₦airaland Forum

The CBN is working to promote a cashless culture.

The Excess Crude Account is an innovative facility to prepare for the rainy day. Perhaps the National Assembly should do all it needs to do to legalize it.

This is a great initiative

This is not true in any way

This is mostly thanks to the CBN-backed Anchor Borrowers Programme

The economic recovery is strengthening. Even the Morgan Stanleys of this world are now aligning with the CBN's policies.

Infinitisi:
Good afternoon,
MSCI retains Nigeria in the frontier index on improved FX liquidity - Late yesterday, Morgan Stanley Capital International (MSCI) announced that Nigeria stocks will remain part of its frontier index and are no longer under review for a possible demotion to a standalone status given improved FX liquidity in the Nigeria market. For context, MSCI had previously announced in June 2016 that it was considering Nigeria for a possible downgrade to stand-alone status, highlighting deteriorating FX liquidity as well as FX restrictions as key concerns. This development led to a massive outflow of capital from the Nigeria equities market - Market capitalization declined by 17.14%. Until now, the decision whether or not to retain Nigeria in its Frontier Market Index has been a recurring theme in the Nigerian equity market space among both local and foreign institutional investors. The Central Bank of Nigeria (CBN) in April, 2017 established the "Investors and Exporters (IE) window" that allowed for FX transactions at market determined rates in a bid to ease the concerns of foreign investors. Consequently, the MSCI decision on whether to retain Nigeria in its Frontier market indexes in June, 2017, was postponed to ascertain the effectiveness of the IE window. Unequivocally, the MSCI's decision to retain Nigeria in the Frontier index reflects the success and effectiveness of the IE window.
Positives hovering on the horizon - Sequel to the implementation of the window, foreign sentiments improved significantly towards Nigerian equities. Despite the uptick in foreign interest, a handful of foreign fund managers waited on the side-lines in anticipation of the final MSCI announcement. We believe this potential demand from these foreign investors as well as tactical local market participants will spur positive sentiments in the short term. With the reassurance that investors can complete their transactions at a market determined exchange rate, we expect to see further influx of capital into the equities market. Currently, foreign portfolio managers tracking the MSCI Frontier Market index allocates weights varying from 3.98% to 4.99% compared to the 7.96% benchmark weight of the MSCI frontier index. This implies that these fund managers are still significantly underweight. Thus, we expect underweighted fund managers to rebalance their portfolios in favour of the Nigeria market. This will consequently improve sentiments and demand for Nigerian equities.

Here's a link to information on how to participat in the CBN-backed Anchor Borrowers Programme. I can assure you that writing a letter to the Minister for Agriculture is not listed as one of the requirements.

We should learn to do things the right way.

https://www.cbn.gov.ng/out/2017/dfd/anchor%20borrowers%20programme%20guidelines%20-dec%20%202016.pdf

I think saying the CBN-backed Anchor Borrowers Programme is propaganda is dishonest politics. I know many who have benefited from the programme. I think the way people can participate in the programme was clearly communicated to all farmers across the country. It doesn't involve writing a letter to a Minister or to anyone in government for that matter. I think it's not fair to try to peddle influence when the simple steps to take in order to benefit from government programmes like every Nigerian is well spelt out.

It's all coming together now. Food inflation is dropping even further, the reserves are building, with rising oil prices the economic outlook is generally positive. So positive that the CBN is targeting a far lower inflation rate by early next year.

The general economic outlook until 2018 is brightening even more to the point that the CBN expects positive growth and single digit inflation by then.

With the reserves growing consistently on the watch of the current CBN management, we can be sure that the economic recovery is being solidified. A lot is coming together now to deliver economic gains. A bag of rice is now under 17,000. Who would have thought this possible at the peak of the recession only a short while ago?

The Central Bank has come a long way. Like they say, Soulja go Soulja come, barracks remain.

uzomagic:
G. D. Paton Report

The period 1892 - 1952, there was an enquiry by the then colonial administration to investigate banking practice in Nigeria. The G. D. Paton Report which emanated from the enquiry was the basis for the first Banking Ordinance of 1952. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. A draft legislation for the establishment of Central Bank of Nigeria was presented to the House of Representatives in March, 1958. The Act was fully implemented on 1 July, 1959 when the Central Bank of Nigeria came into full operations.

