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Tag: cbn

  • CBN urges MDAs to deploy e-channels in remittances

    THE Central Bank of Nigeria (CBN) has asked Ministries,Departments and Agencies (MDAs) to adopt e-payment channels for their transactions.

    Salaries, pensions and supplies and taxes are to be paid through the electronic channels. The policy applies to organisations with over 50 employees.

    In a circular, the apex bank said the process would reduce time and transaction costs, minimise leakages in government revenue receipts, provide reliable audit systems, and make it comply with global payment standards. The policy is also expected to ensure confidentiality of transactions.

    CBN said, henceforth, payment instructions and associated schedules are no longer to be transmitted to banks by organisations in the public and private sectors through unsecured channels, such as paper-based mandates, flash drives, compact discs and email attachments.

    The transactions, the financial services regulator said, must be routed through bank-approved electronic platforms, which transmits the instruction to debit a payer’s account and credit that of a beneficiary, mobile account, electronic wallet or other electronic channels.

    It will include the ability of a payer to monitor and obtain electronic feedback on the status of any payment, without depending on any third party, manual or semi-manual means.

    Draft guidelines that will ratify the policy have been sent to commercial banks and payment service providers. The exercise is in line with the CBN Act, 2007, Section 47, Sub Section 2(2d).

    It said the policy aligns with the National Payment Systems Vision 2020 (NPSV) aimed at ensuring the availability of safe and effective mechanisms for making and receiving various payments from any location and at any time.

    The CBN said all public and private sector organisations, which relates with employees, pensioners, suppliers, taxpayers and others, are considered as stakeholders required working for the success of the policy.

  • CBN may keep 12% interest rate as MPC meets tomorrow

    CBN may keep 12% interest rate as MPC meets tomorrow

    The Central Bank of Nigeria CBN) is expected to keep the interest rate unchanged at 12 per cent as the Monetary Policy Committee (MPC) meets tomorrow and next.

    If the MPC keeps the rate unchanged, it will be the 18th time in a row, it is taking such stance in an effort to control inflation and support the naira.

    This week’s MPC meeting will be the second chaired by the new CBN Governor, Godwin Emefiele, and will be closely watched by foreign investors and analysts.

    The former managing director of Zenith Bank, struck a dovish tone on rates two days after taking office in June, saying he would seek a gradual reduction in borrowing costs, which have been stuck at 12 per cent since late 2011.

    That is much higher than the 5.75 per cent in South Africa, which Nigeria overtook to become Africa’s largest economy earlier this year, and 8.50 per cent in Kenya.

    Inflation  rose to a 10-month high of 8.5 per cent in August, closer to the CBN’s upper limit of nine per cent, after rising for five straight months this year on higher food prices and excess liquidity.

    “Higher risk premiums and fiscal profligacy related to the election will keep pressure on the currency and price growth and Emefiele and his team will not want to exacerbate that by loosening policy too aggressively,” said Matthew Searle, sub-Saharan Africa Analyst at Business Monitor International.

    Also, an Economist at Vetiva Capital, Adedayo Idowu, said with the compression in fixed-income yields, as short-tenor maturities head south below the 10 per cent levels, the risks of negative real rates on Nigerian assets will again resurface.

    Meanwhile analysts at Renaissance Capital (RenCap), an investment and research firm,  have pre-dicted interest rate cuts by December next year to allow credit growth and boost real sector production.

    Global Chief Economist at RenCap Charles Robertson said in the “Sub Saharan Africa Macro Strategy” released on Monday,  that such step would allow interest rate move from high single digit, to mid-teens.

    “Post-elections, we expect interest rate cuts in the second-half of 2015, which we think will allow year-on-year credit growth to pick up from current high single-digits to the mid-teens. This is positive for equities and the banks.

    “Equally, it should give a lift to the consumer, as the effect of any pre-election wage hikes dissipates. We believe expansionary fiscal policy in 2015 is unlikely, due to capacity constraints and a desire to keep debt levels low,” he said.

    He said the 2015 elections, though very near, should not distract investors. “Yes, elections are almost upon us in February, 2015, but we do not think that should detract from Nigeria’s otherwise solid macro credentials – especially given our view that the electoral process and outcome will be relatively stable,” he said.

    Robertson explained that Nigeria is well ahead of the other countries under its coverage, given its improving external reserves position  which cover nine to 10 months imports,  and a small fiscal deficit of one to  two per cent of GDP.

