CBN directs banks to start deducting cybersecurity levies from customers
Business
CBN pegs exchange rate at N410/$1, after adopting NAFEX
The Central Bank of Nigeria (CBN) has adopted the Nigerian Autonomous Foreign Exchange (NAFEX) rate and updated its website to reflect the new rate.
It gave the new rate as N410.25/$1, indicating an eight per cent reduction in the naira value.
The CBN had about two weeks ago removed the official exchange rate of N379 to a dollar from its website, in a bid to unify the country’s forex rates.
This implies that the nation’s official exchange rate will be determined by NAFEX rate or the importer and exporter (I&E) FX window.
The CBN had introduced the I&E window in 2017 to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all FX transactions.
The NAFEX window is a market trading segment for investors, exporters and end-users that allows FX trades to be made at a market-determined rate.
Nigeria operates multiple exchange rate windows ranging from the I&E (NAFEX) window where forex is traded between exporters, investors, and purchasers of forex, the SMEIS window where forex is sold to importers, and the BDC window which is where forex is sold to retailers.
Over the years, lack of clarity on Nigeria’s foreign exchange windows has been a cause of concern for investors who are worried about currency risk.
The World Bank had urged the government to unify its various windows before the $1.5 billion budget support loan to Nigeria is disbursed.
The International Monetary fund (IMF) also advised the Nigerian government to fast-track the unification of the exchange rates to achieve desired economic growth.
The naira gained 0.18 per cent on Monday to close at N411.25/$1 at the I&E forex window and depreciated to N486/$1 at the parallel market.
Business
CBN directs banks to start deducting cybersecurity levies from customers
The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
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