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CBN Pegs Cheque Payments At N10m

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Central Bank of Nigeria (CBN) has set a maximum limit on cheque payments at N10 million with effect from January 1, 2010. The apex bank said that the measure was part of the efforts to enhance the efficiency of the payments system in the country.

Mr. Sam Oni, CBN Director of Banking Supervision said in view of this development, payment value exceeding N10 million should be made through the e-payment mode such as the Central Bank Inter-Bank Funds Transfer System (CIFTS i.e. RTGS) and Nigeria Inter-Bank Settlement System Electronic Funds Transfer (NEFT).

He said that the maximum limit serves as a risk reduction measures in the clearing and settlement arrangement in line with International best practices.

To support this initiative, Mr. Oni said deposit money banks should properly educate their customers on the implementation procedure in order to ensure smooth operation of the system and financial intermediation.

In another development, the apex bank, on Friday said, the 212th meeting of the monetary policy committee (MPC) of the CBN will hold for two days, January 4 and 5, 2010 to consider developments in the International and domestic economy and chart monetary policy for 2010.

The first meeting of the reconstituted MPC will also consider the monetary credit, foreign tade and exchange rate policy guidelines for 2010 – 2011. The committee in September meeting noted that the headline ( year-on-year) inflation has been stable at a little over 11 percent. (11.53 percent in 2008) and 15.94 percent (15.98 percent in 2008). Given the outlook on output and limited aggregate demand, MPC  said the headline inflation would moderate further by the end of the year but warned that should there be any reversal in the movement of inflation, appropriate policies would be adopted at the next MPC meeting.

Provisional data for broad money (M2) for July, 2009 showed a growth of 10.2 percent on a year-on-year basis, the lowest for any month since February 2006. This largely reflected the decline in net foreign assets (NFA) and sharp deceleration in growth of credit to private sector.

The committee noted that recent improvements in oil output and prices would help to improve the gross foreign exchange reserves of the economy. However, it underscored the importance of continuing with the efforts at improving the macroeconomic climate for attracting foreign capital inflows and spurring growth of private credit for productive purposes. Perceptions to market participants.

The spread between the unsecured call rate and the secured open buy-back (OBB) rate has since then come down significantly and average spread of 1384 basis points between July 1 and July 17 and the average spread of 1115 basis points in June 2009. The coupon rates on dated government securities in the primary market have tended to move downwards.

H.A. Salako, on behalf of CBN Director Trade & Exchange Department, last week will close for business with effect from Friday December 18, 2009 in consideration of the Christmas and New Year holidays adding that authorised dealers and Bureau de Change operators should know that the market will re-open for business on Monday, January 4, 2010.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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