$20 Billion (N3.94tn) idle in Nigerians’ domiciliary accounts – CBN

The Central Bank of Nigeria on Thursday raised the alarm that about $20bn (N3.94tn) was lying idle in different domiciliary accounts of the citizens.

The Deputy Governor, Financial System Surveillance, CBN, Dr. Joseph Nnana, stated this during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget.

Nnana said, “Distinguished chairman sir, we have $20bn lying idle in various domiciliary accounts of many customers at the various banks across the country.

“This is part of the reasons why the naira has continued to slide against the US dollar.”

He alleged that some privileged Nigerians were behind the consistent slide in the value of the naira by embarking on dollar speculation to the detriment of the local currency.

Naira hits record low of 400 against the dollar

The fall in the value of the naira is yet to abate as the Nigerian currency exchanged for N400 to a dollar Thursday at the parallel market.

Fresh pressure on the naira since last week Thursday has seen the currency fall further from N318 to N400 to a dollar.

Financial experts linked the persistent fall of the naira to panic buying of the dollar and other major hard currencies by importers, individuals and businessmen.

Arms deal 'I was acting on Jonathan’s instructions' - Dasuki says

Former National Security Adviser, Sambo Dasuki who is being investigated in the current $2.1bn arms deal scandal, allegedly said that he handed N10 billion he withdrew from CBN to the former President Jonathan’s Special Assistant on Domestic Affairs, Waripamowei Dudafa & Aide-de-Camp on Jonathan's instruction. 

According to The Nation, Dasuki stated this while defending himself in a statement of Witness /Accused Person which has been filed in the High Court of the Federal Capital Territory (FCT) ahead of his arraignment soon. The statement reads;

I delivered $47 million in 11 suitcases to Dasuki – Ex-director

More shocking revelations have come on how huge cash estimated at $2billion meant for arms purchase was allegedly diverted by key government officials and politicians during the Dr. Goodluck Jonathan Presidency.

A former Director of Finance in the Office of the National Security Adviser (ONSA), Mr. Shuaibu Salisu, said $47million was withdrawn from the Central Bank of Nigeria (CBN) in 11 suit cases.

He said he suspected that the cash might have been given to the Peoples Democratic Party (PDP).

He, however, said as a civil servant, he was innocent because he only carried out instructions from the ex-National Security Adviser, Mr. Mohammed Sambo Dasuki.

Okonjo-Iweala should be included in probe- Oshiomhole insists

Edo state governor Adams Oshiomole yesterday called for the inclusion of Okonjo-Iweala in the ongoing probe on missing $2.1billion arms deal. Oshiomole said this while speaking to state house correspondents after a meeting with President Buhari at the state house yesterday December 9th.

Okonjo-Iweala ought to face criminal prosecution - Oshiomole

  

Edo state governor, Adams Oshiomole says former Minister of Finance Ngozi Okonjo-Iweala ought to be made to face criminal prosecution in the ongoing $2.1 billion arms deal probe. In an exclusive interview with Leadership newspaper, Oshiomole said Dasuki in his defense stated that Former President Jonathan approved the release of the money for the purchase of the arms, a claim that has since been denied by Jonathan.

Oshiomole said it was criminal of Jonathan and Okonjo-Iweala to spend money that wasn't approved by the National Assembly ...

Sanusi tells Diezani: You are a liar

The former Central Bank of Nigeria, CBN governor and Emir of Kano, Mohammed Lamido Sanusi has said the embattled former petroleum resources minister, Diezani Allison-Madueke is “lying” over claim that he (Sanusi) came to lobby her for help over his interest in African Development Bank, AfDB presidency but came up with $20bn missing oil fund allegation because he lost out in getting the job.

Sanusi, speaking with Sunday Telegraph, said Diezani, battling breast cancer, was being economical with the truth in her interview with thebossnewspaper.com on his interest and how he lost the opportunity to head the continental financial institution.

Workers protest non-payment of salary arrears in Ondo state today

This is happening right now at the AG's office, Ondo State. Workers protesting non payment of salary arrears even after collection of Bailout from CBN. 

See more photos after the cut...

