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CBN, Heritage Bank, NYSC disburse N774M to 310 YIEDP Beneficiaries

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The Central Bank of Nigeria (CBN), Heritage Bank Plc, Nigeria’s most innovative banking services provider and The National Youth Service Corps (NYSC) have disbursed a whooping sum of N774million to 310 beneficiaries under the Youth Innovative Entrepreneurship Development Programme (YIEDP).

Speaking at the flag-off ceremony for the disbursement of funds to young entrepreneurs under the YIEDP, on Thursday, the CBN Governor, Mr. Godwin Emefiele, commended Heritage Bank for its painstaking effort to buy into the vision of job creation and piloting the programme to a successful stage.

The governor, who was represented by the Deputy Governor, Corporate Services, Alhaji Suleiman Barau, said the CBN in partnership with Heritage Bank and NYSC instituted the programme to reduce the alarming rate of unemployment affecting over 16 million unemployed youths in Nigeria, adding that the access to credit via this platform would be a powerful instrument to grow businesses and the economy.

He noted that the YIEDP was part of the plan by the CBN and the Federal Government to create over one million direct jobs by 2020.

Emefiele, who affirmed that the programme would have a multiplier effect on job creation and economy, urged all the beneficiaries to make judicious use of the fund.

He added that the YIEDP has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance for young entrepreneurs.

He also assured the business community that the CBN would continue to provide enabling environment, devise ways and means to grow the real sector towards a self-reliant economy.

Speaking in the same vein, Managing Director, Heritage Bank Plc, Mr. Ifie Sekibo, stated that the beneficiaries would get the fund as soon as certain concerns raised by the beneficiaries regarding the conditions for the loans are addressed.

According to Sekibo, who was represented by Group Executive Director, Lagos /South-West Corporate and Banking of Heritage Bank, Mrs. Mary Akpobome, a proper process of disbursement would be done to the benefit and happiness of all parties.

He said, “They will get the money as soon as all those issues they raised are addressed. The money is available. They have been disbursed. CBN has disbursed to the bans. It is now about sorting out whatever the challenges are, and then the funds are now made available.” Read more

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Entertainment

BVN registration deadline extended to Oct. 31, 2015

The Central Bank of Nigeria (CBN) in a circular issued and signed by Mr Dipo Fatokun, Director, Banking and Payment System Department, in Abuja today has extended the Bank Verification (BVN) registration deadline to Oct. 31 to facilitate a smooth completion of the registration exercise.
`It has come to our notice that the BVN registration has elicited tremendous interest from the Nigerian bank customers who crowded the banking halls in order to beat the deadline. In view of the foregoing, it has become imperative for the banks to extend the timeline for all customers to have the BVN. The deadline for the enrolment is hereby extended from June 30 to Oct. 31,” It stated.
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Entertainment

CBN limits use of cash abroad

The Central Bank of Nigeria (CBN)has put a limit on the usage of the naira denominated debit cards for transactions abroad, from $150,000 per person annually, to $50,000 per person annually.
Daily cash withdrawal limit was also fixed at $300 per person. The policy will become effective from Monday 20th April, 2015.
This was contained In a circular tagged, “Usage of Naira Denominated Cards,”, signed by Olakanmi Gbadamosi the Director, Trade and Exchange Department of the Apex bank and posted on its website.
“Further to the circular referenced No: TED/FEM/FPC/GEN/01/009 of September 26, 2013, all authorised dealers and the general public are hereby informed that with effect from the date of this circular, the existing limit on the usage of the naira denominated cards for transactions overseas has been reviewed downward.
“Accordingly, the limit has been reduced from $150,000 to $50,000 per person, per annum. In addition, the authorised dealers are to ensure that the daily cash withdrawal limit embedded in the cards per person, per day, is pegged at $300.
“Authorised dealers are to ensure strict compliance with the new limit and render monthly returns of the transactions to the Director, Trade and Exchange Department, CBN, not later than the fifth day of the following month.”
Managing Director/Chief Executive Officer, Union Bank of Nigeria Plc, Mr. Emeka Emuwa added that, “We did find that in a number of cases people were using the cards in a manner that they were not expected to use them and there have been cases of arbitrage. 
So in order to sustain stability, what was agreed by the committee was that the limit for the use of the naira debit cards would be reduced.
“As a customer, if you have a dollar account, you will still have unfettered access to it, but for naira debit accounts, the limit would be reduced to a more judicious level.”
“This specifically refers to the use of these cards abroad because when they are used abroad, the merchants have to be settled. Even if it is at ATMs, the service provider, Visa or MasterCard, has to be settled in foreign currency and we find that it is a drain on the foreign resources available to FINANCE our industries.”

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Entertainment

"Using foreign currencies for local transactions will land you in jail" – CBN warns

The use of foreign currencies for local transactions or as a medium of exchange in the country is now a punishable offence, Central Bank of Nigeria (CBN) warns.
CBN Governor, Mr. Godwin Emefiele who made the announcement yesterday added that anyone convicted of such crime risked a six-month jail term.
The central bank observed that some individuals and corporate bodies had been using foreign currencies, especially the US dollar in daily transactions and this is against the provisions of the CBN Act, 2007.
A statement issued by the Director, Corporate Communications, CBN, Mr. Ibrahim Muazu, reads, “The attention of the bank has been drawn to the increasing use of foreign currencies in the domestic economy as a medium of payment for goods and services by individuals and corporates.

“It has also been observed that some institutions price their goods and services in foreign currencies and demand payment in foreign currencies rather than the domestic currency (the naira), which is the legal tender in Nigeria.

“For the avoidance of doubt, the attention of the general public is hereby drawn to the provision of the CBN Act of 2007, which states inter-alia that ‘the currency notes issued by the bank shall be legal tender in Nigeria…for the payment of any amount.”

“Furthermore, the Act stipulates that any person(s) who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.

“This prohibition, however, is without prejudice to foreigners, visitors and tourists who are encouraged to continue to use their cards for payments or exchange their foreign currencies for the local currency at any of the authorised dealers’ outposts.

“The general public is hereby advised to report any contravention of the provision of this Act to the Economic and Financial Crimes Commission and the CBN for appropriate action.”


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Entertainment

CBN re-introduces charges on ATM withdrawals

The Central Bank of Nigeria (CBN) has re-introduced charges on remote-on-us ATM withdrawals i.e withdrawals from other banks. The new charge is now N65 per transaction. The apex bank explained that the policy takes effect from September 1, 2014.

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