    He said a recovery in the oil sector has led to stronger growth, which has been upwardly revised to 6.3 per cent and 6.5 per cent in 2014  and 2015, against prior forecasts of 5.7 per cent and 5.6 per cent.

    He said: “We prefer Nigerian banks to Kenyan banks on a valuation basis. Admittedly, the operating environment in Nigeria is tougher against other key Sub-Saharan Africa markets and this has led to a lower sector-wide Return on Equity.

    “The good news is, we see a recovery from December 2015, when we expect Nigeria’s monetary policy to ease, which is banks-positive.”

  • Activists ask Emefiele to provide information on ‘money laundering’

    Activists ask Emefiele to provide information on ‘money laundering’

    The Socio-Economic Rights and Accountability Project (SERAP) has asked Central Bank of Nigeria (CBN) Governor Mr. Godwin Emefiele to “provide information about the persons involved in alleged money laundering through the bank to fund the activities of the Boko Haram.

    It also asked him to provide “within 14 days of the receipt and/or publication of this letter, information on the nature and duration of any such transaction.”

    The organisation threatened “appropriate legal actions under the Freedom of Information Act to compel you to comply with our request.”

    In the letter dated September 15 and signed by the Executive Director, Adetokunbo Mumuni, SERAP said: “Given the involvement of the CBN in this matter and the fact that you are the governor of the bank, we believe you will use your position to provide information on what happened.

    “SERAP is concerned about the damaging allegation, especially given that the CBN as a regulatory body has a responsibility under the UN Convention against corruption and other national laws to prevent money laundering in banks and ensure that its systems are transparent and accountable to the people.”

    The body added: “It is necessary to provide clarity as to what happened through the CBN if the bank is to play a leadership role in the fight against corruption and money laundering and enjoy public trust and confidence essential for its effectiveness.

    “Providing the information will also help ensure accountability for those involved in international crimes and contribute to providing effective remedies for victims.”

    According to the organisation, “by virtue of Section 1 (1) of the Freedom of Information (FOI) Act 2011, SERAP is entitled as of right to request for or gain access to information, including information on any transaction or money laundering that may have been carried out through the CBN, and the information is in the custody or possession of any public official, agency or institution.”

    SERAP noted: “By virtue of Section 4 (a) of the FOI Act, when a person requests for information from a public official, institution or agency, the official, institution or agency to whom the application is directed is under a binding legal obligation to provide the applicant with the information, except as otherwise provided by the Act, within seven days after the application is received. According to sections 2(3)(d)(V) & (4) of the FOI Act, there is a binding legal duty to ensure that the documents containing information relating to alleged money laundering through the CBN are disseminated and made available to the public through various means.”

    The body said: “The information being requested does not come within the purview of the types of information exempted from disclosure by the provisions of the FOI Act. The information requested for, besides being exempted from disclosure under the FOI Act, bothers on an issue of national interest, public peace and concern, interest of human rights, social justice, good governance, transparency and accountability.

    “The disclosure of the information requested will give SERAP and the public a true picture and a clear understanding of the extent of the involvement of the CBN in any money laundering to Boko Haram.”

    A Perth-based international adviser to Nigeria, Dr. Stephen Davis, who for four months was involved in negotiations on behalf of the Federal Government with commanders of Boko Haram for the release of over 200 schoolgirls kidnapped by the sect in April, has named a former top official of the CBN among those, who have provided funds and other logistics to Boko Haram to commit crimes under international law.

    Nobel laureate Wole Soyinka has said information about a suspected financier of Boko Haram from the CBN was passed to President Goodluck Jonathan.

     

  • Gas supply shortage stalls 2000Mw generation

    The Nigerian Electricity Regulatory Commission (NERC) has blamed gas supply deficit for the shut-in of over 2000 megawatts (Mw) of electricity in the country.

    Its Commissioner, Government and Consumer Affairs, Dr Abba Ibrahim, who spoke at a forum in Lagos, said the country was losing over 2000Mw of electricity as a result of lack of gas supply. He noted that insufficient gas supply made some power plants that have the capacity to generate more 2000Mw to be idle.

    He said the gas supply constraints were pronounced because the energy mix is based on thermal plants that depend on gas for fuel to operate.

    He noted that over 70 per cent of power generation comes from thermal out of which the assets of the National Integrated Power Project (NIPP) account for 80 per cent.

