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ABCON Urges CBN to Make BDCs Direct Agents of IMTO

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  • ABCON Urges CBN to Make BDCs Direct Agents of IMTO

Association of Bureaux De Change Operators of Nigeria has called on the Central Bank of Nigeria to implement provisions of its circular in 2014, by making BDCs direct agents of international money transfer operators as obtained in other countries.

The Association also called for the restoration of its status as a self -regulatory organisation in order to ensure effective coordination of the over 4,500 BDCs across the country.

The Association made this call in its Economic Review for the fourth quarter of 2018.

Part of the report read, “In as much as the regulatory bodies in Nigeria have realised the indispensable role that the BDC sub- sector occupies in the stabilisation of the currency in Nigeria, the sector should be further strengthened and developed to achieve greater systemic efficiency.

“To this end, the professional training institute for dealers and operators being promoted by ABCON should be given appropriate support by the regulators and members to key into the project.

“The CBN should implement its circular of 2014 for making BDCs direct agents of international money transfer operators as obtained in other climes.

“The CBN should revisit the suspension of ABCON as a self- regulatory organisation for result -oriented coordination of the over 4,500 CBN licensed BDCs.

“CBN should support ABCON to increase public awareness and public visit to naijabdcs.com, the Association’s live exchange rate platform, which contributed immensely to the price discovery, transparency in the foreign exchange market and has become reference point for source of credible exchange rate information.”

ABCON also called on the BDCs to embrace the cloud -based automation of their operations initiated by the association for internal reorganisation, efficiency, global competitiveness and volumes driven transactions.

It also charged BDCs to explore more sophisticated and dynamic marketing techniques in 2019 to track billions of foreign currencies floating within the economy and flowing into the “black market” thereby incubating capital flight and money laundering.

ABCON also stressed the need to stabilise the exchange rate regime, saying “the current structure encourages the economy comparatively to export and derive robust foreign reserve which is one of the major prerequisites for economic growth.”

While calling on the federal government to promote strong railway networks across the country to leverage on regional connections and coordination to enhance Nigeria’s competitiveness, ABCON noted, “Nigeria’s home market suffers from spatial fragmentation according to the analysis. The domestic market is constrained by limited connective infrastructure thereby reducing producers and firms’ ability to reach wider markets.

“This lack of connectivity also dampens economic collaboration and cooperation among the country’s regions further hampering the prospects for poverty reduction. Thus during 2019 and beyond, every effort must be marshalled to promote strong railway network to reduce pressure on the land road network in the nation.”

ABCON also called on the Federal Government to address the incidences of insecurity nationwide and greater diversification of the economy, noting that, “Solid minerals are currently being mismanaged and smuggled out the country denying the economy of its much needed support. Currently, the growth projections were expected to come from the oil and gas sector given the increase in the price of crude oil which by projections is not expected to be stable in 2019.”

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.

Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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Banking Sector

CIT Microfinance Bank Disburses Over N16bn Loans

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micro-finance-bank

CIT Microfinance Bank Disburses Over N16bn Loans

CIT Microfinance Bank Limited says it has disbursed about N16bn loans since it commenced operations as part of its contributions to the financial sector and empowerment of businesses.

The Managing Director of the microfinance bank, Mr Kingsley Eremionkhale, disclosed this during the company’s 10th anniversary in Lagos recently.

He reiterated that the bank was committed to supporting the growth of small and medium-scale enterprises in the country.

“Since inception, we have disbursed loans worth about N16bn. Our operation is not just about profit-making, but we have impacted many lives, empowered many businesses, and done a lot in terms of our core mandate as a microfinance bank.”

While appreciating its customers who had been loyal to it for years, he said it was concerned about their business success.

The managing director said, “We are part of our customers’ businesses. We provide services beyond lending and savings products and we also give financial advisory services.”

He appreciated the customers who had stayed with the financial institution for many years.

The managing director noted that the MfB is a state-licensed bank operating in Lagos, and a subsidiary of Capitalfield Investment Group.

He also attributed the success of the MfB to the board of directors which it said had been supportive, the management team and its workforce in the past 10 years.

While saying that the bank could lay claims to exponential growth, he said the public should expect more from it.

He also said that it was driving its operations through its digital offerings and our e-channels, to improve its services to our customers.

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