News
CBN directs banks to adopt official FX rate for intra-African transactions
The Central Bank of Nigeria (CBN) has directed commercial banks to adopt the exchange rate in the importer and exporter window (I&E) for cross border payments through the Pan-African Payments and Settlement System (PAPSS).
PAPSS is a centralised payment and settlement infrastructure for intra-African trade and commerce payments.
It was developed by the African Export-Import Bank (Afreximbank) in partnership with the West African Monetary Institute (WAMI).
The apex bank gave the directive in a circular introducing the guidelines on operations of PAPSS in Nigeria, recently signed by Ozoemena Nnaji, CBN’s director of trade and exchange department.
The I&E FX window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.
Currently, naira trades between N410 and N411 at the market — which the CBN had adopted as the country’s official rate.
By implication, intra-African businesses will need CBN’s approval for banks to convert rates at the prevailing I&E FX rate for cross border payments and transactions.
“All authorised dealers are required to ensure that prevailing exchange rate at Investors and Exporters Forex Window as advised by Financial Markets Department, FMD, should be used in cross-rates conversion between Naira, United States Dollars and third currencies within Africa, for outbound payments and vice-versa for inflows,” the circular reads.
“For settlement of PAPSS transactions by CBN, authorised dealers shall obtain the approval of CBN for dollar cover before initiating payments on PAPSS.
“The request for approval should be forwarded to the Director, Financial Markets Department, CBN.
“That eligible payment of imports and receipt of export proceeds by the CBN shall be restricted to trade-backed transactions only and that the documentation requirements stipulated in Memorandum 9 and 10 of the Foreign Exchange Manual (2018) and other extant circulars shall apply. Import payments shall also be restricted to goods of African origin.”
According to the circular, all the required documentation should be provided before a transaction is initiated on PAPSS by authorised dealers and their customers.
It further noted that export proceeds repatriated to CBN under PAPSS shall be subject to certification by respective processing banks as being repatriated by the exporter.
The circular added that the provisions of all existing guidelines, circulars, and directives on the operations of foreign exchange market shall apply.
The CBN, however, stated that only eligible transactions as may be determined by the central bank from time to time shall be eligible for payment on PAPSS.
“Items classified ‘not valid for Foreign Exchange’ shall remain ineligible,” the circular adds.
News
Nigeria has become a warfront, expect no new investors – Danjuma
Nigeria has become a warfront, expect no new investors – Danjuma
The former Minister of Defence General Theophilus Danjuma has described Nigeria as a total disgrace and laughing stock to the rest of the world.
Danjuma said this on Friday in Nwonyo village in Ibi Local government area of Taraba State during his speech as the Chairman of annual Nwonyo Fishing and Cultural festival.
The elder statesman said that Nigeria is regrettably a war front and theatre of absurdities that leaves a sour taste in the minds of people in every sane society.
He maintained that it is imperative for Nigerians and Nigeria as a country to put it’s house in order and put a check on the glaring insecurity and other vices that are bedeviling the country.
According to Danjuma, “the festival stands as a testament to the rich cultural heritage of Taraba State that we cherish and celebrate with great pride. It showcases our cultural values and serves as symbol of our unity. Let us take a moment to reflect on the significance of the occasion. It is a symbol of resilience a d determination of our people in the face of daunting challenges.
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“Let us renew our commitment to promoting peace, harmony and celebrate the bonds that unite us as one family. May this occasion be a reminder of who we are and the strength that lies in our unity.
“We must put our own house in order and have peace in our state and throughout the country if we want this to be truly an international festival. There is no sane foreigner who will come to celebrate with us if we continue to disgrace ourselves as we do.
“As we are today in Nigeria, we are a disgrace to the whole world. The whole country is a war front of our people killing our people. We are a laughing stock to the rear of the whole world. We must put our house in order. We must make our roads safe and stop kidnapping people. We must learn to live together as a country and as a people”.
In his remarks, the Taraba State Governor Dr Agbu Kefas and his remarks said that his government is committed to ensuring justice and peace so that development can take its rightful course.
