₦airaland Forum

http://www.thisdaylive.com/articles/naira-rebounds-in-parallel-market-as-banks-reject-dollar-deposits/216163/


Naira Rebounds in Parallel Market as Banks Reject Dollar Deposits

31 Jul 2015

Obinna Chima


The naira, which had fallen sharply in the parallel market,
staged a major recovery thursday, as it appreciated to a
band of N225 to N230 to a dollar, compared to N240 to the
dollar at which it sold in the last few weeks.
Forex dealers attributed the naira’s gain to excess supply of
the greenback in the market, even as it looked like a lot of
speculators would lose their shirts.
THISDAY gathered from a reliable source that commercial
banks that presently have dollars in excess of $1 billion in
their vaults have started taking desperate measures to
mitigate currency risk.
In fact, the source, a bureau de change (BDC) operator,
disclosed that banks have stopped accepting dollars
because they have too much cash in their vaults.
According to the source, as a result of the development,
banks have been rejecting dollar deposits into domiciliary
accounts, but customers are allowed to withdraw cash from
their accounts.
“The reason the banks have too much cash is due to
speculation and money laundering. A lot of people have
been speculating against the naira and amassed so much
cash. Then there are those who have been amassing
dollars obtained illicitly and want to launder the money,
“So bank vaults are awash with dollars, largely driven by
speculation and money laundering. The banks made it very
clear that they want to get rid of the dollars in the system,
so if you want to withdraw you can, but you cannot pay in
dollars into your domiciliary account,” the source explained.
Confirming the development, an official of the Central Bank
of Nigeria (CBN) said the banks even offered the dollars to
the central bank and sought its assistance to help them to
wire the funds overseas, which the CBN rejected.
Following the rejection, the banks were left with no option
than to stop accepting dollar deposits from customers,
hence the sharp depreciation of the dollar to the naira in the
informal forex market.
“By the time CBN refused to wire the cash abroad, the banks
led by Stanbic IBTC stopped accepting cash from their
customers. Stanbic IBTC sent an email two days ago to its
customers that it would not accept dollar deposits for the
time being and this was followed by ten other banks,” he
divulged.
He said the situation was compounded by CBN’s insistence
that BDCs obtain the Bank Verification Numbers (BVNs) of
their customers before transacting any business with them.
“The central bank introduced this measure so that it can
track the wire transfer BDCs carry out on behalf of their
customers. That way, a money trail can be established to
ensure that the funds being wired out are for legitimate
transactions and not illicit transfers.
“Another option available to the CBN is to give BDCs
prepaid debit cards in denominations of $1,000 instead of
selling them cash so that these cards could be used for
legitimate transactions that are traceable,” the official
explained.
Also, an analyst at Ecobank Nigeria, Mr. Kunle Ezun, who
spoke to THISDAY, attributed the naira’s surge to the
directive by the central bank that all licensed BDCs in the
country must provide the BVNs of their customers for all
transactions.
“I have been watching the market in the past few days and
since last week’s directive by the central bank for the
inclusion of BVNs as one of the requirements for accessing
the interbank market, the naira has been appreciating.
“As the enforcement of the BVN commences next week, I
think we would see more transparency in that market. I
have always said that what is driving the parallel market is
speculation and that is what the CBN has always said.
“So once the BDCs start complying with the BVN
requirement, we might see the naira appreciate further in
the parallel market,” Ezun said in a phone chat with
THISDAY last night.
The CBN about a fortnight ago also directed the BDCs to
provide the BVN of all their directors before August 15, as
failure may affect their continued participation in the forex
market.
It also directed that information on all transactions by
customers be included in the BDC returns to the CBN. It
added that for corporate customers, the BVN of a director or
an authorised signatory of the entity must be provided.
The CBN said the move was to ensure greater transparency
in the transactions of licensed BDCs in the country.

ezeagu:
A true Igbo leader because he met Obama? Is this what they're spending their money one? Framing pointless pictures of a handshake Obama forget 2 seconds later?

