Zenith Bank Takes Lead in Forex Allocation from CBN

Bank returns on the utilization of foreign exchange bought by commercial banks from the Central Bank of Nigeria (CBN) last week have shown that Zenith Bank Plc with $23,006,130.65 reported the highest amount of forex purchased for its customers.

The central bank had stated that the publications

CBN to Resume N213b Power Intervention Fund Disbursement

The Central Bank of Nigeria (CBN) may resume disbursement of N213 billion power intervention funds next month, following the planned implementation of the new electricity tariff regime slated for take-off on February 1, The Nation reports.

Industry sources have indicated that the CBN will resume the disbursement in February because of the new tariff regime, which is expected to boost the income of the distribution companies and consequently that of the generation companies.

The power sector had a shortfall of about N290billion between November 2013 and December 2014. The CBN loan facility was meant to address the

CBN Explains Forex Restrictions

Foreign currency restrictions will be lifted only when reserves have been built up to an appreciable level, the Central Bank of Nigeria (CBN) has said.

Addressing journalists in Abuja at the weekend on the recent decision by Deposit Money Banks (DMBs) to limit the use of their debit cards overseas, the CBN’s Director, Monetary Policy Department, Mr. Moses Tule, said the restrictions will be lifted “as soon as we build up reserves; when you see us building reserves to $50 billion, $60 billion, $70 billion, $200 billion or more”.

Tule added: “The moment we begin to build reserves, we expect that just as this restrictions were not there most of the restrictions will be lifted, but for now every hand needs to be on deck. We need to earn foreign exchange. As a country you can improve your business processes in order to export and earn foreign exchange and that is what the country is calling on patriotic Nigerian businessmen to do.”

There have been criticism of the restrictions and banks’ decision to limit the use of debit cards overseas.

Explaining the build-up to the debit card restrictions by the DMBs, Tule said: “The limitation on the use of debit or credit cards outside the country was not a limitation that

CBN Urges Farmers To Add Value to Farm Produce

CBN Governor, Godwin Emefiele

The Central Bank of Nigeria has tasked farmers in the country with striving towards adding value to their farm produce in order to prevent waste and to earn more on them.

The Assistant Director, Development and Finance Department of CBN, Mr. Babatunde Okulaja, gave this advice in Osogbo on Thursday at a training session organised by the apex bank.

Okulaja said one of the recent innovations of the CBN to restructure the nation’s economy was an initiative called Produce, Add Value and Export.

Beware of fraudsters, CBN cautions customers

The Central Bank of Nigeria (CBN) has cautioned customers to beware of fraudsters trying to defraud them in the name of Bank Verification Number (BVN). This is contained in a statement signed by the Director, Corporate Communication of CBN, Mr Ibrahim Muazu, on Thursday in Abuja.

It said the warning was given following repeated complaints from bank customers over unsolicited mails and text messages. It said customers should beware of messages, alerting them to deactivate or suspend their bank accounts due to uncompleted Bank Verification Number (BVN) registration process.

“The Central Bank of Nigeria (CBN) has again cautioned customers to beware of fraudsters,’’ it said. According to the statement, the apex bank has cautioned individuals against revealing their personal details with which the fraudsters intend to defraud them.

It recalled an earlier statement that neither the CBN nor commercial banks would request customers to provide their passwords, card details or personal identification number (PIN). It, however, urged bank customers to approach their banks on any issue bordering on the disclosure of personal bank details.

Source: Vanguard Online News