    He said Nigeria flares more gas than what it utilises, adding that the country produces about 8.5 billion cubic feet of gas daily (bcf/d). Of the volume, 2bcf/d is re-injected to boost oil production by oil firms, about 1 bcf/d is supplied to power generating firms, which is far less than required but cannot be improved upon because of lack of infrastructure. What is left of this figure is exported.

    The World Bank Group had in a report noted that the nation loses about 2000Mw for lack of gas supply while a huge volume of gas is flared daily.

    In the report titled: “Global Gas Flaring Reduction, Proposed New Initiative,” the group said Nigeria has about 150 million people with only 6500 Mw power generation capacity of which nearly 2000Mw stands idle due to lack of gas and adequate infrastructure.

    The group urged government to stop gas flaring by oil producing countries. It said: “Gas flaring: why should it stop? Nigeria 150 million people with only 6500 Mw power generation capacity of which nearly 2000 Mw stands idle for lack of gas and adequate infrastructure. Only half the population has electricity network access and it’s unreliable. As a coping mechanism, 4000 Mw is generated by household size diesel generators while flaring 13 billion cubic metres of gas as the end of 2013, enough to feed 6500 Mw of power.”

    Ibrahim said NERC was collaborating with other stakeholders to address the problems in gas supply to power firms, including increasing the domestic supply through stopping flaring of gas. The stakeholders’ collaboration will impose enough penalties on firms that still flare gas heavily.

    Also, the Commission in partnership with other relevant agencies is exploring how to put in place the appropriate gas pricing regime and cost-effective tariff, among others to boost the power sector.

    The stakeholders’ collaboration has resulted in the Central Bank of Nigeria’s (CBN’s) acceptance to pay gas suppliers’ $283.6 million debt.

  • CRR: 10 banks keep N2.3tr with CBN

    CRR: 10 banks keep N2.3tr with CBN

    Ten lenders have contributed N2.3 trillion to the Central Bank of Nigeria (CBN) in line with the Cash Reserve Requirement (CRR) policy of the regulator, Renaissance Capital (RenCap), an investment and research firm has said.

    CRR is a portion of banks’ deposits kept with the CBN as reserves.

    In a research report titled: Nigerian banks: The cost of Macro Stability, the firm explained that looking at the reported first half numbers for the 10 banks under its coverage, they have N2.3 trillion in cash reserve at the CBN earning zero interest.

    This, it said, represents an average CRR of 22 per cent for these banks, ranging from 18 per cent at First Bank of Nigeria Holding Company (FBNH) to 27 per cent at Zenith and Fidelity banks.

    This is up from an average of 11 per cent in 2012 and 16 per cent last year. In computing the implied CRR per bank, RenCap used the reported restricted deposits as a percentage of each bank’s naira deposits in the country.

    On average, it said restricted deposits have grown by 127 per cent between 2012 and June 2014, ranging from 72 per cent at Skye to 186 per cent at Diamond banks.

    “We believe the significantly tighter banking regulations explain the relatively low returns of the Nigerian banks versus sub Saharan Africa (SSA) peers; but on the flipside, they explain the country’s relatively stable macro conditions. Our view therefore is that for the Nigerian banks’ returns to improve sustainably over time, some loosening of monetary policy front will be necessary, particularly on the CRR,” it said.

    Continuing, it said last year was the year to take the pain, this year to stabilise and next year when lenders are expected to start seeing early signs of recovery. It said any loosening of monetary policy is unlikely until after the elections in December next year.

    It said: “We expect the Systematically Important Banks (SIB) rules in Nigeria to indicate a minimum CAR of 15 per cent for SIBs, with tier 2 capital capped at 25 per cent of total qualifying capital.

    “Above the 15 per cent, SIBs will be required to maintain a one per cent capital buffer that comprises entirely of tier 1 capital, which will raise the minimum CAR for SIBs to 16 per cent.”

    It said significantly tighter banking regulations explain the relatively low returns of the Nigerian banks against SSA peers; but on the flipside, they explain the country’s relatively stable macro conditions. “Our view therefore is that for the Nigerian banks’ returns to improve sustainably over time, some loosening of monetary policy front will be necessary, particularly on the CRR.

