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Dollar Sales: Central Bank Resumes Sale to Small Businesses, Others

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Godwin Emefile
  • Dollar Sales: Central Bank Resumes Sale to Small Businesses, Others

The Central Bank of Nigeria has resumed sales of dollars to deposit money banks for onward sales to Small and Medium Enterprises and parents looking to pay their kids tuition fees.

Mr. Isaac Okorafor, the Director, Corporate Communications, CBN, made the disclosure in Abuja on Wednesday.

Okorafor explained that the decision was in line with the Federal Government’s new position on lockdown.

President Muhammadu Buhari had eased restrictions across three most affected states earlier this week to partially reopen the economy for activities in Lagos, Abuja and Ogun states despite COVID-19 confirmed cases risen to 1,728 on Wednesday and total deaths jumping to 51 from 44 reported on Tuesday.

Mr. Okorafor said the new measures would help small businesses meet imports’ needs and revamp the nation’s economic activities.

“In particular, the CBN is resuming the provision of over 100 million dollars per week for both categories.

“The bank has also made complete arrangements to resume foreign exchange sales to the Bureau de Change segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.

“With these actions, the CBN wishes to reiterate that it is adequately meeting the needs of all legitimate users, and our continued capacity to do so should not be in doubt.

“There is, therefore, no need for panic by any end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates.

“In view of this, the bank has ramped up its surveillance of the foreign exchange markets for speculators, smugglers and other illegal users and will take decisive actions against anyone or institutions involved in such nefarious activities” he explained.

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

Leaked Documents Reveal Money Laundering Scam Worth $2tn

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Several leaked documents have revealed how the world’s biggest banks enable criminals to launder money around the world.

The documents showing about $2tn of transactions are popularly called FinCEN files.

The BBC reports that the FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between 2000 and 2017. They raise concerns about what their clients might be doing.

The documents are utilised by the banks to report suspicious behaviour. However, they may not be proof of wrongdoing or crime, the report said.

The Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury is saddled with the task of analysing information about financial transactions to combat domestic and international money laundering, terrorist financing, and other financial crimes.

The FinCEN files revealed how top tier banks such as HSBC, JP Morgan, Barclays Bank, Deutsche Bank, Standard Chartered amongst others helped highly connected individuals move money round several accounts in the world.

JP Morgan allowed a company to move more than $1bn through a London account without knowing who owned it.

One of Russian President Vladimir Putin’s closest associates used Barclays Bank in London to avoid sanctions which were meant to stop him using financial services in the West.

Some of the cash was invested in works of art, the report added.

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Finance

UK Banks to Ditch Clients Across Europe

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UK banks are “outrageously failing” many tens of thousands of expat clients across Europe as they plot to shut their accounts and cancel credit cards within weeks due to post-Brexit rules.

This is the damning assessment of Nigel Green, the CEO and founder of deVere Group, one of the world’s largest financial advisory and fintech organisations, as most of Britain’s biggest banks send letters to customers in the EU warning them that all services are to be scrapped unless they have a UK address.

Mr Green says: “Most of the UK’s high street banks are plotting to unceremoniously abandon their customers across Europe within weeks.

“Accounts will be shut and debit and credit cards voided – regardless of how much or how little you have in those accounts or how long you have been a client – as it becomes illegal for UK banks to service British customers living in the EU without applying for new banking licences.”

He continues: “Once again, traditional banks are outrageously failing their clients who now need to take urgent steps to continue to be able to access, use, and manage their money.

“The move by these banks will be a major inconvenience to many tens of thousands of Brits living in the EU.”

Before post-Brexit rules come into effect, those affected are being urged to find alternatives to avoid potentially serious financial disruption.

“I would urge expats to now seek a financial services provider that already operates under pan-European rules,” says the deVere Group CEO.

In 2017 the firm launched deVere Vault. deVere Vault provides borderless global services with a ground-breaking e-money app and a single card, multi currency service designed with those with an international lifestyle in mind.

“You’re able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies,” notes Mr Green.

He concludes: “deVere Vault meets a growing need in an increasingly globalised world for our clients to have borderless access to and use of their money.

“Agile, tech-driven challenger banks and fintech firms are ready to fill the void left by traditional banks who are now having to routinely ditch their customers.”

 

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NNPC Says Private Investors Will Finance Rehabilitation of Downstream Assets

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Private Investors to Finance NNPC Rehabilitation of Downstream Assets

The Nigerian National Petroleum Corporation (NNPC) during the weekend said a group of private investors would finance the proposed rehabilitation and replacement of its aging downstream assets, especially petroleum pipelines, across the nation.

In a statement released in Abuja, the Group Managing Director, Mallam Mele Kyari, said some of the assets to be replaced were as old as 40 years and long overdue for replacement.

The managing director explained that the investors to be engaged would be doing the financing under the Finance, Build, Operate and Transfer, BOT, Model, adding that the model became imperative given the state of the nation’s downstream infrastructure.

He said: “Some of these assets are as old as 40 years and they are due for replacement; and when you want to do a replacement of this scale, you do need a lot of resources.

“And we know that we require these assets so we decided that we bring in private partners who will fund these pipelines, they will construct it, they will operate it with us and then ultimately they will fully recover their investment from the tariff which we will pay for using these pipelines. And as soon as they recover their cost and their margin, they will hand over these assets back to us.”

According to the NNPC boss, no fewer than 78 firms have already submitted virtual bids indicating their willingness to undertake the rehabilitation of the downstream pipelines, associated depots and terminal infrastructure of the NNPC through the financing model.

He added that the final partners would be selected by the end of the first quarter of 2021.

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