Owners: Settle Ground Rent in 60 Days or Lose Certificates of Occupancy

Published

2 weeks ago

on

October 24, 2024

By

Housing - Investors King

The Federal Ministry of Housing and Urban Development has announced plans to revoke the Certificates of Occupancy (C of O) of property owners who continue to refuse payment of ground rent and other statutory charges owed to the Ministry.

This development was disclosed by the Minister of Housing and Urban Development, Ahmed Dangiwa, during the 29th Conference of Directors of Lands held in Abuja on Wednesday.

Dangiwa stated that the Federal Government is giving C of O holders a 60-day ultimatum to clear their outstanding debts.

At the conference, themed “Equitable Land Stewardship: Challenges of Land Administration and Its Impact on Climate Change and Community Rights,” Dangiwa revealed that property owners’ refusal to pay their dues has resulted in a loss of trillions of naira in revenue for the government.

According to him, President Bola Tinubu’s administration will not tolerate non-compliance, as the revenue is critical to delivering on the president’s agenda.

He said, “The Federal Ministry of Housing and Urban Development is aware that several owners of titled properties have failed to pay ground rent and other statutory charges to the Ministry for several years.

“This non-compliance has resulted in the loss of trillions of naira in revenue to the Federal Government. Under the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, this cannot be tolerated, as this revenue is much needed to deliver the Renewed Hope Agenda.”

“As such all Federal C of O title owners are hereby given a 60-day notice to settle all outstanding ground rent and statutory charges. Failure to make payment within this period will result in the revocation of their C of Os.”

“Failure to adhere to these requirements will attract the appropriate penalties and sanctions,” Dangiwa warned.

The announcement comes amidst the economic hardship ravaging the country as a result of the fuel subsidy removal of President Bola Tinubu government’s.

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Deji Adeleke Boasts of Generating 15% of Nigeria’s Electricity, to Unveil $2bn Worth of Power Plant Next Year

Published

3 weeks ago

on

October 16, 2024

By

power project

A billionaire businessman and father of popular music star David Adeleke, also known as Davido, Dr. Adedeji Adeleke has disclosed that he has a firm that generates about 15 per cent of Nigeria’s electricity.

He disclosed this while speaking at the Seventh-Day Adventist Church’s General Conference Annual Council 2024.

Adeleke revealed that he is in the process of constructing a 1,250-megawatt power plant worth $2billion, saying that upon completion, is expected to be the largest in the country and that it would be operational in January, 2025.

He said as a businessman in electricity, he owns power plants and generate presently about 15 percent of the electricity needs of Nigeria.

The elder brother of the Osun State Governor, Ademola Adeleke, said he has Chinese engineering companies that work for him, adding that his tenth new power plant will be the biggest thermal power plant in the country.

Adeleke disclosed that while preparations for the project were underway, an unnamed government official threatened to prevent its completion.

Despite this challenge, Adeleke credited the near-completion of the project to the mercies of God, stating that it is a testament to divine intervention that the venture has progressed this far.

Adeleke noted that his Chinese friend had to travel down to Nigeria to discuss a way out because he never believed that prayer was enough to get the project done.

He affirmed that prayer did as the then Minister of Power granted the approval because he saw that the project was a brilliant one.

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