    “We would like to see Nigerian banks deliver returns comparable with those of their SSA peers, but we believe the operating and regulatory environment in Nigeria is significantly tougher than in other key SSA markets. Sector earnings have been broadly resilient, but some banks stand out, and these are our top picks in the space: Zenith, Access, Stanbic and FCMB banks,” it said.

    At sector level, we estimate the Nigerian banking sector now has a blended cash reserve ratio (CRR) of about 31 per cent, against 11 per cent in Ghana, 5.25 per cent in Kenya and five per cent in Rwanda.

  • CBN, NDIC urged to address customer abuse

    The Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and other regulatory and supervisory authorities have been urged to take seriously the rising cases of customer abuse in the financial services sector.

    The Consumer Protection Unit of the CBN is to ensure that banks’ customers enjoy not only quality services but also protection from excessive charges and outright loss of funds through fraud and forgery.

    President, Bank Customers Association of Nigeria (BCAN), Dr. ‘Uju Ogubunka, called for a functional helpdesk at banks’ headquarters where consumer complaints could be lodged. He also urged the regulators to review existing consumer complaints management framework in the sector to protect the interest of customers.

    Ogubunka, who said this in a communiqué issued at the group’s maiden bank customers summit in Lagos, said such review would help lenders in achieving quick resolution of complaints.

    Ogubunka, who was Registrar, Chartered Institute of Bankers of Nigeria (CIBN), said the regulators should also support BCAN in the propagation of its programmes which are critical in deepening financial awareness in the country and  achieving greater penetration of financial education.

    He said lenders should also consider extending their consumer complaints desks to zonal and branch offices to facilitate quicker resolution of cases.

    He said participants recognised the inter-dependence of the operators, regulators and bank customers in creating a sound, stable, sustainable and resilient financial system.  The participants also agreed that a lot has happened in the banking industry that has made the formation of BCAN imperative.

    The ex-registrar also wants regulators to facilitate the realisation of CBN’s financial literacy/inclusion objective, as well as inculcate appropriate banking habits and culture among the populace.

    He said BCAN should also rally bank customers and consumers of banking and financial services for the promotion and protection of their interest in the face of daunting challenges against them.

    According to him, BCAN also agreed that banking should be conducted based on acceptable values and best practices, stressing that BCAN will intensify efforts at fostering mutual understanding, trust and confidence between banks and their customers through customer education. He said the step will strengthen and ensure the realisation of CBN’s financial literacy/inclusion and other programmes.

    He said the BCN should also organise awareness programmes in the areas of Guide to Bank Charges, Financial Literacy and Inclusion as well as Banking Policies, Regulations, Products/Services for the benefit of consumers in particular and stakeholders in general.

    The group should also collaborate and partner with organisations and individuals who share its vision and objectives in order to be able to extend its services to the nooks and crannies of the country for positive multiplier effect.

    It also should create sustainable platform for the provision of advisory and counselling services in banking and finance to its members and the interested public in order to deepen their knowledge and ability to make the right financial decisions and choices.

    The group also pledged to work closely with the regulatory and supervisory authorities to ensure that banks are held accountable for any unethical, unprofessional and risky products, services and practices they introduce into the financial system and to customers/consumers.

     

  • Much ado about N65

    Much ado about N65

    As far as winning arguments go, it seems highly unlikely that the Central Bank of Nigeria (CBN) would succeed in persuading the banking public of the merit of its latest decision to “re-introduce” charges on ATM withdrawals on “remote-on-us” transactions. A week after the new policy is supposed to have taken off, the debate has remained animated both in the electronic and the print media. Of course, the preponderance of the opinions is that the Godwin Emefiele-led apex bank has not only missed the track, but that is gradually taking the financial sector back to its old extortionist ways!

    Yours truly has carefully followed the debate. I must confess that it is one of those moments when emotions not only rule, but is expected to dictate public policy. And this is understandably so in a clime where service providers are at liberty to slap all manners visible and invisible charges on hapless, but unsuspecting patrons of products and services.  Nigerians are after all, only too familiar with extortionate demands by service providers of all sorts – even for services that were never rendered.

    Given that context, the harsh criticism not to talk of the resistance that has followed, are only to be expected. But then the issue is when such criticisms by those in strident opposition to what is essentially a value-added service are anchored on false premises – or if you like grave misunderstandings. I guess this is where those in the business of public commentary have the responsibility to help shed light on the issue.

