Business
Forex: Banks Seek Buyers As CBN Floods Market
The new strategy of the Central Bank of Nigeria (CBN) to meet all legal demand for foreign exchange (Forex) has led Money Deposit Banks to contend with expending all the dollars in their possession.
A check by The Tide source in Abuja showed that the banks had cleared all backlog of demands for foreign currencies for basic travel allowance, school fees and medicals.
A source in the United Bank for Africa, said that the bank had so much dollars that its marketers had been asked to encourage customers to request for foreign currencies.
The source said that the bank wanted to avoid a situation where it was forced to return excess Forex to the CBN.
It explained that doing so would force the CBN to reduce the quantity of forex it sold to banks.
Another source from First Bank said following the CBN intervention, the bank had succeeded in clearing all pending requests for forex as far back as September, 2016.
Also, a source in Guaranty Trust Bank commended the decision of the CBN to flood the market with forex, thereby allowing the banks to meet legitimate demands from their customers.
It was also gathered from Heritage Bank that before now, the bank published the names of individuals and companies it disbursed forex to in a page of any particular newspaper.
“Right now, we take two or three pages in the newspaper to publish names of legitimate individuals and companies that we disbursed forex to.
“We have more than enough foreign exchange to meet the request of our customers for school fees and others,”.
In a data released by the CBN, the apex bank, within three weeks, injected more than 1.4 billion dollars for both wholesale and retail intervention into the interbank forex market.
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
