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Business News

CBN Says Dollar Restrictions Will Remain Till Reserves Rise To $200billion

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CBN Gov Godiwn Emefiele

The Central Bank has revealed that it has no plans to loosen the controls it placed over foreign currency transactions until our reserves rises to $200 billion. According to media reports surveyed by Nairametrics, the CBN director for monetary policy, Moses Tule made this remark during an interactive session with journalist when he was asked how long the current restrictions will remain in place.

“As soon as we build up reserves up to $200 billion or more , we expect that just as the restrictions were not there initially, most of the restrictions will be lifted. But for now, every hand needs to be on deck; we need to earn foreign exchange as a country. You can improve your business processes in order to export and earn foreign exchange and that is what the country is calling on patriotic Nigerian businessmen to do.”

The highest Nigeria has ever had with reserves is $62 billion back in September 2008 and has not come close to anywhere near that figure in the last two years. The closest we have come to $50b was in April 2013 when reserves stood at $47.9 billion. It is therefore surprising that a top member of the CBN will be proposing a $200b reserve as a benchmark for lifting restrictions currently placed on the dollar.

The CBN has come under significant criticism in the past few months as its forex policies continue to stifle access to the dollar. Nigerians have significantly cut their holiday travel and spend this year as access to the dollar is nearly impossible and even when possible the rates are exorbitant. As Aminu Gwadabe, the head of Nigeria’s bureaux de change association, explained to Reuters. “The pressure on the market has slowed because most businesses are closing down for the year, while the number of those travelling abroad has fallen,”

The naira hit an all time low two weeks ago when it traded for about N280 to the dollar shortly after banks informed depositors that they can no longer use their debit cards abroad. It however rose to N266 to the dollar by Wednesday after the CBN sold $10,000 each to about 2,000 bureau de change operators

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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    Spotlight Stories

    Tip Jar, Twitter’s new giveaway feature that lets users send money to you

    Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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    US Elections: Twitter, Facebook suspend several news accounts

    Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

    According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

    The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

    Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

    READ: Facebook is creating an audio chat product similar to Clubhouse

    You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

    Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

    The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

    Hotflex

    READ: Does YouTube stand a chance against TikTok?

    Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

    Twitter has tested several features and more will be rolled out soon.

    Continue Reading

    Business

    Customs Apapa Command generates revenue of N65.4 billion in April

    This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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    Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

    The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

    This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

    What Ibrahim Yusuf is saying

    “This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

    In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

    READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

    This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

    Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

    He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

    What you should know

    Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

    Continue Reading

      





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