CBN Opens Special FX Window for SMEs, Traders Obinna Chima As the demand for foreign exchange continues unabated in the parallel market segment of the forex market, the Central Bank of Nigeria (CBN) yesterday unfolded yet another policy measure, stating that it has opened a special forex window for small and medium
scale enterprises (SMEs). This, according to the central bank, would enable small and medium-sized businesses import eligible finished and semi-finished items, not exceeding $20,000 per operator each quarter.
CBN spokesman, Mr. Isaac Okorafor explained in a statement that the Bank’s special intervention was necessitated by findings that a large number of SMEs were being crowded out of the forex space by large firms.
He did not add that the crowding out has forced several of such businesses to turn to the parallel market to meet their forex requirements, effectively increasing demand for the greenback on the streets.
According to him, under the special arrangement, enterprises with employee strengths of between 10 to 199 and an asset base of between N5 million to less than N500 million will be offered the opportunity to
Fowler: FIRS Collected N3.03tn Tax in 2016... Page 41
import eligible items within the approved threshold. Okorafor further disclosed that the central bank had begun the massive sale of forex in different sectors of the market this week. The CBN also continued its intervention in the forex Continued on page 9
Tuesday 11 April, 2017 Vol 22. No 8027. Price: N250
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Top NNPC Officials Recommended for Retirement over Products Expropriation Probe c’ttee yet to submit report, says corporation Oil prices rise on Libyan field closure, Syrian attacks Ejiofor Alike with agency report
WORTHY RECOGNITION FOR HONESTY
L-R: Bauchi State Governor, Mohammed Abdullahi Abubakar; Deputy Senate President, Senator Ike Ekweremadu; GMD/CEO, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka; UBA CEO awardee, Mr. Ibrahim Ogbonago; Group Chairman, UBA Plc, Mr. Tony Elumelu; Adamawa State Governor, Bindow Jibrilla; and Directors of UBA Plc, Mrs. Onari Duke and Alhaji Ja’afaru Paki, during the presentation of the UBA CEO Award for Excellence to Mr. Ogbonago, a UBA security guard who returned the lost sum of $10,000 belonging to a customer, at the UBA 2017 CEO Awards ceremony held in Lagos… weekend
There are strong indications that the committee set up by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru to evaluate the roles played by some of the corporation’s officials in the illegal product evacuation from Capital Oil & Gas Limited may Continued on page 9
Trump to Sell 12 Attack Planes to Nigeria for Boko Haram Fight Sale initiated by Obama administration, put on hold after Rann accidental bombing
Davidson Iriekpen with agency report In line with U.S. President Donald Trump’s pledge to assist the Nigerian government in its fight against terrorism, his administration has
indicated that it will move forward with the sale of high-tech aircraft to Nigeria for its campaign against Boko Haram Islamic extremists.
During Trump’s phone call to President Muhammadu Buhari shortly after the U.S. president was sworn-in last January, he had pledged to
sell attack aircraft to Nigeria, despite concerns over abuses committed by the country’s security forces. According to U.S. officials,
Congress is expected to receive formal notification within weeks, setting in motion a deal with Nigeria that the Obama administration had planned
Ex-first Lady Patience Jonathan Sighted at Skye Bank in Abuja... Page 41
to approve at the very end of Barack Obama’s presidency, reported Associated Press (AP) yesterday. The arrangement will call for Nigeria to purchase up to 12 Continued on page 9