Why always attack Okorocha? There is a phone number on that billboard. Has anybody bothered calling? Okorocha should make it a point of duty like Ikpeazu that no billboard of him should be erected by anyone. Most of those billboards are unnecessary and could be from opponents seeking for ways to prove their earlier assertions.

cc Afam4ever

Tocheagle:
Dis u say future. pls there is something similar at Maryland ikeja na

Lol. Thats a bridge of River over road. Its known as Water Bridge. Right now I doubt if there is need for that in Nigeria.

Here are pictures of the famous Magdeburg Water Bridge in Germany.

asha80:
my problem is whether more institution around owerri will not cone with its own prevailing Nigerian vices?I am not against springing up of uni in Imo but in owerri...let other parts of the state harbour other institutions


abagoro where exactly in owerri is this protea being constructed because I have searched google and there is no word about it...not sure if Hilton has started there's too

http://hosconsult.com/new/portfolio_item/protea-hotel-owerri/

Website of the firm handling it. Follow the Hilton Link
http://news.hiltonworldwide.com/index.cfm/news/new-
signings-and-modular-room-see-hilton-worldwide-set-
the-pace-in-africa-
for any details on Hiton Garden and Inn, Owerri and this for the Shoprite Mall.

http://resilientafrica.com/developments/

AnambraDota:
Chaiiiiiiiiii

Anam ekooooo

Owerri don't need jumping from one country to another another seeking for investors, the best thing is for the government to develop tourism and ICT and see Owerri take over.

Oil is down, serious minded governments are pushing for sustainable development, what we need is for 2 more higher institutions around Owerri, make the roads accessible and clean up the city.

Imo rich should leverage on this opportunity, Imo can't be viable as a commercial and industrial state because she inbetween Aba and Onitsha rather she leverage on what those two states lack and open up herself for massive inflow of cash.

One beautiful thing with Owerri is that those that will be fueling the economy don't have to reside here, they will always trooupe in during weekends and festive seasons.

What is required now to make Owerri take her pride of place is similar thing Enugu need to take over Eastern economy.
Invest in tourism, ICT and transportation, organize events that will always attract visitors like Mbari Festival, New Yam Festival, create Owerri City Carnival, Fashion Shows, Education Fairs, Golf Tourneys, build Cinemas and Shopping Malls...do these and watch Owerri explode

True but most people view things differently. I earlier thought Igbos were together, hence my suggestion for Enugu as a place for corporate headquaters of Igbo owned companies with highrises, Owerri headquaters of tourism and relaxation while Aba, Onitsha and Nnewi maintain their commercial and industrial status.

However your fellow Igbos from Anambra started attacking other Igbos thereby prompting every State to be independent of the other. We can no longer work in synergy as Igbos which means we will all end up as jack of all thread and master of none.

senier007:
That's Goodnews but Wailers will always criticises it after 45seconds of reading this news!

"Now I'm Four Five Seconds from "Wailing" (wildin')
And we got three more days 'til Monday (Friday)
I'm just tryna make it back home by Friday (Monday) mornin'- Rihanna 45Seconds

This further solidifies the claims of an earlier thread. Just like oil and power the Naira is appreciating.

http://www.thisdaylive.com/articles/naira-rebounds-in-parallel-market-as-banks-reject-dollar-deposits/216163/


They keep wailing as Nigeria gradually changes.

Sai Buhari!

