BREAKING: CBN Announces New Foreign Exchange Policy Regime; See New Exchange Rate

The Central Bank of Nigeria, CBN, has released a new foreign exchange policy in the country with immediate effect.

The new policy is sequel to last Thursday’s directive by the National Economic Council, NEC, for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates.

The CBN said in order to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues 

that Scattered My Relationship For 2years.. Click HERE for Details

In this regard, the Central Bank of Nigeria, CBN has mandated banks to open Forex retail office at all major airports to ease transactions for intending travellers.

The apex bank said in its new policy action on the Foreign Exchange Market today in Abuja further said “In order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the CBN hereby directs all banks to open FX retail outlets at major airports as soon as logistics permit.”

11 Proofs Nigerian Easing Out Of RECESSION

The federal government has given 11 reasons why it believes that the economy is on its way out of recession that has rocked the nation for almost a year.

The government described the reasons as proofs in a report contained in Issue 23 of Aso Villa’s Newsletter titled: ‘Government at Work’

The reasons stated in the report are summarized as follows:

1. Over-Subscription of FG’s Eurobond.

According to the report, government targeted $1 billion but got $7.8 billion in one week, which has confirmed the confidence level of the international investment community in Nigeria’s economic reform agenda.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues 

hat Scattered My Relationship For 2years.. Click HERE for Details

2. Growth in non-oil sector of the economy.

The report states that agriculture grew by 4.54%, crop production is at nearly 5% (its highest since the first quarter of 2014) and the solid mineral sector averaged about 7% during the third quarter of 2016.

3. The Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria.

The programme substantially raised local rice production in 2016 (yields improved from two tonnes per hectare to as much as seven tonnes per hectare, in some states) and produced a model agricultural collaboration between Lagos and Kebbi states.

4. The Fertilizer Intervention Project.

According to the report, the project involves a partnership between the federal government and the government of Morocco, for the supply of phosphate. It is on course to significantly raise local production, and bring the retail price of fertilizer down by about 30 percent.

5. Take-off of the newly established Development Bank of Nigeria (DBN).

With an initial funding of US$1.3bn (provided by the World Bank, German Development Bank, the African Development Bank and Agence Française de Development), medium and long-term loans to will be available for Micro, Small, Medium-scale Enterprises (MSME) for job creation.

6. A new Social Housing Programme.

The programme is kicking off in 2017. The ‘Family Homes Fund’ will take off with a 100 billion naira provision in the 2017 Budget. (The rest of the funding will come from the private sector).

7. More than N800 billion released for capital expenditure in the 2016 budget.

The report claimed that this is the largest ever capital spending within a single budget year in the history of Nigeria. These monies have enabled the resumption of work on several stalled projects – road, rail and power projects – across the country.

8. Implementation of the Social Investment and Empowerment Programme (SIP).

All the four components of the SIP, the report noted, have now taken off. It described the SIP as the largest and most ambitious social safety net programme in the history of Nigeria, with more than 1 million beneficiaries so far: – 200,000 N-Power beneficiaries, 23,400 Government Enterprise and Empowerment (GEEP) Scheme beneficiaries, 1,000,000 Homegrown School Feeding Programme (HGSFP) beneficiaries, and ongoing Conditional Cash Transfer (CCT) payments across nine pilot states.

It said:

9. Strategic Engagements with OPEC and in the Niger Delta

According the report, the engagements have played an important part in raising expected oil revenues. Already, Nigeria’s External Reserves have grown by more than $4 billion in the last three months.

10. Collaboration with China.

President Buhari’s April 2016 visit to China, has unlocked billion of dollars in infrastructure funding. Construction will begin on the first product of that collaboration, a 150km/hour rail line between Lagos and Ibadan, in Q1 2017.

11 The National Economic Recovery and Growth Plan (NERGP).

The Federal Government’s medium-term Economic Plan, is due for launch in February 2017, and will chart a course for the Nigerian economy over the next four years (2017 – 2020),” it stated

EXPOSED: How FG, Banks ILLEGALLY Collecting N50 Stamp Duty SECRETLY From Saving Accounts Of All Nigerians

In a  shady and illegal manner, to boost government’s revenue, the central bank of Nigeria has instructed commercial banks across the country to extend the deduction of N50 stamp duty to savings account transactions.