Kefas maintained that Taraba State, as a nature’s gift to the nation, must be showcased to the rest of the world so that the enormous potentials of the state could be fully utilised.
Also speaking at the occasion, the Governor of Adamawa State Governor Ummaru Fintiri commended the Taraba State government for reviving the festival after Ten years of negligence and urged the people to use the occasion to unite and live harmoniously.
Nigeria has become a warfront, expect no new investors – Danjuma
News
Police say Nigerians’ hatred for cops fueling security crisis
Police say Nigerians’ hatred for cops fueling security crisis
The Police Community Relations Committee (PCRC) has said Nigerians’ deep-seated resentment for officers is affecting security in the country.
The PCRC disclosed that the hatred towards police by Nigerians mitigates against tackling the perennial security crisis that plagues the nation, saying the situation is unsettling.
The National Chairman of the Police Community Relations Committee (PCRC), Mogaji Olaniyan made this known while addressing newsmen during the 40th celebration ceremony of the Committee held in Abeokuta, the state capital.
Olaniyan bemoaned the widespread hatred, saying the PCRC is enhancing a permanent relationship between members of the community and the police in order to end the ugly narrative.
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He emphasized that this pent-up disdain must be tackled to build a healthy and cordial relationship between the people and the police, ultimately enhancing security across the nation.
He explained that parents instil the hatred of police in their children at an early as the police are used as instrument of fear to control children.
Olaniyan said “We are calling that people should love the Nigeria Police, this is what they lack right from childhood we have created enmity between our children and the Nigeria Police.
“This hatred starts from our home. For instance if parents want to scold their children they will say ‘I will call the police for you. This is why our children grow up with hatred for the police and that is why we are trying to stop this narrative.”
Olaniyan, however, called for an urgent need to address what he called widespread hatred towards the officers of the Nigeria Police.
Police say Nigerians’ hatred for cops fueling security crisis
News
Yahya Bello: Kogi lawmakers face pressure to impeach Gov Ododo
Yahya Bello: Kogi lawmakers face pressure to impeach Gov Ododo
Fresh trouble may be brewing in Kogi State due to a move to impeach the Governor, Usman Ododo.
This is as a human rights lawyer, Deji Ajare, has urged the Speaker of the Kogi State House of Assembly, Umar Yusuf, to begin impeachment proceedings against Governor Ododo over allegations of misconduct and abuse of office.
Ajare conveyed his call in a letter addressed to the speaker, submitted through the clerk of the House on Friday.
Regarding the governor’s use of his motorcade to transport the embattled former governor, Yahaya Bello, Ajare deemed it harboring a fugitive, obstructing justice, and misusing state resources.
“In the light of the above allegations and the inherent potential breaches of statutory duties imposed by the Constitution and other relevant laws of our country, these actions, if proven true, amount to gross misconduct and warrant immediate investigation and commencement of impeachment proceedings.
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“I hereby call on the Kogi State House of Assembly under your leadership to initiate a thorough inquiry into these allegations by Section 188 of the Nigerian Constitution, to ascertain the truth and to hold Governor Usman Ododo accountable if the allegations are found to be true.
“I also urge the Kogi State House of Assembly to cooperate with national law enforcement agencies, including the EFCC, to ensure all individuals involved are available for questioning and to facilitate a smooth investigation”, he said.
Ajare implored swift and decisive action from the House of Assembly, emphasizing the detrimental effects of the alleged misgovernance on the people of the state.
Responding, the Chief Press Secretary to the Speaker, Mohammed Yabagi, stated that neither the Clerk nor the Speaker had received such a letter.
Yabagi added that the House had not seen valid reasons to initiate impeachment processes against the governor, asserting that there was no evidence of the governor preventing security agencies from arresting Yahaya Bello.
“As far as the Assembly is concerned, the Assembly supports all constitutionally recognized security agencies. We have not seen any reason why the House should commence any impeachment processes,” he said.
Yahya Bello: Kogi lawmakers face pressure to impeach Gov Ododo
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Nigeria has become a warfront, expect no new investors – Danjuma
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