    To start with, it is a measure of the changing landscape of service delivery that Nigerians are even debating the latest measure by the apex bank. Ten years ago, the debate would at been merely academic. And trust me – we wouldn’t be Nigerians without our claims of “expertise” even on subjects that many know next to nothing about!

    Secondly, it is indicative of how much the Nigerian consumer has come of age in terms of cost-consciousness and service delivery as a whole. But more significantly, the debate is reflective of the understanding of the dynamics in the sector in the last few years – a measure of how much ground the industry as a whole has covered in concrete, developmental terms.

    It is also a revelation of the vast knowledge gap that still exists in an industry on which the lives of every Nigerian have come to depend.

    To be sure, the CBN circular can hardly be faulted on the grounds of ambiguity: Effective September 1, the apex bank had stated that it would bring back “Remote-On-Us’’ ATM cash withdrawal transactions fee. The fee pegged at N65 per transaction was to cover the remuneration of the switches. It went on to state that “The new charge shall apply as from fourth “Remote-on-us’’ withdrawal in a month by a card holder, thereby making the first three “remote on us” transactions free for the card holders, but to be paid for by the issuing bank”.

    As for all ATM cash withdrawal on the ATM of issuing banks, these would remain at no cost to the card holder.

    Contrary to what many Nigerians prefer to believe, I do not see anything extra-ordinary in the decision of the CBN to re-introduce the “Remote-on-us’’ charges. If anything, I see the development as borne more of economic realism than anything else. As for the argument that the Bankers Committee had in its wisdom in December 2012 opted to assume the burden on behalf of their customer, this, I daresay, hardly qualifies as an argument. For nowhere in that decision was it remotely suggested that the services was free or cast in stone as it were; rather, the bankers merely opted to assume the costs perhaps in the light of the prevailing exigencies.

    More fundamentally, Nigerians should not find it difficult to understand the basis of the “Remote-on-us’’ charges. Think of it this way: a man walks up to an ATM of a bank where he does not operate an account and gets paid. Of course, value is transfered.

    Now, is it realistic to pretend that value was not delivered – and that no cost was involved? Would the transactions have been possible without seamless communication between the issuing bank and the payment bank? Shouldn’t the payment bank be entitled to the reward in view of the service rendered? And who should rightly bear the cost, the issuing bank – or the individual who enjoys the service?

    That, unfortunately is the present level of the the debate. Didn’t the scriptures say something about the labourers being worthy of his wages? Why should the bankers case be different?

    Let me state at this point that there is nothing unhealthy in the debate. Indeed, my wish is that Nigerians make a habit of questioning not just the quality of service dumped on them, but the quality of governance that they are afflicted with.

    Happily, more and more Nigerians are questioning the basis of a number of the spurious charges slapped on them. For instance, the other day, I issued four different cheques all totalling N600, 000 only to be slapped with a bill for exceeding the daily cash withdrawal limit. The explanation was that the fellows – not me – collected cash on the counter on the same day! How about that as punishment for daring to pay some poor artisans on the same day? Should Nigerians forget the customary fixed charge routinely slapped on them by the electricity companies even when they are not availed of service.

    I agree that progress can only come when citizens routinely take their service providers to task. The key is to be on the side of equity.

    And the man died

    On Saturday, a friend had called me to inquire if I had heard the news of the death of my former boss at The Sun, Mr. Dimgba Igwe. The friend would add that he was knocked down by a hit-and-run driver.

    How? Was he knocked down in a lonely alley? Were there no citizens around to rally for immediate help?

    I was later to understand that the first private hospital he was taken to could not help; the second was even worse as the best they could do was refer him to Lagos State University Teaching Hospital (LASUTH) by which time it was already too late.

    Would he have died if prompt medical attention was given to him? We can only speculate. One thing seems clear though: the system failed him when it mattered most. This is most unfortunate for a man who spent his entire adult life seeking to make our country better. We shall miss him.

  • Two ‘large banks’ record zero liquidity ratio, says CBN report

    Two ‘large banks’ record zero liquidity ratio, says CBN report

    Three banks have recorded a negative liquidity ratio in a liquidity stress test conducted by the Central Bank of Nigeria (CBN) on 21 deposit money banks and 14 foreign subsidiaries.

    Of the three, two are among those categorised as “large banks”.

    Liquidity ratios measure the ability of  banks to meet short term debt obligations.

