Connect with us
nairametrics
UBA ads

Business News

CBN pumps fresh $364million into inter-bank Forex market

Published

on

Forex: U.S dollar gains strength, global geopolitical climate worsens

The Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mr Isaac Okorafor said on Tuesday that CBN has injected $364 million in the Inter-bank market to sustain liquidity in the Forex Market.

Speaking in Abuja, Okorafor revealed that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of about $264.1million.

UBA ADS

He said that the CBN also offered $100 million to authorised dealers in the wholesale window; adding that the results for the requests sent to the CBN by authorised Forex dealers on behalf of their customers will be made available.

The bank remains committed to achieving a convergence of rates at the inter-bank and Bureau-de-Change segments of the market, he said.

It would be recalled that the CBN recently intervened in the wholesales, Small and Medium Enterprises (SMEs) and invisible windows to the tunes of $195 million.

Similarly, the CBN said payment for port charges to the Nigerian Port Authority (NPA) and other agencies by oil marketing companies could now be accommodated by the bank using Form ‘A’.

GTBank 728 x 90

A circular by the Director, Trade and Exchange Department, Wuritka Gotring, directed authorised dealers to accept the request for the payments of port charges from oil marketing companies. The circular also stated that such request should be forwarded to the CBN Forex window.

Implication of this

Pumping $364 million into the inter-bank forex market by the CBN is a move by the apex bank to increase the supply of Dollars to meet its corresponding demand in the market so as to sustain the value of Naira in terms of the Dollar.

Also, given that the CBN is currently pushing for a convergence in the gap between the exchange rate obtainable at the inter-bank forex and the parallel market, it is necessary for the apex bank to increase liquidity in the inter-bank market to meet the demand for Dollars in the inter-bank window in order to forestall any likely shortages which might lead to a currency depreciation and a widening of the gap between the two markets.

onebank728 x 90

Patricia
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Around the World

Just In: President Trump has been sued by MIT, Harvard over foreign students ban

Published

on

guidelines for foreign students returning to US schools

The Massachusetts Institute of Technology and Harvard University have sued President Donald Trump over a new policy that restricts foreign students, whose courses would be taught online, from entering/remaining in the USA.

According to the Wall Street Journal, the suit was filed today in the US District Court in Boston, Massachusetts. The suit alleges that the modifications that were made to the Student and Exchange Visitor Programme (SEVP) by the US Immigration and Customs Enforcement (ICE), came without warning.

UBA ADS

The impromptu nature or the modifications, therefore, has left Harvard and MIT with no choice but to think it was “arbitrary and capricious”.

Recall that ICE had on Monday announced the eagerly awaited modifications ahead of foreign students’ return to US campuses for the autumn semester.

One aspect of the modified guidelines, which has thus far proven to be controversial, required foreign students to remain in their home countries if their courses would be taught online. Foreign students already in the US were also directed to leave the country if their courses are online-based.

GTBank 728 x 90

More details soon…

Patricia
Continue Reading

Economy & Politics

Tax debt payments extended to August 31- FIRS

Tax debtors are to liquidate their outstanding tax liabilities on or before August 31.

Published

on

7.5% VAT: Implementation to begin Feb 1 – FG, FIRS redeploys 50 directors in massive shakeup ,FIRS moves to stop tax evasion with newly launched intelligence system , FIRS boss, Nami discloses why FIRS failed to meet revenue target under Fowler, FIRS to scale up tax compliance with new policies , FIRS tighten noose on deduction of stamp duty, CIT, others , Nigerians will now pay N50 stamp duty on electronic receipts – FIRS, Tax debt payments extended to August 31- FIRS

The Federal Inland Revenue Service (FIRS) announced it on Wednesday that it has extended the waiver of penalty and interest window on tax debts owned by businesses and individuals from June 30 to August 31, 2020.

In a statement by the Director Communications and Liaison Department, Mr Abdullahi Ahmad. The Executive Chairman of FIRS, Mr Muhammad Nami said the extension is a sequel to palliative measures set up by the FIRS to help businesses and individuals deal with the effects of the Covid-19 pandemic on the economy.

UBA ADS

READ MORE: FIRS to deploy new technology in tax collection, as MDAs refuse to pay 7.5% tax

“The latest extension applies to tax audit, tax investigation and desk review assessments, approved installment payment plans under Voluntary Assets and Income Declaration Scheme yet to be fully liquidated,” he said.

He added that there would not be any extension after the August 31 due date.