CBN bars foreign firms from printing cheques for Nigerian banks



 

The Central Bank of Nigeria, CBN, has denied accreditation to foreign printers who hitherto printed cheque books for some Nigerian banks. In a circular released, yesterday, entitled: “Circular to deposit money banks, cheque printers and other stakeholders on the accreditation of cheque printers for 2015/2016″ and signed by Director, Banking and Payment Systems Department, Dipo Fatokun, the Central bank said it has duly notified all accredited printers and issued certificates to them.
It listed all the accredited cheque printers to include Superflux International Ltd, Tripple Gee and Company Plc, Nigeria Security Printing and Minting Plc, Euphoria Group and Popi Printing Company Ltd.

 

 The Central bank said it did this to ensure an efficient payment and settlement system.

 The circular read:

Banks reduce withdrawal limits on ATMs

In the new arrangement, all ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs from N150,000 per day to N60,000 per day while foreign currency is $300 per day.

The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.

Henceforth, a single ATM card serves for transactions for both domestic and abroad.

Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) at $300 (about N60,000) per day. Before this, the limit was N2 million per day.

In a communication to the customers, the bank explained:

“In view of the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards, we have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your Naira MasterCard for international payments via POS and online.

“You will, however, continue to have the option of paying for medical bills, school fees, mortgages and credit cards using Form A, as these are eligible transactions for foreign currency. Simply visit any GTBank branch to complete a Form A along with the required documents to make these payments.”

Buhari orders federal ministries, agencies to open treasury single account

Press statement from the presidency...

President Muhammadu Buhari has ordered each and every Federal Government Ministry, Department or Agency to start paying into a Treasury Single Account (TSA) for all government revenues, incomes and other receipts. According to the directive, this measure is specifically to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution.

Henceforth, according to a statement by Laolu Akande, the Senior Special Assistant to the Vice President on‎ Media and Publicity, all receipts due to the Federal Government or any of its agencies must be paid into TSA or designated accounts maintained and operated in the Central Bank of Nigeria (CBN), except otherwise expressly approved.

A TSA is a unified structure of government bank accounts enabling consolidation and optimal utilization of government cash resources. It is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time.

DEBTORS LIST: 'I’m not indebted to FCMB' - Sen. Hope Uzodimma

 

Press statement from the Nigerian Senator below...

Senator Hope Uzodimma has absolved himself from indebtedness to the First City Monument Bank (FCMB) Limited, insisting that he has neither borrowed from the bank nor been notified of any indebtedness by FCMB. Reacting to the list of alleged delinquent debtors released by First City Monument Bank (FCMB) Limited on Wednesday, Uzodimma challenged the bank to provide details of his so-called indebtedness to it. 

He said companies which he served on their boards and had earlier obtained loans under strict business transactions, had liquidated all such loans and this could be verified by the Credit Bureau 

Search Portal of the Central Bank of Nigeria (CBN).

What do you guys think of CBN prohibiting foreign currency cash deposits into bank accounts?

I suspect Nigeria might be the only country in the world that's doing this...because it makes no sense to me. In their bid to check fraud, The Central Bank of Nigeria placed a ban on foreign currency cash deposits in banks. It was officially announced yesterday by CBN. Read a circular they released yesterday and tell us if you think it's a step in the right direction. I don't!

"The Central Bank of Nigeria has considered the recent statements by Deposit Money Banks (DMBs) concerning the large volume of foreign currencies in their vaults and the decision to stop accepting foreign currency cash deposits into customers’ domiciliary accounts as a welcome development.

More names of bank debtors released

More names of bank debtors released

The Central Bank of Nigeria-initiated name and shame campaign of banks’ delinquent debtors gained further momentum on Wednesday as First City Monument Bank Limited and Ecobank Nigeria published their lists.

The lists have the names of popular companies, whose directors are prominent Nigerians appearing among the high non-performing loan defaulters.

MRS Oil & Gas, a major player in the downstream sector of the oil and gas industry, topped FCMB’s list of delinquent debtors with a N6.2bn non-performing loan. The list has 86 names with a combined bad debt of N17.11bn.

White Diamond Property Development Limited, a firm owned by a business mogul, Rabiu Isiyaku Rabiu, is the second on the list with a debt of N616m.

Two companies belonging to an ex-Minister of Sports, Saidu Samaila Sambawa, occupied the fourth and sixth numbers on the FCMB list.

The firms, Sigma Engineering & Construction Limited and Sambawa Farms have a combined delinquent facility of N1.04bn.

