This was disclosed in a statement signed on Friday by CBN’s Director of Corporate Communications, Mr Osita Nwanisobi.
CBN said NSPM is not experiencing insufficient printing materials, as alleged by a report making the rounds in the media.
It clarified that the CBN governor, Godwin Emefiele, told the National Council of State in a meeting in the presidential villa on Friday that NSPM was working assiduously on printing all denominations of the banknotes to ease the sufferings of Nigerians.
Also, the apex bank frowns at vested interests attempting to pitch the public against the Bank.
It assured the public that the Bank would continue to execute its constitutional mandate by ensuring the smooth nationwide circulation of the currency.
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“For the records, what Mr Emefiele told the meeting was that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians.
“While the CBN appreciates the concerns shown by all stakeholders about the distribution of the Naira, we are alarmed at the extent to which vested interests are attempting to manipulate facts and pitch the public against the Bank”.
“We wish to state unequivocally that there is no such plan and that the claims are illogical and do not comply with the workings of the Nigerian banking system. The public is therefore advised to ignore such recordings as they do not represent the policy thrust of the CBN and are only the desperate attempts of persons bent on inciting the public against the bank”.
Wema Bank Plc is hosting its maiden Business Growth and Innovation Conference in Enugu, the Enugu State capital.
The conference, being organized in partnership with the Enugu SME Center, the Enugu State Government’s SME development agency, will hold on Wednesday, February 15th and Thursday, February 16th, 2023.
The bank noted that the programme is in its bid to equip small and medium-scale enterprises (SMEs) in the state with adequate knowledge and skills to boost their businesses.
The Head, SME Banking at Wema Bank, Arthur Nkemeh, said that the two-day conference, which will cover key areas of business management, such as strategy and innovation, digital transformation, sales and marketing, and financial management, will upskill business owners and managers and boost the capacity and growth of SMEs in Enugu.
“The Enugu Business Growth and Innovation Conference is intended to bridge the knowledge gap that exists in the SMEs space. It will equip attendees with best-in-class knowledge and skills in business management. The capacity building program will be delivered by world-class facilitators who are subject matter experts in various aspects of business management, in keeping to our position as the leading bank in the SME Advisory space in Nigeria.”
He noted that, being the leading bank in the SME banking segment in Nigeria, Wema Bank has been a champion of the growth of the SME sector in the country through its various financial and non-financial (business advisory) services for SMEs.
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“As a champion of the growth of the SME sector in Nigeria, Wema Bank has put in place many initiatives that will drive the growth of the sector in the country. We not only have low-cost banking products that speak to the needs of SMEs, but we also ensure that the managers and promoters of these businesses are equipped with top-notch knowledge and skills that will ensure that their businesses thrive in any given situation they find themselves.”
Arthur called on owners and managers of small and medium-scale enterprises in and around Enugu to avail themselves of the opportunity that this conference presents to build their capacity and ensure that their businesses growth potentials are achieved.
“The needs of the SMEs in Nigeria are enormous and range from access to capital to talent acquisition and retention, to management operation and so on. These needs, as diverse as they are, could be better and more effectively addressed through adequate capacity building. This is why it is imperative that SMEs owners and managers, especially those in and around Enugu, endeavour to participate in the Conference to learn new strategies that they can use to grow their businesses,” he concluded
The numbers were contained in Wema bank‘s financial result which was submitted to the Nigerian exchange.
Other details from the bank’s financials includes gross earnings at N129.3 billion in the full year of 2022, up 38.1 percent from N93.63 billion in the full year of 2021.
Interest income grew 39.5 percent to N104.4 billion in December 2022 from N74.8 billion in December 2021.
Wema Bank’s interest expense jumped 52.3 percent to N53.21 billion in the full year of 2022 from N34.92 billion in the full year of 2021.
Operating income grew 31 percent to N74.08 billion in December 2022 from N56.6 billion in December 2021.
The bank’s personnel expenses climbed 28 percent to N21.32 billion in December 2022 from N16.67 billion in December 2021.
