The Nation Newspaper

Tag: Central Bank Governor

  • Currency swap will not cover substandard good, says CBN

    The Central Bank of Nigeria (CBN) said the currency swap agreement recently reached with the People’s Bank of China (PBoC), will not cover the importation of substandard goods into the country.

    The Central Bank Governor, Mr Godwin Emefiele, represented by the bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, said this yesterday in Abuja, at the Currency Swap sensitization for North Central Zone.

    Read Also:CBN begins forex trading in Chinese currency

    Emefiele noted that the swap deal had the potential to reduce importation of made-in-China substandard goods as only goods approved by regulatory bodies such as Standards Organisation of Nigeria (SON) would qualify under the agreement.

    According to him, “if there is anybody that thinks he or she will collect Renminbi through this window and sell on the street, is sadly mistaken. Transactions under the deal will be done electronically and this deal is only for products that originate from China. It does not apply to any transaction in Asia, outside the Chinese territory,” he said.

    In his presentation, Mr Oreva Eweh, Assistant Director, Financial Market Department of the CBN, identified “speed and efficiency as some of the benefits of trading under the Renminbi denominated window for the transaction with China.”

    Similarly, Mr Richard Maikai, from the Trade and Export Department of the CBN, spoke on the documentation requirements under the agreement.

    According to him, “importers intending to import from China must obtain proforma invoice denominated in Renminbi as part of the documents required for registration of Form M. Also, the foreign exchange window cannot not be used for payments on transactions in which the beneficiaries are not in China. In addition, authorised dealers shall not open domicilary accounts denominated in Renminbi for customers, “he said.

    Maikai, stated that Bureau de Change (BDC) Operators were not eligible to take part in the transaction as cash transactions would not be allowed under the window.

    Earlier, Mr Adetokunbo Kayode, the Director-General, Abuja Chamber of Commerce and Industry,  Mines and Agriculture (ABUCCIMA), said the currency swap deal would make doing business easier for its members.

    He called on the government to implement favourable business friendly policies to fast track economic growth in the country.

     

  • Sudan Central Bank governor dies of heart attack

    Sudan’s Central Bank Governor, Hazem Abdelqader, died of heart attack while on a visit to Turkey, his family and the Sudanese presidential palace said yesterday.

    Born in 1960, Abdelqader served in various departments at the apex bank from 1985 before he was appointed governor in December 2016.

    Family members said the father of six was not known to be suffering from any illnesses.

    Sudan’s economy had been grappling with crippling hard currency shortage and “black market” for dollars that pushed the Central Bank to devalue currency to around 30 pounds to the dollar earlier this year from 6.7 pounds in late December.

  • MAN to CBN: Reduce interest rate

    MAN to CBN: Reduce interest rate

    The Manufacturers Association of Nigeria (MAN) on Monday said retaining the Monitory Policy Rate (MPR) at 14 per cent by the apex bank would negate growth of manufacturing sector.

    Mr Frank Jacobs, President, MAN, told the News Agency of Nigeria (NAN) in Lagos that the 14 per cent MPR would not boost domestic production.

    The MAN president also said that maintaining the present rate would prevent the manufacturing sector from coping with the current recession.

    The Central Bank Governor, Mr Godwin Emefiele, had announced MPC decision to retain the MPR at 14 per cent at the end of its two-day meeting last week.

    Apart from retaining the MPR at 14 per cent, the CBN governor said the committee also voted to retain the Cash Reserves Ratio at 22.5 per cent.

    “We had taught that reducing the rates will enable banks to reduce percentage of getting loans to inject into the manufacturing sector to reflate the economy.

    “However, with the present circumstance, many domestic producers will be struggling to keep their businesses as a going concern and will not make profits.

    “As a result of the recession, most manufacturers will want to shed down workers, which will have negative social implication for the country,’’ he said.

    The MAN president urged the apex bank to reduce the interest rates in its next monitory policy meeting to ensure growth in the manufacturing sector.

    “It is only when rates are brought down that the manufacturers will be able to sustain and expand their businesses, even during recession,’’ he said.

    Jacob said that with appropriate incentives, the manufacturing sector could cause an economic turnaround for the country

     

  • CBN set to host Cashless CardExpo Africa

    CBN set to host Cashless CardExpo Africa

    Central Bank Governor, Mr Godwin Emefiele is leaving no stone unturned to ensure that the institution’s Cashless CardExpo Africa achieve all its set out goals.

    With an expectation of over 3,000 visitors and delegates from various professional leanings and industries across the world, the 2016 annual CBN Cashless CardExpo Africa which is scheduled to hold between 14 – 16 June 2016 at the Eko Hotel and Suites Victoria Island, Lagos will raise and find solutions to issues concerning the entire banking/finance and industrial sectors.

    With the retail payment industry is experiencing a dramatic shift as e-commerce is already capturing a larger share of sales than ever before and new trends in e-commerce showing that purchase of goods and services can occur with payment made on the point of sale (POS) at a merchant location through the internet, or by telephone, e-commerce has been one of the major catalysts’ for the retail industry across Africa and globally.

    However, the huge factor to the growth of retail sector and e-commerce in Africa lies in the usage of the internet.

    According to information emerging from CBN, this year’s Cashless Card Expo Africa 2016 will focus on the future of retail payment and e-commerce and how innovation will drive this process. The conference and exhibition will focus on new users as well the service delivery strategies that would deliver the future of retail payments and ecommerce as top retail payment and e-commerce experts will provide strategies on how to position and enhance your business to guarantee your spot in the ever changing retail and e-commerce industry.

    Other aspects of the conference and exhibition will be: The 2016 Awards and Dinner Ceremony which will take place on Thursday 16th June, 2016 at same venue and will enable the audience to win up to N1,000,0000 (One Million Naira) in shopping vouchers.