GTBank 728 x 90

READ MORE: Nigeria Joins Canada, Thailand and others in taxing digital companies

He urged tax debtors to liquidate their outstanding tax liabilities on or before August 31 in order to partake in the waiver of accumulated interests and penalties.

Nami also advised all businesses and individuals who fall under the waivers to contact their nearest FIRS Regional Debt Management Office and tax controllers for further enquiries.

onebank728 x 90

Patricia
Continue Reading

FEATURED

Diversion points for third mainland bridge closure revealed

There would be a diversion of traffic in 2 phases during the partial closure of the bridge.

Published

on

FG discloses measures, diversion points for traffic during closure of Third Mainland Bridge

The Federal Government has announced the different phases points of diversion of traffic during the partial closure of the Third Mainland bridge for repair works.

This was disclosed during a joint press conference by the Federal Controller of Works in Lagos, Engr Olukayode Popoola, the Lagos State Commissioner for Transportation, Dr. Frederic Oladeinde and the Special Adviser to Governor Babajide Sanwo-Olu on Works, Engr Aramide Adeyoye, on Tuesday at Alausa Ikeja.

UBA ADS

During the press conference, the Federal and Lagos State Governments have appealed to motorists and Lagos residents to cooperate with government and appropriate agencies during the 6 months partial closure of the Third Mainland Bridge for maintenance work, which is expected to start on July 24.

They also assured Lagosians that necessary measures would be put in place to reduce gridlocks during partial closure of the bridge as they would work with appropriate authorities to direct and control traffic movement in the affected areas and alternative routes.

Engr. Popoola revealed that there would be diversion of traffic in 2 phases during the partial closure of the bridge between Friday, July 24, 2020 and January 24, 2021.

GTBank 728 x 90

READ MORE: Lagos Government gives approval to 7 private labs to commence COVID-19 testing

He said the First Phase of the diversion, which will last for 3 months of repairs of the Oworonsoki bound lane of the Third Mainland Bridge, would be for morning traffic from 12:00 am to 1:00 pm from Oworonshoki to Lagos Island on the Lagos Island-bound lane, while the afternoon traffic from 1:00 pm to 12:00 am would be from Lagos Island to Oworonsoki on the Lagos Island-bound lane.

Engr. Popoola said the Phase 2 of the diversion, which would last also for three months of repairs of the Lagos Island-bound lane of the Third Mainland Bridge, would be for morning traffic from 12:00 am to 1:00 pm from Oworonsoki to Lagos Island on the Oworonsoki bound lane, while the afternoon traffic from 1:00 pm to 12:00 am would be from Lagos Island to Oworonsoki on the Oworonsoki bound lane.

onebank728 x 90

Popoola said, “Motorists are advised to also ply these alternative routes: First, from Carter Bridge through Iddo through Oyingbo to join Adekunle ramp inward Oworonsoki. Secondly, from Ijora Olopa through Western Avenue to Ikorodu Road.

On his own part, the Lagos State Commissioner for Transportation, Dr. Oladeinde said priority will be given to those driving from Mainland to the Island in morning and afternoon to use the Third Mainland while those driving against traffic will use the alternative routes.

READ MORE: FG to shut Third Mainland Bridge for 6 months 

app
GTBank 728 x 90

Dr. Oladeinde assured motorists that Lagos State Traffic Management Authority (LASTMA) will work with Federal Road Safety Corps (FRSC) in all the alternative routes to ensure that motorists have a smooth journey during the partial closure of the bridge.

The commissioner advised those who don’t have any genuine reason to be on the road to stay at home to reduce vehicular movement during this period while adding that the public vehicles would be available and affordable for road users.

He said: “If you don’t have to travel, I will advise that you stay at home so that we can minimise the number of vehicles on the road. If you can work at home, please do. But if you can’t, we will ensure will be on the road for you to get to your destination as quickly as possible.”

devland

Dr. Oladeinde also advised people of Lagos State to use alternative transport such as ferries. He said there will be an increase in the number of fleets by the Lagos Ferry Services in the morning for people from Ikorodu and Mile 2 as alternative transportation.

READ ALSO: Fourth Mainland Bridge to begin before December

app

Also speaking, Engr. Adeyoye while appreciating the Federal Government for the repair of Third Mainland Bridge, said Lagos State Government has commenced necessary preparatory works on all the alternative routes in the state to make them motorable for the commuters.

Adeyoye said the state will do its best within two weeks to work on all the roads that may likely cause gridlocks to be free of potholes.

She also warned trucks and vehicles that are not road worthy or serviceable to stay away from Lagos roads.

 

 

 

 

 

Patricia
Continue Reading