The apex bank had previously exempted savings accounts through a circular issued on January 15, 2016. “For the avoidance of doubt, the following receipts are, however, exempted from the imposition of stamp duties: payment deposits or transfers by self to self, whether inter or intra bank; and any form of withdrawals/transfers from savings accounts.”

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues 

That Scattered My Relationship For 2years.. Click HERE for Details

While it was not clear when the stamp duty collection was extended to savings accounts, some bankers said the only exemption now was deposits made by the owners of savings accounts.”

This means every third party deposit into a savings account with a value of at least N1,000, will be automatically charged N50 stamp duty fee, which the bank has a responsibility to transfer to the NIPOST Stamp Duty Account domiciled with CBN.

The circular reads “With immediate effect, all DMBs and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and the Federal Government’s Financial Regulations 2009; that is, all receipts given by any bank or other financial institution in acknowledgement of services rendered in respect of electronic transfers and teller deposits from N1,000 and above.”

 Meanwhile, the Lagos division of the Appeal had ruled that imposing a stamp duty on any electronic transaction was illegal.

The ruling on an appeal filed by Standard Chartered Bank against Kasmal International Services Limited and 22 others, Justice Ibrahim Saulawa and four other justices of the Court of Appeal, Lagos Judicial Division, held that the Stamp Duties Act, 2004 did not impose a duty on the DMBs to deduct N50 on bank deposits.

RECESSION: N100, N5, N10, N20, N50 Denominations SCARCITY Hit Nigerian Banks

Nigeria’s prevailing economic recession has forced the Central Bank of Nigeria (CBN) to suspend printing of small naira denominations for about a year, leading to the scarcity of the notes in the economy, sources at the apex bank have disclosed.

The News Agency of Nigeria (NAN), citing sources at the CBN, reports that for a year now, the apex bank did not award contract for the printing of the notes such as N5, N10, N20 and N50 usually done abroad.

According to NAN, the recently printed notes in circulation, including N200, N500 and N1,000, were produced by the Nigeria Security Printing and Minting (NSPM) Plc.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues 

That Scattered My Relationship For 2years.. Click HERE for Details

Sources attribute the high cost of printing banknotes as the reason the apex bank did not award contracts for their production.

“The cost of printing N50 is almost the same as N1,000 but printing small denominations costs more than the value and with the present economic situation, it makes sense to print higher notes, which can be done locally by NSPM,” a source said.

Confirming the scarcity of the small naira denominations in the country, a worker at the First Bank Plc said that there were hardly smaller currency notes to give to customers throughout the 2016 festive seasons.

“We usually request for cash from the CBN through our Cash Management Centre, but recently, we have not been able to get mints of N100 and below. We had N50 at one point but it wasn’t in the quantity we are used to getting.

“We have been telling our customers who call to request for mints that the smallest note they can get is N200,” the bank employee, who pleaded anonimity said.

But the CBN has denied the allegation that it had not contracted the printing of smaller denomination currencies since 2015.

The CBN Acting Director, Corporate Communications, Mr. Isaac Okorafor, dismissed reports of scarcity of smaller denominations in the market.

He said people are complaining because the CBN did not make provision for mints to be supplied in smaller denominations during the festive season.

“You see, people are fond of abusing these denominations by spraying them to be stepped on during weddings and other ceremonies. The abuse is even worse during the festive season, so we decided to make scarce the denominations. But it’s not that we have not been printing them. Yes, we haven’t printed abroad but we also print locally, which we have been doing,” he said.

3 Reasons Why No Country'll Borrow Buhari The $30b - Emir Sanusi BOMBS FG's Archaic Economic Policies

The Emir of Kano, Sanusi Lamido Sanusi has enumerated three reasons why no country or any financial institution will borrow Nigeria the $30 billion President Muhammadu Buhari is seeking it approval from the Senate.

Sanusi, strongly kicking against the move pointed out that with Nigerian current ambiguous 5 foreign exchange rates, bombings of oil facilities in the Niger Delta and poor foreign reserve will get the lending anywhere in the world.

The former Central Bank of Nigeria (CBN) Governor said even if the Senate gave its ascent to the loan, no country or global financial institution would be willing to grant such huge amount.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues 

That Scattered My Relationship For 2years.. Click HERE for Details

Sanusi, during a policy dialogue forum organised by the Savannah Centre for Diplomacy, Democracy and Development (SCDDD), in Abuja disclosed that for a nation that has five exchange rates, it would be difficult for such request to scale through.