Obinna Chima 
 The naira, which had fallen sharply in the parallel market, staged a major recovery thursday, as it appreciated to a band of N225 to N230 to a dollar, compared to N240 to the dollar at which it sold in the last few weeks. Forex dealers attributed the naira’s gain to excess supply of the greenback in the market, even as it looked like a lot of speculators would lose their shirts. THISDAY gathered from a reliable source that commercial banks that presently have dollars in excess of $1 billion in their vaults have started taking desperate measures to mitigate currency risk. In fact, the source, a bureau de change (BDC) operator, disclosed that banks have stopped accepting dollars because they have too much cash in their vaults. According to the source, as a result of the development, banks have been rejecting dollar deposits into domiciliary accounts, but customers are allowed to withdraw cash from their accounts. “The reason the banks have too much cash is due to speculation and money laundering. A lot of people have been speculating against the naira and amassed so much cash. Then there are those who have been amassing dollars obtained illicitly and want to launder the money, “So bank vaults are awash with dollars, largely driven by speculation and money laundering. The banks made it very clear that they want to get rid of the dollars in the system, so if you want to withdraw you can, but you cannot pay in dollars into your domiciliary account,” the source explained. Confirming the development, an official of the Central Bank of Nigeria (CBN) said the banks even offered the dollars to the central bank and sought its assistance to help them to wire the funds overseas, which the CBN rejected. Following the rejection, the banks were left with no option than to stop accepting dollar deposits from customers, hence the sharp depreciation of the dollar to the naira in the informal forex market. “By the time CBN refused to wire the cash abroad, the banks led by Stanbic IBTC stopped accepting cash from their customers. Stanbic IBTC sent an email two days ago to its customers that it would not accept dollar deposits for the time being and this was followed by ten other banks,” he divulged. He said the situation was compounded by CBN’s insistence that BDCs obtain the Bank Verification Numbers (BVNs) of their customers before transacting any business with them. “The central bank introduced this measure so that it can track the wire transfer BDCs carry out on behalf of their customers. That way, a money trail can be established to ensure that the funds being wired out are for legitimate transactions and not illicit transfers. “Another option available to the CBN is to give BDCs prepaid debit cards in denominations of $1,000 instead of selling them cash so that these cards could be used for legitimate transactions that are traceable,” the official explained. Also, an analyst at Ecobank Nigeria, Mr. Kunle Ezun, who spoke to THISDAY, attributed the naira’s surge to the directive by the central bank that all licensed BDCs in the country must provide the BVNs of their customers for all transactions. “I have been watching the market in the past few days and since last week’s directive by the central bank for the inclusion of BVNs as one of the requirements for accessing the interbank market, the naira has been appreciating. “As the enforcement of the BVN commences next week, I think we would see more transparency in that market. I have always said that what is driving the parallel market is speculation and that is what the CBN has always said. “So once the BDCs start complying with the BVN requirement, we might see the naira appreciate further in the parallel market,” Ezun said in a phone chat with THISDAY last night. The CBN about a fortnight ago also directed the BDCs to provide the BVN of all their directors before August 15, as failure may affect their continued participation in the forex market. It also directed that information on all transactions by customers be included in the BDC returns to the CBN. It added that for corporate customers, the BVN of a director or an authorised signatory of the entity must be provided. The CBN said the move was to ensure greater transparency in the transactions of licensed BDCs in the country.

tomakint:
Are you a programmed robot? The facts have just been painted in white before you and all you can spew is 'Wailer keep wailing..... as if you are making sense. If Buhari can not get it right in his first two months despite all his bogus promises then he may end up messing up the whole 4 years before him.

Buhari's 2 months has given us hope of Nigeria working again. Power and oil sector is already improved and we can swear that if Jonathan had the ability he could have done it to boost his chances during elections.

I always believed in Buhari right from my childhood to adulthood and I thank God for bringing him back to re-invent Nigeria.

tomdon:
While other states are owing their workers months of unpaid salaries, anambra state is increasing workers' salary. This is highly commendable. Channels tv just reported that the workers' wages have been increased by 16%.
The governor promised to keep on with the prompt payment of salaries as at when due.
The question is what are the right things done by anambra state that debtors like aregbesola of osun state and his likes need to takes home?

Previous minimum wage in Anambra was 10, 000 Naira and the 15% increase made it 11, 500 Naira which is about half of the minimum wage of other States. Anamra pays lowest in Nigeria.


FOUR years after the National Minimum Wage, NMW, of
N18.000 was signed into law, Enugu, Ebonyi, and Anambra
states and five other states have either refused to
implement it or implemented it partially.
The other states are Ekiti, Niger, Oyo, Plateau, Sokoto and
Taraba.

While Anambra, Enugu and Ebonyi states have refused to
implement at all, Niger, Plateau, Oyo, Ekiti, Taraba and
Sokoto states have partially implemented the wage.


In Anambra, it was gathered that besides N10,000 the
governor added to all the workers’ salary during a three-
week strike to force implementation, the present
government recently added 15 per cent pay rise.
This also fell short of the N18.000 NMW.


For Ebonyi, while the minimum wage was not being
implemented at all, it was gathered that what was on
ground was a home -made table imposed on the workers by
the government.


