NANTV: CBN to sanction banks that peg ATM withdrawal

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CBN headquarters, Abuja
CBN headquarters, Abuja

===The Nigerian-American Chamber of Commerce (NACC) says it will enhance opportunities for non-oil exporters to promote and increase their contribution to the nation’s economy.

Mrs Joyce Akpata, the Director-General of NACC, urged concerted efforts to enhance non-oil sector growth through shift in policy focus and industrialisation strategy, to drive the economy on its path to sustainable growth and external viability.

===The Central Bank of Nigeria has injected 210 million dollars into the Inter-Bank Foreign Exchange Market in continuation of its efforts to sustain liquidity in the market.

The bank said it offered 100 million dollars to authorised dealers in the wholesale segment of the market while Small and Medium Scale Enterprises Segment received 55 million dollars.

===Financial analysts have expressed concern that the currency swap deal signed by the Central Bank of Nigeria and the Peoples Bank of China on April 27, will stifle the Nigerian economy.

Mr Boniface Okesie, the president Progressive Shareholders Association of Nigeria, said the deal was unnecessary as majority of the country’s foreign trade deals would be channelled to the Chinese economy.

===Vice President Yemi Osinbajo said the country increased its tax net from 14 million in May 2017 to 19 million this year.

Osinbajo, who was Special Guest at the 2018 edition of the Chattered Institute of Taxation of Nigeria conference said as at Dec. 2017, only 943 Nigerians paid self-assessed taxes of less than N1 million.

=====The Central Bank of Nigeria said any bank that illegally deducts monies from a customer’s account for products and services would be forced to refund the money with interest.

Mr Fada David, CBN’s Consumer Complaints Management, Consumer Protection Department, said this was sequel to complaints by bank customers over excess charges by banks that peg their ATM maximum withdrawals at N10,000 and below.

===The National Bureau of Statistics says Nigeria’s capital importation in the first quarter stood at 6,303.63 million dollars while the value of capital imported, recorded an increase of 594.03 per cent year-on-year and a 17.11 per cent growth over the previous quarter.

It however, said the increase in capital inflow in the period under review was driven mainly by Portfolio Investment which grew from 3,477.53 million dollars in the previous quarter to 4,565.09 million dollars.

==The Nigerian National Petroleum Corporation (NNPC) increased the supply of gas to the power sector by 88.89 per cent between January 2017 and January this year.

NNPC Spokesman, Mr Ndu Ughamadu, said the corporation’s monthly Financial and Operations report for January stated that the gas-to-power supply stood at 731 million metric standard cubic feet per day as against 387 in January 2017.

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