Loans and advances to customers increased to N524 billion in December 2022, a 25 percent increase from N418.86 billion in December 2021.
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According to a corporate document sent to the investing public on Thursday, and obtained by Ripples Nigeria, it was gathered that Paul acquired 3.7 million shares, worth N789.76. Each share cost Paul N213.45 kobo.
The shares acquired on February 2 and 7 are worth N1.66 billion, the corporate document signed by Geregu’s secretary, Akinleye Olagbende, disclosed.
Also, Ayokunle bought four million shares on February 2, at a worth of N876 million, as each share cost N219, 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 gathered.
Prior to Paul and Ayokunle’s share acquisition, their relatives, Femi Otedola and Olawunmi Otedola also owned shares in the company.
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Olawunmi holds 2,490 direct and indirect shares in Geregu, which is currently worth N510,450 based on the last equity price of Geregu’s share on Wednesday.
Otedola holds 1,245 direct shares and 2.38 billion indirect shares through his investment vehicle, Amperion Power Distribution Limited.
The International Monetary Fund (IMF) has waded into the current naira scarcity in Nigeria by calling on the Federal Government and the Central Bank of Nigeria (CBN), to extend the cash swap policy deadline beyond February 10.
The international monetary institution which is the first global body to openly call for an extension of the cash swap policy, made the call shortly after the Supreme Court gave a ruling temporarily restraining the FG and the CBN from enforcing the deadline.
In a statement in Abuja on Wednesday issued by Laraba Bonet, on behalf of IMF’s Nigerian resident representative, Ari Aisen, the IMF said it hinged its plea on the hardship Nigerians were going through.
“In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline should problems persist in the next few days leading up to the February 10, 2023, deadline,” part of the statement said
The Nigerian stock market recovered from Tuesday’s loss with a 0.23 per cent rise in the equity capitalisation on Wednesday, which reflects a N69.33 billion gain.
Following the growth, the market capitalisation closed at N29.64 trillion, above the N29.57 trillion it settled at on Tuesday.
Nigerian currency, the naira recorded a positive outing against the US dollar at the official foreign exchange market on Tuesday.
Details from FMDQ securities where Investors and Exporters (I&E) buy and sell officially shows that at the end of trading naira appreciated by 0.14 percent or 67 Kobo to close at N461.50/$1 compared with Monday’s value of N462.17/$1.
This occurred as the value of FX transactions at the official market window depreciated by 39.1 percent or $47.85 million. At the close of trades, the turnover for the session stood at $74.58 million compared with the $122.43 million recorded at the previous session.
Also, in the parallel market wing of the FX market on Tuesday, the Naira regained strength against the American Dollar after it gained N3 to sell at N750/$1, in contrast to the preceding day’s N753/$1.
But in the Peer-2-Peer (P2P) forex segment, the Naira showed no movement against the United States Dollar, closing flat at N761/$1 yesterday.
This same scenario played out in the interbank window of the market, where the domestic currency was flat against the Pound Sterling and the Euro at N555.40/£1 and N496.32/€1, respectively
The Central Bank of Nigeria (CBN) should have introduced N5,000 notes to avoid the hardship Nigerians are facing due to the Naira redesign, the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Sola Obadimu, has said.
According to NACCIMA DG in a report by NAN on Monday, embarking on the currency redesign was a bad move by the apex bank.
Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 that the head of the central bank, Godwin Emefiele, disclosed in October 2022 that the N200, N500 and N1,000 banknotes would be redesigned to mop up the N2.7 trillion in circulation.
Although the financial regulator denied any plan of introducing N5,000 notes, it went ahead to release the aforementioned denominations in December, stating that the old version would cease to be legal starting from January 31, 2023.
The apex bank later extended the deadline to February 10, 2023, after public outcry over the shortage of the new Naira notes in commercial banks.
𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 understands that the transition from the old Naira to the redesigned currencies has not been successful with Nigerians protesting at banks due to the inability to withdraw and buy goods.