Similarly, in Enugu State, nothing has been done to
implement the wage, rather the state government dragged
the organized labour to court over the issue.
In the case of Ekiti State, while the core civil servants are
being paid the wage, workers in the local government are
yet to be paid.


Niger State government fully implemented the minimum
wage for workers in level 1-6, those in level 7 and above,
got something said to be substantial above their existing
salary.


Similarly, in Oyo State, without the involvement of state
chapter of Nigeria Labour Congress, NLC, the government
approved the payment of the wage to level 1-6 without the
consent of the Public Service Joint Negotiating Council,
PSJNC, the government was dealing with.


When PSJNC resumed negotiation for workers in level 7-17,
the government came up with N19,113.99, with a slight
difference of between N1000 and N2000 increase without
the consent of the negotiating team. It led to three weeks
strike until the intervention of well meaning citizens of the
state. It was, however, gathered that up till now, this figure
has not been implemented.


In Plateau State, implementation commenced in October
2011 for core public workers, but till date, local government
employees are receiving half of what the core civil servants
receive.

http://www.vanguardngr.com/2015/02/4-years-after-enugu-ebonyi-anambra-fail-to-implement-n18000-minimum-wage/

asha80:
hehe another hotel..well protea good sha

Hilton is equally building a new one in Owerri.

http://news.hiltonworldwide.com/index.cfm/news/new-signings-and-modular-room-see-hilton-worldwide-set-the-pace-in-africa-

However one thing I know for sure is that Buhari's Government will favour Imo State in terms of foreign investments and Government presence. Lets keep our lips sealed and watch things unfold.

IMO GOVT. PARTNERS
CHAMBER OF COMMERCE,
POLAND ON INDUSTRIAL
DEVELOPMENT


In its drive towards achieving an industrialized Imo State, Imo State government, yesterday, indicated interest to partner with Owerri Chamber of Commerce and Industry and other related agencies towards achieving its policy thrust of industrial development and massive job creation for 2015-2019 political dispensation.Imo Deputy Governor, Prince Eze Madumere made this revelation when the President and members of the Council of Owerri Chamber of Commerce and Industry and their Polish counterpart paid him a courtesy in his official residence in Owerri.

Speaking at the meeting, Imo Deputy Governor-Elect charged the umbrella body for Industrialists and those in Commerce to key into the vision of the Rescue Mission by participating actively. He also urged them to mobilize its members and others who have the capacity to utilize the window of opportunity created by Imo State government.He told his guests led by the President of Owerri Chamber of Commerce and Industry, Barr. Kevin Mbawike that Imo Rescue Mission government has made theenvironment conducive and investment friendly since there is security and other necessary government policies that are on ground to protect investors.He however revealed that the government has indicated interest to make further concessions to any serious investors in the area of business environment, taxes and other areas in so far there is sustainable motif in its investment.

To further demonstrate the seriousness of the Owelle Rochas Okorocha led Rescue Mission administration, Prince Eze Madumere directed the body to elect one of their members to join an already set up committee on Industrialization and job creation so as to have their representative while making their contributions in related areas of interest.Speaking earlier on the purpose of their visit, the President of the Owerri Chamber of Commerce and Industry, Barr. Kevin Mbawike said they are happy with the policy direction of Owelle Rochas Okorocha Rescue Mission for the next political dispensation.

While commending the the government forher monumental feat in creating a conducive environment for businesses to thrive, he said the Chamber of Commerce and Industry would want to partner with the government to helping it achieve its setgoal.He however expressed the need to continue the development of Small and Medium Sale Industry in partnership with African Development Bank and other related Agencies.He also sought governments partnership in the area of promotions by hosting Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in the nearest future so as to appreciate the creativity of Imo industrialists, which will also boost the morale of others.

In the same vein, the representative of the Polish Chamber of Commerce and Industrywho is also the Chief Executive Officer of JD International, Ife Obiudo who could not hide his excitement promised to take the good news to Poland.


Amongst some of the members of the Council who were present, some of them are Chief Orikeze Ajumbe, Chief Alan B. Onyemaech, Everest Ezihe, Chief Amadi and many others.FOR: SA (MEDIA) TO THE DEPUTY

http://www.imostateblog.com/2015/05/11/imo-govt-partners-chamber-of-commerce-poland-on-industrial-development/

Photos of the new Imo Chamber of Commerce under advanced stage of construction.

