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CBN extends indefinitely N5 bonus for every $1 diaspora remittances

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The Central Bank of Nigeria has announced the extension of its “Naira 4 Dollar Scheme” — an incentive for senders and recipients of international money transfers — until further notice.

The CBN had on March 5 introduced the scheme in a major effort to drive diaspora remittances.

It said recipients of diaspora remittances through CBN-licensed international money transfer operators (IMTOs) would thenceforth be paid N5 for every $1 received as remittance inflow.

The scheme was initially scheduled to run from March 8 to May 8.

But in a circular released by the apex bank on Wednesday, the CBN said the deadline for receiving the $1 bonus had been extended till further notice.

The circular, signed by A. S. Jibrin, director of trade and exchange at the CBN, noted that operations of the scheme would remain the same.

“Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on 08 May 2021, we hereby announce the continuation of the scheme until further notice,” it stated.

“All aspects of the operationalization of the programme remain the same. Please take note and ensure compliance.”

Following the double-whammy impact of the pandemic and declining oil prices in 2020, Nigeria’s foreign exchange (FX) earnings suffered a sharp decline. This has forced the apex bank to look for alternative sources to boost the nation’s FX earnings through diaspora remittances.

In November 2020, the CBN announced that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) will have such inflows in foreign currency (US dollar) through the designated bank of their choice.

The CBN had said the changes were necessary to deepen the FX market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria.

 

Aviation

Rains: NiMet warns of severe turbulence, flight cancellations

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The Director-General, Nigeria Meteorological Agency (NiMet), Prof. Mansur Matazu, has said airlines will encounter severe turbulence, flight delays and cancellations during rainfall.
He therefore called on pilots and airline managements to adhere to the weather forecast as the likely severe turbulence could cause discomfort, injury to passengers, instability and even loss of control for small aircraft.
Matazu was quoted in a statement on Friday as saying, “Heavy rains could also lead to skidding of aeroplanes due to surface wetness and impaired horizontal visibility.
“Thunderstorms could also lead to accidents, incidents, flight delays, flight cancellation, death, damage among others.
“Windshear could lead to accidents, incidents, aircraft nosedive, discomfort, aircraft lost control and death.”
The NiMet boss urged airline operators to take weather forecast seriously, stating the turbulence usually would cause poor visibility.
He also called on passengers to be patient with the airlines as flight delays, flight cancellations and flight diversion will be experienced within this period.

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Navy arrests 10 vandals with smuggled 210,000 litres of diesel

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Operatives of the Nigerian Navy Ship (NNS) Beecroft have arrested 10 suspected vandals with 210,000 litre of stolen diesel.
The suspects were alleged to have attempted to smuggle the products concealed in water tanks to neighbouring Benin Republic through a wooden boat when they were intercepted around the Lagos anchorage.
A statement released on Friday by Base Information Officer, Sub-Lieutenant Veronica Effiong, said the suspects with the seized products had been handed over to the Nigerian Security and Civil Defence Corps, after preliminary investigations.
She said, “The vandals and seized products were on Tuesday, June 15, handed over to the Lagos Command of the NSCDC for further investigation and prosecution.
“The Commander NNS BEECROFT Commodore Bashir Mohammed reiterated the NNS BEECROFT`s commitment to the protection of critical national infrastructure and the eradication of all illegal activities in its area of responsibility in line with the Chief of the Naval Staff`s mission statement and strategic directive of 2021-5.
“As partners for a safe maritime environment, members of the public especially our host communities are enjoined to kindly furnish the base with credible information to assist in curbing the activities of criminal elements and economic saboteurs.”

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Buhari challenges MTN on quality service, data rate

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President Muhammadu Buhari has asked the MTN Group to offer quality service to its Nigerian subscribers at cheaper rates.
He stated this when he received in audience members of the board of MTN Group, led by its President and Chief Executive Officer, Ralph Mupita, at the State House, Abuja, on Friday.
Buhari said, “I congratulate you on your appointment as the Group President of MTN. I wish you all the best.
“Nigeria is your most lucrative market in Africa, Asia and the Middle East as well as the source of a third of the income of the entire MTN Group. As such, we urge you to offer top-of-the-range and affordable services to Nigerians.
“As we seek to make broadband widely available and affordable, we urge MTN to continue to support our efforts by expanding high-quality connectivity to Nigerians in un-served and under-served areas.”
The President also called on MTN to support the implementation of the National Policy for the Promotion of Indigenous Content in the telecommunications sector.
He said, “I recently unveiled and launched the National Policy for the Promotion of Indigenous Content in the Nigerian telecommunications sector.
“I call on MTN to support the implementation of this policy and, train and engage more Nigerians in your company.”
He assured his visitors that his administration was doing everything possible to make Nigeria investor-friendly by addressing identified challenges.

He said, “We have identified and addressed the key challenges that affected the growth of the digital economy sector. I am happy to note that the right of way charges have now been pegged at a maximum of N145/linear metre.
“I have given directives for the protection of critical national infrastructure and this has addressed the issue of vandalism of such infrastructure.”

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