NACCIMA DG said introducing N5,000 was the solution to mopping the N2.7 trillion in circulation, “If I were the CBN governor, all I would have done was to have introduced a N5,000 note.”
Obadimu also stated “That would have helped to mop up the money in circulation without the kickbacks we are getting. Because it is a higher denomination, fewer amounts of bills would have been printed.”
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Meanwhile, he supported the call of the CBN that Nigerians should embrace a cashless society, but he said the country wasn’t ready yet, as banks find it difficult to refund customers after a transaction declines.
He said, “For instance, when a financial transaction declines, you get debited and the bank cannot refund you for up to three weeks even if the transaction is to the same bank.”
Obadimu stated further, “So, for the urban network to improve and for the rural areas to catch up, the government has to invest heavily in infrastructure so that every part of Nigeria will be digitised.”
The Central Bank of Nigeria (CBN) has intensified its effort to end the long queues in banking halls and Automated Teller Machines (ATMs).
According to Atiku Muhammed-Nasir, Director, Security Service of the apex bank, agents will be deployed to some commercial banks premises in Lafia, Nasarawa State to facilitate its new naira swap policy.
Muhammed-Nasir, believes this measure will help decongest the banking halls and ATMs of horde of customers scrambling for the new naira notes.
He also reiterated that CBN was committed to easing the stress Nigerians were going through in order to access the new naira notes.
“So, we decided to deploy agents with cash in some commercial banks in Lafia, where each customer could access a maximum of N10,000.
“The exercise has helped a great deal as the scrambling had reduced considerably. We are optimistic that in the coming days, the situation will improve,” he said.
The director said that the exercise would be sustained until further notice, adding that CBN was working in collaboration with the Economic and Financial Crimes Commission (EFCC) to guard against sabotage from commercial banks and Points of Sale (POS) agents
Hein Schumacher has been appointed to replace Alan Jope as chief executive of British consumer goods giant Unilever from July, the company announced Monday, in a move that investors including board member and activist shareholder Nelson Peltz welcomed.
Schumacher, 51, joined Unilever in October last year as a non-executive director and is currently the chief of the Dutch dairy business FrieslandCampina.
He previously worked for food retailer Royal Ahold NV and for a decade at food producer H.J. Heinz in the United States, Europe and Asia.
His appointment marks the first time Unilever has given the top job to a non-Unilever executive since it poached Paul Polman from Nestle in 2008.
One of the biggest consumer companies in the world with more than 400 brands ranging from detergent to ice cream, Unilever said in September that Jope planned to retire at the end of 2023.
Billionaire activist Nelson Peltz, who heads investor Trian Partners, said he strongly supports Schumacher “as our new CEO and look(s) forward to working closely with him to drive significant sustainable stakeholder value.”
Peltz become a Unilever board member in July after it was revealed early last year that he had built a stake in the company.
“I first met Hein when I served as a director at the H.J. Heinz Company from 2006 to 2013 and was impressed by his leadership skills and business acumen,” Peltz said.
Peltz, through his Trian Fund, holds a nearly 1.5% stake in Unilever, making him the fourth largest shareholder, according to Refinitiv Eikon data.
Unilever shares were up 0.88% and among the top percentage gainers on an FTSE 100 index, down 0.2% as of 9:12 a.m. GMT.
The move was also cheered by other investors and analysts, who have felt in recent years that Unilever needed an outsider’s touch.
“Positive that he’s an external appointment,” Jack Martin, a fund manager at Unilever shareholder Oberon Investments, said. “Good CV from what I read, hopefully, provides the impetus the company requires.”
Failed GSK deal Unilever’s shares have underperformed European consumer staples and discretionary indices during CEO Jope’s tenure, which began in January 2019.
His failed bids for GlaxoSmithKline’s consumer health care business last year lost him some good faith among investors, including influential British billionaire Terry Smith, owner of Fundsmith.
“It is good Schumacher has plenty of industry experience outside Unilever, particularly international,” said Tineke Frikee, a fund manager at Unilever shareholder Waverton Investment Management.
