Connect with us

Finance

CBN Releases Refresh $170m Forex

Published

on

Emefiele
  • CBN Releases Refresh $170m Forex

The Central Bank of Nigeria on Thursday night again intervened in the foreign exchange market with the injection of additional $170m in the interbank market.

The apex bank said in a statement on Thursday night that while the sum of $100m was offered as wholesale interventions, the sum of $70m was released to meet the requests for Business and Personal Travel Allowances.

The latest intervention according to the CBN brings the total amount so far released into the interbank forex market within the last three weeks since it began its intervention to about $1.35bn.

The Acting Director, Corporate Communications Department CBN while confirming the release said that the apex bank remained resolute in ensuring that it supplies enough forex to genuine customers of Deposit Money Banks and increase liquidity in the market.

He said, “The uniqueness of the Wholesale Forwards was that banks are allowed to use their winnings from auctions to fund matured obligations to meet Letters of Credit remittances, extinguish bills for collection and other forex demands.

“With this development, importers who had hitherto been using bills for collection will now experience relief instead of having to patronize other more expensive sources.

“Thursday’s injection by the CBN takes the amount so far offered in the interbank forex market within the past few weeks to over $1.2bn for both wholesale and retail interventions.”

During the first intervention in the foreign exchange market last week, the CBN had offered $500m for sale to banks, but not all of them provided enough naira backing to pay fully for their respective bid amounts.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

FEC Approves N20.1bn to Equip Customs Equipment

Published

on

customs

The Federal Executive Council (FEC) on Wednesday approved a total of N20,114,002871 for the acquisition of various operational equipment for the Nigerian Customs Service (NCS).

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this to State House Correspondents after the week’s virtual FEC meeting presided by Vice President Yemi Osinbajo in the Presidential Villa, Abuja.

The Minister said further that Council also approved the sum of N539,277, 673 for construction of the Federal Inland Revenue Service (FIRS) building at the Ilupeju Medium and Small Taxpayers’ office.

Speaking on the contracts approved for Customs, the Minister said a total of 427 operational vehicles, worth N14.55 billion and nine assorted gunboats worth N5,564,002,871 were all approved.

“The ministry also presented, on behalf of the Nigerian Customs Service, a memo that was seeking for Council’s approval for the design, construction and supply of two NC36M patrol boats, in favour of Messrs of Boat Plus Limited, in the sum of N5,062,530,400, inclusive of 7.5% VAT with a delivery period of 12 months and council approved our request.

“We also presented a memo, again on behalf of the Nigerian Customs Service, for the approval of Council for the design, construction and supply of seven fast assault patrol boats and seven regular patrol boats, in favour of Messrs Siwa West Africa Limited, in the sum of N501,472,471.08, inclusive of 7.5% VAT with a delivery period of eight weeks.

“The purpose of the purchase of these two types of petrol boats is to enhance the efficiency and effectiveness of operations of the Nigerian Customs Service in its bid to control smuggling and also ensure enhanced efficiency in all customs duty operations in the Marine Unit of the Nigerian Customs Service.

“We also presented, again on behalf of the Nigeria Customs Service, a request for Council’s approval and council approved the procurement of 427 operational vehicles for the Nigerian Customs Service operations in favour of various contractors in the combined sum of N14.55 billion, inclusive of 7.5% VAT with a delivery period of four weeks”, she said.

Also addressing State House Correspondents after the meeting, Minister of Information and Culture Alhaji Lai Mohammed, who spoke on behalf of the Minister of State for Education, Emeka Nwajiuba, said Council approved a project for the extension of the University of Ibadan’s library at the sum of N532 million.

“The Minister of Education also presented a memo for the award of contract for the construction and furnishing of the extension of the library of the University of Ibadan. The memo, which was approved, is at the cost of N532,609,000 and with a completion period of 48 weeks.

“It was a memo that was very well received because of the need to actually extend the library facility in the University. For many years, the library of the University of Ibadan had needed real extension, given the surge of the student population”, he said.

Continue Reading

Finance

NAIC Pays N1.7bn Claims to Farmers

Published

on

market

The Nigerian Agricultural Insurance Corporation (NAIC) said it paid a total of N1.7 billion claims to over 5,000 farmers in the past two years.

NAIC, which is the only federal government owned insurance company authorised to offer agric insurance services to farmers at subsidised rate, said a breakdown of the paid claims showed that it paid N856 million to insured farmers in 2019 and N848 million in 2020.

Commenting on the development, NAIC Managing Director, Mrs. Folashade Joseph, said the claims were paid to the farmers to cover losses incurred in the course of doing business.

Joseph, enjoined agricultural investors and lending institutions to continue to partner NAIC by taking agricultural insurance cover that will enable them remain firm in business despite unforeseen circumstances from weather conditions and other risks in order to realise the food security agenda of President Muhammadu Buhari.

She said the above-mentioned amount was shared among five million farmers who suffered various setbacks in their farms as a result of natural course.

According to her, the NAIC Agric Insurance Scheme was launched in 1987 by federal government to restore the confidence and productivity of Nigerian farmers who suffered losses as a result of natural disaster such as flood, drought, pest and diseases.

The NAIC boss explained that the essence of the sensitisation campaign embarked by the corporation was to let the farmers know and understand exactly what NAIC does, the importance of insurance, and make them understand how insurance works, how they can access NAIC products and services, how to process their claims, as well as what insurance stands to do for them.

“Agribusiness is evolving fast and so many risks are being thrown up, many new participants are coming into the business of agriculture, and the risks are on the increase if you look at them across the value chain, there is no so many participants so we need to keep sensitising the farmers and let them know we are serving them, and we need to know from them how to serve them,” she explained.

Speaking further, she said, “our assurance to farmers is that when they are insured and they suffer losses covered by any of the policies they purchased, including natural disasters and whatever, they will get paid for their losses, and that is the purpose of insurance and setting up NAIC.

“Our motor is ‘Plowing the Farmer Back to Business, Plowing the Farmers into Prosperity’, and we settle claims.”

She said NAIC currently deals with thousands of farmers (Small, Medium, and Large scale farmers) across the country, adding that the corporation serves farmers with investment as little as N100, 000, and at the same time serves multinational farmers.

Continue Reading

Banking Sector

UBA Organises Capacity Building Forum

Published

on

UBA Insider dealings

As part of its commitment to support the growth and sustainability of micro, small and medium-scale enterprises (MSME) in the continent, the United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving, a statement from the bank explained.

The topic for the next edition of the series is, “Managing Performance for Business Growth,” and it will be held today, via Microsoft Teams.

At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe, “with her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth.”

He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding, “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2 per cent of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”

Continue Reading

Trending