    The CBN Financial Stability Report released at the weekend said the zero liquidity ratio recorded by the lenders followed a cumulative 30-day shock conducted by the regulator to assess the resilience of the industry to liquidity and funding shocks. The test was conducted using the Implied Cash Flow Analysis (ICFA) and Maturity Mismatch/Rollover Risk approaches.

    The ICFA test, the CBN said, assessed the ability of the banking system to withstand unanticipated substantial withdrawal of deposits, as well as short-term wholesale and long-term funding over five-day and cumulative 30-day shocks, with specific assumptions on fire sale of assets.

    However, the stress test conducted, based on their end-December 2013 call reports indicated that the banking industry is stable and resilient. The key challenges in the industry, however, remain corporate governance and risk management practices.

    The test assumed a gradual average outflow of 3.8, five and 1.5 per cent of total deposits, short-term and long-term funding, during a five-day assessment.

    The test also showed a cumulative average outflow of 22, 11 and 1.5 per cent of total deposits, short-term and long-term funding,  on a 30-day balance.

    The test revealed that, after the five-day and cumulative 30-day shocks were applied, the industry liquidity ratio declined to 12.2 and 10.4 per cent,  from 50.53 per cent. Most banks’ liquidity ratios were also below the 30 per cent threshold after the two scenarios.

    The worst-hit were the three unnamed lenders that recorded a negative liquidity ratio, following a cumulative 30-day shock. Two of these banks were among the categorised “large banks”.

    However, the report said the banking industry was resilient to liquidity stress, although the test results indicated deterioration in the banks’ resilience, compared with the position in the preceding period.

    The CBN also conducted a solvency stress test on the industry to assess the stability of the sector under various hypothetically strained macroeconomic conditions.

    The pre-shock Capital Adequacy Ratios (CAR) for the entire banking industry, large, medium and small banks stood at 17.20, 16.24, 18.05 and 18.33 per cent. These, the report  said, reflected decreases of 1.49, 2.62, 0.2 and 0.5 percentage points over the June 2013 positions.

    The CBN said its actions were focused on ensuring that the banks maintain healthy loan portfolios by creating high quality assets that will ensure sustainable growth. The regulator added that the proactive actions taken to resolve the distress situation in the system had achieved the desired results and contributed to the overall stability of the financial system.

  • Nation Facebook friends on new ATM charges

    Nation Facebook friends on new ATM charges

    The recent directive by the Central Bank of Nigeria (CBN) to re-introduce new ATM policy of 65 naira with effect from September 1, 2014, had elicited mixed reactions from people across all strata of the society including the Nations Newspapers facebook friends. Blessing Olisa compiles their reactions hereunder

     

    • Salako Shaddy – Fellow Nigerians it’s only one thing we need to ask ourselves… Who are those using the ATM? (a) The common man (b) the politicians (c) the billionaires. Who are they fooling? It’s just a way of taking from our little to enrich themselves for their selfish purpose. There is God oooo.

     

    • Izunna Okafor – Is that one a development or wickedness? Rubbish

     

    • Chukwu Ndubuisi – People are even taking this like a big problem. If you withdraw money more than 3 times with your ATM on an ATM machine that doesn’t belong to your bank in a month, that’s when such deduction will take place. It is not as if you will be charged for every withdrawal.

     

    • Ayantunde Adebayo– Why they re-introduced these charges is because of GEJ re-election. They need money to fund his campaign. They can’t afford to steal another 20 billion US dollars. God bless Sanusi Lamido Sanusi.

     

    • Caleb Peremini – They better have a review of it, because we need progression in this country and not retrogression.

     

    • Chukwudi Ngolube – The banking industry in Nigeria isn’t strong or developed enough to manage the free charge from other ATM withdrawals, it’s sad

     

    • Ajeeram D Umar  – For those who support corrupt government I think this is your reward just appreciate it.

     

    • Edu De Saint – I will go back to my former way of burying money in the ground. Let me see how the dead people will charge me there.

     

    • Wole Michael Fakinlede – The reintroduction of ATM charge is bad, it has no benefit to the masses but I don’t know of those at the helm of affairs.

     

    • Olagbaye Uniamikugbo Lawrence – If after deducting N1, 000 from my account for ATM card and my bank want to charge me N65 per/transaction quite unfortunate. Governor of CBN is former MD of Zenith Bank; he is already showing us what Zenith bank is known for CARGO BANKING. We need to collectively resist the barbaric act where the so called leaders will wake up from the other side of their bed and formulate policies to suit themselves.

