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CBN to sanction banks denying customers foreign exchange

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The Central Bank of Nigeria has handed down a warning to banks’ chief executive officers to be prepared for heavy sanctions should their banks deny customers and travellers genuine demand for dollars.

CBN Governor Godwin Emefiele cautioned bank CEOs to desist from denying customers access to foreign exchange for Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition fees and medical payments.

He also said the Small and Medium Enterprises must not be denied transactions for the repatriation of Foreign Direct Investment proceeds.

The CBN chief said it would be raising the amount of foreign exchange allocated to banks to meet the requests of customers.

Based on the CBN guidelines, a company can buy up to $5,000 BTA per quarter while an individual is entitled to $4,000 PTA per quarter.

The warning by the CBN governor came at a weekend meeting during his with managing directors of Deposit Money Banks.

Sources at the meeting held over the challenge facing customers in accessing forex from their banks said the Emefiele warned that the CBN would severely deal with any bank that denied customers the opportunity to purchase foreign exchange for legitimate purposes.

This came as the CBN on Sunday announced the increase of foreign exchange (forex) allocations to banks to meet the requests of customers, seeking forex for travel allowances, payment of tuition and medical fees, among other invisibles.

Confirming the discussions at the meeting of bank chiefs, the Acting Director, Corporate Communications Department at the CBN, Mr Osita Nwanisobi, said in a note that the CBN remained committed to ensuring liquidity in the forex market to meet genuine and legitimate demands of customers.

He added, “The CBN agreed to increase the amount allocated to banks for travellers, the Small and Medium Enterprises among others. The banks also agreed to operate something akin to foreign exchange imprest account such that the coffers of banks will be replenished so long as they retire the initial amounts to the satisfaction of the CBN.”

Nwanisobi allayed fears of a forex shortage and urged members of the public seeking to purchase foreign exchange for PTA, BTA, payment of tuition fees or medical fees to do so from their banks.

“We wish to assure members of the public that the CBN shall continue to monitor market developments and is committed to ensuring an efficient FX market for all legitimate users,” he said.

He, however, advised customers to approach their customer service representatives of their designated banks should they encounter challenges.

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Photos: Kia dazzles Nigerian fans, unveils Sonet, Seltos compact SUVs

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Lovers of compact sport utility vehicles built with sophistication in Nigeria have two new stunning products to celebrate, coming from Kia Motors. They are the all-new Sonet and the high-tech Seltos.

The two models assembled in Nigeria and unveiled in Lagos on Friday to the motoring journalists are expected to substantially raise the market share of Kia in the compact SUV segment, which is fast becoming the toast of many new car buyers globally including Nigeria, especially young trendy people.

Details later…

 

 

 

 

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Southern govs okay VAT collection by state governments

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Governors of the southern states have agreed that collection of value-added tax (VAT) should be undertaken by state governments.

Chairman of the Southern Governors Forum and Governor of Ondo State, Rotimi Akeredolu, disclosed this on Thursday while reading a communique at the end of a meeting of the governors in Enugu.

The Federal Inland Revenue Service and some state governments are currently in court over VAT collection.

Rivers and Lagos state governments have enacted laws empowering their respective states to collect the tax (VAT).

Last week, the Court of Appeal directed states to maintain status quo on VAT collection pending the determination of an appeal filed by the FIRS.

Akeredolu said that the governors affirmed that the collection of VAT fell within the powers of state governments.

“We resolved to support the position that the collection of VAT falls within the powers of the state,” he said.

He also said, “The meeting reaffirmed its earlier commitment to fiscal federalism and emphasised the need to pursue its inclusion in the Nigerian Constitution through the ongoing constitutional amendment.”

Akeredolu urged states in the south to leverage the competence of their houses of assembly and representation at the national assembly to pursue the goal.

He said that the meeting reviewed the state of the nation and the progress made in the implementation of the ban on open grazing of cattle in the south of Nigeria.

He said, “The meeting expressed satisfaction with the rate at which states in the south of Nigeria are amending or enacting the anti-open grazing law.

“This aligns with the uniform template and aspiration of governors in the south and we encourage the states that have yet to enact the law to do so expeditiously.

“The meeting agreed to encourage the full operationalisation of the already agreed regional security which will share intelligence and collaborate toward the safety and security of the region.”

The meeting was attended by Ifeanyi Ugwuanyi of Enugu, Nyesom Wike of Rivers, Emmanuel Udom of Akwa Ibom, Babajide Sanwo-Olu of Lagos and Ifeanyi Okowa of Delta.

Others are Adegboyega Oyetola (Osun), Douye Diri (Bayelsa) and Dapo Abiodun (Ogun).

The deputy governors in attendance were Bisi Egbeyemi (Ekiti), Rauf Olaniyan (Oyo), Kelechi Igwe (Ebonyi), Ude Oko-Chukwu (Abia), Philip Shuaibu (Edo), Prof. Ivara Esu (Cross River) and Placid Njoku (Imo).

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Land Rover to expand Defender with eight-seater 130, showstopper models  

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Land Rover is preparing to expand the Defender lineup, turning it into a family of vehicles similar to what it did with the Range Rover nameplate.

The expansion will specifically cover a long-wheelbase variant, an eight-seater 130, due next year to a posh, six-figure model in 2025, caranddriver.com reports.

According to a report from Autocar, the first variant to arrive will be the 130, an extended-wheelbase version with eight seats and it is due in 2022.

An opulent range-topper is also expected by 2025, and will ride on the MLA platform that will also underpin the next generation Range Rover.

Land Rover already sells multiple versions of the Defender—the stubby but charming two-door 90, the standard four-door 110, and the burly supercharged V8 model.

The 130 should be at least 10 inches longer than the 110, with most of that length added to the rear overhang.

The Defender 130 is expected to only come in higher trim levels and should feature both the six and eight-cylinder engine options.

The US and China will be the stretched Defender’s primary markets, says the report.

The fancier model coming in 2025 will be based on the MLA platform that will underpin the next Range Rover. The MLA platform will support combustion engines, plug-in-hybrid setups, and electric powertrains, and will also form the basis for the next Range Rover Sport, Velar, and Discovery.

This would make a Defender EV possible, but the Range Rover and Velar are expected to have priority for all-electric versions.

The high-end Defender’s interior will be the major distinction, and Autocar says it will feature more vibrant colours and upscale materials.

Although the powertrain landscape will have shifted even further towards EVs by 2025, the luxe-Defender will likely still be powered by the six-cylinder engine.

A plug-in hybrid is also currently sold in Europe, and an evolution of this setup could come to the US as well.

An entry-level Defender 80 had also been rumoured to debut by 2025. It would have been based on the EMA (Electric Modular Architecture) platform, but Autocar reports that this model has been cancelled. That platform will be found in the next Evoque and Discovery Sport, but Land Rover has apparently decided to not move the Defender name down market, as a baby Defender likely wouldn’t have the higher profit margins that should make the 130 and luxury Defender worth the investment.

 

 

 

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