Protea Hotel under construction in Owerri.

InyinyaAgbaOku:
National problem how? Is the FG owing any state or is every state owing her workers?

Fg and every State is owing.

babajero:
1. Foreign reserve while nigerian naira is getting more valueless than cedis.

2. He is just paying part of his debt, same money that was used to campaign for him.

3. Which success before gej handed over bh was attacking only from sambisa, but immediately he handed over buhari demolished every checkpoints giving bh access into cities, they even rented houses to perpetrate their evil, what buhari planned to do is to make it seem as if gej didn't do anything about bh, then he will use the same arms procured by the same clueless one as they call him to fight the war that was almost won before hand over, so tell me who is now clueless and dumb.

4. My contribution, buhari should retain the position of minister of tourism for himself because it really suits him.

Actually Naira appreciated in June. The tremendous loss in value happened under Jonathan but could have been worse now if not for Buhari.

http://www.cenbank.org/rates/exrate.asp?year=2015&month=6

OdenigboAroli:
Obu soso Obinna ka ima?
Now,I don't know about "boasting" but proud of my homeland, I am. I don't insult anybody,hence no need to get offended. When you lots crowned Enugu the pride of Eastern Nigeria nobody stopped you but soon as Omanbalas praise their homeland you piss on yourselves.

As for your written Igbo,Nigga,I don't understand that sshit! Cure your insecurities and maybe you won't get offended over trivial matters.

Lies. Your likes attacked Enugu thread just because of that caption which is just the thread name. Nobody has attacked Anambra thread unprovoked and you keep lying to feel good.

https://www.nairaland.com/979128/enugu-pride-east/63

christinie:
Lies from the pit of hell. Political jobbers stylishly switching camps to benefit their pot bellies. GEJ is a good man with a good soul and I don't think he deserves this. Let all politicians behave themselves. You should invest your money wisely so you don't talk from the two sides of your mouth in the quest of looking for political favours.

Think twice sister. If Jonathan encouraged the Ibaka seaport or focused on linking Calabar to the rest of the country, Akwa-Ibom and even Tinapa would have been more meaningful today

https://s26.postimg.org/m7y5hxqc9/1600695_rps20140305_180706_661_jpgf6319634e6a8a5.jpg

https://s26.postimg.org/xbub592ft/oguta30.jpg

https://s26.postimg.org/a067g5o61/oguta34.jpg

https://s26.postimg.org/dsgj4eowp/oguta11.jpg

https://s26.postimg.org/d0dv57kpl/oguta1.jpg

.

Compare this one to the purported Obama billboard and realise why I knew instantly that the Obama billboard was a poorly done mischief.

Diya or Biya

On a side note, Obiano is right. It is useless building roads, schools and bridges when workers are being owed. Of what use are the infrastructure to a hungry man?

However he is equally owing workers and contractors.

chinology:
Foolish old hag, Anambra pays the standard minimum wage which is 18+. My cousins in the ministry of health in Anambra are testifying about that though they earn higher because they are working with first degrees.
[s][/s]

FOUR years after the National Minimum Wage, NMW, of
N18.000 was signed into law, Enugu, Ebonyi, and Anambra
states and five other states have either refused to
implement it or implemented it partially.
The other states are Ekiti, Niger, Oyo, Plateau, Sokoto and
Taraba.

While Anambra, Enugu and Ebonyi states have refused to
implement at all, Niger, Plateau, Oyo, Ekiti, Taraba and
Sokoto states have partially implemented the wage.


In Anambra, it was gathered that besides N10,000 the
governor added to all the workers’ salary during a three-
week strike to force implementation, the present
government recently added 15 per cent pay rise.
This also fell short of the N18.000 NMW.


For Ebonyi, while the minimum wage was not being
implemented at all, it was gathered that what was on
ground was a home -made table imposed on the workers by
the government.


Similarly, in Enugu State, nothing has been done to
implement the wage, rather the state government dragged
the organized labour to court over the issue.
In the case of Ekiti State, while the core civil servants are
being paid the wage, workers in the local government are
yet to be paid.