Central Bank Act, 1958

The Central Bank Act, 1958 (as amended) and the Banking Decree 1969 (as amended) constituted the legal framework within which the CBN operates and regulates banks. The wide range of economic liberalization and deregulation measures following the adoption, in 1986, of a Structural Adjustment Programme (SAP) resulted in the emergence of more banks and other financial intermediaries. The Banks and Other Financial Institutions (BOFI) Decrees 24 and 25 of 1991, which repealed the Banking Decree 1969 and all its amendments, were, therefore, enacted to strengthen and extend the powers of CBN to cover the new institutions in order to enhance the effectiveness of monetary policy, regulation and supervision of banks as well as non-banking financial institutions. Unfortunately in 1997, the Federal Government of Nigeria enacted the CBN (Amendment Decree No. 3 and BOFI (Amended)] Decree No. 4 in 1997 to remove completely the limited autonomy which the Bank enjoyed since 1991.

The 1997 amendments

The 1997 amendments brought the CBN back under the supervision of the Ministry of Finance. The Decree made CBN directly responsible to the Minister of Finance with respect to the supervision and control of bank and other financial institutions, while extending the supervisory role of the bank to other specialised Banks and Financial Institutions. The amendment placed enormous powers on the Ministry of Finance while leaving the CBN with a subjugated role in the monitoring of the financial institutions with little room for the Bank to exercise discretionary powers.

The 1998 amendments

The CBN (Amendment) Decree No. 37 of 1998 which repealed the CBN (Amended) Decree No. 3 of 1997. The Decree provided a measure of operational autonomy for the CBN to carry out its traditional functions and enhances its versatility.

The CBN Act, 2007

The current legal framework within which the CBN operates is the CBN Act of 2007 which repealed the CBN Act of 1991 and all its amendments. The Act provides that the CBN shall be a fully autonomous body in the discharge of its functions under the Act and the Banks and Other Financial Institutions Act with the objective of promoting stability and continuity in economic management. In line with this, the Act widened the objects of the CBN to include ensuring monetary and price stability as well as rendering economic advice to the Federal Government.

The BOFI (Amendment) Decree, 1998

Furthermore, the regulatory powers of the CBN were strengthened by the Banks and other Financial Institutions (Amendment) Decree No. 38 of 1998 which repealed BOFI (Amendments) Decree No. 4 of 1997. Through the amendments, the CBN may vary or revoke any condition subject to which a license was granted or may impose fresh or additional condition to the granting of a license to transact banking business in the country.

By the Decree, the CBN's powers on banks, specifically those relating to withdrawal of licenses of distressed banks and appointment of liquidators of these banks, including the NDIC was restored.

The 1999 amendment

The BOFI (Amendment) Decree No. 40 of 1999 makes the provisions relating to failing banks applicable to other financial institution. It also empowers the Governor of the CBN to remove any manager or officer of a failing bank or other financial institution.

The Money and Capital markets

The CBN has also taken responsibility for nurturing the money and capital markets. In furtherance of this, the CBN introduced treasury bills in 1960, treasury certificate in 1968, and facilitated the establishment of Lagos Stock Exchange in 1961 and the capital issue committee now known as the Securities & Exchange Committee in the early 1970s.

G. D. Paton Report

The period 1892 - 1952, there was an enquiry by the then colonial administration to investigate banking practice in Nigeria. The G. D. Paton Report which emanated from the enquiry was the basis for the first Banking Ordinance of 1952. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. A draft legislation for the establishment of Central Bank of Nigeria was presented to the House of Representatives in March, 1958. The Act was fully implemented on 1 July, 1959 when the Central Bank of Nigeria came into full operations.

Central Bank Act, 1958

The Central Bank Act, 1958 (as amended) and the Banking Decree 1969 (as amended) constituted the legal framework within which the CBN operates and regulates banks. The wide range of economic liberalization and deregulation measures following the adoption, in 1986, of a Structural Adjustment Programme (SAP) resulted in the emergence of more banks and other financial intermediaries. The Banks and Other Financial Institutions (BOFI) Decrees 24 and 25 of 1991, which repealed the Banking Decree 1969 and all its amendments, were, therefore, enacted to strengthen and extend the powers of CBN to cover the new institutions in order to enhance the effectiveness of monetary policy, regulation and supervision of banks as well as non-banking financial institutions. Unfortunately in 1997, the Federal Government of Nigeria enacted the CBN (Amendment Decree No. 3 and BOFI (Amended)] Decree No. 4 in 1997 to remove completely the limited autonomy which the Bank enjoyed since 1991.

The 1997 amendments

The 1997 amendments brought the CBN back under the supervision of the Ministry of Finance. The Decree made CBN directly responsible to the Minister of Finance with respect to the supervision and control of bank and other financial institutions, while extending the supervisory role of the bank to other specialised Banks and Financial Institutions. The amendment placed enormous powers on the Ministry of Finance while leaving the CBN with a subjugated role in the monitoring of the financial institutions with little room for the Bank to exercise discretionary powers.