“I note though, that his background is mainly in food rather than beauty and personal care. This may lead the market to reduce the probability of a potential food spin-off.”
Unilever’s food business includes Ben & Jerry’s ice cream, Colman’s mustard, Hellman’s mayonnaise and Knorr stock cubes.
Over the past year, some investors and analysts have speculated that Unilever might spin off what they feel is a weaker food business to focus on personal goods, beauty and home care.
“Why hire a food exec if you plan to sell the food business?” Bernstein analyst Bruno Monteyne said, adding that selling the food business “will always be on the cards, but I doubt that it is a top priority in the short term.”
But Monteyne pointed out that some investors were hoping Unilever would name someone more well-established, globally.
“Investors we spoke to in recent weeks were hopeful for a more familiar name from a successful U.S.-based FMCG (fast-moving consumer goods) turnaround.”
Unilever had been considering internal and external candidates for the role.
Sources told Reuters in October that the candidates included finance chief Graeme Pitkethly, personal care division boss Fabian Garcia and Hanneke Faber, who heads the company’s nutrition group.
The CBN Governor, Godwin Emefiele in a statement issued on Sunday said the decision to redesign the Naira was already paying off as inflation has started trending downwards and exchange rates relatively stable.
He added that the military is already making good progress in combating banditry and ransom-taking in Nigeria through this programme.
Emefiele noted that available data has shown that in 2015, currency in circulation was only N1.4 trillion.
But as of October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the banking industry and N2.7 trillion held permanently in people’s homes.
The CBN Governor said ordinarily when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.
He said: “So far and since the commencement of this programme, we have collected about N1.9 trillion; leaving us with about N900 billion.
“Aside from those holding illicit or stolen naira in their homes for speculative purposes, we do aim to give all Nigerians that have naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.
“A seven-day grace period, beginning on February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.”
The federal government has extended the deadline for the registration of Digital Money lenders, DMLs.
This is contained in a statement on Friday by the Federal Competition and Consumer Protection Commission, FCCPC, Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera.
The commission stated that the announcement comes after several DMLs failed to complete their documentation.
It added that the extension would last till 27th March 2023 to prevent market disruption.
“This was to ensure the registration of DMLs whose registration was still in process and to prevent significant market disruptions.
“The Commission noted, however, that several DMLs have not yet provided all relevant documentation to complete their registration process. To this end, the Commission is further extending the registration deadline to Monday, March 27, 2023”, the EVC stated.
The National President of the Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria, Dr. Muhammad Tahir Ibrahim says the union will henceforth issue waybills to articulated trucks transporting cattle from the north to other parts of the country.
Ibrahim, who disclosed this during a visit to the Niger State Commandant of Nigeria Security and Civil Defence Corps, NSCDC, said the move is to ensure that all cattle being transported were legally acquired from their owners.
“This will discourage people from buying rustled cattle and reduce cattle rustling to the barest minimum,” the national president disclosed.
Ibrahim also revealed plans to stop articulated trucks from carrying passengers alongside livestock on the highways in order to forestall frequent loss of lives on the roads.
In his response, the State Commandant, NSCDC Niger State, Ahmed Mohammed Dandare assured the union of the Command’s preparedness to partner with any union or organisation in ensuring peace and stability in the country
Meanwhile, the call for a fresh extension was a fallout of a motion sponsored by Senator Sadiq Suleiman Umar representing Kwara North Senatorial district, in which he said: “the new notes were not enough in circulation”, warning that if the deadline was not extended, there would be chaos in many parts of the country
The Monetary Policy Committee of the Central Bank of Nigeria, CBN, has unanimously voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent.
The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué at the end of the two-day MPC meeting, the first of the year.
The Nigerian Aviation Handling Company (NAHCO) has said that it is engaging striking aviation unions including the Air Transport Services Senior Staff Association of Nigeria (ATTSSSAN) and the National Union of Air Transport Employees (NUATE).
NAHCO, in a statement, said it is hopeful that the industrial action by aggrieved workers under the unions will soon be resolved.
