Banking and Finance

Excess Charges: Banks to Refund with Interest

The Central Bank of Nigeria (CBN) said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest.

Mr Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, said this in an interview with the News Agency of Nigeria yesterday in Abuja.

This is sequel to complaints by bank customers within the Federal Capital Territory (FCT) over excess charges by banks through Automated Teller Machine (ATM) withdrawals.

Will Currency Swap Deal Stifle Nigerian Economy?

Financial analysts have expressed concern that the currency swap deal recently signed by the Central Bank of Nigeria (CBN) and the Peoples Bank of China (PBoC) will stifle the Nigerian economy.

The Currency Swap Deal was signed on April 27.

Mr Boniface Okezie, the president Progressive Shareholders Association of Nigeria, told the News Agency of Nigeria that the currency swap deal was unnecessary.

He said the deal would ensure that majority of the country’s foreign trade deals were channeled to the Chinese economy.

Central Bank signs $2.5b FX Swap Deal with China

The Central Bank of Nigeria (CBN) says  on Thursday  that it has signed the bilateral Currency swap agreement with the Peoples Bank of China (PBoC).

A statement by the apex Acting Director of Communications, Isaac Okorafor, noted that the Governor Mr. Godwin Emefiele, led CBN officials while PBoC Governor, Dr. Yi Gang, led Chinese team at the official signing ceremony in Beijing, China.

It said the agreement was signed on April 27th adding that it was an outcome of over two years of painstaking negotiations by both Central Banks.

BDCs attract over $30b to Economy from Foreign Investors

The Association of Bureaux De Change Operators of Nigeria (ABCON) has said it had attracted over 30 billion dollars to the economy from foreign investors.

Aminu Gwadabe, President, ABCON, disclosed this at the unveiling of its “Live Engine Room (naijabdcs),” in Lagos.

Gwadabe said the feat was achieved due to the provision of accurate market data and information about the foreign exchange (forex) market.

The ABCON boss said the new engine room would promote price discovery and authentic information about foreign exchange rates in Nigeria.

Nigeria Extends Deadline for Voluntary Assets, Income Declaration

President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30.

The short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers.

However, no further extension of time will be approved after June 30.

The President added that a new date was also given, based on the conviction of the Ministry of Finance that the overall objective to increase compliance will be attained, and additional revenue will accrue.

CBN to Invest ₦500b in Non-oil Export

The Central Bank of Nigeria (CBN) has finalised arrangement with Nigeria Export-Import Bank (NEXIM) to assist local manufacturers who are interested in non-oil exports, according to its governor, Mr Godwin Emefiele.

Emefiele announced this at a seminar for Finance Correspondents and Business Editors, held in Uyo, Akwa Ibom on Monday.

He was represented by the Deputy Governor and Head of Corporate Communication of the apex bank, Mr Edward Adamu.

Emefiele said the bank had repositioned itself to improve the economy after exiting recession.

Nigeria pays $5.08m UN dues for 2018

Nigeria has paid its regular UN dues for 2018, making it the 74th out of the 193 Member States of the global international organisation to fulfill its financial obligations.

Spokesperson for the UN Secretary-General Stephane Dujarric said in New York that Nigeria paid its annual dues in full.

Dujarric said: “Nigeria has paid its regular budget dues in full, bringing the Honour Roll to 74”.

Nigeria paid 5,080,178 dollars on April 5, making it the 10th country in Africa to pay its UN regular budgets in full.

Nigeria Launches Economic Diplomacy Initiative

Nigeria has launched an economic diplomacy initiative, aiming to take advantage of the country’s over 100 foreign missions to woo foreign businesses to invest in Nigeria and to create market access for Nigerian businesses in other countries.

Vice President Yemi Osinbajo launched the Nigerian Economic Development Initiative (NEDI) organised by the Ministry of Foreign Affairs, on Thursday at the Banquet Hall of the Presidential Villa, Abuja.

MPC Retains Lending Rate at 14%

The Monetary Policy Committee (MPC) has once again retained the Monetary Policy Rate at 14 per cent due to persistent uncertain economic conditions and high inflation.

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, said this while briefing newsmen on outcome of the first MPC meeting for 2018 in Abuja yesterday.

He said the MPC members unanimously voted to retain the existing MPR and other monetary indices.