The 1998 amendments

The CBN (Amendment) Decree No. 37 of 1998 which repealed the CBN (Amended) Decree No. 3 of 1997. The Decree provided a measure of operational autonomy for the CBN to carry out its traditional functions and enhances its versatility.

The CBN Act, 2007

The current legal framework within which the CBN operates is the CBN Act of 2007 which repealed the CBN Act of 1991 and all its amendments. The Act provides that the CBN shall be a fully autonomous body in the discharge of its functions under the Act and the Banks and Other Financial Institutions Act with the objective of promoting stability and continuity in economic management. In line with this, the Act widened the objects of the CBN to include ensuring monetary and price stability as well as rendering economic advice to the Federal Government.

The BOFI (Amendment) Decree, 1998

Furthermore, the regulatory powers of the CBN were strengthened by the Banks and other Financial Institutions (Amendment) Decree No. 38 of 1998 which repealed BOFI (Amendments) Decree No. 4 of 1997. Through the amendments, the CBN may vary or revoke any condition subject to which a license was granted or may impose fresh or additional condition to the granting of a license to transact banking business in the country.

By the Decree, the CBN's powers on banks, specifically those relating to withdrawal of licenses of distressed banks and appointment of liquidators of these banks, including the NDIC was restored.

The 1999 amendment

The BOFI (Amendment) Decree No. 40 of 1999 makes the provisions relating to failing banks applicable to other financial institution. It also empowers the Governor of the CBN to remove any manager or officer of a failing bank or other financial institution.

The Money and Capital markets

The CBN has also taken responsibility for nurturing the money and capital markets. In furtherance of this, the CBN introduced treasury bills in 1960, treasury certificate in 1968, and facilitated the establishment of Lagos Stock Exchange in 1961 and the capital issue committee now known as the Securities & Exchange Committee in the early 1970s.

G. D. Paton Report

The period 1892 - 1952, there was an enquiry by the then colonial administration to investigate banking practice in Nigeria. The G. D. Paton Report which emanated from the enquiry was the basis for the first Banking Ordinance of 1952. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. A draft legislation for the establishment of Central Bank of Nigeria was presented to the House of Representatives in March, 1958. The Act was fully implemented on 1 July, 1959 when the Central Bank of Nigeria came into full operations.

Central Bank Act, 1958

The Central Bank Act, 1958 (as amended) and the Banking Decree 1969 (as amended) constituted the legal framework within which the CBN operates and regulates banks. The wide range of economic liberalization and deregulation measures following the adoption, in 1986, of a Structural Adjustment Programme (SAP) resulted in the emergence of more banks and other financial intermediaries. The Banks and Other Financial Institutions (BOFI) Decrees 24 and 25 of 1991, which repealed the Banking Decree 1969 and all its amendments, were, therefore, enacted to strengthen and extend the powers of CBN to cover the new institutions in order to enhance the effectiveness of monetary policy, regulation and supervision of banks as well as non-banking financial institutions. Unfortunately in 1997, the Federal Government of Nigeria enacted the CBN (Amendment Decree No. 3 and BOFI (Amended)] Decree No. 4 in 1997 to remove completely the limited autonomy which the Bank enjoyed since 1991.

The 1997 amendments

The 1997 amendments brought the CBN back under the supervision of the Ministry of Finance. The Decree made CBN directly responsible to the Minister of Finance with respect to the supervision and control of bank and other financial institutions, while extending the supervisory role of the bank to other specialised Banks and Financial Institutions. The amendment placed enormous powers on the Ministry of Finance while leaving the CBN with a subjugated role in the monitoring of the financial institutions with little room for the Bank to exercise discretionary powers.

The 1998 amendments

The CBN (Amendment) Decree No. 37 of 1998 which repealed the CBN (Amended) Decree No. 3 of 1997. The Decree provided a measure of operational autonomy for the CBN to carry out its traditional functions and enhances its versatility.

The CBN Act, 2007

The current legal framework within which the CBN operates is the CBN Act of 2007 which repealed the CBN Act of 1991 and all its amendments. The Act provides that the CBN shall be a fully autonomous body in the discharge of its functions under the Act and the Banks and Other Financial Institutions Act with the objective of promoting stability and continuity in economic management. In line with this, the Act widened the objects of the CBN to include ensuring monetary and price stability as well as rendering economic advice to the Federal Government.

The BOFI (Amendment) Decree, 1998

Furthermore, the regulatory powers of the CBN were strengthened by the Banks and other Financial Institutions (Amendment) Decree No. 38 of 1998 which repealed BOFI (Amendments) Decree No. 4 of 1997. Through the amendments, the CBN may vary or revoke any condition subject to which a license was granted or may impose fresh or additional condition to the granting of a license to transact banking business in the country.