Scores of international passengers at the Murtala Muhammed International Airport in Lagos were stranded on Monday as NAHCO workers embarked on strike. The situation led to the disruption in flight services of many international airlines.
NAHCO, in its statement, acknowledged that some of its clients were being put through a difficult situation by the insistence of some staff to embark on strike action despite a subsisting order of court that restrained them from doing so.
“We regret all the inconveniences,” the company’s Executive Director, Olusola Obabori said, adding that the Company is already engaging the Unions and other stakeholders and are positive the situation would be resolved within hours.
“We understand the power of negotiation. The Company which has arguably the best welfare package among the local players in the aviation industry will do all that is absolutely necessary to make its workforce happy even as it delights its customers,” he said.
“This situation would be resolved speedily as it is detrimental to the staff, the Company and its esteemed clients.”
The Department of State Security Services, DSS, has debunked reports making the rounds that its operatives invaded the office of the Central Bank of Nigeria, CBN Governor, Godwin Emefiele.
Barring any last minute change, the House of Representatives is set to insist on the reversal of the cash withdrawal limit policy of the Central Bank of Nigeria (CBN), Daily Trust gathered last night.
A ranking lawmaker told this paper that it is the general opinion of the lawmakers that the policy be reversed.
This is just as a former governor of Sokoto State, Senator Aliyu Magatakarda Wamakko (APC, Sokoto) has urged President Muhammadu Buhari to sack the CBN governor, Godwin Emefiele, over the policy.
The apex bank, under the new withdrawal policy was restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.
Following the uproar that trailed the policy, the apex bank on Wednesday reviewed the withdrawal limit upward to N500,000 for individuals and N5 million for corporate bodies.
Daily Trust reports that the lower chamber had earlier passed a resolution asking the bank not to proceed with the implementation of the cash withdrawal limit, which is due to come into effect from January 9, 2023 until the CBN governor appears before it to clarify issues on the new policy.
Deputy Governor of the CBN in charge of Financial Stability, Aisha Ahmad, yesterday appeared before the House of Representatives to brief lawmakers on the policy.
But after the briefing and responses to lawmakers’ questions by the CBN deputy governor, Speaker Femi Gbajabiamila did not make any ruling, saying the House will deliberate on the briefing by the apex bank and come up with its resolution.
A lawmaker who spoke to Daily Trust yesterday, said a decision will be taken on the matter next week.
The lawmaker who spoke on condition of anonymity, said it is the general opinion of the lawmakers that the policy be reversed.
“Yes, next week we will take a stand. But, they have contravened a provision of the CBN Act, which requires the Central Bank to consult and discuss with the National Assembly before initiating or implementing any policy.
“They must come to the National Assembly and discuss with the lawmakers.
“The CBN must always come; we discuss the merits and demerits of their policies. It must be reversed. It wouldn’t hold. We will sanction them, but, one; they must first reverse the policy and we then look at the issue. Aside from the reversal, the bank would be sanctioned for violating its Act,” he said.
Why policy is essential – CBN
Speaking earlier, the CBN deputy governor told the lawmakers that the cashless policy of the apex bank was first launched in 2012 under the CBN’s mandate in Section 2(d) and 47 of the CBN’s Act.
She said the policy was not intended to disenfranchise anyone particularly those in vulnerable situations, rural areas and markets, adding it was meant to bring everyone into the significant economic opportunity.
She said the policy pronouncement of the apex bank on December 5 was a continuation of the cashless policy that was started 10 years ago, adding that it was in recognition of the positive changes that have happened in the financial and payment system since the cashless policy was first launched.
“Some of these changes included a wide proliferation of financial access points. In 2012, thereabouts, we were still talking about bank branches as the only source of access to financial services. Today, we have a very robust payment system that includes bank branches; branches of micro-finance banks, POS machines, ATM machines, agent banking, E-Naira and many other options.
“To be specific, between the bank and the micro-finance banks, we have 6,500 locations, 900,000 POS terminals, 14,000 ATMs across the country and 1.4 million agents nationwide and every single local government in Nigeria has agents represented. We also have a proliferation of electronic transactions. Just by way of quick example, in 2012, we had N48 billion in POS transactions. Today, we have N6 trillion in POS transactions.