     

    • Muraina Akeem Olatunji – Lack of continuity in most of our policies at all sectors is the bane of our backwardness. I wonder why the new CBN governor would re-introduce what a former CBN governor Sanusi Lamido Sanusi had cancelled in the past. Just to make a name or ‘unreasonable’ changes, some selfish Nigerians will just throw away a baby with bath water.

     

    • Ngene Emmy Charles – Yesterday I went to my bank and withdrew as much money I could use for this month because my bank ATM is very far from my house and office. This sixty-five naira is a mess to cashless policy.

     

    • Willie Otabor – Why Nigeria? One step forward two steps backwards

     

    • Bashar H. Ali – Poor Nigerian ATM users like myself would certainly from today learn to appreciate Malam Sanusi, the emir of Kano and of course the then CBN boss.

     

    • Pst Goodnews Ogomi – When the wicked are in authority the people mourn. Emiefele has come to drain the poor to enrich the rich. This new ATM policy makes Nigeria mourn the more.

     

     

    • Tosin-kayode Ayodele – Well I am not surprised; knew it will come to this. The missing 20 billion has to be recovered, and Nigerians will have to pay for it. That is the message the CBN is passing. It’s the bitter truth.

     

    • Okesola Sulaimon Adewale – Many people shouldn’t get the new development by the CBN wrong. Media Outfit should endeavour to expatiate on it. It was said that after using another bank’s ATM on the third usage is when one will be charge N65 on the fourth transaction exactly. Nigerians Beware.

     

    • Peter Dexter – That is a very bad decision, think Sanusi is far better

     

     

     

    • Hanafi Idris Gbenga – That is a bad policy on Nigerians as far as am concern, because billions of naira will be generating every month but at the end just some people will be using the money for their own selfish interest. Who is fooling who???

     

    • Aromatic Africana – Let’s call a spade a spade, people are suffering in this country. I don’t know how our so called messiahs always turn to destroyers. Everything our government does affect the masses negatively as if we are not part of them. God will judge them accordingly.

     

    • Samuel Yusuf  – This new CBN governor is a criminal of highest order, moreover he belong to the PDP, People deceiving people, the CBN governor still want to dump poor people for his selfish interest and they said we have EFCC in this country but God is watching.

     

    • Ebenezer Kolawole – Then must I keep money with bank when I can keep it well myself no matter how much at least the hen has been eating something before there is corn. How much do I even have that I will now say bank is the next place to keep my money? Another way of thefting us …mtcheeew

     

     

  • Rivers lawmakers authorise Amaechi to access N50b bond

    Rivers lawmakers authorise Amaechi to access N50b bond

    • Summons Health Commissioner over Ebola

    Rivers lawmakers yesterday in Port Harcourt, the state capital,  gave nod to the State Governor, Rt. Hon. Chibuike Amaechi to access N50 billion first tranche, which was half of the N100 billion bond it approved on January 29, this year.

    The lawmakers also resolved that the governor should borrow the sum of N2 billion from the Central Bank Nigeria (CBN) to fund micro, small, and medium enterprises (MSME) in the state.

    This is even as the lawmakers have summoned the state Commissioner for Health, Dr. Sampson Parker, to brief them on the Ebola disease outbreak in the state.

    The approval for the N50 billion bond was given in response to Governor Amaechi’s letter to the lawmakers asking for their authorisation to access the money to enable his administration fund infrastructure projects in the state.

    On the proposed N2 billion loan from CBN, Amaechi in the letter, requested for a ‘resolution’ to borrow the amount to fund MSMEs.

    The governor stated that if approved, the loan would create job opportunities and empower citizens of the state as well as boost economic activities in the state.

    The lawmakers unanimously approved the two requests of the governor, as they are meant for the development of the state.

    Following the out break of Ebola virus in the state, the House of Assembly had summoned Dr. Parker to appear before it on Friday to brief the House on the situation of the virus in the state.

    The invitation was on the heels of the commissioner’s failure to appear before the lawmakers yesterday, though he sent a letter of apology explaining reasons for his inability.

    Speaker of the House, Otelemaba Dan-Amachree, who read his letter to the lawmakers, frowned at Dr. Parker’s absence, warning that no excuse would be entertained again.