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The Central Bank of Nigeria (CBN), Mr Godwin Emefiele has announced that the new CBN policy to improve the Diaspora remittances into the country takes effect today, Dec. 4. Emefiele made this in his remarks on “Improving remittance Inflows into Nigeria ” obtained from the apex bank’s official website. He said that policy measures were designed to boost and facilitate an efficient flow of remittances sent home by Nigerians in the Diaspora. “In an effort to liberalise, simplify and improve the receipt and administration of the Diaspora remittances into Nigeria, CBN wishes to announce as follows: “Beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (U.S. dollars) through the designated bank of their choice. Such recipients of remittances may have the option of receiving these funds in foreign currency cash (U.S. dollars) or into their ordinary domiciliary accounts. “These changes are necess...

In an apparent move to boost dollar supply into the economy, the Central Bank of Nigeria (CBN) yesterday introduced new rules that allow beneficiaries of diaspora remittance and transfers into domiciliary accounts to receive their money in foreign currency. Previously, beneficiaries of diaspora remittance can only receive in cash the naira equivalent of the amount transferred. Also foreign currency cash withdrawal from domiciliary accounts was restricted to money paid into such accounts by cash lodgements. Announcing the policy change yesterday, CBN’s Director, Trade and Exchange Department, Dr. O Nnaji, said the new rules were to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria, as well as to ensure the stability of the foreign exchange market. He said the removal was also consequent on the improved capabilities of the apex bank to monitor transactions, forestall money laundering and prevent the adverse effect of dollarization in th...

Though what the Federal Government offered striking members of the Academic Staff Union of Universities, ASUU, fell beyond the lecturers’ expectations, they agreed to suspend their eight months industrial action because of the economic situation in the country and pressures from some stakehoders. The decision was not based on the negotiating ability of the government team which the union has not been comfortable with, checks by Vanguardhave revealed. As ASUU and FG teams met penultimate Friday, the National Bureau of Statistics announced that Nigeria had gone into another round of economic recession, as the Gross Domestic Products, GDP, shrank for the second consecutive quarter. The fact was corroborated by the World Bank which described the recession as the worst in over 30 years. A leader of ASUU, who spoke to our correspondent in confidence, said if the union was to consider government’s handling of the issue, the strike could go on for a very long time. “Though the government trie...

The World Bank on Friday announced the appointment of Cyndo Obre as the new International Finance Corporation (IFC) representative in Benin. A national of Côte d’Ivoire, Mr Obre holds a Master’s degree in International Finance and Business from the Institut Supérieur du Commerce de Paris. As country manager, he will work closely with IFC’s regional representation based in Accra, Ghana, and with the World Bank and MIGA teams. He will coordinate the increase of IFC’s interventions in Benin, particularly in key sectors such as access to finance for SMEs, infrastructure and value chains in the agricultural sector. In Benin, the new director’s most immediate priority will be the implementation of IFC’s COVID-19 response, according to an official statement. With a strong background in investment project structuring and IPP project development, Mr Obre also has transaction expertise covering a wide range of sectors, including industry, agribusiness, financial institutions, health, real estat...

To address infrastructural challenges at the University of Nigeria, Nsukka (UNN), Anambra State, former Governor Peter Obi has launched a N5 billion development fund for the institution. It was at the university’s 60th Founders’ Day where he was the guest lecturer. Obi decried the pace of development at the university, stating its alumni had done very little or nothing to help their alma mater. He said the fund-raiser would run for five years with a target of N1 billion yearly from the alumni from next year. “If about 10,000 alumni of the university can come together and make annual contribution of N100,000 each, we should be able to raise N1 billion yearly to help our alma mater,” he said. Obi, who promised to pay two per cent of annual fund mobilisation, said he would make funds available to the university to furnish the office apartment where the fund drive would be coordinated. “I will be fully involved and will supervise activities of the office,” he promised. The Vice-Chance...

Dr. Thomas W. Ikubese Former Presidential Aspirant, Dr Thomas-Wilson Ikubese, has written President Muhammadu Buhari, suggesting 10 solutions to the ongoing protest by Nigerian youths against police brutality, tagged, #EndSARS. Dr. Ikubese, in the letter, also alerted the president of what he described as a looming danger if the demands of the protesters are not met. Dr. Ikubese, who is also the Convener, YesWeFit Revolutionary Movement, however, urged the president to take expedient action in meeting the demands by the youths as well as many other solutions he suggested. The statement reads thus: President Muhammadu Buhari Presidential Complex, Aso Rock Presidential Villa, Abuja, Nigeria. “Dear President (Muhammadu Buhari) 10 THINGS YOU MUST DO URGENTLY! Your Excellency, permit me to skip felicitations, as happenings around Nigeria at the moment does not call for such. I consider it expedient to write you this open letter in order to avoid the looming disaster that may alter your pla...

After two days of cautious trading, the nation’s bourse on Friday recorded N164 billion growth following renewed investors interest. Specifically, the market capitalisation which opened at N14.815 trillion rose by N164 billion or 1.11 per cent to close at N14.979 trillion. Also, the All-Share Index rose by 315.41 points or 1.11 per cent to close at 28,659.45, from 28,344.04 on Thursday. Total led the gainers’ table growing by N10.20 to close at N112.20 per share. Presco followed with N5.40 to close at N65.90, while Zenith Bank garnered N1.55 to close at N21.55 per share. NASCO gained 90k to close at N13, while Guaranty Trust Bank added 85k to close at N30.35 per share. On the other hand, Eterna topped the losers’ chart, dropping 39k to close at N4.90 per share. Cutix trailed with 18k to close at N1.62, e Transact also dipped 18k to close at N1.73 per share. Fidson Healthcare was down by 6k to close at N3.50, Red Star Express lost 5k to close at N3.25 per share. In the same vein, the v...