“On electronic transfers, we had N3 trillion in 2012. Today, we have 300 trillion as of October, 2022. That’s a 7,000 per cent increase. We have also seen an improvement in financial inclusion to 54.1 per cent and lastly, perhaps, more importantly, we have seen the evolution of the Nigerian payment system on the global stage.
“Nigeria is ranked 6th in the world for instant real payment and we are only behind countries like India, China, Thailand, Brazil and South Korea. We are the only African country in the top 10 and this has been as a result of some of the initiatives that have gone on. Also, electronic payment and real time data payments have been estimated to contribute about 0.67 per cent to our GDP.
She told the lawmakers that the essence of the cashless policy was among others to reduce cash processing cost, minting cost, the cost of destroying old notes and the cost of moving physical cash from place to place.
Lawmakers express concerns
Speaker Femi Gbajabiamila expressed concerns over the failure of the apex bank to brief the House as required by the Section 8 of the CBN Act before proceeding on its policy.
He also said that the apex bank ought to have given an adequate timeline for the implementation of the policy as was the case in the US and the UK.
But responding, the deputy governor said the CBN remains open to continue to engage with the House.
“You talked about comparing our situation with what just happened with the Bank of England; I think when we are making the comparison, consider all the factors; global best practices say you need to redesign your currency every five to eight years. We have not done that in two decades. So, the Bank of England routinely does this. The amount of cash outside circulation in the UK is much lower than what we have today. We have about 80 outside circulation”, she said.
A Borno lawmaker, Satomi Ahmed in his question said there were many wealthy people in his state but there were not enough banks to exchange their old notes and wondered what would be their fate.
But responding, Ahmad said Borno State has over 52 deposit money banks, 16, 547 locations and 16,000 agents where people can deposit their money.
Rep Ali Shettima from Yobe State, also expressed concern over the counterfeiting of the new notes and asked the apex bank over measures being put in place to address it.
On his part, Chinedu Obidigwe from Anambra queried the rationale behind the CBN’s urgency in the implementation of the policy, wondering if it was an opportunity for the ruling party to rig out opposition parties.
Responding, Ahmad said the policy was not politically motivated but done in the best interest of the country’s economy.
Isiaka Ibrahim from Ogun State asked her to speak on the level of advocacy and public enlightenment on the new policy, saying many Nigerians were not yet carried along.
Responding, she said that the apex bank is collaborating with the National Orientation Agency (NOA) to enlighten Nigerians at the grassroots on the apex bank’s cashless policy.
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Rep Sada Soli from Katsina in his question raised concerns over the non-availability of the redesigned notes days after they were released to the public and asked her to disclose the quantities of the notes printed.
Responding, she said the apex bank ordered for printing of 500 million pieces of the redesigned notes from the Mint.
She however did not give the breakdown of the figures for each denomination and the amount spent on the printing.
Rep Tolulope Sadipe from Oyo State sought to know the fate of over 1.4 million POS agents in the country in view of the new policy.
Responding to this, she said “I believe that the reversed limit that we have actually takes the agents into consideration and from the data that we received from the agents themselves, in terms of transaction size is less N2.5 million so they will not be affected.
Rep Dennis Idahosa while expressing support for the policy, however, urged the CBN to address the concerns raised by the House to ensure the policy works well.
Wamakko urges Buhari to sack Emefiele
Meanwhile, a former governor of Sokoto State, Senator Aliyu Magatakarda Wamakko, has urged President Buhari to sack the CBN governor.
In a phone interview, he said the policy was capable of causing confusion in the country.
He wondered why Emefiele would “so disrespectfully impose a policy on Nigerians without, at least public sensitization for one year”, adding that “the CBN Governor thinks Nigerians are stupid to just follow him without questioning”.
He further explained that by the naira redesign and cash withdrawal limits, Emefiele was “grossly unfair to the federal government”.