Niger State government fully implemented the minimum
wage for workers in level 1-6, those in level 7 and above,
got something said to be substantial above their existing
salary.


Similarly, in Oyo State, without the involvement of state
chapter of Nigeria Labour Congress, NLC, the government
approved the payment of the wage to level 1-6 without the
consent of the Public Service Joint Negotiating Council,
PSJNC, the government was dealing with.


When PSJNC resumed negotiation for workers in level 7-17,
the government came up with N19,113.99, with a slight
difference of between N1000 and N2000 increase without
the consent of the negotiating team. It led to three weeks
strike until the intervention of well meaning citizens of the
state. It was, however, gathered that up till now, this figure
has not been implemented.


In Plateau State, implementation commenced in October
2011 for core public workers, but till date, local government
employees are receiving half of what the core civil servants
receive.

http://www.vanguardngr.com/2015/02/4-years-after-enugu-ebonyi-anambra-fail-to-implement-n18000-minimum-wage/

chinology:
Bitter fool, where in this country does any state pay below 18k as minimum wage? LOL

Bloody i.diot go and ask the useless okorocha to pay over 11 months salary arrears. Start facing reality for once clown.

Imo state is officially bankrupt and grounded..deal with it. LOL



[s][/s]

Anambra pays the least in Nigeria.

His State minimum wage is 11,500 raised from 10, 000 Naira minimum wage he inherited from Obi. He should pay 20, 000 minimum 1st before making public comments. Meanwhile workers are owed 43 months arrears in his State.

The question remains

1) How many months are civil servants owed?

2) Is Imo the only State owing workers?

3) Was there an agreement earlier reached which the Governor failed to honor?

At least in Rivers State workers are owed 4months while in other States it varies.

KingKonga:
to a very large extent this okorocha man has changed for bad.,. cant pay salary but na to carry banner of him shaking hands with obama go post for imo

Sore loser. Imo probably owes the least but they started with lies and are trying to justify the lies. What happens next might lead to complete domination of civil service by some sections of the State.

slap1:
Yes. One is a family member. Then my aunt was paid half salary.

Be sincere and tell Nairalanders how many months they are owed. I learnt July will make it 3rd month but the Governor wants to pay May and half of June. If that is true, then it means civil servants were not owed before election or it was probably 1month then.

asha80:
not sure the people this public water supply is catering for because for sometime now residents of owerri have gradually gravitated towards borehole

Not just Owerri but Nigeria. We have almost forgotten public tap ever existed. Anyway with 30k you can get borehole anywhere in Owerri or Port Harcourt.

http://www.ngrguardiannews.com/2015/07/hoodlums-vandalise-800-kva-imo-water-pumping-equipment/


July 29, 2015 


Hoodlums vandalise 800-KVA Imo water
pumping equipment


By Charles Ogugbuaja, Owerri


UNIDENTIFIED hoodlums have made their way into the gigantic water head station in Otamiri, new Owerri
Capital Territory of Imo State, vandalising the gigantic 800-KVA water generating set. They carted away
vital items and left the water consumers to experience water shortage in the state capital.
Expressing displeasure over the ugly act, the state
government has has set up a four-man panel to unravel
those involved.


Expressing disgust at the weekend in Owerri while on
inspection of the vandalised facility, the Permanent
Secretary in the Ministry of Public Utilities and Public
Safety, Chinedu Ajoku, an engineer, gave the panel one
week to report their findings to the state government,
adding that those found to be involved in the vandalisation
would be made to face the wrath of the law.


He noted that Governor Rochas Okorocha, had dissolved all
the boards of parastatals in the state and the two agencies
owned by the state government: Imo Water Corporation and
Imo State Water Development Agency (IWADA). In the
interim, Messers Z. N. Ibekwe and Ogunsoya Bimbola,
would now head the two agencies as General Managers
until new board members are appointed.

ahaz:
op port Harcourt was under owere province like wise umuahia aba, orlu abakaleke afikpo ND okigwe. So that does not mean it's an owerri land. It's a colonial arrangement. But it's an exact prove that pH is an igbo territory for those toddlers who argue according to their ages. Am an ikwere man.

Where in Ikwerre are you from?