By the Decree, the CBN's powers on banks, specifically those relating to withdrawal of licenses of distressed banks and appointment of liquidators of these banks, including the NDIC was restored.

The 1999 amendment

The BOFI (Amendment) Decree No. 40 of 1999 makes the provisions relating to failing banks applicable to other financial institution. It also empowers the Governor of the CBN to remove any manager or officer of a failing bank or other financial institution.

The Money and Capital markets

The CBN has also taken responsibility for nurturing the money and capital markets. In furtherance of this, the CBN introduced treasury bills in 1960, treasury certificate in 1968, and facilitated the establishment of Lagos Stock Exchange in 1961 and the capital issue committee now known as the Securities & Exchange Committee in the early 1970s.

Guys, you can always complain to the CBN if you suspect there is something fishy going on within your bank. Here's a step by step guide to making a complaint that I found on the CBN website.

I think you will find it helpful.

Just so you know, the CBN comes down hard on banks that try to shortchange their customers.

elog:
I have been facing this problem too in benin, I've only been able to buy from primary market. I suggest you check out first bank office in ring road.

This shows once again the vital role the CBN has played in the economic recovery.

I am hoping that positive acknowledgements like this will get the naysayers to calm down.

So all these agencies exist?

Why do we not hear about their work?

uzomagic:
Lol! My belle oh! Funny guy.

CPC is Consumer Protection Council. You can contact CPC if you feel cheated in a transaction.

If you get poor service in a government office, you need to contact another organization called Servicom. There is often a Servicom unit in Government parastatals.

Attached is an image I found from their Facebook Page

Lol! My belle oh! Funny guy.

CPC is Consumer Protection Council. You can contact CPC if you feel cheated in a transaction.

If you get poor service in a government office, you need to contact another organization called Servicom. There is often a Servicom unit in Government parastatals.

Attached is an image I found from their Facebook Page

Naijastatesman9:
Which one be CPC again? CPC no be Buhari former political party?

Here's another story. This time it's Etisalat AKA 9Mobile.


9Mobile nearly ruined my relationship. Last week my girlfriend tried to call me after I travelled to my village. We were having a little misunderstanding before my trip. So she thought I would break up with her once I arrived at my village like I did the last time. But I wasn't nursing that sort of plan. I was upset with her. But I didn't plan to break up.

When I arrived at my village, I met very poor electricity supply so my phone was switched off most of the time. I switched on my phone one morning and saw a message from my girlfriend accusing me of ignoring her calls. I called her and asked her to explain the text. She told she had called repeatedly the previous day and the phone rang but I refused to pick. I tried to explain to her that my phone was switched off the whole time and so couldn't have rang. She started crying and refused to be consoled. She called my cousin to tell him that I ignored her calls because I was cheating on her in my village. It was my cousin who saved the day. He told her that 9Mobile has a network problem that makes phones appear to be ringing to the caller when in fact the phone was switched off. My cousin was the hero and 9Mobile the villain in that tale.

We are getting married next month. 9Mobile is not invited .

N10,000? I could sing a song for that > But my own experience is poor service from the body at the centre of the $25 scandal

My Poor Customer Service Experience with the NNPC

#cswsng

This year, I had a terrible service experience with NNPC.

A friend wanted me to get Nigeria's monthly Oil production data for 2016 I went to the NNPC website and found that the production figures for April 2016 had been repeated in the May report. I called some numbers on the website repeatedly but never got through to make a complain. So I called someone I know who works at the NNPC to tell him about the embarrassing problem. He promised to tell the people in charge about it, promising that it must have been human error. But two weeks after, the people in charge of the figures did not make the correction. My NNPC contact gave up in frustration, noting that: 'my brother, you know say na government work. Na so dem dey do here.

I was bitterly disappointed. I expected the NNPC to be different.

#cswsng #I_Dey_Vex

Yesterday,GTBank mailed me to say that their platform will be down for 1 hour for maintenance. Brethren, na so 1 hour turn to 10 hours.

Someone I was supposed to send money to called me endlessly despite my explanation of the situation. In the end, I was really stressed out, thanks to GTBank.

GTBank should be given a Poor Performance Award during Customer Service Week 2017. I so move! Any Seconder?

My Poor Customer Service Experience with the NNPC

#cswsng

This year, I had a terrible service experience with NNPC.