Wamakko said all Nigerians of good conscience should call out Emefiele over what he called, “thoughtless monetary policy direction, otherwise President Buhari should immediately sack him before he plunges the country into chaos”.
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Carlo Ancelotti’s team successfully added to their four cups from 2014 to 2018, and their triumph meant European teams have won the past 10 editions of the tournament.
One of the most important development areas of bilateral relations between Türkiye and Saudi Arabia is the financial sector, Treasury and Finance Minister Nureddin Nebati said Thursday, inviting Saudi investors from all over the world, as well as international investors investing in Turkish financial markets, to take advantage of the opportunities in the markets.
Nebati was speaking at the Türkiye-Saudi Arabia Business and Investment Forum, hosted by the Ministry of Treasury and Finance and organized by the Foreign Economic Relations Board (DEIK).
He pointed out that Türkiye’s finance and banking sector is highly integrated with global financial markets, has a strong regulatory and supervisory infrastructure, strong human capital, serves as a pioneer in innovative applications and has carried the economy much further. Nebati added that the sector, which has successfully passed important stress tests such as the global financial crisis and pandemic, was appreciated by foreign financial circles and attracted increasing interest from foreign investors.
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Stating that this integration with the global financial markets is actually one of the most important pillars in boosting the economy much further, Nebati said: “Our stock market, which has an important place among the emerging markets, continues to offer attractive return opportunities to domestic and foreign investors with its market depth and high liquidity. The strong investor interest in Borsa Istanbul, whose indices have reached historically high levels recently, brings with it daily trading volume records.”
Pointing out that Borsa Istanbul has ranked high worldwide in risk-adjusted returns over the past year, Nebati said: “In addition to its deep-rooted bond tradition, our ministry has been issuing lease certificates, namely ‘sukuks,’ in both domestic and foreign markets since 2012.”
The “sukuk” in particular is an Islamic financial certificate, similar to a bond in Western finance.
Nebati, further commenting on Türkiye-Saudi Arabia business relations, said, the bilateral trade volume, which was $3.7 billion in 2021, increased to $4.3 billion in the January-October period of 2022.
“This is pleasing, but we need to act faster to reach our goals,” he said, noting that the trade volume is expected to reach $10 billion in a very short time and they aim to increase this figure to $30 billion quickly.
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This was disclosed by the Police Public Relations Officer, Bauchi State Command, Ahmed Wakil, a Superintendent of Police, in a terse Whatsapp message on Sunday.
The Central Bank of the Republic of Türkiye (CBRT) on Thursday held its one-week repo rate, also known as the policy rate, unchanged at 9%, in accordance with the market expectations as the lender signaled in the last meeting that the rate cut cycle has come to an end.
“Considering the increasing risks regarding global demand, the Committee evaluated that the current policy rate is adequate,” the bank said in a statement following its last Monetary Policy Committee (MPC) meeting of the year.
It stressed that it would decisively use the tools supporting the effectiveness of the monetary transmission mechanism and that the entire policy toolset, particularly funding channels, will be aligned with its liraization targets.
“Stability in the general price level will foster macroeconomic and financial stability through the fall in the country’s risk premium, continuation of the reversal in currency substitution and the upward trend in foreign exchange reserves, and durable decline in financing costs. This would create a viable foundation for investment, production and employment to continue growing in a healthy and sustainable way,” it added.
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At its November meeting, the bank cut the rate by 150 basis points to 9%, thus having lowered the key rate by 500 basis points, or 5 percentage points, since August.
According to the latest data from the Turkish Statistical Institute (TurkStat), Türkiye’s annual consumer inflation rate was 84.39% in November, down from 85.51% in October.
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Buhari, according to a statement issued on Saturday night by the Force Public Relations Officer, Olumuyiwa Adejobi, will unveil the equipment at the Force Headquarters in Abuja.
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The move by the Department of State Services (DSS) to arrest Central Bank of Nigeria (CBN) Governor, Godwin Emefiele may cause a further slip of the naira against the dollar.
