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CBN Warns Traders Against Naira Abuse

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Naira
  • CBN Warns Traders Against Naira Abuse

The Central Bank of Nigeria on Tuesday began a sensitisation programme for market men and women as well as youths in Ondo State on how to properly operate with commercial banks without any hitch.

The apex bank specifically warned the traders against poor handling of naira notes, saying the law guiding the notes was still subsisting and violation of the laws would attract jail terms.

Addressing the gathering of bank customers, mostly market women in Akure, the Assistant Director, Currency Operation Department, CBN, Mr Benedict Maduagwu, said there was a need for the citizens to develop good habit of naira note handling.

Maduagwu, who was among the CBN officials who educated the bank customers and traders in attendance, reiterated that anybody caught mishandling naira notes would be jailed for five years with an option of N50,000 fine.

He said, “Government uses taxpayers’ money to print the naira notes; so, it is unfair for us to be handling poorly the notes. If you continue to spoil the naira notes, there will be no much money for the commercial banks to give out as loans to you customers and this will affect our economy.

“Do not squeeze the naira notes, do not write on the notes and do not put the notes under clothes because of bacterial infection to the body.”

On the scarcity of smaller denomination notes in circulation, the CBN assistant director stated that the apex bank would soon come to the state to sell smaller denomination naira notes directly to the market men and women, adding that the exercise would be carried out periodically.

“We want to appeal to the commercial banks to put smaller denomination naira notes inside their ATMs in order to end the scarcity of smaller denomination notes in the country,” Maduagwu said.

In his remarks, the officer in charge of Consumer Protection Department of the CBN, Mr Oludamola Atanda, urged the customers to lodge complaints and seek redress at their banks if there was any infraction or infringement on their personal bank accounts, especially cases of excessive charges.

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 long experience in the global financial market.

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Finance

Mohammed Umar is the New Acting Chairman of EFCC

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EFCC

Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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Finance

CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira

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CBN

CBN Injects $11.5bn Into the Economy in the First Quarter

The Central Bank of Nigeria (CBN) injected a combined $11.5 billion into the nation’s foreign exchange market to stabilise the economy and support the Naira value in the first quarter of the year.

According to the latest report from the apex bank, the central bank injected $2.96 billion into the nation’s forex market in the month of January. Another $3.39 billion was used to support the economy in February while $4.7 billion was supplied in the month of March, the very month the economy was locked and all operations grounded to curb the spread of COVID-19.

A further breakdown of the report revealed that the Investors and Exporters’ foreign exchange window, Small and Medium enterprises and Invisible segments received a total of $7.23 billion of the $11.5 billion, the Bureau De Change segment received $3.6 billion while the Interbank and WDAS/RDAS got the rest in the first quarter.

The report noted that the apex bank injected a total sum of $14.72 billion and $28.55 billion into the economy in 2018 and 2019, respectively.

Meanwhile, the central bank is yet to commence the sales of forex to the bureau de change following the March suspension.

But has commenced partial sales to all commercial banks for onward sales to parents and small businesses across the country.

Mr Isaac Okorafor, the Director, Corporate Communications, CBN, had said, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

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DSS Arrests EFCC, Acting Chairman, Magu

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Dss Arrests Ibrahim Magu

DSS Arrested Magu, the Acting Chairman of EFCC

The Department of State Services (DSS) has arrested the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on allegation bordering on financial misappropriation, abuse of power and embesslement.

The Acting Chairman was accused of siphoning part of the money recovered from looters, a Punch reported stated.

The report stated “It was learnt that the security details to Magu put up a stiff resistance during the arrest of their principal, as they objected to the DSS move.

But he is now undergoing interrogation at the DSS Headquarters In Aso Drive.

This is happening barely two weeks after the Attorney-General of the Federation, Abubakar Malami (SAN) reportedly complained to the President, Major General Muhammadu Buhari (retd.) about Magu’s conduct and advised that he should be relieved of his appointment.

The AGF was said to have accused Magu of insubordination and discrepancies in the figures of funds recovered by the EFCC.

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