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Business News

CBN automates trading system, introduces electronic form to facilitate exports 

Electronic forms for the purpose of commercial exports (e-Form NXP) has been introduced by the CBN to phase out hard copy forms.

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External reserves, CBN to hold MPC meeting next week, Demand for credit by household increases in Q2 2020 - CBN, CBN grants licenses to 3 Payment Service Banks, Mobile money loan CBN Governor, CBN, Three PSBs get Apex Bank’s provisional to commence operations, Milk Import: Experts advise CBN on FX restriction , CBN automates trading system, introduces electronic form to facilitate exports , CBN campaigns for Made-in-Nigeria products , CBN recent macroeconomic policies, others lead to a higher Fitch rating; from negative IDR to a stable ‘B’ rating, AGSMEIS: CBN expand beneficiaries to 14,638.

Electronic forms for the purpose of commercial exports (e-Form NXP) has been introduced by the Central Bank of Nigeria (CBN) to phase out hard copy forms employed for the same purpose.

The Details: This new directive, posted on the website of the CBN, was signed by Dr O.S. Nnaji, on behalf of the Director, Trade and Exchange Department and issued to all authorized dealers, the Nigeria Customs Service, pre-shipment inspection agents, Shipping lines and the general public.

According to the apex bank, the e-Form NXP is expected to be effective from tomorrow, October 31, 2019, and will cover Oil and Gas and Non-Oil commercial exports.

Similarly, all authorised dealers have been advised to access the form “NXP” electronically through a Trade Monitoring System available at www.tradesystem.gov.ng.

[READ MORE: CBN boosts cotton production with N19bn loan]

In addition, banks’ export customers were directed to obtain a valid Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS)/Joint Tax Board (JTB). The TIN is a prerequisite for customers to access the trade system for e-Form NXP application, according to the bank.

The e-Form NXP is web-based and allows exporters to initiate the Form from their offices/homes same to the authorised dealer bank. A charge of N5,000 as fee per declaration for e-Form ‘NXP’ is applicable with effect from October 31, 2019, and henceforth.

There will be a direct debit of the processing banks’ current account for each declaration which should be recovered from the customer by the bank. However, the charge on the customer for the e-Form ‘NXP’ should be separated from other banks’ charges.

All hard copy Form ‘NXP’ established on or before October 30, 2019 (prior to the commencement of the e-Form ‘NXP’) shall be utilised within 90 days of the establishment of the form.  For the avoidance, all established hard copy forms ‘NXP’ for which shipment has not taken place within the transaction period of 90-day shall be deemed cancelled. All authorised dealer banks are enjoined to inform their customers of this development for compliance,” the statement read.

 

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Financial Services

Growing performances demands have necessitated Bank’s Balance Sheet Management practices – CWG Plc

Balance Sheet Management practices Is needed to embrace advanced platforms and technologies.

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CWG Plc

CWG Plc has stated that the growing demand by banks to improve performances, increase transparency and comply with complex regulations has necessitated Balance Sheet Management practices to embrace advanced platforms and technologies.

The platforms are expected to provide greater data navigation and analytic capabilities to manage Risk, Returns & Capital.

This was disclosed by Business Director, FSI, Abayomi Olomu, in a statement issued by CWG Plc ahead of its Balance Sheet of the Future: Risk-Data-Analytics Conference on Wednesday.

According to him, the conference, which is organised in partnership with Surya software, a global Financial Control & Risk Management solution provider, will host key players in the Banking and Financial Services industry.

He said, “There is need to explore the role of Balance Sheet Management and Asset Liability Management in future considering the volatile and dynamic markets and how technology can be leveraged to manage these areas.  

”Banks have increased demands to improve performance, increase transparency and comply with newer and complex regulations. 

“These growing demands have necessitated Bank’s Balance Sheet Management practices to embrace advanced platforms and technologies that provide greater data navigation and analytic capabilities to manage its Risk, Returns & Capital.” 

He added that the ‘Balance Sheet of the Future’ conference amplifies CWG and Surya software’s commitment to deploy versatile solutions and technology platforms within the Nigerian and Ghanaian Financial Services market.

What you should know

The keynote address of the event will be delivered by Her Excellency, Zainab S. Ahmed, Honourable Minister of Finance, Budget & National Planning. There will be a guest address from Mr Pravat Dash, Senior VP – Head of Market Risk, Axis Bank which is one of the top private sector banks in India.

Some of the thought leaders from the Nigerian Banking and Financial Industry will also participate in the conference to discuss and share their views on the subject matter.

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Coronavirus

COVID-19 Update in Nigeria

On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,506 confirmed cases.

On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria.

To date, 158,506 cases have been confirmed, 137,875 cases have been discharged and 1,969 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 7th, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 7th March 2021,

  • Total Number of Cases – 158,506
  • Total Number Discharged – 137,890
  • Total Deaths – 1,969
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 269 new cases are reported from 19 states- Enugu (78), Bauchi (37), Rivers (22), Imo (18), Ogun (16), FCT (15), Akwa Ibom (13), Kaduna (13), Kebbi (11), Kwara (9), Edo(7), Ekiti (6), Borno (5), Yobe(5), Kano (4) Nasarawa (3), Osun (3), Anambra (2) and Plateau (2).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,444, followed by Abuja (19,350), Plateau (8,944), Kaduna (8,658),  Oyo (6,766), Rivers (6,680), Edo (4,670), Ogun (4,437), Kano (3,844), Ondo (3,066), Kwara (2,962), Delta (2,582), Osun (2,457), Nasarawa (2,251), Enugu (2,156), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,813), Akwa Ibom (1,610), and Abia (1,588).

Imo State has recorded 1,569 cases, Borno (1,308), Bauchi (1,274), Benue (1,188), Adamawa (942), Niger (919), Taraba (863), Ekiti (834), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (412), Cross River (334), Yobe (293), Zamfara (222), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

Binance

On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.

On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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