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CBN bans customer-to-customer forex transfer

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images 94 2 CBN bans customer-to-customer forex transfer

The Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A. Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents. “Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

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#EndSARS: Obasanjo Blames Buhari, Says President Didn’t Explore Dialogue

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images 87 1 #EndSARS: Obasanjo Blames Buhari, Says President Didn’t Explore Dialogue

Obasanjo said the President and his lieutenants did not exhaust the opportunities for dialogue with the protesters before resulting to use of force.

According to him, Great harm has been done but it can be stopped before it completely spirals out of control.The presidency has not responded to Mr Obasanjo’s claim but had earlier said it was committed to meeting all the protesters’ demands.In the statement titled “Statement on Violence Against Protesters in Nigeria: An Appeal for Calm”, Obasanjo asked Buhari to act immediately and stop the use of force against the protesters.

He also appealed to the youth to give peace a chance and stop “targeting of individuals and groups for attacks and reprisal attacks,” and destruction of property.

He said “We are at a critical moment in this crisis and Mr. President must act before it is too late. This time demands leadership and mature leadership at such.

“Most of the demands of the protesting youth, which Governor Babajide Sanwo-Olu of Lagos State swiftly took to the President, are not unreasonable and can be met without anyone’s political interest or ambition being threatened. It is imperative that leaders at all levels, starting from Mr. President, must demonstrate meekness, humanity and sincerity in meeting the legitimate demands of the protesters and ensuring that justice is served where it must be served. These are the most potent ways of ending this crisis now.

“The youth too must give peace a chance while making their legitimate demands. They must be mindful of miscreants who will infiltrate their ranks and give the protests a bad name only so that trigger – happy forces will kill them. The destruction and looting of public and private properties will hurt all of us and set us back. The targeting of individuals and groups for attacks and reprisal attacks will only further widen our divisions, escalate the crisis and threaten our fragile unity.

“This is yet another moment when our nation is on the edge of cliff. Our individual and collective actions now and in the next few days will determine where we will go as a nation. May God help us in taking the right steps in the right direction.”

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I’ll Assent To Death Sentence Penalty On Rapists, Kidnappers — Gov Sule

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images 86 1 I’ll Assent To Death Sentence Penalty On Rapists, Kidnappers — Gov Sule

He made the statement while flagging off a sensitisation programme for action against the spate of kidnapping and rape in the State.

Governor Abdullahi Sule of Nasarawa State has disclosed that he is willing to sign into law death sentence for rapists and kidnappers, should the state Assembly come up with such a law.

He made the statement while flagging off a sensitisation programme for action against the spate of kidnapping and rape in the State.


According to him, “If the State Assembly come up with a law to make death sentence as a penalty for rapists and kidnappers, I will sign that death sentence into law.

” I will append my signature for death sentence passed on any perpetrator of rape and kidnapping considering the devastating effects of the acts on the economy of the state.

” Every State in the country has its peculiar security challenges, rape and kidnapping are the burden of this state.

“It is high time to consider a stiffer penalty for rapist and kidnappers to serve as a deterrent to others.” He said.

Governor Abdullahi Sule call on the people who were affected by any form of Police brutality and extrajudicial killings to report to the Commission of Inquiry set up by state government.

In his speech, with the theme “Kidnapping and Rape: Implications and Challenges for Economic Development in Nasarawa State,” Executive Director, Nigeria Centre for Women, Youth and Community Action, Dr Nawani Aboki called for proactive steps towards enforcement of laws against rape and kidnapping as part of measures towards ending the menace.

He stressed the need for traditional and religious leaders in the state to take the lead in sensitizing parents and victims of rape to expose perpetrators of the act with the view to getting Justice.

The participants called for continuous collaboration between government and relevant agencies in the fight against rape and the rising spate of crimes in the state.

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Two Killed, DPO Injured As Police, Protesters Clash In Ogun

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images 85 1 Two Killed, DPO Injured As Police, Protesters Clash In Ogun

A Divisional Police Officer, (DPO), SP Sikiru Olugbenga equally sustained injuries, while his whereabouts remain unknown as of the time of filing this report. The daring protesters had early on Wednesday, stormed Atan-ota police station and set it ablaze.

This, it was learnt, resulted in a clash between the police and the protesters, leading to the death of the DCO and a protester.

The Spokesman of the Police Command, Abimbola Oyeyemi confirmed the development in Abeokuta, saying some arms were carted away during the attacks.

He expressed regret that “the hitherto peaceful protest embarked upon by youths across Ogun State is, unfortunately, taking a dangerous violent dimension as some people with ulterior motives are now using the opportunity to commit all sorts of heinous crimes.”

Oyeyemi quoted the Commissioner of Police, Edward Ajogun to have appealed to the youths to stop the carnage and allow the government to address the situation.

He said “In view of this, the Commissioner of Police Ogun State Command is appealing to the youths to eschew violence and embrace peace as violence will do no one good.

“He is equally appealing to traditional institutions, parents and other critical stakeholders to prevail on the youths to stop this carnage and give the government a chance to address the situation.

“The youths are reminded that since the commencement of the protests the police have been nice and civil to them even when some of our men were injured and our stations damaged.. We even went ahead and released all the 36 suspects we arrested.

“However if in the course of handling the protests anybody feels offended we plead understanding and not retaliatory measures including killing and maiming policemen and burning and damaging police stations.

“We will ensure that justice is served any aggrieved person. Please and please let us continue to embrace peace rather than violence. The Command sincerely appeal to the youths. Parents and guardians are also enjoined to help rein in their children and wards.”

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