Agric Sector Can Generate over 40 Million Jobs With Quality Seeds- Dogara

March 26, 2017 Administrator 0
Agric Sector Can Generate over 40 Million Jobs With Quality Seeds- Dogara

Speaker of the House of Representatives, Hon Yakubu Dogara, has called for development, production and distribution of quality seeds to farmers in Nigeria in order to boost agricultural output and create over 40 million jobs for the unemployed population. Dogara, who said this when he visited Premier Seeds Nigeria Limited, Zaria, Kaduna State, also expressed […]

SERAP Exposes Fresh Budget Padding, Says DSS, EFCC Probes Of 2016 Saga Damning

March 26, 2017 Administrator 0
SERAP Exposes Fresh Budget Padding, Says DSS, EFCC Probes Of 2016 Saga Damning

Socio-Economic Rights and Accountability Project, (SERAP) has sent an open letter to President Muhammadu Buhari GCFR requesting him to use his good offices and leadership position “to urgently instruct security and anti-corruption agencies to forward to you reports of their completed investigations into allegations of padding and stealing of some N481 billion from the 2016 […]

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UN Trains Aviation Security Officials On Counter Terrorism

March 12, 2017 Administrator 0

To combat the spate of terrorism threats globally, the United Nations Aviation School Project has commenced training of all Aviation Security (AVSEC) personnel in Nigeria. According to the GM, Public Relations, NCAA. Sam Adurogboye, the objective is to effectively mitigate the threat posed to civil aviation by terrorist organizations. It will also provide a key […]

Kaduna Electric Visits Janruwa, Seeks Cooperation from Community

March 12, 2017 Administrator 0
Kaduna Electric Visits Janruwa, Seeks Cooperation from Community

Following the recent installation of 500KVA and 300KVA in Janruwa 1 and Janruwa Extension respectively, Kaduna Electric has gone a step further to engage the community in an interactive session with a view to building a mutually rewarding relationship. In his welcome address, the Leader of the JanruwaElectricity Committee, Major Jacob Iyela, enjoinedthe community members to protect the recently installed facilities, “As inhabitants of this […]

FOREX: Speculators Panic As CBN Moves To Inject More Dollars

March 12, 2017 Administrator 0
FOREX: Speculators Panic As CBN Moves To Inject More Dollars

There are strong indications that the Central Bank of Nigeria (CBN) is unrelenting in its move to ensure liquidity in the interbank FOREX market, as it will inject more foreign exchange into market early this week. The information about the action of the apex bank, which became rife over the weekend, has reportedly sent jitters […]

CBN Denies Receiving SGF’s Query Over Forex Sale

February 16, 2017 Administrator 0

CBN

The Central Bank of Nigeria (CBN) has  debunked a media report suggesting that the Office of the Attorney General of the Federation and Minister of Justice has issued a query to the Central Bank of Nigeria (CBN) over issues relating to the sale of foreign exchange.

Ag. Director, Corporate Communications, Isaac Okorafor said in a statement Thursday that  “While it is perfectly normal for any agency of Government to seek clarifications on any matter from other agencies of Government, we wish to state that neither the Governor of the CBN nor the Director, Legal Services Department has received any communication with regard to the issue.

“The CBN, as a responsible and responsive arm of Government, will always provide clarifications on any matter within its purview for the purpose of educating and enlightening all concerned,” the statement said.

The statement made clarifications on the matter. According to Okorafor, “The CBN does not deal directly with any Bank customer on foreign exchange transactions. Such transactions are consummated strictly between the customers and their respective Deposit Money Banks (DMBs);

“The figures of FOREX sale published in national dailies or on CBN website, over which insinuations are being formed, were transactions consummated between the DMBs and their customers;

“Pursuant to our policy of transparency, we publish the reports of purchases and sales of forex between the DMBs and their customers, as submitted by the banks without editing. This practice of publishing the figures on our website has been on since October 2016;

“Following observations of different exchange rates after the last publication on our website (www.cbn.gov.ng), we called for explanations from the banks concerned.