Sanusi emphasised that oil cannot help the nation out of the current economic situation and that it would “never make Nigeria ‎rich.”

His words: ‎”I can tell you for free, if the Senate today approves that we can borrow $30 billion, honestly, no one will lend us. It should be approved and I will like to see how you will go to the international market with an economy that has five exchange rates.

“There is one rate for petroleum marketers, there is inter-bank rate, there is another for money market operators such as western union, money gram, there is bureau de change rate and there is a special rate you get when you call the CBN for a transaction.

“So, who will borrow you when they don’t know your exact reserve and exchange rate. I want to see who will borrow you money when the Niger Delta bombing of oil is there ‎when the main source of the loan repayment is oil.”

He noted that the country’s population continued to grow to over 40 million people since 2015, yet government found it hard to increase capital expenditure.

“We trust China too much. We need to be very careful. They are killing our textile and other industries and yet selling to us,” he added.

He said the country in the past 15 years had been borrowing money to pay salaries, fuel subsidy and there are possibilities for the nation to keep borrowing in the next 15 years, as those borrowed were not channeled into health, power or infrastructural development.

“The Senate should support tax incentives and other benefits to encourage private sectors,” he added.

In his remark, former Anambra State Governor‎, Peter Obi called for drastic reduction in cost of governance.

SHOCKER: How CBN Facilitated Jonathan's Aide Bought N650m Abuja Mansion From Fraud Proceed

A Federal High Court in Abuja heard Friday how former Principal Secretary to ex-President Goodluck Jonathan facilitated the purchase of a property in Maitama, Abuja with N650million paid from the account of the Office of the National Security Adviser (ONSA) domiciled in the Central Bank of Nigeria (CBN).

Samuel Babatunji Adeniyi and Kabiru Yaro, who testified as 3rd and 4th prosecution witnesses in the trial of Jonathan’s cousin, Robert Azibaola, his wife, Stella and their company, One Plus Holdings Limited, gave details of how the property located at 15 Rio Negro Street was bought.

Yaro and Adeniyi gave the name of the ex-Jonathan’s aide as Ambassador Hassan Tukur.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues 

That Scattered My Relationship For 2years.. Click HERE for Details

They told the court that they did not know the defendants in person and have never related with them until they met them in court Friday. Both witnesses were led in evidence by prosecution lawyer, Sylvanus Tahir.

Yaro , who described Tukur as his childhood friend, said the property is located next to Jonathan’s house.

“Sometime in October 2014, Nuuman Barau Dambatta, approached me that he had some debts in the bank and he wanted sell his two properties, one in Kano and one in Maitama, Abuja.

“I told him I was not interested and he requested that the house in Maitama was a neighbour to former President Goodluck Jonathan.

“He asked me if I could speak to Ambassador Tukur to see if he (Tukur) could buy the property. I called the ambassador and I told him that Barau was interested in selling the property and if he could assist.

“I arranged, and Nuuman went to meet the ambassador (Tukur). Later Nuuman called me and asked for the Certificate of Occupancy and gave it to the ambassador.

“Later Nuuman called me and said a valuation had been made on the property and that the valuation on the property was N650m, which the ambassador said he had got a buyer for, but he didn’t tell us who it was.

“Later sometime in December 2014, the money was paid to Alhaji Nuuman Baraua’s estate agent.

“Nuuman called me to say the payment he received came from the Central Bank of Nigeria, and I told him he sound call and ask the ambassador (Tukur) why the money came from there.

“I said I didn’t know and that whatever name to he (Nuuman) saw was the one who had bought the property. After he signed the document, he gave them to me to take back to Ambassador Hassan Tukur.

“That day he asked me to sign the original C of O. I collected it from him and signed it. From that time, the handing over is between him and the property buyers and I don’t know what else transpired until this matter came up,” Yaro said.

Adeniyi, an estate surveyor and valuer, said he signed the sale documents, prepared in the name of One Plus Holdings, as a witness of the property seller.

“Later our client (Nuuman) now told me that it’s like that and they (Tukur and his agents) are serious now. And he asked me to text our company’s account number to him.

“Of course, I texted the account number details to him, I mean our account to him, I mean our account number at Wema Bank.

“Suddenly on December 9, 2014, I got an alert of N650m from Wema Bank which tallied with the figure he had agreed with the prospective buyers.