In the suit, FHC/ABJ/CS/2255/2022, the security agency asked the Federal High Court in Abuja permission to take Emefiele into custody.
Justice John Tsoho did not grant the application. The Chief Judge said the DSS did not provide concrete evidence to substantiate its claims against the CBN chief.
Emefiele is accused of terrorism financing and economic crimes, though a coalition claims the plot is to keep him in solitary confinement ahead of the sack.
Since the news broke, Nigerians have been raising their concern about the fate of the naira, which is recovering from a recent free fall.
Though the current dollar-to-naira rate is about N745 on the black market, it nearly hit N900 sometime between October and November.
Individuals and business owners are now contacting Bureau De Change operators to get information on what to expect in the coming days.
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Sanni, an operator in Abuja, told DAILY POST that customers called him on Monday to purchase dollars due to uncertainty over Emefiele’s case.
Some social media users have also voiced fear about the naira weakening more due to a loss of confidence.
“Without recourse to the fact before the court, the presiding judge did a good job by denying the application of DSS to arrest Emefiele.
“The consequences of his arrest will be extremely grave on our economy, particularly the value of our currency, naira”, @skelly16th wrote.
It is unknown if the DSS will return to the court with another application and evidence that will convince the judge to approve Emefiele’s arrest, a major topic of debate.
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The Armed Forces expressed dismantled that “politically exposed persons can denigrate themselves into joining agents of destabilisation and violence in making false claims just to heighten tension in the polity”.
Under the new withdrawal policy, the CBN restricted the maximum weekly cash withdrawal over the counter (OTC) by corporate organisations and individuals to N500,000 and N100,000, respectively.
The new withdrawal regime pegged the maximum cash withdrawal per week via Automated Teller Machine (ATM) at N100,000, subject to a maximum of N20,000 cash withdrawal daily.
CBN had disclosed this in a letter to commercial banks in the country.
The policy, expected to kickstart on January 9, 2023, had generated criticisms, but the CBN clarified last Wednesday that PoS operators could apply for waivers.
However, the Lead Director of the Centre for Social Justice, CSJ, and a Financial expert, Eze Onyekpere, said the policy was hurriedly put together.
Speaking with DAILY POST, Onyekpere said the CBN should have properly consulted relevant stakeholders before announcing the policy.
Onyekpere said: “That policy looks like it was not properly mapped out, like a midget reaction that puts the cart before the horse. Such a far-reaching policy should have benefited from wide-ranging consultation of various stakeholder groups, as well as an empirical study, which will reveal existing laws and policies and the social impact on the people.
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“Based on the study done and the feedback from consultations, then, you will have a well-planned policy which would reflect the input of multiple stakeholders.
“Now, that was not done before the policy was announced, which reminisces of the military era.
“If you know already, you can’t withdraw more than N150, 000 a day at the bank for individuals and for the corporate organisation is N500,000, and there are also provisions for the money laundering law which set limits for what you can withdraw daily.
“Limiting this money from N150,000 a day to saying you can only withdraw N100, 000 per week and limiting it to N20, 000 per day now that money has no value is unacceptable. If you want to buy a bag of rice, you can’t do it with cash because you have to do a cash transfer or find another way to do it. The value of the money is so low.
“What I’m trying to say is that the amount was too small, there was no consultation; this is something you should do after sensitising people for some months, you don’t just announce it before Christmas.
“A lot of businesses, especially small-scale businesses, will be adversely affected; it may increase the cost of doing business, because if you have to do more than that, you will pay the penalty.”
The financial expert said Nigeria was not ripe for the policy, adding that more time should have been given to sensitise Nigerians.
“I do not support this policy because we are not ripe for it at this time; we need more time to sensitise people and make sure communication facilities are available. We don’t need to make policies and laws just because we have the power.
“We must ensure that the poorest of the poor are put into consideration when making laws. We can say in the next six months this, and this should be done, so that means we have to amend our money laundering laws and the limits of money we can take across the counter. We have to look at other relevant laws underlying this money laundering law,” he added
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