Okorafor added that “In response to our queries to them, apart from some observed formatting errors, the concerned banks reported that the returns were sent on the basis which the transactions were conducted. The transactions concerned were consummated in third currencies such as Japanese Yen and South African Rand (YEN/ZAR); JPY/NGN, EUR/USD, USD/ZAR. As a result, there is no way any DMB or the CBN will deal in forex transaction at the rate of 61kobo/USD, N18/US$1 or N3/US$1, as was erroneously reported.

“The aforementioned are third currency transactions and when properly translated, will be in line with the prevailing forex rate range in the interbank market.”

The CBN spokesman said “Consequently,  to prevent any such occurrence in the future, the CBN has directed ALL Deposit Money Banks to render their returns in a uniform format converting all forex sales and purchases to NGN/USD. All third currency transactions are also to be converted to NGN/USD.

“Again, we urge all concerned stakeholders to always verify information on matters relating to the Bank before going public in order not to trigger volatility in the market.

CBN Denies Receiving SGF’s Query Over Forex Sale

February 16, 2017 Administrator 0

CBN

The Central Bank of Nigeria (CBN) has  debunked a media report suggesting that the Office of the Attorney General of the Federation and Minister of Justice has issued a query to the Central Bank of Nigeria (CBN) over issues relating to the sale of foreign exchange.

Ag. Director, Corporate Communications, Isaac Okorafor said in a statement Thursday that  “While it is perfectly normal for any agency of Government to seek clarifications on any matter from other agencies of Government, we wish to state that neither the Governor of the CBN nor the Director, Legal Services Department has received any communication with regard to the issue.

“The CBN, as a responsible and responsive arm of Government, will always provide clarifications on any matter within its purview for the purpose of educating and enlightening all concerned,” the statement said.

The statement made clarifications on the matter. According to Okorafor, “The CBN does not deal directly with any Bank customer on foreign exchange transactions. Such transactions are consummated strictly between the customers and their respective Deposit Money Banks (DMBs);

“The figures of FOREX sale published in national dailies or on CBN website, over which insinuations are being formed, were transactions consummated between the DMBs and their customers;

“Pursuant to our policy of transparency, we publish the reports of purchases and sales of forex between the DMBs and their customers, as submitted by the banks without editing. This practice of publishing the figures on our website has been on since October 2016;

“Following observations of different exchange rates after the last publication on our website (www.cbn.gov.ng), we called for explanations from the banks concerned.

Okorafor added that “In response to our queries to them, apart from some observed formatting errors, the concerned banks reported that the returns were sent on the basis which the transactions were conducted. The transactions concerned were consummated in third currencies such as Japanese Yen and South African Rand (YEN/ZAR); JPY/NGN, EUR/USD, USD/ZAR. As a result, there is no way any DMB or the CBN will deal in forex transaction at the rate of 61kobo/USD, N18/US$1 or N3/US$1, as was erroneously reported.

“The aforementioned are third currency transactions and when properly translated, will be in line with the prevailing forex rate range in the interbank market.”

The CBN spokesman said “Consequently,  to prevent any such occurrence in the future, the CBN has directed ALL Deposit Money Banks to render their returns in a uniform format converting all forex sales and purchases to NGN/USD. All third currency transactions are also to be converted to NGN/USD.

“Again, we urge all concerned stakeholders to always verify information on matters relating to the Bank before going public in order not to trigger volatility in the market.

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Rae-Omoh Promises Cooperation With Tourism Professionals, Stakeholders

February 16, 2017 Administrator 0

The acting Director-General of the Nigerian Tourism Development Corporation (NTDC), Mrs. Mariel Rae-Omoh, said she would work with professional bodies, associations and stakeholders to move the industry forward. Rae-Omoh revealed this when the Hospitality and Tourism Management Association of Nigeria (HATMAN) paid her a courtesy visit in her office, in Abuja, on Thursday. While describing the […]

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Rae-Omoh Promises Cooperation With Tourism Professionals, Stakeholders

February 16, 2017 Administrator 0

The acting Director-General of the Nigerian Tourism Development Corporation (NTDC), Mrs. Mariel Rae-Omoh, said she would work with professional bodies, associations and stakeholders to move the industry forward. Rae-Omoh revealed this when the Hospitality and Tourism Management Association of Nigeria (HATMAN) paid her a courtesy visit in her office, in Abuja, on Thursday. While describing the […]