Abike Dabiri-Erewa denies owing bank

Former House of Representative member, Abike Dabiri has refuted claims by the Nigerian Deposit Money Banks that a company in which she is a director, Thriller Eneavours, was owing Diamond bank N122million. She tweeted that doesn't even know the said company. More tweets after the cut..

Naira to rise further as banks reject dollars

The United States dollar will further tumble against the naira at the parallel market this week as Deposit Money Banks continue to reject cash deposit of foreign currencies into customers’ domiciliary accounts.

The naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.

Foreign exchange dealers told our correspondent on Sunday that the naira would likely appreciate further against the dollar at the black market this week.

A forex trader, who chose to speak under the condition of anonymity said, “We expect the naira to

appreciate further this week at the parallel market.

“Banks have flooded the market with dollars and other foreign currencies. This is making the naira to appreciate. There is still a huge stock of dollars out there that the banks will be pushing into the parallel market this week.”

Naira rebounds, now N208 to dollar as CBN moves against illicit financial flows

 The Naira at the weekend appreciated against major currencies, especially the dollar, which exchanged for between N206 and N210 at the parallel market on Sunday.

 The currency, which had lost up to 20 per cent of its value recently when a dollar exchanged for N245, responded to series of policies churned out by the Central Bank of Nigeria (CBN).

 As part of efforts to further strengthen the naira, the apex bank, at the weekend, vowed to move against illicit financial flows.

 The CBN policies which have seen Naira firm up have, however, brought untold hardship on Nigerians on vacation abroad as they find it difficult to make withdrawals from their domiciliary accounts from outside the country.

 In its plan to properly price the Naira, the apex bank had been tweaking its foreign exchange policies.

States to repay bailout loans from allocations

It has been revealed that the bailout package being prepared by the Central Bank of Nigeria for the 36 states of the federation is to be deducted from their statutory allocations.

On Monday revealed that some state governors had started visiting the central bank to discuss modalities on how and when the funds would be released.

It was gathered that the CBN would release the package to the states as concessionary loans to be repaid over a longer period of time rather than the funds being given in form of a grant.

The Presidency said the implementation of the three-pronged financial intervention recently approved by President Muhammadu Buhari to support the states to pay their workers was now in progress.

The Senior Special Assistant on Media to the Vice President, Mr. Laolu Akande, said this in a statement.

Akande said state governments would start benefiting from the special intervention fund of between N250bn and N300bn in a matter of weeks.

Naira Falls Across Markets As CBN Adjust Clearing Rate To N197

The nation’s currency, naira on Wednesday depreciated in valued against the US dollar, across all market segments as the Central Bank of Nigeria (CBN) adjusted its clearing rates to N197/$ from N196.65k/$.

Naira weakened against dollar by N1 or 0.42 percent at the Bureau De Change segment and N1.50k/$ or 0.62 percent at the parallel market.

Consequently, after trading on Wednesday, the local currency closed at N241/$ compared to N240/$ the previous day at the BDC segment and N242.50k/$ as against N241/$ on Tuesday at the parallel market.

At the inter-bank market, naira slide by N0.36k or 0.18 percent against the dollar as it closed at N198.04k/$ compared to N197.68k/$ the previous day according to data obtained from Financial Markets dealers Quotations (FMDQ).

Some former ministers were selling about 1 million barrels of stolen crude per day- Buhari

Press statement from the Presidency

President Buhari Tuesday in the United States vowed that his administration would trace the accounts of individuals who stashed away ill-gotten oil money, freeze and recover the loot and prosecute the culprits.

Reacting to questions from members of Nigerians In Diaspora Organization (NIDO) in the United States and Canada at the Nigerian Embassy in Washington DC on the third day of his visit, the President lamented that “Corruption in Nigeria has virtually developed into a culture where honest people are abused.”

According to him, “250,000 barrels per day of Nigerian crude are being stolen and people sell and put the money into individual accounts,” adding that the United States and other developed countries “are helping us to trace such accounts now.

We will ask that such accounts be frozen and prosecute the persons. The amount involved is mind-boggling. Some former ministers were selling about one million barrels per day. I assure you that we will trace and repatriate such money and use the documents to prosecute them. A lot of damage has been done to the integrity of Nigeria with individuals and institutions already compromised.”