“Immediately I contacted him. I forwarded the text of the bank alert him that same night of December 9, 2014.

“The details of the source of payment was ‘NEFT ONSA’ was the narration of the test that I got on the alert which I forwarded to our client.”

He said the sale document was later prepared by a legal firm, M.B. Shehu & Co. which he said he signed as a witness.

“The assignor is Alhaji Nuuman Barau Dambatta and the buyer was One Plus Holding.”

Defence lawyer, Chris Uche (SAN), while cross-examining Adeniyi, tendered his (Adeniyi’s) statement which he made to the EFCC.

Although Tahir objected to the admission of the statement, Justice Nnamdi Dimgba overruled his objection to admit the statement.

Justice Dimgba later adjourned to January 30 for continuation of trial.

DSS Raids Parallel Market, Arrests Dealers Selling Dollar Above N400

TheCable - The Department of State Services (DSS) on Thursday raided the foreign exchange parallel market in Lagos and Abuja, arresting dealers who were selling the dollar above N400.

A dealer, who confided in TheCable, said some of his colleagues were among those arrested.

“The DSS visited the market and arrested some of my colleagues, but I was saved because I didn’t have dollar to sell at the time,” the middle-aged dealer said.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues 

That Scattered My Relationship For 2years.. Click HERE for Details

“They want us to buy at N390, and sell at N400. That cannot work for now; there is no dollar in the market.”

Ibrahim Baba, another dealer, who spoke to TheCable from Abuja, said DSS and police visited the markets, but made no arrest.

“They came yesterday and today, and said we should sell at N400. Anyone who sells above that will be arrested and detained,” he said.

“For now, the market is just dull, people are buying and selling cautiously.”

Other traders who spoke to TheCable  from Alade market, Lagos, said the security agents came to the market, but that “everyone is still buying and selling at will”.

“If you want to sell dollars, I am buying at N440, but I don’t think I want to sell for now,” he said.

The Central Bank of Nigeria has been working on closing the gap between the parallel and the official markets, with little success so far.

The bank facilitated a deal between Travelex, an international money transfer agency and the parallel market, to ensure the gap was closed.

Travelex has been selling to BDCs at 370, giving them a premium to sell at N385 per dollar, a plan that has not worked as much as expected.

A senior CBN official, who is not authorised to  speak on the matter, told TheCable, that the CBN is aware of the raid on the “illegal dealings”.

A FORMER 1 MINUTES MAN REVEALS HOW HE INCREASED HIS PENIS SIZE TO SATISFACTION AND STOPPED HIS CHRONIC PREMATURE EJACULATION ISSUES IN LESS THAN 29DAYS AS HE NOW LASTS 35MINS+ IN BED USING THIS NEW, 100% NAFDAC APPROVED NO-SIDE EFFECT 2-IN-1 SOLUTION.... 

CLICK HERE FOR FREE DETAILS

MMM Is Fraud, Be WARNED - CBN Cries Out

Punch Newspaper - The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.

The mentoring programme, which was held simultaneously in over 200 schools, was part of activities to mark the World Savings Day.

The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)’.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues 

That Scattered My Relationship For 2years.. Click HERE for Details

The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.

Kassim, while responding to a question asked by one of the students, described the scheme as fraudulent since it was not supported by any business model.

She said, “We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated.

“Desist from their activities because they are fraudulent.”

She said the theme of this year’s World Savings Day, ‘Don’t save what is left after spending, but spend what is left after saving’, would assist in creating the needed awareness on the need to save.

She added, “The World Savings Day is a tradition created with the objective of stressing the importance of savings for modern economies and individuals alike.

“The primary objective is to increase awareness on financial literacy among various segments of the general public to sensitise them to the importance of saving, earning a livelihood, inculcating a savings habit, and generating employment and entrepreneurship for personal and national development.”

A FORMER 1 MINUTES MAN REVEALS HOW HE INCREASED HIS PENIS SIZE TO SATISFACTION AND STOPPED HIS CHRONIC PREMATURE EJACULATION ISSUES IN LESS THAN 29DAYS AS HE NOW LASTS 35MINS+ IN BED USING THIS NEW, 100% NAFDAC APPROVED NO-SIDE EFFECT 2-IN-1 SOLUTION.... 

CLICK HERE FOR FREE DETAILS