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CBN issues 4 weeks ultimatum on FX to banks

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The Central Bank of Nigeria, CBN, has passed a circular to all banks signed by the Director, Banking Supervision Department, Ahmad Abdullahi, stating that it was issuing them a 4 weeks ultimatum to comply with the earlier directive given to them; asking them to open teller points for retail Foreign Exchange (FX) transactions at various locations.

Failure to comply with the 4 weeks ultimatum could result in severe sanctions including being barred from all future CBN FX interventions. The purpose of this exercise CBN clarified is to ensure public awareness regarding the availability of such facilities in branches of the bank at clearly disclosed prices.

According to CBN spokesman, Mr. Isaac Okoroafor, this intervention is a clear indicator of CBN’s avowed commitment to creating a liquid interbank FX market where all genuine requests will be met in line with extant FX guidelines. CBN clearly won’t stand for a breech this time around as clearly stated in the circular.

“The objective is to create awareness among members of the public regarding the availability of such facilities in branches of the banks at clearly disclosed prices. Unfortunately, our observation has been that most Deposit Money Banks are in breach of the above directives. You are therefore given a period of four weeks up to October 13 to fully comply with the above directives or face stiff regulatory sanctions, including but not limited to being barred from all future CBN FX interventions.”

It would be in the best interests of all banks to comply with these directives or face the consequences.

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Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

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Just-in: Air Peace to recall some sacked pilots after Minister’s intervention

Air Peace had trained over 80 pilots, giving its staff the best remuneration package.

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Boeing 737 Max crash, Air Peace crash, Ethiopian Airlines crash, Lion Air crash, Allen Onyema, Chairman and CEO Air Peace

Air Peace would soon recall some of the pilots that were sacked recently. This coming after the Minister of Aviation, Hadi Sirika had intervened.

This was disclosed by the Ministry of Aviation via its Twitter handle on Tuesday.

The recall was the fall-out of an intervention meeting called by the Minister between the airline management and the leadership of the National Association of Airline Pilots and Engineers (NAAPE) held in his office on Tuesday.

Back story: Nairametrics reported as Nigerians woke up to the news that Air Peace had sacked about 70 pilots under its employment across its fleet and also reduced staff salaries by 40%. The airline said the exercise was due to the devastating impact of the Coronavirus pandemic on its business.

It added that the move was made to protect the majority of the existing jobs and the possibility of creating new ones in the future, as well as ensuring the survival of the airline.

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In the verbal agreement, Chairman, Air Peace, Chief Allen Onyema acceded to the Minister’s appeal for the recall of the maximum number of pilots that the airline can accommodate without going under.

Chairman, NAAPE, Galadima Abednego explained that as a union it was a painful thing to see a large number of their members thrown into the labour market, and further appealed to employers of labour to see the union members as partners, and not adversaries.

On his own, Onyema expressed his sadness and disappointment over what he called the ingratitude of some of the airline’s pilots after everything is done to make them comfortable on their jobs.

He recalled how Air Peace had trained over 80 pilots and an equal number of aircraft engineers, giving its staff the best remuneration package within the sector only for them to disappoint at a time their understanding was needed.

He however commended Senator Hadi Sirika for providing the required leadership to the industry and promised his full cooperation in ensuring the growth of the aviation sector in Nigeria.

The Aviation Minister called for the understanding of everyone, especially the Labour unions, of the prevailing situation in the aviation industry, saying it was not the time for unnecessary upheavals.

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He commended Chief Onyema for his enormous contributions in developing the industry, but appealed to him to recall the maximum number of the sacked pilots that the airline can comfortably accommodate in the prevailing circumstances to which airline operator agreed.

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Coronavirus

WHO gives condition for approving Russia’s COVID-19 vaccine as the vaccine gets a name

Russia has named its first approved COVID-19 vaccine, Sputnik V for the foreign markets.

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Vaccine, COVID-19: Russia to roll out vaccine in September ahead of the West 

The World Health Organization (WHO) said that any form of approval of prequalification of the Russian vaccine will require rigorous review and assessment of all required safety and efficacy data.

This disclosure was made by the spokesman of the WHO, Tarik Jasarevic, during a United Nations briefing in Geneva about clinical trials.

He said that the UN health agency and the Russian health authorities are currently discussing the process for possible WHO prequalification for its newly approved COVID-19 vaccine.

Tarik Jasarevic, during the UN briefing in Geneva said, “We are in close contact with Russian health authorities and discussions are ongoing with respect to possible WHO prequalification of the vaccine, but again prequalification of any vaccine includes the rigorous review and assessment of all required safety and efficacy data.”

Meanwhile, in a related development, Russia has named its first approved COVID-19 vaccine Sputnik V and it is available for foreign markets. The name references the world’s first satellite, which marked a symbolic accomplishment for the USSR during the cold war and space race era. Now, the Russian Government basks in its success at becoming the first country to approve a vaccine for COVID-19.

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The head of Russia’s Direct Investment Fund (RDIF) pointed out that Russia had already received requests from more than 20 countries for 1 billion doses of its newly registered COVID-19 vaccine.

Nairametrics had earlier reported today the announcement of the registration of the first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments. The Russian President, Vladimir Putin, who made the disclosure during a televised government meeting, said that Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine after less than 2 months of human testing.

However, the speed at which Russia is moving to roll out the vaccine has prompted some western countries and international scientists to question whether the Russian government is putting national prestige ahead of solid science and safety.

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Business

Nigeria signs African Trade Insurance Agency agreement

The African Trade Insurance Agency was launched to provide risk solutions for investors.

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Nigeria signs African Trade Insurance Agency agreement, Xenophobia, FG returns tollgates sixteen years after Obasanjo scrapped it from federal roads

President Muhammadu Buhari has signed the instrument of accession agreement for Nigeria for the establishment of the African Trade Insurance Agency. This was announced by the Federal Government on Monday night.

READ ALSO: Kenyan Candidate emerges as strong contender to Iweala for WTO

READ MORE: Brent crude records minor gain as growing concerns over COVID-19 limit upside

The agreement is coming after the Federal Executive Council ordered that an instrument be prepared and forwarded for execution.

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The African Trade Insurance Agency was launched in 2001, to provide risk solutions for investors, after the East African economic Union (COMESA) executed a World bank funded study to discover why Africa does not attract more Foreign Direct Investments.

READ ALSO: GEEP provides COVID-19 palliative microloans to 87,614 traders

The organization said it added credit insurance to its portfolio in 2006 after its members identified global trade as a major pillar of growth in the continent which has seen it grow as a market leader for risk mitigation in Africa.  The ATI also attracts funding from the African Development Bank and World Bank

Nigeria joining the agreement would provide Nigeria with the necessary insurance financing to increase investment inflows into the country and improve economic productivity.

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