A friend wanted me to get Nigeria monthly Oil production data for 2016 I went to the NNPC website and found that the production figures for April 2016 had been repeated in the May report. I called some numbers on the website repeatedly but never got through to make a complain. So I called someone I know who works at the NNPC to tell him about the embarrassing problem. He promised to tell the people in charge about it, promising that it must have been human error. But two weeks after, the people in charge of the figures did not make the correction. My NNPC contact gave up in frustration, noting that: 'my brother, you know say na government work. Na so dem dey do here.

I was bitterly disappointed. I expected the NNPC to be different.

greatiyk4u:
PDP will surely live to regret sponsoring this Kanu of a guy...................



How can this no profiled loquacious homo sapien called Nnamdi just render some "averagely and hardly working hard" igbo youths lazy and useless by cajoling them to abandon their. Businesses and attending your daily agitation rally?



I never knew some Igbo adult can be this daft even in the face of tribulation, hunger, temptation, poverty et.al

There are stupid people in this world.
But you have surpassed them all.

sayentease:
Boy.. When your people go start to dey reap the fruits of their labour..?

Garri frying nor be show of humility given your achievement.. It's a show of shame and stingyness..


You go buy $20k Rolex for your babe con dey allow your mama dey fry garri..


I just weak

You're a bitter, angry hater.

iykekelvins:
We all remember the funny things we used to do as a child. Let me take you down the memory lane.


1. Follow Our Parents Out Whenever They're Leaving For Work:- This one was very common then, your dad is about to go to work and you're crying, telling him you want to go with him. The only remedy for this is for him to take you out and buy you biscuits and sweets, before you can let him go, Lol.


2. Poo Wherever Possible:- My mum told me one time, that my little sister used to go to our Dad's shoe rack to pick a shoe and take a dump. I'm sure we might have similar experiences.


3. Think The Moon Is Following You Around At Night:- I remember going out at night as a little kid, and I'll look up to the moon while walking down. Thinking the moon is following me, I'd start running down, while still looking up and see that the moon is following me. We didn't know the moon was on its own jeje.


4. Cry When Getting A Haircut:- This was common with boys. Our very first time of getting a haircut is always a disaster. Your mom would have to lap you, your​ elder siblings would have to hold your hands, and the barber would also try to hold down your head, cus you would be resisting.



5. Believed That Once We Act Dead and An Angel Passes us, We would really die:- My sister and I used to play a lot. So one time I fell on the floor and played dead, her words were “I pity you, when angel will pass you now". If you see the speed I used to get​ up ehn! Who wants to die??


So that's it guys, feel free to add yours too.

Cc lalasticlala

Source: http://iykekelvins..com/2017/06/five-things-you-did-as-child.html

Speak for yourself boy!
I didn't do any of such sh*t!

fiizznation:
This VP is too petty for my liking. Who goes to a densely populated market and allowed himself to be almost mopped by some women? In Nigeria where there is serious security challenges, you as the acting president is roaming around in a place were a sniper can easily snipped you out even before the blink of an eye, and maybe put the nation in chaos by your silly act.

Osibanjo is classless and too petty for my liking. Just look at the foolishness he did last week, making one inconsequential miscreant that called himself a freedom fighter feel a little important by giving some useless reasons of why he(the miscreant) wasn't invited to a dialouge meeting.

You don't have to appear too petty just because you want people to like you. And no, I don't dislike osinbanjo, but is just that his pettiness turns me off.

You really need to drink water.

Chiefpriest1:
Lol. But Ese doesn't look, talk like somebody who's dumb.

She probably had a mental block or something. She's a likeable person.

She is very dumb, dull and daft at the same time.

braine:
Bloody cultist.

Can you see the two "cultists" in this photo?
Go and get them.

yuncka:
Yes oo, My beloved President. Continue training and working out because dat will come handy in fanning and running errands for senior inmates in Kirikiri.

You are obviously a clown.

iamrealdeji:
You don't know what it takes to be a General,he has done much more than this and more than any exercise GEJ will ever do

The rigours of running the Presidency are more intense than Buhari's geriatric frame and mind can carry. It doesn't matter what he has done in the past. He simply is not fit for the office. At 73, (even though certain evidence suggests that he's considerably older), he obviously is not at the peak of his physical or mental powers as diminishing returns have long set in.
Let us let go of the past and #JogForwardwithGEJ2015

GeneralBosco:
Even if Fayose was rigged into power you'll still vote PDP
Even if 'Mrs'. Alamaseigha, a convict, was given state pardon and is now contesting for Senate, you'll still vote PDP.
Even if Buhari becomes President, fools like you might never get sense.

Point could as well have been made without calling anyone a fool. God bless you.

Mr OP, Please where are the designated centers?